0:00:02 > 0:00:04Hello! If you want a great return on your investment,
0:00:04 > 0:00:06property is an area definitely worth considering.
0:00:06 > 0:00:09Yeah, but making money is not a foregone conclusion. There's lots
0:00:09 > 0:00:12of traps you could fall into, which could cost you a few quid.
0:00:12 > 0:00:15But one good place you can head to to find some property bargains
0:00:15 > 0:00:17is your local property auction.
0:00:44 > 0:00:46When you buy a property at auction, you have options -
0:00:46 > 0:00:49- you can do up and sell on. - Yeah, you can also rent it out
0:00:49 > 0:00:51and really make it work for you in the long term.
0:00:51 > 0:00:53Yes, or you might end up loving it so much
0:00:53 > 0:00:55that it becomes your dream home.
0:00:55 > 0:00:58Let's find out what today's buyers bought at auction.
0:00:59 > 0:01:01In Mayfield, Derbyshire,
0:01:01 > 0:01:05this old mill workers' terrace cottage has seen better days.
0:01:05 > 0:01:08Work to be done, but I'll forgive it, cos I like it.
0:01:09 > 0:01:12While in Walderslade, Kent, it's difficult to see
0:01:12 > 0:01:15what needs to be done in this end-terrace property.
0:01:15 > 0:01:18Whoa! My goodness me.
0:01:19 > 0:01:21And in Lowestoft, Suffolk,
0:01:21 > 0:01:25the problems in this four-bedroom terraced house are plain to see.
0:01:25 > 0:01:27I'd want to have a closer look at this.
0:01:27 > 0:01:29There's a bit of mould here.
0:01:30 > 0:01:32All these properties were bought at auction.
0:01:32 > 0:01:34We'll find out who got them and how much they paid for them
0:01:34 > 0:01:37when these homes went under the hammer.
0:01:37 > 0:01:38Congratulations, well done.
0:01:42 > 0:01:47This is the village of Mayfield, just inside the Staffordshire border
0:01:47 > 0:01:50and on the fringes of the Peak District.
0:01:50 > 0:01:54Mayfield expanded around its textile trade and the local mill,
0:01:54 > 0:01:57but its past isn't all about the industry.
0:01:58 > 0:02:03It also has a historical claim to fame, because, in December 1745,
0:02:03 > 0:02:08the retreating army of Bonnie Prince Charlie passed through here and
0:02:08 > 0:02:13terrorised the locals, some of whom took refuge in the church behind me.
0:02:13 > 0:02:16In their frustration, the army fired at the door
0:02:16 > 0:02:20and you can still see the bullet holes here today.
0:02:20 > 0:02:24# So when I'm feeling sad I'll dwell on the joy we had
0:02:24 > 0:02:28# I'll wait for my own true love and Bonnie Prince Charlie... #
0:02:28 > 0:02:32I hope I don't have a battle on my hands with today's auction lot.
0:02:34 > 0:02:38Well, not far from the church, the mills and the village centre is
0:02:38 > 0:02:40the property I'm here to see.
0:02:40 > 0:02:43It's a three-storey, three-bedroomed house
0:02:43 > 0:02:46and a guide price of £90,000 plus.
0:02:46 > 0:02:48Now, the first thing you notice about it is
0:02:48 > 0:02:50the garden's a little bit overgrown.
0:02:50 > 0:02:53That's the front garden. And also...
0:02:53 > 0:02:57you've got this, which is this long, thin strip of land,
0:02:57 > 0:03:00which goes across this particular field here.
0:03:00 > 0:03:02So, even before I've got inside,
0:03:02 > 0:03:06I know it's a bit of an interesting property.
0:03:10 > 0:03:12So, what's it like inside?
0:03:12 > 0:03:15Nice little porch area here, always good for keeping the cold out,
0:03:15 > 0:03:18and then through into your front living room.
0:03:18 > 0:03:22Now, I'd like to have seen a big fireplace there.
0:03:22 > 0:03:26Instead, all I can see is, like, the silhouette or whatever it is.
0:03:26 > 0:03:29Markings of what was there previously.
0:03:29 > 0:03:31So the good news is, there is, I think,
0:03:31 > 0:03:33a big fireplace behind there waiting to be discovered
0:03:33 > 0:03:36and that would be a lovely focal point for the room.
0:03:36 > 0:03:40Moving on through a sliding door into a very dated kitchen.
0:03:40 > 0:03:44Yes, you've got these units straight out of the 1920s, 1930s,
0:03:44 > 0:03:47strangely enough back in fashion, believe it or not,
0:03:47 > 0:03:50but you may end up getting rid of those.
0:03:50 > 0:03:51You've got the range cooker here.
0:03:51 > 0:03:55Again, get that checked out, it might work.
0:03:55 > 0:03:57Devil of a job to take them out, they're very heavy.
0:03:57 > 0:04:00But if not, then keep it.
0:04:00 > 0:04:04And you might want to take out walls and things to increase the space.
0:04:04 > 0:04:06Slightly less appealing, out the back there,
0:04:06 > 0:04:08you've got the loo and the bathroom.
0:04:08 > 0:04:11Not ideal - they're separate and they are down here.
0:04:11 > 0:04:13So it's not ideal, but you know what?
0:04:13 > 0:04:17There's work to be done, but I'll forgive it, cos I like it.
0:04:17 > 0:04:19The retro look here really appeals to me
0:04:19 > 0:04:21and, OK, OK, you might not agree.
0:04:21 > 0:04:23You might want to junk them.
0:04:23 > 0:04:25(Nobody ever listens to me, honestly.)
0:04:25 > 0:04:28But I like some of the original fixtures and fittings.
0:04:28 > 0:04:32I think this is a lovely, characterful place.
0:04:32 > 0:04:35These terraced cottages were originally built for
0:04:35 > 0:04:39the mill workers, so, admittedly, the layout over three floors
0:04:39 > 0:04:41might need a tweak or two for modern living.
0:04:41 > 0:04:44So let's take a look at the first floor.
0:04:45 > 0:04:50So, up here, the house is simple and yet, actually quite surprising.
0:04:50 > 0:04:53As well as the attic, you've got these two rooms on this floor.
0:04:53 > 0:04:56Now, one thing you might want to consider is turning one of these
0:04:56 > 0:04:59into a family bathroom, perhaps. But that would lose a bedroom,
0:04:59 > 0:05:01so maybe there's some playing around to be done.
0:05:01 > 0:05:04A medium-sized bedroom there and, to the front of the property,
0:05:04 > 0:05:05you've got this really nice-sized room.
0:05:05 > 0:05:08Now, you could contemplate, I don't know,
0:05:08 > 0:05:11sectioning off part of this to create that bathroom.
0:05:11 > 0:05:13It just needs a bit of thinking about, basically.
0:05:13 > 0:05:15I love the space, it really is charming.
0:05:15 > 0:05:19But one thing you are going to basically have to invest in
0:05:19 > 0:05:22is central heating, because, at the moment, it's just storage radiators.
0:05:22 > 0:05:27Mmm, yes. For me, storage radiators sometimes ring alarm bells.
0:05:27 > 0:05:29You need to check there is gas available,
0:05:29 > 0:05:31as you can't always assume.
0:05:31 > 0:05:35The large attic room, now that could be a master en suite,
0:05:35 > 0:05:38so putting a family bathroom on that second floor
0:05:38 > 0:05:41does feel more like an option now.
0:05:41 > 0:05:44I can definitely see this as the master en suite,
0:05:44 > 0:05:48with its pretty fireplace and those great views of the garden.
0:05:48 > 0:05:50Which takes me back to the great outdoors.
0:05:52 > 0:05:54Now, you certainly can't knock the location.
0:05:54 > 0:05:58You are surrounded by absolutely lovely countryside.
0:05:58 > 0:06:01But the land which the property comes with is
0:06:01 > 0:06:04sort of disassociated with the property itself,
0:06:04 > 0:06:07cos that's the house behind me, you've then got this little garage,
0:06:07 > 0:06:09and this is your rear garden.
0:06:09 > 0:06:11As you can see, it could do with a bit of a mow.
0:06:11 > 0:06:13But it backs onto open fields,
0:06:13 > 0:06:16you've got this little shed at the end and do you know what?
0:06:16 > 0:06:18You don't just get this.
0:06:19 > 0:06:22Because, about 50 yards away from the property,
0:06:22 > 0:06:24you've got your very own allotment.
0:06:24 > 0:06:25Now, I absolutely love this.
0:06:25 > 0:06:29There's something charmingly lovely, back to nature-y,
0:06:29 > 0:06:32self-sufficiency about allotments and the fact you've got your own,
0:06:32 > 0:06:36in which you can grow plants or flowers or vegetables.
0:06:36 > 0:06:40It's a really nice thing to have, and the fact you're surrounded by
0:06:40 > 0:06:44all this lovely countryside, again, is just the icing on the cake.
0:06:44 > 0:06:47MUSIC: The Good Life
0:06:51 > 0:06:53Ah! The good life indeed.
0:06:53 > 0:06:57I'm well and truly taken with this spot and this lot,
0:06:57 > 0:06:59guided at £90,000 plus.
0:06:59 > 0:07:02But what did the auctioneer who sold it think?
0:07:04 > 0:07:06These properties were built as
0:07:06 > 0:07:08mill workers' cottages, which is
0:07:08 > 0:07:10a little bit surprising, cos they're actually quite large,
0:07:10 > 0:07:13although I think you get more of an impression of space
0:07:13 > 0:07:15if you go upstairs than what you see downstairs.
0:07:15 > 0:07:20Obviously, very dated. Um, got a lot of potential to it.
0:07:20 > 0:07:21At the end of the day, though,
0:07:21 > 0:07:25it's never going to be any more than a terraced house, is it?
0:07:25 > 0:07:27An excellent point.
