Browse content similar to Episode 57. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Hello. When it comes to property, getting a bargain | 0:00:02 | 0:00:04 | |
can sometimes be tough, especially in this competitive market, | 0:00:04 | 0:00:06 | |
but it can still be done. | 0:00:06 | 0:00:08 | |
Yes, you need patience, you need to dig deep, do your research, | 0:00:08 | 0:00:12 | |
and you can still come up trumps. | 0:00:12 | 0:00:14 | |
Yes, but where do you start, I hear you ask? | 0:00:14 | 0:00:16 | |
I would recommend your local property auction. | 0:00:16 | 0:00:19 | |
It doesn't matter what your budget is - | 0:00:44 | 0:00:46 | |
you never want to overpay for property. | 0:00:46 | 0:00:48 | |
Too true. But what about today's buyers? | 0:00:48 | 0:00:51 | |
-Did they get a good deal? -Let's find out. | 0:00:51 | 0:00:53 | |
I'm down in Dover to see a period house | 0:00:55 | 0:00:58 | |
with an unusual installation. | 0:00:58 | 0:01:00 | |
Yeah, well, I like the fact it's kind of like some modern art feature | 0:01:00 | 0:01:03 | |
going across the floor. | 0:01:03 | 0:01:05 | |
Now it's not art, but Lucy knows what she likes | 0:01:05 | 0:01:07 | |
at this flat in South London. | 0:01:07 | 0:01:09 | |
Dun, dun, dun! | 0:01:09 | 0:01:11 | |
Look at that. | 0:01:13 | 0:01:15 | |
While in Wolverhampton, | 0:01:15 | 0:01:17 | |
this semidetached house might have to open up a bit | 0:01:17 | 0:01:19 | |
so I can really get to know it. | 0:01:19 | 0:01:21 | |
We've got a door that's locked, which just intrigues me. | 0:01:21 | 0:01:25 | |
All these properties have been sold at auction, | 0:01:26 | 0:01:29 | |
and we'll find out who bought them and what they paid | 0:01:29 | 0:01:31 | |
when they went under the hammer. | 0:01:31 | 0:01:33 | |
Are we all done? | 0:01:33 | 0:01:34 | |
Dover in Kent is, of course, known for its port, | 0:01:39 | 0:01:43 | |
castle and white cliffs. | 0:01:43 | 0:01:45 | |
But it's also the birthplace of | 0:01:45 | 0:01:47 | |
award-winning R&B singer-songwriter Joss Stone. | 0:01:47 | 0:01:51 | |
# Tell me what we're gonna do now | 0:01:52 | 0:01:54 | |
# Oh, oh, yeah, yeah... # | 0:01:54 | 0:01:57 | |
Well, seeing as you asked, Joss, | 0:01:57 | 0:01:59 | |
we're off to see a rather charming property, | 0:01:59 | 0:02:01 | |
which is only 15 minute's stroll from the coast. | 0:02:01 | 0:02:04 | |
Well, right by the side of this rather splendid church | 0:02:05 | 0:02:09 | |
is the property I'm here to see. | 0:02:09 | 0:02:11 | |
Guide price - £85,000 to £90,000, | 0:02:11 | 0:02:15 | |
which doesn't sound like a lot for this particular property. | 0:02:15 | 0:02:18 | |
It's a three-bed semidetached. | 0:02:18 | 0:02:20 | |
Let's have a look. | 0:02:20 | 0:02:23 | |
That guide price does seem a bit on the cheap side. | 0:02:23 | 0:02:26 | |
I hope I'm not being led up the garden path here. | 0:02:26 | 0:02:29 | |
So, what have we got? Oh, well, straightaway, | 0:02:30 | 0:02:33 | |
looks like it's in need of a little bit of updating. | 0:02:33 | 0:02:36 | |
Very old paintwork, and look at this amazing wallpaper. | 0:02:36 | 0:02:42 | |
That sort of dates the property very much. | 0:02:42 | 0:02:44 | |
But, you know, the good news is | 0:02:44 | 0:02:46 | |
it looks like some of the original features are still here | 0:02:46 | 0:02:48 | |
and that's one of the things we absolutely love. | 0:02:48 | 0:02:50 | |
Look at those doors, look at that fireplace. | 0:02:50 | 0:02:52 | |
Just strip those back, | 0:02:52 | 0:02:54 | |
they're there, just waiting for you to sort it out. | 0:02:54 | 0:02:56 | |
Little things like this panelling round the window - | 0:02:56 | 0:02:58 | |
absolutely gorgeous if that's just stripped back. | 0:02:58 | 0:03:01 | |
But, oh, dear... | 0:03:01 | 0:03:02 | |
# Bounce, bounce, bounce, bounce... # | 0:03:04 | 0:03:06 | |
That isn't so nice. | 0:03:06 | 0:03:08 | |
Maybe that could explain that relatively low guide price. | 0:03:08 | 0:03:11 | |
As you can see, the floor in this corner of the room here | 0:03:11 | 0:03:14 | |
looks like it's sunk. | 0:03:14 | 0:03:16 | |
It's even pulled away the skirting there. | 0:03:16 | 0:03:18 | |
It needs to be investigated. | 0:03:18 | 0:03:20 | |
Let's carry on. | 0:03:20 | 0:03:21 | |
When they're not bouncing all over the place, | 0:03:23 | 0:03:25 | |
the floorboards are actually really lovely. | 0:03:25 | 0:03:28 | |
Nice and wide, so definitely strip these back. | 0:03:28 | 0:03:31 | |
Absolutely beautiful, they would be. | 0:03:31 | 0:03:33 | |
You've got quite an interesting layout | 0:03:33 | 0:03:35 | |
cos you come through the front door, right to the bouncy-floored room, | 0:03:35 | 0:03:38 | |
then left into this similar room over this side. | 0:03:38 | 0:03:41 | |
I know, very dated fireplaces, but it's all a bit sort of small, | 0:03:41 | 0:03:45 | |
especially when you come through here into this, | 0:03:45 | 0:03:48 | |
which I guess is, I don't know, | 0:03:48 | 0:03:50 | |
maybe additional bit of room that was built on at some point | 0:03:50 | 0:03:53 | |
over the house's history. | 0:03:53 | 0:03:55 | |
I'm wondering if it might be possible | 0:03:55 | 0:03:57 | |
to take out this wall, perhaps - | 0:03:57 | 0:03:59 | |
it depends what's above it - to create a slightly bigger room. | 0:03:59 | 0:04:03 | |
I mean, you could even go one step further and try and make | 0:04:03 | 0:04:06 | |
the whole of this big back part of the house open-plan | 0:04:06 | 0:04:09 | |
by taking out this wall. | 0:04:09 | 0:04:10 | |
Yeah, I know, it's a bit silly, isn't it, taking out ALL the walls. | 0:04:10 | 0:04:14 | |
But I don't know, that open feel would be really lovely. | 0:04:14 | 0:04:17 | |
Cos the kitchen itself, it's through this little narrow doorway, | 0:04:17 | 0:04:20 | |
it's all bolted on the back here. | 0:04:20 | 0:04:22 | |
It doesn't quite work. | 0:04:22 | 0:04:23 | |
So, take that one really big room | 0:04:23 | 0:04:26 | |
and, suddenly, a small house feels like a really big house. | 0:04:26 | 0:04:30 | |
Upstairs, the layout is just as wonky. | 0:04:30 | 0:04:33 | |
For me, the bathroom is far too big, | 0:04:33 | 0:04:35 | |
and you have this small room for a bedroom, | 0:04:35 | 0:04:38 | |
so I'd think about moving those around. | 0:04:38 | 0:04:41 | |
However, this house doesn't just have issues with what's up top - | 0:04:41 | 0:04:45 | |
it's also got something hiding down below, so... | 0:04:45 | 0:04:48 | |