0:07:27 > 0:07:30Whilst temptation may take over, always bear in mind that properties
0:07:30 > 0:07:36have a ceiling price and you may want that to help guide your budget.
0:07:36 > 0:07:39If fully renovated, what did the auctioneer think the maximum was
0:07:39 > 0:07:42that this could sell for?
0:07:42 > 0:07:45I would say you could push the value of this particular property
0:07:45 > 0:07:47up to about £150,000.
0:07:47 > 0:07:49Beyond that, I think it's a bit optimistic.
0:07:49 > 0:07:52And how about rental returns?
0:07:52 > 0:07:55Once renovated, I think this would have a rental value
0:07:55 > 0:07:59of probably in the order of £525 a calendar month.
0:08:03 > 0:08:07Well, there really is a lot to like about this house.
0:08:07 > 0:08:10I like the location, I like the quirkiness inside,
0:08:10 > 0:08:11I like the three floors,
0:08:11 > 0:08:14I like the fact you've got the allotment and the land.
0:08:14 > 0:08:17Let's see who liked it as much as me when it went under the hammer.
0:08:17 > 0:08:21Unfortunately, we can't bring you the bidding for this lot,
0:08:21 > 0:08:24but the successful bidders were Helen and Tom,
0:08:24 > 0:08:27with a final bid of £113,000.
0:08:30 > 0:08:33The couple have been together for nearly two years
0:08:33 > 0:08:35and this is going to be their first home together.
0:08:37 > 0:08:39Tom, Helen, great to meet you both.
0:08:39 > 0:08:41Congratulations.
0:08:41 > 0:08:43- Thank you.- Tell me why you wanted to buy this house.
0:08:43 > 0:08:47It's just a nice area. Plenty of ground with it and, you know,
0:08:47 > 0:08:52so it's just in a nice position, quite neighbourly and...yeah.
0:08:52 > 0:08:54It's got loads of character as well, hasn't it?
0:08:54 > 0:08:59- Yeah.- It has.- Fireplaces and there's plenty of scope to...to improve it
0:08:59 > 0:09:03- and get it how we like it.- Right. So tell me how that process starts?
0:09:03 > 0:09:05What are you going to do to it?
0:09:05 > 0:09:08There's quite a lot to do. Starting with the utility room...
0:09:08 > 0:09:11Well, that's what we'd like to make it, eventually.
0:09:11 > 0:09:14Just through there, there's a toilet in one room,
0:09:14 > 0:09:15bath and sink in the other.
0:09:15 > 0:09:19We're hoping to keep a downstairs toilet, but knock right the way
0:09:19 > 0:09:23through and then, to change that into a sort of porch/utility area.
0:09:23 > 0:09:29Then, in the kitchen, obviously this needs a bit of work,
0:09:29 > 0:09:31but we're in two minds about this one,
0:09:31 > 0:09:37because it has actually got a bit of a retro feel and if we were clever
0:09:37 > 0:09:40with it, we might be able to make it quite a quirky retro kitchen.
0:09:40 > 0:09:44- Wow!- It would be a lot cheaper as well, if we just painted things up
0:09:44 > 0:09:46and, hopefully, it could look OK.
0:09:46 > 0:09:49Well, some of it is definitely, definitely back in fashion.
0:09:49 > 0:09:53Yeah, exactly, and, you know, you've got a big pantry space.
0:09:53 > 0:09:56- There's a lot that could be to our advantage, really.- Right.
0:09:56 > 0:09:58Or if it looks like a dog's dinner
0:09:58 > 0:10:00when we've tried that... MARTIN LAUGHS
0:10:00 > 0:10:03..then we can just put a new kitchen in.
0:10:03 > 0:10:06'At last, someone who agrees with me about these units.
0:10:06 > 0:10:08'I hope they survive.'
0:10:08 > 0:10:11# Don't....
0:10:11 > 0:10:15# Don't throw me away! #
0:10:15 > 0:10:18Helen is a commercial property manager and Tom's a farmer
0:10:18 > 0:10:20and, between them, they have got plenty of skills
0:10:20 > 0:10:25and experience to make the most of this property inside and out.
0:10:25 > 0:10:29And Helen's brother is a builder and her uncles are in the trade,
0:10:29 > 0:10:32so they'll be on hand to help get the work done,
0:10:32 > 0:10:36which includes turning the smaller bedroom into a study, squeezing
0:10:36 > 0:10:40a bathroom in upstairs and making the master suite have an en-suite.
0:10:40 > 0:10:43And they are certainly not going to be rushing it.
0:10:44 > 0:10:47And what sort of timescale have you put on it?
0:10:47 > 0:10:50Well, so that there's less financial impact,
0:10:50 > 0:10:54we will probably make it, you know, quite an extended timescale,
0:10:54 > 0:10:58- so maybe a year, two years. - Oh, wow.- Yeah.
0:10:58 > 0:11:03I know you could do it quicker, but just, finance-wise, that's...
0:11:03 > 0:11:05Are you not going to live in it all that time?
0:11:05 > 0:11:07Well, hopefully, it'll work out and we'll be in sooner,
0:11:07 > 0:11:10but if you're pessimistic, it's... THEY LAUGH
0:11:10 > 0:11:12Well, you know, two years down the line,
0:11:12 > 0:11:14still fiddling around, not being able to live in it.
0:11:14 > 0:11:17No, hopefully, it'll be done by then. Hopefully a year, yeah.
0:11:17 > 0:11:21And what kind of budget have you put aside, I mean, for the whole thing
0:11:21 > 0:11:25or how much do you think it will cost by the time you've finished?
0:11:25 > 0:11:27Well, there's a lot of work to do,
0:11:27 > 0:11:33so it might cost about 21,000, we thought.
0:11:33 > 0:11:35Right. It sounds like you've done your numbers, though,
0:11:35 > 0:11:37- cos that's a very specific number. - Yeah.
0:11:37 > 0:11:40I've sort of gone through it with my uncle and brother, so...
0:11:40 > 0:11:43- I hope they're going to do you a deal.- Yeah, let's hope so.
0:11:43 > 0:11:46- Yeah.- Fantastic. Well, listen, congratulations.- Thank you.
0:11:46 > 0:11:48- Good luck with it. - Thanks very much.
0:11:48 > 0:11:50- I look forward to seeing how you get on.- BOTH: Thank you.
0:11:52 > 0:11:55Well, a first home together for Helen and Tom,
0:11:55 > 0:11:58and a really interesting project.
0:11:58 > 0:12:01Hopefully, with the help of family members, it won't take them
0:12:01 > 0:12:03as long as two years to sort out.
0:12:03 > 0:12:05That would be a real shame.
0:12:05 > 0:12:07You can find out how they get on later in the show.
0:12:12 > 0:12:18Chatham on the River Medway in Kent is a historically significant town.
0:12:18 > 0:12:22Unfortunately, the Royal Naval dockyard closed in 1984,
0:12:22 > 0:12:25but it's been redeveloped into a tourist attraction,
0:12:25 > 0:12:28with lots of shops and restaurants.
0:12:28 > 0:12:30Significant regeneration has taken place here,
0:12:30 > 0:12:34which has had a very positive impact on property prices.
0:12:35 > 0:12:37I'm a few miles from the centre of Chatham
0:12:37 > 0:12:40in the residential area of Walderslade.
0:12:40 > 0:12:44Well, the property I'm here to see is a two-bed terrace
0:12:44 > 0:12:48and it had a guide price of £90,000-£100,000.
0:12:48 > 0:12:51Now, you might wonder why I'm carrying a torch.
0:12:51 > 0:12:54Ha-ha! Well, the auction catalogue
0:12:54 > 0:12:57said you'd need one for the internal viewings.
0:12:57 > 0:12:59So, I've come prepared today.
0:12:59 > 0:13:03THEME FROM THE EXORCIST
0:13:03 > 0:13:07Wish me luck. I think I'll go down this little path through the gate.
0:13:08 > 0:13:10'Ooh, this place looks a bit creepy.
0:13:10 > 0:13:14'When I signed up for Homes Under The Hammer, nobody told me I'd have
0:13:14 > 0:13:19- 'to deal with Homes Under The Hammer House Of...- ECHOES:- ..Horror!'
0:13:20 > 0:13:24Ah! Well, I don't think I'm going to need my torch just yet.
0:13:24 > 0:13:25Gosh!
0:13:25 > 0:13:28This is in such poor condition.
0:13:28 > 0:13:32Wow! There's straw leading up the stairs!
0:13:32 > 0:13:34Wallpaper is peeling off the walls!
0:13:34 > 0:13:38Through here, the kitchen.
0:13:38 > 0:13:42I can't imagine myself cooking a lovely breakfast in here.
0:13:42 > 0:13:46I mean, it really is unloved, this house, in a very big way!
0:13:46 > 0:13:50Through into the sitting room and, well, the carpet has just
0:13:50 > 0:13:54completely and utterly disintegrated under my feet.
0:13:54 > 0:13:58I mean, look, I don't ever think I've seen a carpet as bad as that.
0:13:58 > 0:14:00There's cobwebs everywhere!
0:14:00 > 0:14:02Oh, well. Onwards and upwards.
0:14:02 > 0:14:05- MUSIC: Theme from The X Files - Uh-oh!
0:14:05 > 0:14:08OK, I can see I need my torch for this one.
0:14:08 > 0:14:11Whoa! Ooh-hoo!
0:14:11 > 0:14:14My goodness me.
0:14:14 > 0:14:18Well, the higher up you come, the worse it gets clearly.
0:14:18 > 0:14:21It's in a really bad way up here.
0:14:21 > 0:14:24I mean, look, you've got a gaping hole up there.
0:14:24 > 0:14:28There's loads of junk down there on the floor.
0:14:28 > 0:14:30The thing that I can't work out is
0:14:30 > 0:14:33there's just straw everywhere upstairs!
0:14:33 > 0:14:36It's as though somebody's just emptied a rabbit hutch...
0:14:36 > 0:14:37on top of the stairs.
0:14:38 > 0:14:43Yeah. I think brave buyers only need apply for this one.
0:14:47 > 0:14:50Now, fortunately, the battery-power filming lights
0:14:50 > 0:14:53arrived from the van by the time we'd hit the second bedroom,
0:14:53 > 0:14:56which was in a much better state of repair.
0:14:56 > 0:14:59Well, everything's relative. But at the bathroom,
0:14:59 > 0:15:02on the half landing, hmm, it was back to the chaos!
0:15:09 > 0:15:11A quick glance back into bedroom one,
0:15:11 > 0:15:13but this time with the battery lights,
0:15:13 > 0:15:15proved that my imagination wasn't running riot.
0:15:15 > 0:15:17It really is in that state.
0:15:19 > 0:15:23What with that and all the straw everywhere, I kept expecting
0:15:23 > 0:15:26a giant white rabbit to barge past me shouting,
0:15:26 > 0:15:28- ECHOES:- "I'm late, I'm late!"
0:15:30 > 0:15:33Now, a closer look downstairs reveals a wooden conservatory
0:15:33 > 0:15:36at the back of the house complete with sawdust.
0:15:38 > 0:15:40There's also a brick-built outhouse,
0:15:40 > 0:15:44useful for storing garden tools and rabbit food, etc.
0:15:44 > 0:15:46But the overall condition of the rooms does give you
0:15:46 > 0:15:50a whole new meaning to the phrase "urban decay".
0:15:54 > 0:15:55Well...
0:15:55 > 0:15:57Just look at the size of this garden.
0:15:57 > 0:16:02The beauty of an end terrace is you only have neighbours on one side
0:16:02 > 0:16:06and you do get some land to the side as well as to the back here.
0:16:06 > 0:16:09Now, you might be thinking extension potential.
0:16:09 > 0:16:11Hold that thought right there.
0:16:11 > 0:16:15I've done my research and I know the ceiling price of a property
0:16:15 > 0:16:22on this street is £150,000, even if it does have three bedrooms.
0:16:22 > 0:16:26My inclination would be to enjoy this as the lovely large garden
0:16:26 > 0:16:30that it is, without worrying about the cost of extending.
0:16:30 > 0:16:31That's what I would do.
0:16:34 > 0:16:38We called in a local estate agent who's very familiar with this area.
0:16:38 > 0:16:41She should know about any good or bad points to the property
0:16:41 > 0:16:42and its value.
0:16:46 > 0:16:48It's got a beautiful plot. It's a lovely-sized plot.
0:16:48 > 0:16:51You can't alter that in any respect, but its biggest downfall -
0:16:51 > 0:16:53it has no parking.
0:16:53 > 0:16:55It's got no off-road parking at all.
0:16:55 > 0:16:59So, literally, whatever you do to it, even if you extend it,
0:16:59 > 0:17:03you cannot get over the problem that it has no off-road parking.
0:17:04 > 0:17:08The agent reckons that £150,000 would definitely be the top
0:17:08 > 0:17:12resale figure, but what could it fetch as a rental proposition?
0:17:12 > 0:17:14Once the property's renovated,
0:17:14 > 0:17:18I think we'd be looking at around about £800 per calendar month.
0:17:18 > 0:17:21Well, it might be a little on the dark side, to say the least,
0:17:21 > 0:17:25but there is light at the end of the tunnel with this house.
0:17:25 > 0:17:29If you can see beyond its current condition, well, it really is a good
0:17:29 > 0:17:33size with its two double bedrooms and that really nice family garden.
0:17:33 > 0:17:38So, let's see who agreed when this house went under the hammer.
0:17:38 > 0:17:39Lot one.
0:17:39 > 0:17:42It's a house for refurbishment with development potential.
0:17:42 > 0:17:44And it's on a large plot, as you know.
0:17:44 > 0:17:47Two bedrooms and bathroom on the first floor.
0:17:47 > 0:17:50So, lot one, we've got a guide of 90-100.
0:17:50 > 0:17:52Do I see £90,000 anywhere?
0:17:52 > 0:17:54£90,000 on the way.
0:17:54 > 0:17:57Now I'm looking for 92. 92?
0:17:57 > 0:17:5992. 95.
0:17:59 > 0:18:0195. 97. 97.
0:18:01 > 0:18:04Fill it up to 100? 102.
0:18:04 > 0:18:07Off to a brisk pace, passing the guide price band,
0:18:07 > 0:18:12the packed auction room sees bids climb to 132,000,
0:18:12 > 0:18:14where we rejoin the bidding.
0:18:14 > 0:18:17And 32. And 33? No?
0:18:17 > 0:18:19At 132 on the back wall.
0:18:19 > 0:18:21First time, at 133,000, I've got.
0:18:21 > 0:18:24And four now, sir. 134 I want.
0:18:24 > 0:18:27Are we've all done at 133, then, for the first time?
0:18:27 > 0:18:30134. 135?
0:18:30 > 0:18:34At 134, then. Second row back, I have for the first time. 135.
0:18:34 > 0:18:36136.
0:18:36 > 0:18:38135, in the back row again.
0:18:38 > 0:18:40136 I'm looking for.
0:18:40 > 0:18:43If not, 135 for the first time.
0:18:43 > 0:18:45135 for the second time.
0:18:45 > 0:18:48The third and final time, in the camp, back of the room,
0:18:48 > 0:18:50£135,000, all done?
0:18:50 > 0:18:53- GAVEL BANGS - Yours at 135, sir, and the number?
0:18:53 > 0:18:55Oh, I can't read that. ..Can you read that?
0:18:55 > 0:19:00It's number 4438. Held aloft by Tom,
0:19:00 > 0:19:04a seasoned property developer, at the auction with his daughter Kelly.
0:19:04 > 0:19:08As well as property developing, they run a property maintenance company
0:19:08 > 0:19:11and both live and work in the Chatham area.
0:19:13 > 0:19:16'I met up with them back at the property in the garden.
0:19:16 > 0:19:18'It's a lot brighter outside.'
0:19:18 > 0:19:21- Kelly and Tom, congratulations. - BOTH: Thank you.
0:19:21 > 0:19:23- Now, father-daughter team.- Yes.
0:19:23 > 0:19:26What's the story behind you both wanting to buy this at auction
0:19:26 > 0:19:28and what are you going to do with it?
0:19:28 > 0:19:32We've got a maintenance company and we work for various boroughs
0:19:32 > 0:19:34and also we buy and sell houses.
0:19:34 > 0:19:38We've probably done 20 over the last 10 years, 12 years.
0:19:38 > 0:19:41- So, Kelly, I'm right in saying your dad's a very busy man?- He is.
0:19:41 > 0:19:44He doesn't stop. I don't think he'll ever stop, to be honest.
0:19:44 > 0:19:47What is your involvement going to be with this project?
0:19:47 > 0:19:50Um, I'm going to work alongside Tom.
0:19:50 > 0:19:55Um, A bit of everything. I always say general dogsbody, really.
0:19:55 > 0:19:57Anything and everything I can do, I will.
0:19:57 > 0:20:00- And are you involved in Dad's business anyway?- Yes.
0:20:00 > 0:20:06Yeah, I work in the office, um, for the borough side of things,
0:20:06 > 0:20:08and do what I can when I can.
0:20:08 > 0:20:11Tom, when you saw the property for the first time,
0:20:11 > 0:20:12what were your thoughts?
0:20:12 > 0:20:15I just thought it had a bit of potential.
0:20:15 > 0:20:17The worse they are, the better you can do 'em.
0:20:17 > 0:20:20It's as simple as that, really. You gut 'em out and start again.
0:20:20 > 0:20:23So, if it's not quite as bad, we will still do the same job.
0:20:23 > 0:20:24Start again, start afresh.
0:20:24 > 0:20:26So, guys, have you got any idea in your mind
0:20:26 > 0:20:29how much money you might be spending on this project?
0:20:29 > 0:20:30I should think £20,000.
0:20:30 > 0:20:32- OK. £20,000.- £20,000.
0:20:32 > 0:20:34We'll completely gut the property out.
0:20:34 > 0:20:38It'll have everything brand-new - kitchen, bathrooms, the lot -
0:20:38 > 0:20:41and we've done our homework, we've done 'em for so long now,
0:20:41 > 0:20:44that it will be £20,000-ish.
0:20:44 > 0:20:46So what will happen once the house has been refurbished?
0:20:46 > 0:20:49You've spent the £20,000, it looks fantastic,
0:20:49 > 0:20:51it's all ready for market.
0:20:51 > 0:20:53Are you going to sell it? Are you going to let it?
0:20:53 > 0:20:57We've just been talking about that. Um, we're not sure.
0:20:57 > 0:21:01Um, if it reaches the price that we're hoping for on market,
0:21:01 > 0:21:03probably sell. If not, rent it.
0:21:03 > 0:21:06So how much do you think you would like to market this property for?
0:21:06 > 0:21:09- Er, about 180.- Really?- Yes.
0:21:09 > 0:21:11So it's got to be really all singing, all dancing,
0:21:11 > 0:21:14- clean cut, looking fantastic. - It will.
0:21:14 > 0:21:17When you see this finished, it will warrant 180.
0:21:17 > 0:21:19And I'm pretty sure, with the knowledge we've got,
0:21:19 > 0:21:21that'll be the price we can get.
0:21:21 > 0:21:24So what are you going to do to the exterior, cos I know you've got this
0:21:24 > 0:21:26overhanging conservatory area at the back. With things like that,
0:21:26 > 0:21:30- do you just pull it down and start again or will you revive it?- No.
0:21:30 > 0:21:34Pull it down and we may put a one-level extension on here.