# I'm going, I'm going | 0:04:48 | 0:04:50 | |
# I'm going deeper underground | 0:04:50 | 0:04:53 | |
# I'm going, I'm going... # | 0:04:53 | 0:04:56 | |
So, let's see if we can find out | 0:04:56 | 0:04:57 | |
what's going on with those floorboards. | 0:04:57 | 0:04:59 | |
Well...a bit of a surprise - down here, a cellar. | 0:04:59 | 0:05:04 | |
But, actually, what a nice space. | 0:05:04 | 0:05:06 | |
I mean, clearly, it's in a mess at the moment, | 0:05:06 | 0:05:08 | |
but this could be quite spectacular. | 0:05:08 | 0:05:11 | |
Really bizarre feature here. | 0:05:11 | 0:05:15 | |
This is the mains water pipe. | 0:05:15 | 0:05:17 | |
Yeah, well, I like the fact there's kind of like | 0:05:17 | 0:05:19 | |
some modern art kind of feature going across the floor. | 0:05:19 | 0:05:21 | |
Clearly, that would need to be sorted out before you did anything. | 0:05:21 | 0:05:24 | |
But there's some really nice touches. | 0:05:24 | 0:05:25 | |
How about this? Big, old fireplace there. | 0:05:25 | 0:05:29 | |
But that's not why I'm down here - | 0:05:29 | 0:05:30 | |
I'm here to see what is going on with the floor. | 0:05:30 | 0:05:32 | |
And...look at these joists - | 0:05:32 | 0:05:34 | |
they do not look to be in very good... | 0:05:34 | 0:05:37 | |
They don't look to be in very good condition at all. | 0:05:39 | 0:05:41 | |
That is... | 0:05:41 | 0:05:43 | |
..is really bad signs of... | 0:05:44 | 0:05:46 | |
..woodworm. Nice. | 0:05:47 | 0:05:50 | |
OK, so that's not very good. | 0:05:50 | 0:05:52 | |
DRAMATIC MUSIC | 0:05:52 | 0:05:54 | |
But that's worse. | 0:05:54 | 0:05:55 | |
This is the wall directly underneath | 0:05:57 | 0:05:59 | |
where the floor that I was bouncing on is, | 0:05:59 | 0:06:01 | |
and that, in case you don't know, is dry rot. | 0:06:01 | 0:06:06 | |
Not good at all! | 0:06:06 | 0:06:08 | |
It's working its way through the plaster, | 0:06:08 | 0:06:10 | |
it's going into the wood, it's actually destroying the house, | 0:06:10 | 0:06:14 | |
and that needs to be sorted out really quickly | 0:06:14 | 0:06:17 | |
before it does any more damage. | 0:06:17 | 0:06:20 | |
It's not the end of the world, though, | 0:06:20 | 0:06:22 | |
as it can be treated with a fungicide | 0:06:22 | 0:06:24 | |
once the source of the moisture is dealt with. | 0:06:24 | 0:06:27 | |
It's dry today, so it's not that obvious | 0:06:27 | 0:06:29 | |
to see where the water is coming from. | 0:06:29 | 0:06:31 | |
But it is a bit chilly, | 0:06:31 | 0:06:33 | |
and we have asked along a local estate agent | 0:06:33 | 0:06:36 | |
to brave the cold to have a look around this house | 0:06:36 | 0:06:39 | |
and give us their thoughts. | 0:06:39 | 0:06:41 | |
My first impressions of this property, | 0:06:41 | 0:06:43 | |
I think it's got a lot of character, really impressive. | 0:06:43 | 0:06:45 | |
They rarely come available on this street. | 0:06:45 | 0:06:48 | |
Obviously does need a lot of work to get it back into living condition, | 0:06:48 | 0:06:51 | |
but there is a lot potential here. | 0:06:51 | 0:06:53 | |
The words "rarely available" suggest | 0:06:53 | 0:06:56 | |
that though there is a lot of work to do here, | 0:06:56 | 0:06:59 | |
it could be well worth tackling. | 0:06:59 | 0:07:00 | |
So, how much could it sell for? | 0:07:00 | 0:07:02 | |
Once this property is completed, | 0:07:02 | 0:07:04 | |
I estimate it to be worth around £180,000 to £190,000 | 0:07:04 | 0:07:08 | |
on the open market. | 0:07:08 | 0:07:09 | |
Well, charming is a word that's slightly overused | 0:07:11 | 0:07:16 | |
when it comes to properties, so I don't use it very often. | 0:07:16 | 0:07:19 | |
However, in the case of this place, I think it's definitely warranted. | 0:07:19 | 0:07:24 | |
This really is a lovely little place, | 0:07:24 | 0:07:26 | |
with potential to add value, yeah, and create a lovely home. | 0:07:26 | 0:07:30 | |
Let's see who bought it when it went under the hammer. | 0:07:30 | 0:07:33 | |
The guide price - 85 to 90. | 0:07:33 | 0:07:35 | |
Let's see, anyway. Can I see £85,000 for it? | 0:07:37 | 0:07:39 | |
In Dover at £85,000. | 0:07:39 | 0:07:41 | |
85, bid, I have. | 0:07:41 | 0:07:43 | |
And 87 now, do I see? | 0:07:43 | 0:07:45 | |
87, 87, and 90 and two. | 0:07:45 | 0:07:47 | |
92, 95, 97, 100, 102 and five and seven... | 0:07:47 | 0:07:52 | |
Well, as the auctioneer thought, | 0:07:52 | 0:07:53 | |
this lot was soon roaring past the guide price | 0:07:53 | 0:07:56 | |
and proved popular with a few bidders, | 0:07:56 | 0:07:58 | |
so we re-join the action at £130,000. | 0:07:58 | 0:08:01 | |
At £130,000 I've got. | 0:08:01 | 0:08:03 | |
Is that 130? | 0:08:03 | 0:08:05 | |
131, 132, 133. | 0:08:05 | 0:08:08 | |
At 133, sitting right at the back, for the first time. | 0:08:08 | 0:08:11 | |
134, 135, it's against you now. | 0:08:11 | 0:08:15 | |
135, if you wish. | 0:08:15 | 0:08:16 | |
135, and six. 136. | 0:08:16 | 0:08:19 | |
Said that last time, if you remember. | 0:08:19 | 0:08:21 | |
136. | 0:08:21 | 0:08:23 | |
At 135, then, in the back row, for the first time, | 0:08:23 | 0:08:26 | |
135 for the second, | 0:08:26 | 0:08:28 | |
third and final time if you're all done at 135. | 0:08:28 | 0:08:31 | |
Yours, right at the back. | 0:08:31 | 0:08:33 | |
The successful bidder paying £135,000 was Dean. | 0:08:33 | 0:08:37 | |
He came along to the house with his dad, Frankie. | 0:08:37 | 0:08:41 | |
# Hey, Frankie...! # | 0:08:41 | 0:08:42 | |
I couldn't wait to hear what they had in store | 0:08:42 | 0:08:44 | |
for this lovely property. | 0:08:44 | 0:08:46 | |
Frankie, Dean, great to meet you both. | 0:08:48 | 0:08:50 | |
-Nice to meet you. -Nice to meet you. -Congratulations. | 0:08:50 | 0:08:52 | |
Was it one of those ones that you walk into the house | 0:08:52 | 0:08:54 | |
and just straightaway go, "Ooh, I like this"? | 0:08:54 | 0:08:56 | |
I liked it, yeah. Yeah. | 0:08:56 | 0:08:58 | |
It looks old, a lot of history, | 0:08:58 | 0:09:00 | |
couldn't see any visible problems with cracks or anything like that | 0:09:00 | 0:09:04 | |
on the first walk around the building. | 0:09:04 | 0:09:06 | |
Since then, you've discovered a few other things, have you? | 0:09:06 | 0:09:09 | |
-Lots of little problems, yeah. -Small problems. | 0:09:09 | 0:09:12 | |
Since the viewing, it's been raining now, | 0:09:12 | 0:09:15 | |
so we've had lots of puddles congregating upstairs in the loft. | 0:09:15 | 0:09:19 | |
Right, and the subsidence bit? | 0:09:19 | 0:09:21 | |
I think it's basically just the beams. | 0:09:21 | 0:09:22 | |
It's not just subsidence of the building - | 0:09:22 | 0:09:24 | |