0:21:34 > 0:21:36We may not. We've got to think about that.
0:21:36 > 0:21:40We may put a downstairs toilet in, a utility.
0:21:40 > 0:21:45We may make the kitchen bigger and the dining room bigger.
0:21:45 > 0:21:47We're going to be meeting up here with the architect,
0:21:47 > 0:21:50just to go through and have a chat, and then we'll decide.
0:21:50 > 0:21:52Sounds like it'll be a fantastic family house.
0:21:52 > 0:21:54All the things that families need.
0:21:54 > 0:21:56I think it will do a family perfect. A young family perfect.
0:21:56 > 0:21:59Do you think you will extend it?
0:21:59 > 0:22:03- Probably.- So, on the day where you come to start clearing out,
0:22:03 > 0:22:05will you be here? Do you really get involved?
0:22:05 > 0:22:11Yes, yeah. I work at the office three days a week at the moment.
0:22:11 > 0:22:13- Yeah.- I've just dropped down a day,
0:22:13 > 0:22:17so I've got four days that I can wangle with Tom.
0:22:17 > 0:22:20- So, it's a real father-daughter team?- Absolutely.- Yeah.
0:22:20 > 0:22:22How do you work together? You seem like you're mates!
0:22:22 > 0:22:25- We are mates.- We are. We are mates.- Yeah, we are mates.
0:22:25 > 0:22:29- We've always said that. We have a laugh.- If she wasn't my daughter,
0:22:29 > 0:22:32- I think we'd still be friends. - Aw!- Yeah.- That's how it is.
0:22:32 > 0:22:36- I mean, you can even call Tom "Tom", don't you? Yeah.- Yes, yeah.
0:22:36 > 0:22:39So how long is it going to take you to develop this property?
0:22:39 > 0:22:42This property takes 16 weeks, start to finish.
0:22:42 > 0:22:45- It'll be back on the market or rented out.- I love it!
0:22:45 > 0:22:49- 16 weeks, not 14?- 16 weeks. - Not 17? It's going to be 16!
0:22:49 > 0:22:50- Are you sure?- I'm sure about that.
0:22:50 > 0:22:52When you've got a budget, stick to the budget.
0:22:52 > 0:22:54When you've got a time, stick to the time.
0:22:54 > 0:22:56Let's hope that 16 weeks runs smoothly
0:22:56 > 0:23:00and I'm really excited to see how far that 20 grand does actually go.
0:23:00 > 0:23:03- Yeah. Thank you.- Tom, lovely to meet you today.- Thank you.
0:23:03 > 0:23:07- Thank you, Kelly.- And you.- Good luck with the project.- Thank you.
0:23:07 > 0:23:09Well, I love Tom's philosophy -
0:23:09 > 0:23:12the worse they are, the better you can make 'em.
0:23:12 > 0:23:15It's just as well, Tom, because this house is pretty bad.
0:23:15 > 0:23:18Sounds like dad and daughter Tom and Kelly, well,
0:23:18 > 0:23:22they make a great team, but will this dark and dingy property
0:23:22 > 0:23:26be hiding any sinister secrets beneath its shadows?
0:23:26 > 0:23:29You can find out how this family get on later in the programme.
0:23:31 > 0:23:34Coming up - in Lowestoft, Suffolk, Darren is hoping
0:23:34 > 0:23:38his connections in the trade will keep his budget in check.
0:23:38 > 0:23:40Call in a few favours here and there.
0:23:43 > 0:23:44While in Walderslade, Kent,
0:23:44 > 0:23:48Kelly and Tom are happy with their new kitchen renovation.
0:23:48 > 0:23:50I think it's a really nice space now.
0:23:54 > 0:23:57Let's head back to the picturesque village of Mayfield,
0:23:57 > 0:24:01where I visited this three-bedroom terrace property
0:24:01 > 0:24:07guided at £90,000 plus, with some spectacular country views.
0:24:07 > 0:24:11# I'm going up the country Baby, don't you wanna go? #
0:24:11 > 0:24:15Inside, and the house was in need of some TLC.
0:24:15 > 0:24:18The kitchen was straight out of another era,
0:24:18 > 0:24:21though not without its charm.
0:24:21 > 0:24:22Slightly less appealing -
0:24:22 > 0:24:26out the back there, you've got the loo and the bathroom.
0:24:26 > 0:24:28Not ideal. They're separate and they are down here,
0:24:28 > 0:24:30so it's not ideal, but you know what?
0:24:30 > 0:24:33Work to be done, but I'll forgive it, cos I like it.
0:24:33 > 0:24:41# Mmm, the closer you get the better you look, baby... #
0:24:41 > 0:24:43Helen and Tom thought this house looked pretty good
0:24:43 > 0:24:47for their first home together, paying £113,000 for it,
0:24:47 > 0:24:50and they had big plans for the place.
0:24:50 > 0:24:53With the help of family in the trades, the downstairs bathroom
0:24:53 > 0:24:57was to go, making way for a new utility area and back porch,
0:24:57 > 0:25:00meaning there was going to be a new master bathroom
0:25:00 > 0:25:04on the first floor, stealing space from the back bedroom, as well as
0:25:04 > 0:25:08the addition of an en-suite in the master bedroom in the attic.
0:25:08 > 0:25:11And then there was the vintage kitchen!
0:25:11 > 0:25:13We're in two minds about this one,
0:25:13 > 0:25:18because it has actually got a bit of a retro feel,
0:25:18 > 0:25:20and, if we were clever with it, we might be able to make it
0:25:20 > 0:25:24- quite a quirky retro kitchen.- Wow! - It'd be a lot cheaper as well.
0:25:24 > 0:25:27Or, if it looks like a dog's dinner when we've tried that,
0:25:27 > 0:25:30then we can just put a new kitchen in.
0:25:30 > 0:25:32'Helen and Tom planned to fit the renovations
0:25:32 > 0:25:36'around their full-time work schedules, so gave themselves
0:25:36 > 0:25:40'a comfy timescale of two years and a budget of £21,000.
0:25:40 > 0:25:43'So, will they have their dream home?
0:25:43 > 0:25:46'We returned THREE YEARS later to have a look.'
0:25:57 > 0:25:59Oh, well, the vintage kitchen is no more,
0:25:59 > 0:26:02but I have to say, it's looking good.
0:26:02 > 0:26:06Helen and Tom knocked through the wall to what was the pantry
0:26:06 > 0:26:07to add more space,
0:26:07 > 0:26:12as well as uncovering this charming wood panelling under the stairs.
0:26:12 > 0:26:17The kitchen now looks modern, but with a definite country feel.
0:26:18 > 0:26:22Next door, which used to house that separate loo and bathroom,
0:26:22 > 0:26:24has also had a rethink.
0:26:24 > 0:26:27The bath and sink have been moved upstairs
0:26:27 > 0:26:30and the space has been used to create this utility area,
0:26:30 > 0:26:33while still retaining the downstairs toilet.
0:26:34 > 0:26:37In the front of the house, the lounge has had a makeover.
0:26:37 > 0:26:40The walls have been replastered, repainted
0:26:40 > 0:26:43and the dated carpets have been replaced.
0:26:43 > 0:26:46Helen and Tom also revealed the old fireplace,
0:26:46 > 0:26:48which was hidden away before.
0:26:49 > 0:26:52And they've been busy upstairs too.
0:26:52 > 0:26:56They've built a new master bathroom fit for a family.
0:26:56 > 0:26:59They did that by stealing space from the back bedroom,
0:26:59 > 0:27:02which will now become an office.
0:27:02 > 0:27:05But not to worry, because they still have the big bedroom
0:27:05 > 0:27:08at the front of the house, which, like the rest of the property,
0:27:08 > 0:27:12has been thoroughly renovated with fresh paintwork and new carpets.
0:27:14 > 0:27:16And then, of course, there's the attic.
0:27:16 > 0:27:20It's still awaiting finishing touches, but once completed,
0:27:20 > 0:27:24it'll be a fantastic master bedroom with brand-new en suite.
0:27:26 > 0:27:28Helen and Tom have put a lot of thought
0:27:28 > 0:27:31into their first home together and it really shows.
0:27:34 > 0:27:37It is quite an old house, so we were quite keen
0:27:37 > 0:27:40to keep what features that we could and make the most out of them.
0:27:40 > 0:27:45So, when we revealed things like this fireplace, and, also, I've been
0:27:45 > 0:27:50able to make a bit of a feature of the fireplace in the top bedroom,
0:27:50 > 0:27:52and also, with the panelling in the kitchen,
0:27:52 > 0:27:55just some old features that we could make the most out of.
0:27:55 > 0:28:00That has been quite a rewarding part of the process.
0:28:00 > 0:28:03But whatever happened to preserving that retro kitchen?
0:28:03 > 0:28:08We did have ideas to maybe keep it a bit retro,
0:28:08 > 0:28:12but that just wasn't practical, cos the sink and other units,
0:28:12 > 0:28:15they just weren't standard sizes any more,
0:28:15 > 0:28:19so it was much more practical to take out all the units,
0:28:19 > 0:28:22take the pantry out, take the Rayburn out,
0:28:22 > 0:28:24which we sold on the internet,
0:28:24 > 0:28:28and just make a more practical usable space.
0:28:28 > 0:28:31Well, retro or not, the kitchen looks great.
0:28:31 > 0:28:33So who did all the work on this renovation?
0:28:34 > 0:28:37We have had a bit of help from family,
0:28:37 > 0:28:41but it's been more an advisory paid role when they got round to it,
0:28:41 > 0:28:45so, a lot of it, we have done ourselves, so anything
0:28:45 > 0:28:49where you don't need a particular trade, so, demolition,
0:28:49 > 0:28:52just preparation for the trades to come in,
0:28:52 > 0:28:54and the decorating we've done ourselves.
0:28:54 > 0:28:56We've done as much as we could ourselves.
0:28:56 > 0:28:58DIYers - that's what I like to hear.
0:28:58 > 0:29:01Always a good way of making the most of your budget.
0:29:01 > 0:29:03And while we're on that subject...
0:29:04 > 0:29:10I priced it up with my uncle and we said 21, absolute minimum of
0:29:10 > 0:29:14what you could spend, but obviously, with it being our house
0:29:14 > 0:29:16and we wanted to make it just right,
0:29:16 > 0:29:19we have spent a fair bit more than that.
0:29:19 > 0:29:22We've probably spent more around 28,500.
0:29:22 > 0:29:26So we have spent quite a lot more, but because it's taken a while,
0:29:26 > 0:29:28we've been able to manage our finances,
0:29:28 > 0:29:33so it's not really been a horrible shock. It's been manageable.
0:29:33 > 0:29:36Similar to the budget, the timescale grew too.
0:29:36 > 0:29:40The pair had hoped to have the renovations completed in two years,
0:29:40 > 0:29:44but the strain of managing a major project like this,
0:29:44 > 0:29:45while both working full-time,
0:29:45 > 0:29:48has meant it's taken over three years to complete.
0:29:48 > 0:29:51But this has been a labour of love for the couple
0:29:51 > 0:29:53and they clearly wanted to get it right.
0:29:58 > 0:30:01But what will the property experts think?
0:30:01 > 0:30:03We invited along two to find out.
0:30:05 > 0:30:10I saw the property just after it was sold and it's looking good.
0:30:10 > 0:30:12It's evident that they've put a lot of
0:30:12 > 0:30:14thought into it, but then,
0:30:14 > 0:30:16I guessed they probably would do, because I think
0:30:16 > 0:30:18they're planning to come and live here.
0:30:18 > 0:30:20So, when you're making something for yourself,
0:30:20 > 0:30:24obviously, it's attention to detail, what you want personally,
0:30:24 > 0:30:27rather than what you think the market might want.
0:30:27 > 0:30:28So, I think it looks good.
0:30:28 > 0:30:34I think the fittings are good quality and, yeah, I like it.
0:30:34 > 0:30:37I think the standard of finish of the property is really good.
0:30:37 > 0:30:40The kitchen has been done very well, and the bathrooms also.
0:30:40 > 0:30:45That's all positive, then. Now, we know this isn't for sale or rent,
0:30:45 > 0:30:50but they've invested £141,500 into the house.
0:30:50 > 0:30:54The top rent suggested by one of the agents was £650 per calendar month,
0:30:54 > 0:30:57which would mean a yield of 5.5%.
0:30:57 > 0:31:00But what could it fetch on the resale market?
0:31:02 > 0:31:06I think it would have a resale value in the order of £150,000.
0:31:06 > 0:31:09The likely sale price of this property would be
0:31:09 > 0:31:11in the region of £160,000.
0:31:11 > 0:31:17160,000 would mean a potential pre-tax profit of 18,500.
0:31:17 > 0:31:19But, of course, this won't be having
0:31:19 > 0:31:22a "For Sale" sign up at any time soon.
0:31:22 > 0:31:25So, what's ahead for Helen and Tom?
0:31:26 > 0:31:30Well, we got engaged in May, um, so, now that Project House
0:31:30 > 0:31:34is out of the way, then it's Project Wedding after that.
0:31:34 > 0:31:38So, we'll just get started with the wedding plans, I think.
0:31:38 > 0:31:42Congratulations and good luck in your new home, you two.
0:31:48 > 0:31:51Lowestoft, Suffolk, the most easterly town in the UK.
0:31:53 > 0:31:57The fishing industry that formed it has since given way to tourism.
0:31:57 > 0:32:00But this now seaside resort has seen regeneration.
0:32:02 > 0:32:05An 850-home mixed use development
0:32:05 > 0:32:07will help secure the future of the town.
0:32:11 > 0:32:14Now, this street might not feel like it, or even look like it,
0:32:14 > 0:32:17but it's just a 15-minute walk away from the beach.
0:32:17 > 0:32:20And grab yourself an ice cream when you're on the way.
0:32:20 > 0:32:22Anyway, the property I'm here to see is this.
0:32:22 > 0:32:24It's a four-bed, mid-terrace house
0:32:24 > 0:32:28with a guide price of in between £65,000 and £75,000.
0:32:33 > 0:32:36Wow, this is a long corridor.
0:32:36 > 0:32:39Nice high ceilings, nice and bright, which is good.
0:32:39 > 0:32:42We've got some old period features there, a couple of corbels.
0:32:42 > 0:32:44Front room here is a decent size.
0:32:44 > 0:32:48Nice big bay window, letting even more light in.
0:32:48 > 0:32:52Not bad in there. To the second room down here.
0:32:52 > 0:32:56Now, it's not a bad size. I have read the auction catalogue
0:32:56 > 0:32:59and I'm pretty sure this is the fourth bedroom.
0:32:59 > 0:33:03Now, if you don't need four bedrooms and you can get away with three,
0:33:03 > 0:33:06you could think about knocking this wall down
0:33:06 > 0:33:09to give you a nice big sort of lounge, front room area,
0:33:09 > 0:33:11which I think would be a very good idea.
0:33:11 > 0:33:15You've got your central heating as well. Double glazing.
0:33:15 > 0:33:17What I've seen so far, I like.
0:33:21 > 0:33:23Passing the stairwell on the left,
0:33:23 > 0:33:26there's a breakfast diner, which has seen better days.
0:33:26 > 0:33:28And next door is the kitchen,
0:33:28 > 0:33:31which, again, will need a complete refurbishment.
0:33:33 > 0:33:37However, whoever bought this might think about knocking through
0:33:37 > 0:33:41that dividing wall to create an open-plan kitchen diner,
0:33:41 > 0:33:44much more appropriate for a large family home like this.
0:33:46 > 0:33:47And right at the back of the house,
0:33:47 > 0:33:49there's just room for a downstairs loo.
0:33:51 > 0:33:52But what about upstairs?
0:33:54 > 0:33:56So, I'm into the bedroom at the back of the property.
0:33:56 > 0:33:58This is above the kitchen.
0:33:58 > 0:34:01I wanted to have a closer look at this bit of mould here.
0:34:01 > 0:34:03Well, it doesn't feel damp to the touch,
0:34:03 > 0:34:06and it can't be rising damp as we're on the first floor,
0:34:06 > 0:34:09so it's probably due to a lack of circulation.
0:34:09 > 0:34:13And there's a vent here, so I'm going to open that
0:34:13 > 0:34:16and start the process, but I'd still get it checked out.
0:34:18 > 0:34:20It never ceases to amaze me
0:34:20 > 0:34:24how much distress can be caused by a simple lack of ventilation.
0:34:25 > 0:34:28Black mould like this can cause breathing problems
0:34:28 > 0:34:32and, if my theory is correct, it won't have been helped
0:34:32 > 0:34:36by the condensation from the central heating boiler in the same room.
0:34:38 > 0:34:42It's a growing problem too, because, the more we insulate our houses,
0:34:42 > 0:34:44the more we trap condensation in.
0:34:46 > 0:34:50Unsurprisingly, bathrooms are a mould hotspot.
0:34:50 > 0:34:53One feasible remedy is to fit an extractor fan
0:34:53 > 0:34:58triggered by humidity, rather than one that just runs on a set time.
0:35:00 > 0:35:01The decent-sized front bedroom
0:35:01 > 0:35:04and distinctively decorated back bedroom
0:35:04 > 0:35:07are, thankfully, relatively free from mould.
0:35:09 > 0:35:11I've just come outside to the garden.
0:35:11 > 0:35:13Well, I loosely call it a garden,
0:35:13 > 0:35:16because it's just full, overgrown with stinging nettles.
0:35:16 > 0:35:19I have had a sneaky look next door, though,
0:35:19 > 0:35:24and what they've done is put some lawn down and a few pretty plants.
0:35:24 > 0:35:26So, if you can emulate next door,
0:35:26 > 0:35:28a bit of lawn, get it looking nice and pretty,
0:35:28 > 0:35:31I think you'd have yourself a nice back garden.
0:35:31 > 0:35:34Gardening's not my forte, especially not with stinging nettles.
0:35:34 > 0:35:37So I'm going to go inside, out of the way.
0:35:37 > 0:35:40# Don't stand, don't stand so
0:35:40 > 0:35:44# Don't stand so close to me... #
0:35:44 > 0:35:48Time to find out more about the potential of this house.
0:35:48 > 0:35:51What does a local estate agent think of the location?
0:35:51 > 0:35:54Lowestoft has been through a regeneration process.
0:35:54 > 0:35:58There's been a lot of money invested into places like Kirkley.
0:35:58 > 0:36:02There is new investment in the town and lots of new shops opening.
0:36:02 > 0:36:04I'm pleasantly surprised by this property.
0:36:04 > 0:36:07It's a good value for money, spacious family home.
0:36:07 > 0:36:10The property, although it does need some renovation works,
0:36:10 > 0:36:13there is less to do here than I had first envisaged.
0:36:13 > 0:36:16What's the opinion on the downstairs fourth bedroom?
0:36:16 > 0:36:18I'd recommend marketing the property as a three/four-bedroom.
0:36:18 > 0:36:20That way, it offers the flexibility
0:36:20 > 0:36:24and versatility for people to adapt the property to their needs.
0:36:24 > 0:36:27And, either way, it wouldn't affect the square footage.
0:36:27 > 0:36:30It has a guide price of £65,000-£75,000.
0:36:30 > 0:36:32What's its potential?
0:36:34 > 0:36:36Once renovated, I would expect this property
0:36:36 > 0:36:40to achieve on the open market in the region of £125,000.
0:36:40 > 0:36:44- And rental?- Once renovated, I would expect this property
0:36:44 > 0:36:47to achieve around £600 per calendar month.