it's just problems with the beams. | 0:09:24 | 0:09:26 | |
Right. And have you had somebody check that out? | 0:09:26 | 0:09:28 | |
We've checked it out ourselves. | 0:09:28 | 0:09:30 | |
Well, that's a good synopsis, there. | 0:09:30 | 0:09:33 | |
Frankie, what's your involvement in the whole thing? | 0:09:33 | 0:09:35 | |
I've been helping Dean since I retired 13 years ago. | 0:09:35 | 0:09:40 | |
-Oh, wow. -And... | 0:09:40 | 0:09:42 | |
didn't want my bones to cease up, so Dean says, | 0:09:42 | 0:09:45 | |
"Would you like to be my skivvy?" I said, "Yeah, why not?" | 0:09:45 | 0:09:48 | |
So definitely drafting in Dad's help, then. | 0:09:48 | 0:09:51 | |
Oh, yeah, yeah, and he picks my pocket. | 0:09:51 | 0:09:53 | |
Well, that sounds like a perfect relationship. | 0:09:53 | 0:09:56 | |
What do you think of the house? | 0:09:56 | 0:09:57 | |
I loved it and I encouraged him. | 0:09:57 | 0:10:00 | |
When we first came here, | 0:10:00 | 0:10:01 | |
I said, "Dean, this is the house to go for." | 0:10:01 | 0:10:05 | |
So then, you've got it now - what are you going to do to it? | 0:10:05 | 0:10:08 | |
Tell me the process from this point on. | 0:10:08 | 0:10:10 | |
Well, ground floor, this wall here, it's going to be taken back. | 0:10:10 | 0:10:13 | |
Oh, wow, big wall to take out. | 0:10:13 | 0:10:14 | |
Big wall to take out, but it doesn't look majorly supported above. | 0:10:14 | 0:10:18 | |
There's nothing above it. | 0:10:18 | 0:10:20 | |
But I will be getting that all checked out prior. | 0:10:20 | 0:10:22 | |
So, hopefully to extend the lounge. | 0:10:22 | 0:10:25 | |
That'll be nice. | 0:10:25 | 0:10:27 | |
French windows out there to look to the garden. | 0:10:27 | 0:10:30 | |
-In the kitchen, there's, like, an outdoor toilet. -Yeah. | 0:10:30 | 0:10:33 | |
That wall's going to be taken backwards to extend the kitchen, | 0:10:33 | 0:10:36 | |
maybe just have a little basin and bathroom downstairs. | 0:10:36 | 0:10:39 | |
Upstairs, they're going to rejig the layout | 0:10:39 | 0:10:42 | |
by swapping the bathroom and box room around | 0:10:42 | 0:10:45 | |
so the house will have three double bedrooms. | 0:10:45 | 0:10:47 | |
The basement room will be converted into a games room | 0:10:49 | 0:10:52 | |
once, of course, all that dry rot has been dealt with. | 0:10:52 | 0:10:56 | |
And is the idea with all of this to sell it on once you've done it, | 0:10:56 | 0:10:59 | |
-or to rent it out? -Undecided. | 0:10:59 | 0:11:01 | |
Most likely to be rented, but possibly to sell it on, maybe. | 0:11:01 | 0:11:05 | |
So, who's going to get involved in doing the work? | 0:11:05 | 0:11:07 | |
Is it going to be a joint thing? | 0:11:07 | 0:11:08 | |
You know, Dean is the main builder... | 0:11:08 | 0:11:11 | |
-Right. -..and decorator. | 0:11:11 | 0:11:12 | |
I'll be doing the gardening. | 0:11:12 | 0:11:15 | |
-Oh, OK. -Cracking the whip. -And cracking the whip. | 0:11:15 | 0:11:17 | |
And the wife will be coming down occasionally and doing... | 0:11:17 | 0:11:22 | |
Cracking the whip over you. | 0:11:22 | 0:11:24 | |
It's a big family project. | 0:11:24 | 0:11:26 | |
She loves doing work on things. | 0:11:27 | 0:11:29 | |
How nice. And what's your experience, Dean? | 0:11:29 | 0:11:32 | |
Me, well, I used to be in computers. | 0:11:32 | 0:11:34 | |
-OK. -I used to be a network manager in London. -OK. | 0:11:34 | 0:11:37 | |
-Done it for 20 odd years. -Right. | 0:11:37 | 0:11:39 | |
Had enough of it, got stressed, lost all my hair... | 0:11:39 | 0:11:42 | |
-Oh, no. -..and decided to make a bit of a change, | 0:11:42 | 0:11:44 | |
so decided to do some building work, really. | 0:11:44 | 0:11:47 | |
-When was that? -About seven, eight years ago. | 0:11:47 | 0:11:50 | |
-Right. -So I started working with local builders. | 0:11:50 | 0:11:53 | |
-Right. -Just got some skills up, now they're my good friends. | 0:11:53 | 0:11:56 | |
Any regrets about leaving the previous life? | 0:11:56 | 0:11:59 | |
Not at all, not at all. | 0:11:59 | 0:12:01 | |
-Never look back. -Never look back. | 0:12:01 | 0:12:03 | |
Well, no. But you're enjoying it, you're your own boss. | 0:12:03 | 0:12:05 | |
-Healthier, my own boss, my own time schedule. -Yeah. | 0:12:05 | 0:12:08 | |
Risks, obviously, but I've got Mum and Dad to fall back on. | 0:12:08 | 0:12:13 | |
Yeah, for backup, that's brilliant. | 0:12:13 | 0:12:15 | |
Dean is right on that. | 0:12:15 | 0:12:17 | |
Property development can mean risking your own money - | 0:12:17 | 0:12:19 | |
or Mum and Dad's. | 0:12:19 | 0:12:21 | |
Dean has a £15,000 to £20,000 budget, | 0:12:21 | 0:12:23 | |
which isn't much given the work needing to be done here. | 0:12:23 | 0:12:27 | |
But he will save money by doing the work himself | 0:12:27 | 0:12:30 | |
and is aiming for a fairly relaxed five-to-six-month timescale. | 0:12:30 | 0:12:33 | |
-The location, obviously, it's quite charming. -Yes. | 0:12:36 | 0:12:39 | |
Right next to the church. | 0:12:39 | 0:12:40 | |
-Is that a real positive, do you think? -I noticed that secondary. | 0:12:40 | 0:12:43 | |
-What? -It actually noticed the pub the other side. | 0:12:43 | 0:12:45 | |
That was the first thing... | 0:12:45 | 0:12:47 | |
Funny how they're often close, isn't it? | 0:12:47 | 0:12:50 | |
Pub and churches are often very close to each other. | 0:12:50 | 0:12:53 | |
Yeah, do you think that's a real bonus? | 0:12:53 | 0:12:55 | |
Yeah, it is. | 0:12:55 | 0:12:56 | |
The land behind there, the views, it's a beautiful building. | 0:12:56 | 0:12:59 | |
-It's a nice location, really. -Yeah. | 0:12:59 | 0:13:01 | |
-And it's the only semi in the whole street. -Yes. | 0:13:01 | 0:13:04 | |
-The rest are all new builds, terrace. -Yeah. | 0:13:04 | 0:13:08 | |
-So it has got character. -Sure. | 0:13:08 | 0:13:10 | |
-So, listen, congratulations, well done. -Thank you very much. | 0:13:10 | 0:13:13 | |
-Lovely to meet you both. -Thank you very much. | 0:13:13 | 0:13:14 | |
-Look forward to seeing how you get on. -Thank you very much. | 0:13:14 | 0:13:17 | |
Well, I think Dean has got himself a charming little property here | 0:13:18 | 0:13:22 | |
and hopefully, with the help of Dad, Frankie, he will get it sorted. | 0:13:22 | 0:13:27 | |
A good realistic timescale, | 0:13:27 | 0:13:29 | |
but possibly a bit tight on that budget - | 0:13:29 | 0:13:31 | |
especially if that subsidence proves to be more of an issue | 0:13:31 | 0:13:34 | |
than he thinks it will be. | 0:13:34 | 0:13:36 | |
How will it all turn out? Only one way to find out. | 0:13:36 | 0:13:38 | |