0:36:47 > 0:36:50There's a lot of work that needs to be done in there,
0:36:50 > 0:36:52but I think, potentially, it could be a lovely family home.
0:36:52 > 0:36:55And it's also a lot bigger than what I was expecting.
0:36:55 > 0:36:58But who was brave enough to tackle that back garden
0:36:58 > 0:36:59full of stinging nettles?
0:36:59 > 0:37:01Let's go to the auction to find out.
0:37:01 > 0:37:04Lot 13 is the next lot.
0:37:04 > 0:37:07Had a shedload of people round this property.
0:37:07 > 0:37:1065-75 guide. So, where do you want to start me on this?
0:37:10 > 0:37:13Middle of the guide, someone? 70? Put me straight in?
0:37:13 > 0:37:1560, then?
0:37:15 > 0:37:1860 and we're away. 62? 62, 64.
0:37:18 > 0:37:2066. 68.
0:37:20 > 0:37:2268? 70. And 2.
0:37:22 > 0:37:25Bidding's fast and furious on the property.
0:37:25 > 0:37:28We rejoin the bidding at £84,000.
0:37:28 > 0:37:30At £84,000.
0:37:30 > 0:37:3284,000 at the front. 85 now?
0:37:32 > 0:37:35Going to sell at 84.
0:37:35 > 0:37:37Take half anywhere. 84,500?
0:37:37 > 0:37:3984,500? 85?
0:37:40 > 0:37:4285? 85,500?
0:37:42 > 0:37:4486.
0:37:44 > 0:37:46No? 85,500.
0:37:46 > 0:37:48At £85,500.
0:37:48 > 0:37:53At the front, at £85,500 for the first time, second time.
0:37:53 > 0:37:56At £85,500, third and final time.
0:37:56 > 0:37:58- GAVEL BANGS - Congratulations. Well done.
0:37:58 > 0:38:00Gentleman on the third row in the middle.
0:38:00 > 0:38:04The successful bid came from Darren, purchasing on behalf of himself
0:38:04 > 0:38:07and his two business partners Dan and James,
0:38:07 > 0:38:10who all work in the construction industry.
0:38:11 > 0:38:13It's their first purchase together
0:38:13 > 0:38:17and I met Darren back at their £85,500 asset.
0:38:19 > 0:38:21- Darren, nice to meet you, sir. - And you.
0:38:21 > 0:38:23- Congratulations. - Thank you very much.
0:38:23 > 0:38:26Tell me why you bought this particular property.
0:38:26 > 0:38:29I like the fact that it needed quite a bit of work. Obviously, I think
0:38:29 > 0:38:31that reflected on the price we got it for at auction, eventually.
0:38:31 > 0:38:33And I wanted it in an area that I could afford,
0:38:33 > 0:38:35cos I had a limited budget with which to work with.
0:38:35 > 0:38:37Where are your sidekicks today?
0:38:37 > 0:38:40- Unfortunately, they are a bit camera shy.- Oh, no.
0:38:40 > 0:38:43- Yeah, so they decided not to be involved.- So they left it to you?
0:38:43 > 0:38:47- They've left to me, yes.- What made you go into the property world?
0:38:47 > 0:38:51To be honest, it was probably I wanted a bit of a pension pot.
0:38:51 > 0:38:53Obviously, I'm getting a bit older now in life
0:38:53 > 0:38:55and my pension's not going to play out much
0:38:55 > 0:38:58and I thought that it would be nice to go into property.
0:38:58 > 0:39:00It's something that I do on a day-to-day basis,
0:39:00 > 0:39:02and I needed a couple of people to come in with me,
0:39:02 > 0:39:06to obviously boost the budget that we had, and took it from there.
0:39:06 > 0:39:08So did you all sit down and have a chat?
0:39:08 > 0:39:11Did Dan and James get involved with the chat? And how did it go?
0:39:11 > 0:39:14Well, initially, myself and Dan decided that we were going to do it
0:39:14 > 0:39:17together and we got some money together, but it was still quite
0:39:17 > 0:39:21a limited budget, so we decided that we needed one other person
0:39:21 > 0:39:23and we thought, well, what skills were we missing between us?
0:39:23 > 0:39:26We decided that a floor layer would be a good person to
0:39:26 > 0:39:29bring on board and we managed to convince him to be part of it.
0:39:30 > 0:39:33'Darren and Dan pulled their friend and floor layer James
0:39:33 > 0:39:37'in on the project, which meant, not only are they able to access
0:39:37 > 0:39:40'more money, but they could spread the risk.
0:39:40 > 0:39:43'Clubbing together is a good way to get into property,
0:39:43 > 0:39:45'but make sure you get it all official.
0:39:45 > 0:39:47'You don't want any falling out later on.'
0:39:49 > 0:39:53Tell me what about this property that you really wanted?
0:39:53 > 0:39:55Well, I liked it, cos of the size of the property.
0:39:55 > 0:39:57We had a lot of room for conversion. We didn't think
0:39:57 > 0:39:59we really needed the fourth bedroom in it anyway,
0:39:59 > 0:40:03so it gave a lot of scope to open up the dining room in the lounge,
0:40:03 > 0:40:06so there was a bit of scope to bring it up to a nice-looking property.
0:40:06 > 0:40:07'Yeah, I said that, didn't I?
0:40:07 > 0:40:11'This would still be a decently proportioned house.'
0:40:11 > 0:40:14- What's the budget for the whole project?- The budget, hopefully,
0:40:14 > 0:40:18we'll try stick to about 10-12,000, something like that, with trying
0:40:18 > 0:40:20- to do a few deals, obviously... - LAUGHTER
0:40:20 > 0:40:23We'll try and call in a few favours here and there.
0:40:23 > 0:40:25- That's a businessman's thought right there, isn't it?- Exactly.
0:40:25 > 0:40:28And with your 10-grand budget, Darren,
0:40:28 > 0:40:31where's the majority of that going to be spent?
0:40:31 > 0:40:34A lot of it's going to be on the kitchen. We're going to reinstate
0:40:34 > 0:40:37the fireplaces that were in the lounge and dining room
0:40:37 > 0:40:40and have been taken out beforehand, so we're going to put those back in.
0:40:40 > 0:40:42We're going to put some high-quality vinyl flooring
0:40:42 > 0:40:45- into the walk-through areas and communal-type areas...- Yeah.
0:40:45 > 0:40:47..and then a good quality carpet to the rest of it.
0:40:47 > 0:40:49And how long are you hoping all this work's going to take?
0:40:49 > 0:40:54Hopefully, about four to five weeks, with any luck, so we may decide,
0:40:54 > 0:40:57looking at the condition of the walls, we might have to do
0:40:57 > 0:40:59a bit more skimming works than we originally thought,
0:40:59 > 0:41:01- but we'll just have to see. - I know you've got
0:41:01 > 0:41:04- your own construction company as well.- Yeah.- So, you've already got
0:41:04 > 0:41:07a full-time job, so when are you all going to squeeze it in?
0:41:07 > 0:41:11- It's all going to be weekend work for us, unfortunately.- Really?- Yes.
0:41:11 > 0:41:16It will take 12-and-a-half weeks to get five weeks' worth of weekends.
0:41:16 > 0:41:19But it's a good job we have weekends.
0:41:19 > 0:41:22It wasn't until the Industrial Revolution in the 1800s
0:41:22 > 0:41:25that a two-day weekend began to take shape.
0:41:25 > 0:41:29In the 1920s, American car manufacturer Henry Ford
0:41:29 > 0:41:32was more than happy to have his workers take weekends.
0:41:32 > 0:41:35His theory being they were more likely to buy his cars
0:41:35 > 0:41:37if they had the time to enjoy them.
0:41:37 > 0:41:41Time off is a concept that Darren, Dan and James
0:41:41 > 0:41:45won't be familiar with for the next few months.
0:41:45 > 0:41:47So, what are your plans for the property once it's finished?
0:41:47 > 0:41:49Are you going to sell it? Are you going to rent it?
0:41:49 > 0:41:51The property definitely's going to be sold.
0:41:51 > 0:41:53As much as we would like to do rental,
0:41:53 > 0:41:56we're on a limited budget anyway and we can't do anything else
0:41:56 > 0:41:59until we've sold this one on, but, eventually, we'd like to be
0:41:59 > 0:42:02able to sell this one, buy another one, make a little bit more money,
0:42:02 > 0:42:04then, eventually, go into the rental market.
0:42:04 > 0:42:08And out the back, bit of a jungle out the back at the moment.
0:42:08 > 0:42:10Bit of a jungle! We've yet to decide what we'll do.
0:42:10 > 0:42:12We will do something with it,
0:42:12 > 0:42:16but how much is left of the budget we'll have to see, I think, so...
0:42:16 > 0:42:19- And who does it is anyone's guess at the moment.- Yeah.
0:42:19 > 0:42:21- You've got to draw straws for that. - I think we'll have to.
0:42:21 > 0:42:24- No-one wants to get involved in the stingers out there.- No.
0:42:24 > 0:42:27- I had a little tiptoe out there and it won't be me.- No, it's not nice.
0:42:27 > 0:42:29So, Darren, there's three of you.
0:42:29 > 0:42:32- Yeah.- How are the jobs going to be split up? Who's going to do what?
0:42:32 > 0:42:35Well, I think I'm going to be doing most of the organising of it.
0:42:35 > 0:42:40That's where my skills come in. But I am a qualified decorator as well.
0:42:40 > 0:42:43Dan is a qualified carpenter and Jamie does all of our floor laying,
0:42:43 > 0:42:46so we've pretty much got it all covered.
0:42:46 > 0:42:47I think you'll be all right.
0:42:47 > 0:42:50- Good luck.- Thank you very much. - Hope it works out well.
0:42:50 > 0:42:52- And I hope they do some work as well.- So do I.
0:42:52 > 0:42:56Now, this is Darren's first project and he's really challenging himself,
0:42:56 > 0:42:58not just with the work he's got to do in there,
0:42:58 > 0:43:01but he's trying to get it done within five weeks
0:43:01 > 0:43:03and he's only working weekends.
0:43:03 > 0:43:06Will he get it all done? You can find out later on in the programme.
0:43:10 > 0:43:13So, we've seen the outcome of one of our properties -
0:43:13 > 0:43:16- what about the other two?- Yeah, have our buyers been ringing the changes
0:43:16 > 0:43:17or is it just the same old, same old?
0:43:17 > 0:43:20Oh, I cannot wait any longer. Ha-ha! Let's find out.
0:43:23 > 0:43:25Now back to Chatham, one of the Medway towns
0:43:25 > 0:43:27in north Kent, south-east England,
0:43:27 > 0:43:30where, earlier, I looked around this unusual house
0:43:30 > 0:43:35that hadn't seen the light of day for, well, quite some time.
0:43:35 > 0:43:40The kitchen. I can't imagine myself cooking a lovely breakfast here.
0:43:40 > 0:43:43I mean, it really is unloved, this house.
0:43:43 > 0:43:45There was a general malaise about the place,
0:43:45 > 0:43:49which had clearly not been occupied for some time.
0:43:49 > 0:43:53It sold for 135,000, complete with rotting carpets
0:43:53 > 0:43:57and a liberal dusting of straw everywhere.
0:43:57 > 0:44:00The proud new owners - father and daughter team Kelly and Tom,
0:44:00 > 0:44:04who were clearly used to dealing with this degree of dilapidation.
0:44:04 > 0:44:07- KELLY:- Make it bigger and extend. - TOM: Yeah, make the kitchen bigger.
0:44:07 > 0:44:09The worse they are, the better you can do 'em.
0:44:09 > 0:44:12It's as simple as that, really. We gut 'em out and start again.
0:44:12 > 0:44:16So, if it's not quite as bad, we will still do the same job.
0:44:16 > 0:44:19It'll have everything brand-new - kitchen, bathrooms, the lot.
0:44:19 > 0:44:22And we've done our homework, we've done 'em for so long now,
0:44:22 > 0:44:25that it will be £20,000-ish.
0:44:25 > 0:44:27So, what will happen once the house has been refurbished?
0:44:27 > 0:44:30You've spent the £20,000, it looks fantastic!
0:44:30 > 0:44:32It's all ready for market!
0:44:32 > 0:44:36- Are you going to sell it? Are you going to let it?- We're not sure.
0:44:36 > 0:44:39Um, if it reaches the price that we're hoping for on market,
0:44:39 > 0:44:41probably sell. If not, rent it.
0:44:41 > 0:44:44So, how much do you think you would like to market this property for?
0:44:44 > 0:44:47- Er, about 180.- Really?- Yes.
0:44:47 > 0:44:51'I was a bit worried, as the agent had said £150,000 would be
0:44:51 > 0:44:54'the ceiling price for this street,
0:44:54 > 0:44:57'but Tom had plenty of ambition for this property.'
0:44:57 > 0:45:00I know you've got this sort of, like, overhanging conservatory area
0:45:00 > 0:45:01at the back. With things like that,
0:45:01 > 0:45:04do you just pull it down and start again or are you going to revive it?
0:45:04 > 0:45:09No, pull it down and we may put a one-level extension on here.
0:45:09 > 0:45:11We may not. We've got to think about that.
0:45:11 > 0:45:15We may put a downstairs toilet in. A utility.
0:45:15 > 0:45:19We may make the kitchen bigger and the dining room bigger.
0:45:19 > 0:45:23When you see this finished, it will warrant 180.
0:45:23 > 0:45:27'And they set themselves a four-month timescale to do it all.'
0:45:29 > 0:45:32We're back, eight months on, and with all the dust and debris,
0:45:32 > 0:45:36I'm sure Tom and Kelly thought safety first.
0:45:36 > 0:45:38# You wear your mask I'll wear mine
0:45:38 > 0:45:41# They don't come cheap but they fit just fine
0:45:41 > 0:45:43# You can be her and I can be him
0:45:43 > 0:45:46# And we can go sink when the rest all swim
0:45:46 > 0:45:48# Little by little by little
0:45:48 > 0:45:51# By little by little by little by little... #
0:45:51 > 0:45:53By moving the entrance to the bathroom,
0:45:53 > 0:45:57Tom and Kelly have made it possible to fit in a separate shower cubicle.
0:45:57 > 0:46:00A much brighter and cleaner environment than before.
0:46:02 > 0:46:04The same can be said for the kitchen,
0:46:04 > 0:46:07where pretty much anything done to it will have improved it.
0:46:10 > 0:46:12Improved and enlarged it is,
0:46:12 > 0:46:15taking a part of what was the dining area,
0:46:15 > 0:46:17where the conservatory was accessed.
0:46:19 > 0:46:23Also supporting the roof with an RSJ has enabled the opening up
0:46:23 > 0:46:27into the brick-built outhouse, where the enlarged kitchen continues.
0:46:36 > 0:46:38In the lounge, the chimney breast has gone,
0:46:38 > 0:46:44as has the threadbare carpet and, as mentioned, access through.
0:46:44 > 0:46:46It must've been a DIRTY job!
0:46:46 > 0:46:49# You wear your mask I'll wear mine
0:46:51 > 0:46:54# They don't come cheap but they fit just fine... #
0:46:59 > 0:47:03Finally, back upstairs again for the two bedrooms.
0:47:03 > 0:47:07The largest above the lounge has also had the chimney breast removed,
0:47:07 > 0:47:08making a bit more space.
0:47:11 > 0:47:15Whilst, in the smallest bedroom, the opposite is true.
0:47:15 > 0:47:16It's even smaller!
0:47:16 > 0:47:19Over to Tom for an explanation.
0:47:21 > 0:47:23So, this is the back bedroom of the house.
0:47:23 > 0:47:25Um, there was a cupboard there.
0:47:25 > 0:47:29What we've done, we've stolen a bit of room from this room
0:47:29 > 0:47:31and made the bathroom bigger,
0:47:31 > 0:47:35so we could then put a walk-in shower in and move the bath over
0:47:35 > 0:47:38and, obviously, it doesn't really notice in here, because that's where
0:47:38 > 0:47:40the wall started in the first place.
0:47:40 > 0:47:43The lean-to was just outside where the double doors are now.
0:47:43 > 0:47:48Um, it was an old, horrible thing, so we've ripped that down,
0:47:48 > 0:47:52put the double doors in and put a patio there as well,
0:47:52 > 0:47:56so you don't have to walk out straight onto your garden.
0:47:56 > 0:48:00Generally, overall, it's a lovely house for a family now.
0:48:00 > 0:48:01I'm pleased with it all,
0:48:01 > 0:48:04but the thing I'm most pleased with would be the kitchen.
0:48:04 > 0:48:07Um, I think it's a really nice space now.
0:48:07 > 0:48:09I do like a kitchen/diner myself
0:48:09 > 0:48:15and I think it's a lovely kitchen - big area, nice family room.
0:48:15 > 0:48:18Tom had been pretty sure it would take four months,
0:48:18 > 0:48:20so why did it take longer?
0:48:20 > 0:48:24It probably took us about five to six months in the end,
0:48:24 > 0:48:27but that's because we weren't here every day working.
0:48:27 > 0:48:30There could be a week or two went by with no trades on site,
0:48:30 > 0:48:35because we were using our own, you know, fellas.
0:48:35 > 0:48:39So it did take longer, but again, we're happy with that.
0:48:39 > 0:48:40Not a problem.
0:48:41 > 0:48:44Tom was confident the renovation, without an extension,
0:48:44 > 0:48:49would cost £20,000, so how did the budget work out in the end?
0:48:49 > 0:48:52We actually spent - doing the property up
0:48:52 > 0:48:56and changing various things - 27,000.
0:48:56 > 0:48:58One of the big cost items was
0:48:58 > 0:49:02removing the huge leylandii trees from the back garden.
0:49:02 > 0:49:08The overspend takes their total cost to £162,000, so what's it now worth?
0:49:10 > 0:49:15We called in two local estate agents to take a look around the renovation
0:49:15 > 0:49:17to give us their opinions and valuations.
0:49:17 > 0:49:20First up, the agent who came here last time.
0:49:23 > 0:49:26At the moment, there is a real demand for this type of property.
0:49:26 > 0:49:29We're very short of properties at the moment, so there will be
0:49:29 > 0:49:32so many people that will be looking to buy this.
0:49:32 > 0:49:34This is my first time inside the property.
0:49:34 > 0:49:36It's been done really nicely, to a good standard,
0:49:36 > 0:49:38nice neutral colours as well,
0:49:38 > 0:49:40which is really important for today's market.
0:49:40 > 0:49:42So, let's get their valuations
0:49:42 > 0:49:45and see if Kelly and Tom's latest project has turned a profit.
0:49:47 > 0:49:54I would put this in the region of £185,000-£195,000.
0:49:54 > 0:49:56In today's market, we would be looking to achieve
0:49:56 > 0:49:58upwards of £185,000.
0:49:58 > 0:50:01What the estate agent said is about what we thought and, actually,
0:50:01 > 0:50:05we have sold the property for 190.
0:50:05 > 0:50:10Well, that's a pre-tax profit of £28,000 and a cracking house.
0:50:10 > 0:50:12Any tips for budding property renovators?
0:50:14 > 0:50:17Just make sure you don't pay too much money at auction
0:50:17 > 0:50:20and keep your costs down, keep onto the suppliers
0:50:20 > 0:50:22for the best deal you can get and, at the end of the day,
0:50:22 > 0:50:25if you do it right, you should come out with an OK profit.