Join us later in the show. | 0:13:38 | 0:13:40 | |
Lucy's in Wandsworth, | 0:13:43 | 0:13:45 | |
a place very much shaped by its position on the river, | 0:13:45 | 0:13:48 | |
with mills and breweries going up around the Thames. | 0:13:48 | 0:13:51 | |
Today, these have been replaced by swanky riverside developments, | 0:13:51 | 0:13:55 | |
with one-bedroom flats retailing at | 0:13:55 | 0:13:58 | |
an eye-watering price of £600,000 plus. | 0:13:58 | 0:14:02 | |
But move a few miles down the road, and you get a different picture. | 0:14:02 | 0:14:06 | |
Now, unfortunately, you don't get a scenic river view from here, | 0:14:06 | 0:14:09 | |
but what you do get is a two-bedroom flat. | 0:14:09 | 0:14:12 | |
It had a guide price of £300,000 plus, | 0:14:12 | 0:14:15 | |
which, compared to its riverside counterparts, | 0:14:15 | 0:14:18 | |
well, sounds very reasonable. | 0:14:18 | 0:14:19 | |
# What you get is what you see | 0:14:22 | 0:14:24 | |
# Ain't nothing more to it. # | 0:14:24 | 0:14:27 | |
Hey, who needs river views | 0:14:27 | 0:14:28 | |
when you get twice the space for half the cost? | 0:14:28 | 0:14:31 | |
So, inside the property... | 0:14:31 | 0:14:33 | |
Oh! It's painted quite a nice shade of grey. | 0:14:33 | 0:14:36 | |
Don't mind the colour, if I say so. | 0:14:36 | 0:14:38 | |
Lovely high ceilings, we've got a bathroom through there. | 0:14:38 | 0:14:42 | |
Really nice size bedroom, a second bedroom, and into the lounge. | 0:14:42 | 0:14:46 | |
Now, this flat, for a two bedder, it's spacious, | 0:14:46 | 0:14:49 | |
as I said, it's got the high ceilings. | 0:14:49 | 0:14:51 | |
If you compare this to a new build, you would no way get as much space. | 0:14:51 | 0:14:55 | |
I mean, the square footage here is fantastic. | 0:14:55 | 0:14:58 | |
Bit of storage through here, and then you've got the kitchen | 0:14:58 | 0:15:01 | |
which faces out to the front. | 0:15:01 | 0:15:03 | |
It's quite lively in this kitchen. | 0:15:03 | 0:15:05 | |
Lime green - not sure on that colour. | 0:15:05 | 0:15:08 | |
So, a little bit of decorating is in order, but a superb flat. | 0:15:08 | 0:15:11 | |
So, not too much work here. | 0:15:11 | 0:15:13 | |
All in all, a really nice, spacious two-bed flat. | 0:15:13 | 0:15:17 | |
Tick box. | 0:15:17 | 0:15:19 | |
With some good decoration and cosmetic changes, | 0:15:19 | 0:15:22 | |
this flat really could be nice. | 0:15:22 | 0:15:24 | |
But what could make it even better | 0:15:24 | 0:15:26 | |
would be some modifications to the layout. | 0:15:26 | 0:15:29 | |
This would make it compete with the more modern open-plan living | 0:15:29 | 0:15:32 | |
on offer at the new-build flats in the area. | 0:15:32 | 0:15:36 | |
Now, the only structural change I think I'd make with this flat | 0:15:36 | 0:15:39 | |
would be to open up this doorway. | 0:15:39 | 0:15:41 | |
It just feels a little bit pinched. | 0:15:41 | 0:15:44 | |
It would make the kitchen feel so much larger | 0:15:44 | 0:15:46 | |
and, also, be a lot more sociable for when you're entertaining. | 0:15:46 | 0:15:50 | |
But don't forget, before you make any structural changes | 0:15:50 | 0:15:53 | |
to a leasehold flat like this, | 0:15:53 | 0:15:55 | |
you will need permission from the freeholder. | 0:15:55 | 0:15:58 | |
Now, this will probably come at a cost, | 0:15:58 | 0:16:00 | |
which should be factored into your renovation budget, | 0:16:00 | 0:16:03 | |
and don't forget the freeholder can still withhold consent. | 0:16:03 | 0:16:07 | |
The stipulations and covenants will be laid out | 0:16:07 | 0:16:10 | |
in the terms of your lease | 0:16:10 | 0:16:12 | |
and, if you're in any doubt at all, | 0:16:12 | 0:16:14 | |
ask your solicitor to read through this for you, | 0:16:14 | 0:16:17 | |
because it'll be worth every penny. | 0:16:17 | 0:16:19 | |
Well, the good news on that lease is that | 0:16:19 | 0:16:21 | |
it still has another 109 years to run, | 0:16:21 | 0:16:24 | |
and it's owned by the local authority, | 0:16:24 | 0:16:25 | |
which might mean you have more room for negotiations. | 0:16:25 | 0:16:29 | |
They might even sell you the freehold - | 0:16:29 | 0:16:31 | |
for the right price, of course. | 0:16:31 | 0:16:33 | |
Am I right in saying that, in most flats, there's never enough storage? | 0:16:33 | 0:16:37 | |
The cupboards are always narrow and pokey, | 0:16:37 | 0:16:39 | |
you know, you've got to get the vacuum cleaner in there, | 0:16:39 | 0:16:42 | |
you've got to get the ironing board in there, | 0:16:42 | 0:16:43 | |
maybe you want to put your suitcase in there, | 0:16:43 | 0:16:45 | |
you could also need to store some of the linen. | 0:16:45 | 0:16:48 | |
You know what I'm saying? But in this flat? | 0:16:48 | 0:16:51 | |
Oh, no! | 0:16:51 | 0:16:53 | |
Dun, dun, dun! | 0:16:53 | 0:16:55 | |
Look at that. | 0:16:56 | 0:16:58 | |
MUSIC: Also sprach Zarathustra by Richard Strauss | 0:16:58 | 0:17:01 | |
I absolutely love that space - it's brilliant! | 0:17:03 | 0:17:07 | |
Is it just me, then? | 0:17:07 | 0:17:08 | |
Um, it could be, Lucy. | 0:17:08 | 0:17:10 | |
Seems like you're just having a bit of a Space Oddity moment. | 0:17:10 | 0:17:14 | |
Hmm, anyway, moving swiftly on, | 0:17:14 | 0:17:15 | |
I want to have another look at that garden. | 0:17:15 | 0:17:18 | |
So, back out the front of the flat | 0:17:19 | 0:17:20 | |
and I want to show you a couple of extra little perks this flat has. | 0:17:20 | 0:17:24 | |
Firstly, those two car parking spaces, | 0:17:24 | 0:17:27 | |
well, they come with it. | 0:17:27 | 0:17:28 | |
Now, secondly, it also has this little front garden area here. | 0:17:28 | 0:17:33 | |
So, no, it's not very private at the moment, can be a bit noisy, | 0:17:33 | 0:17:37 | |
but you could think about putting up a hedge and a bit of a fence, | 0:17:37 | 0:17:39 | |
just to make it look prettier. | 0:17:39 | 0:17:41 | |
And it's on the ground floor, | 0:17:41 | 0:17:43 | |
so you've got direct access straight out of this door. | 0:17:43 | 0:17:46 | |
So, all in all, I think it's a bit of a bonus. | 0:17:46 | 0:17:48 | |
If nothing else, it sets the property back from the road | 0:17:48 | 0:17:51 | |
and certainly provides a nicer outlook | 0:17:51 | 0:17:54 | |
from those much-needed double-glazed windows. | 0:17:54 | 0:17:57 | |
With two bedrooms, | 0:17:57 | 0:17:58 | |
this well-proportioned flat feels like it has the right stuff | 0:17:58 | 0:18:02 | |
to make a good investment. | 0:18:02 | 0:18:04 | |
But what does a local estate agent think? | 0:18:04 | 0:18:07 | |