0:50:30 > 0:50:32Back now to Lowestoft on the Suffolk coast,
0:50:32 > 0:50:36where I looked around this four-bedroom mid-terrace.
0:50:36 > 0:50:40Nice high ceilings, nice and bright, though, which is good.
0:50:40 > 0:50:43We've got some old period features there, a couple of corbels.
0:50:43 > 0:50:47Front room here is a decent size, nice big bay window,
0:50:47 > 0:50:50letting even more light in. Not bad in there.
0:50:50 > 0:50:54To the second room. This is the fourth bedroom.
0:50:54 > 0:50:57Now, if you don't need four bedrooms, you could think about
0:50:57 > 0:51:01knocking this wall down to give you a nice big sort of lounge,
0:51:01 > 0:51:05front room area, which I think would be a very good idea.
0:51:05 > 0:51:07Upstairs, at the back of the property,
0:51:07 > 0:51:10the third bedroom had a bad case of black mould
0:51:10 > 0:51:13I thought had been brought on by the lack of ventilation
0:51:13 > 0:51:15while the property stood empty.
0:51:20 > 0:51:22There were two other reasonably-sized bedrooms,
0:51:22 > 0:51:25albeit one having slightly unusual decor.
0:51:31 > 0:51:32The property was purchased by
0:51:32 > 0:51:37construction company director Darren, for 85,500 grand,
0:51:37 > 0:51:41as part of a consortium with two of his building colleagues.
0:51:41 > 0:51:44They had ambitious structural alterations in mind.
0:51:44 > 0:51:47We didn't think that we really needed the fourth bedroom anyway,
0:51:47 > 0:51:50so it gives a lot of scope to open up the dining room and the lounge.
0:51:50 > 0:51:52So there was a little bit of scope
0:51:52 > 0:51:54to bring it up to a nice-looking property.
0:51:54 > 0:51:57After refurbishment, this, their first purchase,
0:51:57 > 0:51:58was planned to be sold on.
0:52:00 > 0:52:01The long-term plan -
0:52:01 > 0:52:04to build a pot of capital to provide a pension income.
0:52:06 > 0:52:09A five-week work schedule was calculated,
0:52:09 > 0:52:12but spread out over weekend work only.
0:52:12 > 0:52:15So they should have completed after 12-and-a-half weeks.
0:52:16 > 0:52:20We're back, just over 21 weeks later, to see the result.
0:52:22 > 0:52:25The dividing wall between the kitchen and the breakfast diner
0:52:25 > 0:52:27has been opened up.
0:52:27 > 0:52:29I wonder how many weeks that took!
0:52:29 > 0:52:33# It feels like a party every time you come around... #
0:52:33 > 0:52:36Quality units have been fitted, with integrated appliances.
0:52:41 > 0:52:42It's a bit different!
0:52:46 > 0:52:49At the end of the kitchen, a new downstairs loo.
0:52:55 > 0:52:57At the opposite end of this long property,
0:52:57 > 0:53:00the front room has a new fireplace feature,
0:53:00 > 0:53:03perfect for adding appeal to any room.
0:53:03 > 0:53:07# You make me love you like I thought I never could... #
0:53:11 > 0:53:14A new fireplace graces the second reception room too.
0:53:19 > 0:53:23But the planned knock through of the adjoining wall hasn't been achieved.
0:53:23 > 0:53:25Upstairs, the middle bedroom,
0:53:25 > 0:53:27previously blighted with black mould,
0:53:27 > 0:53:32has had an anti-mould treatment and a repaint. And now...
0:53:32 > 0:53:34# It's all good!
0:53:36 > 0:53:38# It's all good! #
0:53:38 > 0:53:40With new flooring throughout the house,
0:53:40 > 0:53:42it's all good in the front bedroom too.
0:53:42 > 0:53:44A new neutral colour scheme.
0:53:50 > 0:53:52Minimal work was done in the bathroom -
0:53:52 > 0:53:57a new toilet, flooring, shower over the bath and decor,
0:53:57 > 0:54:00all of which will hopefully help Darren's retirement plans.
0:54:00 > 0:54:05# We're gonna live forever Gonna do whatever
0:54:05 > 0:54:09# If we stick together it will be all good... #
0:54:09 > 0:54:12And you're no longer up against a brick wall in the final bedroom.
0:54:14 > 0:54:16It's now in harmony with the rest of the house.
0:54:19 > 0:54:23Outside, the prickly question of the garden.
0:54:23 > 0:54:26It was perfect for a nettle soup addict and now...
0:54:26 > 0:54:30# It's all good, yeah!
0:54:30 > 0:54:32# It's all good
0:54:34 > 0:54:36# It's all good. #
0:54:36 > 0:54:38We have cleared all the nettles away.
0:54:38 > 0:54:39That was quite a big job, really.
0:54:39 > 0:54:42We did get a little bit of assistance with clearing that.
0:54:42 > 0:54:45We had a few guys in for a few days clearing that all for us.
0:54:45 > 0:54:47Well, it was a good result,
0:54:47 > 0:54:51but why didn't the wall between the two downstairs rooms get removed?
0:54:51 > 0:54:54There was a lot of work involving the pipework and the radiators.
0:54:54 > 0:54:57There was also the, um, structural works that was involved
0:54:57 > 0:55:01in doing that as well. Also, we took advice from local neighbours,
0:55:01 > 0:55:03who said that they wished that they hadn't opened up the rooms,
0:55:03 > 0:55:05so we left it as is.
0:55:05 > 0:55:08Well, we always say it's worth doing your research.
0:55:08 > 0:55:11Which bit of the renovation do you feel turned out best?
0:55:11 > 0:55:13I'm very pleased with the staircase.
0:55:13 > 0:55:17We spent a little bit of money doing whipping on the staircase carpet,
0:55:17 > 0:55:19because the staircase sort of winds round.
0:55:19 > 0:55:22It looks very nice when you're upstairs and looking down onto it.
0:55:22 > 0:55:24The whipping, or binding, on the edge of the carpet
0:55:24 > 0:55:26means it won't fray on the sides
0:55:26 > 0:55:29and doesn't have to go the full width of the step,
0:55:29 > 0:55:33giving a finish reminiscent of old-style carpet rods.
0:55:33 > 0:55:35Was everything else clean cut?
0:55:36 > 0:55:40We had an issue with a slight leak. The floor layers decided that,
0:55:40 > 0:55:42when they were doing the flooring upstairs,
0:55:42 > 0:55:45they'd put a pipe through with a nail.
0:55:45 > 0:55:48I think we've all put a nail through a pipe at some stage.
0:55:48 > 0:55:52If that was the worst incident, then it's not bad at all.
0:55:52 > 0:55:55The 10-12 grand budget did spring a leak, though,
0:55:55 > 0:55:59with unforeseen works, like a new boiler, being needed,
0:55:59 > 0:56:02more electrical work than planned and a higher-spec kitchen,
0:56:02 > 0:56:07resulting in a spend of around £17,000.
0:56:07 > 0:56:10We're pleased with the outcome and what we spent, though.
0:56:10 > 0:56:12To see if the open market is
0:56:12 > 0:56:15as pleased with the group's efforts, we called in
0:56:15 > 0:56:18two local estate agents to give us a market valuation.
0:56:18 > 0:56:22First, the agent who saw the property in its raw state.
0:56:23 > 0:56:25I think the layout of the property is very good.
0:56:25 > 0:56:28I think that the vendor opening up the kitchen-breakfast room
0:56:28 > 0:56:31is a really nice touch - it creates a real nice family space.
0:56:31 > 0:56:33We would market the property as a three-bedroom. Obviously,
0:56:33 > 0:56:37with the separate lounge and dining room, there is an advantage there.
0:56:37 > 0:56:40I think, with the kitchen-breakfast room as well, there is a flow.
0:56:40 > 0:56:43Um, I don't see somebody using downstairs as a fourth bedroom.
0:56:43 > 0:56:46I suppose it depends on your circumstances.
0:56:46 > 0:56:49Perhaps, for instance, an older member of the family
0:56:49 > 0:56:51might like a bedroom downstairs.
0:56:51 > 0:56:57Anyway, it's a flexible house and the guys have spent £102,500 on it,
0:56:57 > 0:56:59so how much is it worth now?
0:57:01 > 0:57:03Should this property be marketed for sale,
0:57:03 > 0:57:06I would expect it to achieve approximately £135,000.
0:57:06 > 0:57:10In the resale market, the property would be worth £135,000.
0:57:10 > 0:57:13Well, the property actually has been sold. It was sold in two days and
0:57:13 > 0:57:18we sold it for £134,000 and we're looking forward to the next one.
0:57:18 > 0:57:22That's a pre-tax profit of £31,500.
0:57:22 > 0:57:23Not bad for a first project.
0:57:24 > 0:57:28So, what have the guys taken away from their debut property?
0:57:28 > 0:57:31I think we've learned that we need to stick to a budget,
0:57:31 > 0:57:34we need to look at the market that we're doing the property up for,
0:57:34 > 0:57:37stick to a budget. We did tend to go a little bit overboard on,
0:57:37 > 0:57:39sort of, our own whims, if you like.
0:57:39 > 0:57:43And so, I think, next time, yeah, budget is the big thing.
0:57:43 > 0:57:44Keep doing that, Darren,
0:57:44 > 0:57:47and I think you'll be guaranteed a happy retirement.
0:57:52 > 0:57:56So, that's today's offerings. Would you have done anything differently?
0:57:56 > 0:57:58Yeah, do you think our buyers have done it right from start to finish?
0:57:58 > 0:58:02Well, there are many more stories in the pipeline
0:58:02 > 0:58:05and we'll have them for you here, next time on Homes Under The Hammer.
0:58:05 > 0:58:07- Goodbye.- Bye-bye.