I think there's some very smart people coming into the area now. | 0:18:08 | 0:18:11 | |
They're young professionals and they know what they want, | 0:18:11 | 0:18:13 | |
and they don't want to do DIY, | 0:18:13 | 0:18:15 | |
so if you can present something that is not bland but neutral, | 0:18:15 | 0:18:19 | |
that they can walk straight into - that's what they're looking for. | 0:18:19 | 0:18:22 | |
Wooden floors are very popular, smart kitchen. | 0:18:22 | 0:18:26 | |
But if it wasn't given that full renovation, | 0:18:26 | 0:18:28 | |
could this flat, that was guided at £300,000 plus, | 0:18:28 | 0:18:32 | |
be a good investment? | 0:18:32 | 0:18:33 | |
This property could sell for £475,000 in the right finish, | 0:18:33 | 0:18:38 | |
with rentals as much as £1,600 a month. | 0:18:38 | 0:18:42 | |
Well, as far as auction properties go, this flat is clean, it's tidy, | 0:18:42 | 0:18:47 | |
and it seems like it should be | 0:18:47 | 0:18:48 | |
a fairly straightforward project for somebody. | 0:18:48 | 0:18:51 | |
Fingers crossed. Who wanted to take it on? | 0:18:51 | 0:18:53 | |
Let's head to auction and find out. | 0:18:53 | 0:18:55 | |
Lot four is a two-bed ground-floor flat. | 0:18:58 | 0:19:01 | |
Wandsworth, high-value area. | 0:19:01 | 0:19:04 | |
Invite your bids on this. | 0:19:04 | 0:19:06 | |
Start at 310. | 0:19:06 | 0:19:07 | |
310. | 0:19:07 | 0:19:08 | |
315, sir. | 0:19:08 | 0:19:10 | |
320. | 0:19:10 | 0:19:12 | |
325. | 0:19:12 | 0:19:14 | |
330. 335. | 0:19:14 | 0:19:17 | |
After a slow start, the bidding was hotting up, | 0:19:17 | 0:19:20 | |
and we rejoin the bids for the flat now at 370,000. | 0:19:20 | 0:19:24 | |
370. | 0:19:24 | 0:19:25 | |
371, 372. | 0:19:25 | 0:19:28 | |
372. 37... | 0:19:28 | 0:19:31 | |
New spot. 373, 374. | 0:19:31 | 0:19:33 | |
375, 376. | 0:19:33 | 0:19:37 | |
375, first time, second time, third and last time. | 0:19:37 | 0:19:43 | |
If you're all done... | 0:19:43 | 0:19:45 | |
Sold, 375. | 0:19:45 | 0:19:48 | |
And what a battle, but the hammer finally fell at £375,000. | 0:19:48 | 0:19:52 | |
The successful bidder for | 0:19:52 | 0:19:54 | |
the two-bedroom ground-floor flat in Wandsworth was Farooq. | 0:19:54 | 0:19:59 | |
This was Farooq's first investment property purchase. | 0:19:59 | 0:20:02 | |
He was going to be helped by his son, Ibrahim, | 0:20:02 | 0:20:05 | |
who recently graduated from university | 0:20:05 | 0:20:07 | |
and was looking at property developing | 0:20:07 | 0:20:10 | |
as a possible career option. | 0:20:10 | 0:20:11 | |
# Give it a go, give it a go. # | 0:20:11 | 0:20:14 | |
Guys, congratulations. | 0:20:18 | 0:20:19 | |
You must be so pleased that you got this flat on auction day. | 0:20:19 | 0:20:22 | |
Yes, we are very pleased. | 0:20:22 | 0:20:24 | |
Now, this isn't your background, | 0:20:24 | 0:20:25 | |
because I know you've just graduated from uni. | 0:20:25 | 0:20:27 | |
Yeah, I just recently graduated from uni doing product design. | 0:20:27 | 0:20:30 | |
We've always had a keen interest in properties, | 0:20:30 | 0:20:33 | |
and it's also working with my dad as well. | 0:20:33 | 0:20:35 | |
Do you have any property knowledge yourself? | 0:20:35 | 0:20:37 | |
Well, I'm a retired chartered civil engineer. | 0:20:37 | 0:20:41 | |
We did a few projects, worked on terminal five construction | 0:20:41 | 0:20:45 | |
for four and a half years. | 0:20:45 | 0:20:47 | |
So, buildings is something you know about? | 0:20:47 | 0:20:48 | |
Buildings, yeah, that's correct. | 0:20:48 | 0:20:50 | |
So, when you walk into somewhere like here, | 0:20:50 | 0:20:52 | |
I mean, what can you tell me? | 0:20:52 | 0:20:54 | |
Well, I can see there's not much work to be done, it's simple, | 0:20:54 | 0:20:58 | |
not as heavy as what I'm used to. | 0:20:58 | 0:21:01 | |
This is going to be a breeze for you, isn't it? | 0:21:01 | 0:21:03 | |
Yes, it looks like, if I get a good builder. | 0:21:03 | 0:21:06 | |
# Airport! # | 0:21:06 | 0:21:08 | |
So, from working on the UK's largest airport, | 0:21:10 | 0:21:12 | |
Farooq will now be overseeing work on this slightly smaller project. | 0:21:12 | 0:21:16 | |
But what do they plan to do to lift this flat up | 0:21:16 | 0:21:18 | |
and make it fly in the local property market? | 0:21:18 | 0:21:21 | |
Can you tell me exactly what you're going to be doing inside the flat, | 0:21:21 | 0:21:24 | |
starting with the entrance? | 0:21:24 | 0:21:26 | |
I think, with the entrance, | 0:21:26 | 0:21:27 | |
-we're just going to redo the whole flooring. -Yeah. | 0:21:27 | 0:21:29 | |
Hopefully do a bit of skimming to the walls, | 0:21:29 | 0:21:32 | |
completely redoing the bathroom. | 0:21:32 | 0:21:33 | |
What about the green walls? | 0:21:33 | 0:21:35 | |
-You're going to get rid of that, right? -Yeah, definitely. -Yes. | 0:21:35 | 0:21:38 | |
What about the kitchen - any plans with that? | 0:21:38 | 0:21:40 | |
I think the kitchen, cos it's the most-used room in a flat, | 0:21:40 | 0:21:44 | |
so, basically, we're looking to do it to a very high standard | 0:21:44 | 0:21:47 | |
and make that as the most selling point for this property. | 0:21:47 | 0:21:51 | |
Are you going to make any radical changes to the property, | 0:21:51 | 0:21:54 | |
or are you going to leave it pretty much as it is? | 0:21:54 | 0:21:56 | |
I think, in terms of work, | 0:21:56 | 0:21:58 | |
we're probably going to look to break the kitchen wall, | 0:21:58 | 0:22:00 | |
and make it more open-plan living. | 0:22:00 | 0:22:02 | |
-OK. -And, hopefully, if it falls into our budget, add an en suite. | 0:22:02 | 0:22:06 | |
So, where are you planning on putting that en suite? | 0:22:06 | 0:22:09 | |
The bedroom walls will be split, | 0:22:09 | 0:22:10 | |
so three quarters of it's going to go into the master bedroom | 0:22:10 | 0:22:13 | |
and the other quarter end's going to be in the smaller bedroom. | 0:22:13 | 0:22:17 | |
But it's only going to be accessible from the master bedroom? | 0:22:17 | 0:22:19 | |
-Yeah. -OK. | 0:22:19 | 0:22:21 | |
Now, you will need permission from the freeholder to do that. | 0:22:21 | 0:22:23 | |
-Yeah. -We'll be submitting drawings to them for approval. | 0:22:23 | 0:22:27 | |
And hopefully you are improving the flat, | 0:22:27 | 0:22:29 | |
-so there should be no problem there. -No problems there. -That's correct. | 0:22:29 | 0:22:32 | |
-So, what sort of budget have you guys got? -About £30,000. | 0:22:32 | 0:22:36 | |
So, that's quite a healthy budget. | 0:22:36 | 0:22:38 | |
That's 5,000 contingency. | 0:22:38 | 0:22:41 | |
Along with the £30,000 budget, | 0:22:41 | 0:22:43 | |
they're hoping to turn it around in three months | 0:22:43 | 0:22:45 | |
and then place it on the resale market. | 0:22:45 | 0:22:47 | |
So, guys, tell me, are you spending | 0:22:50 | 0:22:51 | |
a lot of evenings pouring over the plans, | 0:22:51 | 0:22:53 | |
-discussing where to put things? -Yes. | 0:22:53 | 0:22:56 | |
It's quite a nice father-and-son venture this, isn't it? | 0:22:56 | 0:22:58 | |
Yes, he does it all on the computer, | 0:22:58 | 0:23:00 | |
so he's got this special programme | 0:23:00 | 0:23:02 | |
where you can fix the furniture and all that. | 0:23:02 | 0:23:05 | |
It's a lot of convincing and talking and seeing... | 0:23:05 | 0:23:07 | |
When you say convincing, | 0:23:07 | 0:23:09 | |
-are you telling your dad what you think should happen? -Yeah. | 0:23:09 | 0:23:11 | |
And it's up to him if he wants to listen at all. | 0:23:11 | 0:23:14 | |
-So, who's got the ultimate say here? -I think my dad does. | 0:23:14 | 0:23:17 | |
You've got the ultimate say, but your son's really good | 0:23:17 | 0:23:20 | |
cos he's giving a very different eye. | 0:23:20 | 0:23:21 | |
-And my wife as well. -Yeah. | 0:23:21 | 0:23:23 | |
She's more or less mostly for the front garden. | 0:23:23 | 0:23:27 | |
Are you two going to be doing any of the work yourselves? | 0:23:27 | 0:23:29 | |
I'm looking to hopefully learn as much as I can | 0:23:29 | 0:23:33 | |
from the current builders that we'll be using, | 0:23:33 | 0:23:35 | |
but I'll try and do the stud walling for the en suite myself, | 0:23:35 | 0:23:40 | |
-so I'll take on as much as I can. -And all the flooring. | 0:23:40 | 0:23:43 | |
Maybe he'll start doing one of the bedrooms | 0:23:43 | 0:23:45 | |
to get the feel of it. | 0:23:45 | 0:23:47 | |
Surely you can do things like that? You can turn your hand at that? | 0:23:47 | 0:23:50 | |
And you'll be able to show your son, | 0:23:50 | 0:23:52 | |
-so you will be able to learn from the master. -Exactly. | 0:23:52 | 0:23:56 | |
Guys, I'm really excited to see the outcome of this flat. | 0:23:56 | 0:23:59 | |
-Congratulations. Well done. -Thank you very much. | 0:23:59 | 0:24:01 | |
-Thank you, nice to meet you. -Thank you. | 0:24:01 | 0:24:03 | |
Well, it's the first project for this father-and-son team, | 0:24:03 | 0:24:07 | |
so I'm sure there's going to be lessons for them to learn | 0:24:07 | 0:24:09 | |
along the way. | 0:24:09 | 0:24:10 | |
But most importantly, | 0:24:10 | 0:24:12 | |
will there be a decent profit at the end of all their hard work? | 0:24:12 | 0:24:15 | |
Join me later on in the programme | 0:24:15 | 0:24:17 | |
and you can find out how they get on. | 0:24:17 | 0:24:20 | |
Still to come, we make it three father-and-son teams in one show. | 0:24:20 | 0:24:25 | |
Now, that's a tall order. | 0:24:25 | 0:24:26 | |
He's already... | 0:24:26 | 0:24:28 | |
He's already taller than you, isn't he? | 0:24:28 | 0:24:30 | |
Back in Wandsworth, | 0:24:31 | 0:24:33 | |
we find out if Farooq and Ibrahim's father-son bond has held strong. | 0:24:33 | 0:24:37 | |
We're definitely going to keep in touch, basically. | 0:24:37 | 0:24:40 | |
We're heading back to the coastal port town of Dover now | 0:24:44 | 0:24:48 | |
to see a charming property that had period features | 0:24:48 | 0:24:50 | |
that put a real bounce in my step. | 0:24:50 | 0:24:53 | |
But, oh, dear. | 0:24:53 | 0:24:54 | |
That isn't so nice. As you can see, | 0:24:58 | 0:25:00 | |
the floor in this corner of the room here looks like it's sunk. | 0:25:00 | 0:25:04 | |
It's even pulled away the skirting, there. | 0:25:04 | 0:25:07 | |
It needs to be investigated. | 0:25:07 | 0:25:10 | |
And investigate, I did, down below. | 0:25:10 | 0:25:13 | |
Look at these joists, they do not look to be in very good... | 0:25:13 | 0:25:17 | |
They don't look to be in very good condition at all. | 0:25:17 | 0:25:19 | |
That is... | 0:25:19 | 0:25:20 | |
..is really bad signs of...woodworm. | 0:25:22 | 0:25:26 | |
That chomping woodworm and a myriad of other issues didn't put off | 0:25:26 | 0:25:29 | |
former network administrator-turned-builder Dean | 0:25:29 | 0:25:33 | |
from paying £135,000 for this at auction. | 0:25:33 | 0:25:37 | |
He and his dad Frankie couldn't wait | 0:25:37 | 0:25:39 | |
to sink their teeth into this project. | 0:25:39 | 0:25:41 | |
Although they had viewed the property before the auction, | 0:25:41 | 0:25:44 | |
some of the issues didn't come to light until after they'd bought it. | 0:25:44 | 0:25:48 | |
Since the viewing, it's been raining now, | 0:25:48 | 0:25:50 | |
so we've had lots of puddles congregating upstairs in the loft. | 0:25:50 | 0:25:54 | |
Right. And the subsidence bit? | 0:25:54 | 0:25:56 | |
I think it's basically just the beams. | 0:25:56 | 0:25:58 | |
It's not subsidence of the building - | 0:25:58 | 0:26:00 | |
it's just problems with the beams. | 0:26:00 | 0:26:01 | |
Right. And have you had somebody check that out? | 0:26:01 | 0:26:04 | |
-We've checked it out. -You have? -Yeah. | 0:26:04 | 0:26:07 | |
Between changing the layout upstairs and down, | 0:26:07 | 0:26:10 | |
as well as dealing with the rot and damp, | 0:26:10 | 0:26:12 | |
they've had a lot on their hands, | 0:26:12 | 0:26:14 | |
so I am not surprised we are back | 0:26:14 | 0:26:16 | |
a month later than their six-month timescale. | 0:26:16 | 0:26:19 | |
But Dean and Frankie haven't disappointed. | 0:26:19 | 0:26:22 | |
Saying goodbye to that partition wall and adding the French doors | 0:26:23 | 0:26:28 | |
has made the whole downstairs flow so much better. | 0:26:28 | 0:26:31 | |
They've extended the kitchen out, making room for the downstairs loo. | 0:26:35 | 0:26:39 | |
And it's a case of trading places upstairs. | 0:26:42 | 0:26:45 | |
The large bathroom and small bedroom have switched around. | 0:26:53 | 0:26:57 | |
Although it's fresh and modern, some original features remain, | 0:26:57 | 0:27:01 | |
which is nice to see. | 0:27:01 | 0:27:02 | |
Down in the basement, | 0:27:06 | 0:27:08 | |
the rot, damp and woodworm has all been taken care of. | 0:27:08 | 0:27:11 | |
It's not quite finished, but the plan is for it to be a games room. | 0:27:11 | 0:27:15 | |
The house looks great, though, | 0:27:15 | 0:27:17 | |
and it must have taken some real hard graft from Dean and Frankie | 0:27:17 | 0:27:20 | |
to turn this around. | 0:27:20 | 0:27:22 | |
Actually, the whole thing was a bit of a slog | 0:27:22 | 0:27:24 | |
cos it is such an old house. | 0:27:24 | 0:27:26 | |
All hidden things which, until you started demoing the place, | 0:27:26 | 0:27:33 | |
you started finding all of these things. | 0:27:33 | 0:27:35 | |
But, ultimately, it wasn't too much. It was a nice project to do. | 0:27:35 | 0:27:39 | |
It's nice to try and find a place which has some of the character | 0:27:39 | 0:27:44 | |
and the old things that you want to keep in there, | 0:27:44 | 0:27:47 | |
not just rip it all out and plaster all over it. | 0:27:47 | 0:27:49 | |
It's not always easy to preserve original features | 0:27:49 | 0:27:52 | |
like in this case, where everything has to be stripped right back. | 0:27:52 | 0:27:56 | |
But, thankfully, Dean has saved some of the house's original character. | 0:27:56 | 0:28:00 | |
But it's not just Dean who has been getting his hands dirty. | 0:28:00 | 0:28:03 | |
Dad Frankie has done a brilliant job of this garden. | 0:28:03 | 0:28:06 | |
Not bad for someone who is a self-proclaimed skivvy. | 0:28:06 | 0:28:10 | |
Yes, I was a skivvy, getting the paint. | 0:28:10 | 0:28:14 | |
"Gopher", they called me, isn't it? "Gopher" that and "Gopher" this. | 0:28:14 | 0:28:17 | |
So, yeah, I did most of the buying the stuff. | 0:28:17 | 0:28:21 | |
And I virtually did most of the logistics, | 0:28:21 | 0:28:23 | |
the pricing of the job, and this and all that. | 0:28:23 | 0:28:26 | |
So, yeah, that was my function. | 0:28:26 | 0:28:28 | |
He did all of the heavy lifting and shifting. | 0:28:28 | 0:28:30 | |
Well, now, most of the work is over, they must be very proud. | 0:28:31 | 0:28:35 | |
-Yeah. -Yeah. -Stressful. | 0:28:35 | 0:28:38 | |
Yeah. But glad to see the end product, | 0:28:38 | 0:28:41 | |
from what it was to what it is. | 0:28:41 | 0:28:43 | |
My daughter from London came down, she gave a hand. | 0:28:45 | 0:28:47 | |
My wife came and did all the neat painting and all that, | 0:28:47 | 0:28:51 | |
so it was a family affair. | 0:28:51 | 0:28:53 | |
Oh, no, you don't, Frankie. | 0:28:53 | 0:28:54 | |
You're not trying to get us to Sly And The Family Stone. | 0:28:54 | 0:28:57 | |
I'm sick of hearing that song. | 0:28:57 | 0:29:00 | |
Besides, I'm sure we have something much more original lined up. | 0:29:00 | 0:29:04 | |
# We are family. # | 0:29:04 | 0:29:06 | |
Oh, well, maybe not. | 0:29:06 | 0:29:08 | |
But it works. Let's find out if Dean and Frankie have managed to stay | 0:29:08 | 0:29:11 | |
within their £15,000-£20,000 budget. | 0:29:11 | 0:29:13 | |
We're slap bang in the middle of that as it is now. | 0:29:13 | 0:29:17 | |
17.5, just under 17.5. | 0:29:17 | 0:29:20 | |
Still got a few more bits to purchase. | 0:29:20 | 0:29:24 | |
-But I think 17.5 is probably... -17.5, just over that. | 0:29:24 | 0:29:28 | |
Really come within our budget, really. | 0:29:28 | 0:29:32 | |
So, that's a total spend so far of £152,500. | 0:29:32 | 0:29:37 | |
Have they made up their mind if it's for sale or rent? | 0:29:37 | 0:29:41 | |
-Definitely sell. -Oh, yeah. Yeah. | 0:29:41 | 0:29:44 | |
I mean, we have got a London investor interested in the place. | 0:29:44 | 0:29:48 | |
He's approached us, he's given us a price. | 0:29:48 | 0:29:51 | |
So, we might go for him, we don't know. | 0:29:51 | 0:29:54 | |
See what the situation is. | 0:29:54 | 0:29:55 | |
Well, let's see if asking the opinion of two local estate agents | 0:29:57 | 0:30:00 | |
will help make up Dean and Frankie's minds. | 0:30:00 | 0:30:02 | |
First, the agent who saw it last time. | 0:30:02 | 0:30:05 | |
I think the changes to the layout downstairs are ideal. | 0:30:07 | 0:30:10 | |
You've got a nice, big-sized dining room, | 0:30:10 | 0:30:12 | |
a good-sized lounge and the kitchen, and it flows are a lot better. | 0:30:12 | 0:30:15 | |
It's always good to keep period features | 0:30:15 | 0:30:17 | |
cos people like a central point in a house. | 0:30:17 | 0:30:19 | |
They have sympathetically kept the fireplaces, | 0:30:19 | 0:30:22 | |
which gives it a bit of warmth. | 0:30:22 | 0:30:24 | |
So, the agents are warming up to this property, | 0:30:24 | 0:30:27 | |
but will the sales values hold a candle | 0:30:27 | 0:30:29 | |
to the offers they have already received? | 0:30:29 | 0:30:32 | |
We'd market this property at £170,000. | 0:30:33 | 0:30:36 | |
I think this property would be worth £185,000 to £190,000. | 0:30:36 | 0:30:41 | |
-That's what we had. -Well, as I said, | 0:30:41 | 0:30:44 | |
we've got a London property developer and he's offered us 190. | 0:30:44 | 0:30:48 | |
So, we might be going with him because he's definitely wants it. | 0:30:48 | 0:30:52 | |
If they clinched that deal, | 0:30:52 | 0:30:55 | |
that would be a pre-tax profit of 37,500. | 0:30:55 | 0:30:57 | |
So, this father-and-son team have definitely pulled this one off. | 0:30:57 | 0:31:01 | |
Will Frankie be continuing his role as skivvy-cum-Gopher? | 0:31:03 | 0:31:07 | |
Yeah, yeah. Till I drop dead. Yeah. | 0:31:07 | 0:31:09 | |
No. | 0:31:11 | 0:31:13 | |
I'm retired now | 0:31:13 | 0:31:15 | |
and retirement is not what it's cracked up to be. | 0:31:15 | 0:31:18 | |
You know, just sit in the armchair, watch television. | 0:31:18 | 0:31:20 | |
You need to be doing something. | 0:31:20 | 0:31:22 | |
Yes, doing well so far. | 0:31:22 | 0:31:24 | |
We get on well anyway. | 0:31:24 | 0:31:26 | |
It's no problem. I don't do a whole day's work. | 0:31:26 | 0:31:29 | |
I do as much as I can. So, yes. I'm quite happy with that. | 0:31:29 | 0:31:34 | |
The city of Wolverhampton in the West Midlands | 0:31:40 | 0:31:43 | |
is twinned with three cities around the world. | 0:31:43 | 0:31:46 | |
Subotica in Serbia, | 0:31:46 | 0:31:48 | |
Klagenfurt in Austria, | 0:31:48 | 0:31:50 | |
Ulaanbaatar in Mongolia. | 0:31:50 | 0:31:52 | |
Which really isn't relevant to the property I'm here to see, | 0:31:52 | 0:31:56 | |
but some smart alec back in the office thought it would be funny | 0:31:56 | 0:31:59 | |
to make me pronounce those three names. | 0:31:59 | 0:32:01 | |
Well, the joke's on them cos I nailed it first time. | 0:32:01 | 0:32:04 | |
Anyway, back to the job in hand. | 0:32:04 | 0:32:07 | |
So, three miles away from the centre of Wolverhampton | 0:32:07 | 0:32:09 | |
in this not so quiet cul-de-sac is the property that I'm here to see. | 0:32:09 | 0:32:14 | |
Now, normally, parking is a bit of a nightmare, | 0:32:14 | 0:32:16 | |
but, as you can see behind me, there is off-street parking | 0:32:16 | 0:32:21 | |
in this ex-local authority house | 0:32:21 | 0:32:23 | |
that's got three bedrooms and a guide price of £60,000 plus. | 0:32:23 | 0:32:28 | |
Let's get inside. | 0:32:28 | 0:32:29 | |
# Shall we go inside? | 0:32:29 | 0:32:32 | |
# Go inside and look around? # | 0:32:32 | 0:32:35 | |
Right. What have we got? | 0:32:35 | 0:32:37 | |
We're in straight into the hallway, straight off the front garden | 0:32:37 | 0:32:40 | |
into a quite a decent-sized hallway. | 0:32:40 | 0:32:42 | |
Stairs going up to the bedrooms | 0:32:42 | 0:32:44 | |
with some really strange, old-fashioned carpet. | 0:32:44 | 0:32:47 | |
In here, we've got a door that's locked, which just intrigues me. | 0:32:47 | 0:32:52 | |
I need to know what's on the other side of that door. | 0:32:52 | 0:32:55 | |
Radiator here, so we've got central heating. | 0:32:55 | 0:32:57 | |
Lots of space underneath the stairs there for storage | 0:32:57 | 0:32:59 | |
and textured wallpaper everywhere. | 0:32:59 | 0:33:02 | |
Downstairs toilet, which is good. | 0:33:02 | 0:33:04 | |
In here, we've got just a bit of storage. | 0:33:04 | 0:33:07 | |
And the back door going out to the garden. | 0:33:07 | 0:33:11 | |
Follow me in here to the kitchen. | 0:33:11 | 0:33:13 | |
Here, we've got what I would consider a good-size family kitchen. | 0:33:13 | 0:33:19 | |
Yes, it's not in great condition, | 0:33:19 | 0:33:21 | |
all these units would need to be changed, flooring, | 0:33:21 | 0:33:24 | |
everything would have to be done from new here. | 0:33:24 | 0:33:27 | |
But a good-sized kitchen all the same. | 0:33:27 | 0:33:29 | |
And, we go through here, into the living-lounge area. | 0:33:29 | 0:33:33 | |
Again, it's not huge. | 0:33:33 | 0:33:35 | |
It's a decent enough size to get your sofas in and your television. | 0:33:35 | 0:33:39 | |
Again, very seventies-eighties style. | 0:33:39 | 0:33:42 | |
From what I've seen so far, | 0:33:42 | 0:33:43 | |
this place just needs to be stripped back to the bare brick. | 0:33:43 | 0:33:46 | |
Get some nice paint on there, get some new floors in, | 0:33:46 | 0:33:48 | |
brand-new kitchen, just tidy this place up. | 0:33:48 | 0:33:52 | |
And, of course, it turned out | 0:33:52 | 0:33:54 | |
that so-called mystery door leads to here. | 0:33:54 | 0:33:57 | |
# And I have found an answer | 0:33:57 | 0:34:03 | |
# I don't think you don't care. # | 0:34:04 | 0:34:07 | |
The only surprise about what's behind this door is the wallpaper. | 0:34:09 | 0:34:13 | |
That's not working for me. | 0:34:13 | 0:34:14 | |
I'd keep the other door and plasterboard this one | 0:34:14 | 0:34:17 | |
with a nice finish. | 0:34:17 | 0:34:19 | |
Upstairs, I've found some features | 0:34:19 | 0:34:21 | |
that rekindle my enthusiasm for this property. | 0:34:21 | 0:34:24 | |
That is a good-sized first bedroom. | 0:34:24 | 0:34:27 | |
To my right, you've got the family bathroom. | 0:34:27 | 0:34:29 | |
It's not the biggest | 0:34:29 | 0:34:31 | |
and you would have to put a brand-new suite in there. | 0:34:31 | 0:34:33 | |
And just round the corner, you've got the other two bedrooms | 0:34:33 | 0:34:36 | |
which are all good sizes. | 0:34:36 | 0:34:38 | |
I'd be inclined to try and keep hold of those very pretty fireplaces | 0:34:38 | 0:34:43 | |
in some way, shape or form. | 0:34:43 | 0:34:45 | |
But, like in most ex-local authority houses, | 0:34:45 | 0:34:49 | |
this place has been built well, | 0:34:49 | 0:34:51 | |
it's got good-sized rooms, and the configuration is spot on. | 0:34:51 | 0:34:55 | |
I like it. | 0:34:55 | 0:34:57 | |
# I know what I like | 0:34:57 | 0:34:59 | |
# I know what I like | 0:34:59 | 0:35:02 | |
# I know what I like to do | 0:35:02 | 0:35:05 | |
# Well, what about you? # | 0:35:07 | 0:35:09 | |
Nothing new, then, another overgrown back garden, but it is some size. | 0:35:09 | 0:35:14 | |
I think, just a bit of TLC out here, a bit of hard work | 0:35:14 | 0:35:16 | |
and this would be as good as the neighbours. | 0:35:16 | 0:35:19 | |
I also wanted to have a look back at the property, | 0:35:19 | 0:35:21 | |
just to see if there's anything wrong | 0:35:21 | 0:35:24 | |
with the tiles, the roof, anything like that. | 0:35:24 | 0:35:26 | |
All I've spotted is a little bit of rendering | 0:35:26 | 0:35:28 | |
that needs to be either patched up, | 0:35:28 | 0:35:29 | |
or you could restart it and do it again. | 0:35:29 | 0:35:31 | |
Also, is there enough scope to bring the house | 0:35:31 | 0:35:35 | |
just a little bit further out? | 0:35:35 | 0:35:36 | |
You've got a big back garden - | 0:35:36 | 0:35:37 | |
you wouldn't lose a lot of that, but you'd gain a lot of space inside | 0:35:37 | 0:35:41 | |
if an extension was an option. | 0:35:41 | 0:35:43 | |
That's all down to budget, | 0:35:43 | 0:35:44 | |
that's all down to what you want to do with the property in the end. | 0:35:44 | 0:35:47 | |
But it's just an option. | 0:35:47 | 0:35:48 | |
To weigh up the options, | 0:35:52 | 0:35:53 | |
we've invited along an estate agent from the auction house who sold it | 0:35:53 | 0:35:57 | |
for his thoughts on this ex-local authority semi. | 0:35:57 | 0:36:00 | |
The property itself could stand an extension on the back. | 0:36:00 | 0:36:05 | |
The garden's big enough to take it, | 0:36:05 | 0:36:06 | |
so you're not going to lose any of the usability of it by doing that. | 0:36:06 | 0:36:11 | |
Having said that, the property is of quite as reasonable size as is, | 0:36:11 | 0:36:17 | |
and I think, in doing that, you might very well prise it out of | 0:36:17 | 0:36:23 | |
the local area pricing for it. | 0:36:23 | 0:36:27 | |
So, there's a risk of over-developing | 0:36:27 | 0:36:29 | |
if you're not going to live in it. | 0:36:29 | 0:36:30 | |
What kind of sales figures could we be looking at, though? | 0:36:30 | 0:36:34 | |
Once the property's renovated, | 0:36:34 | 0:36:35 | |
depending on what standard they've done it to, obviously, | 0:36:35 | 0:36:37 | |
I would imagine that you'd achieve | 0:36:37 | 0:36:39 | |
in the region of £115,000 to £120,000. | 0:36:39 | 0:36:43 | |
Now, this place does need a bit of work doing to it, | 0:36:45 | 0:36:48 | |
but it's got a bit of space on the outside, | 0:36:48 | 0:36:50 | |
a bit of space on the inside. | 0:36:50 | 0:36:52 | |
It's a classic Homes Under The Hammer ex-local authority property, | 0:36:52 | 0:36:56 | |
and I like it. | 0:36:56 | 0:36:57 | |
Let's see who else liked it when it went under the hammer. | 0:36:57 | 0:37:00 | |
And lot 32, which is a vacant, freehold semidetached property, | 0:37:02 | 0:37:06 | |
standing back from the road, Wolverhampton. | 0:37:06 | 0:37:09 | |
Lot 32. Ladies and gentlemen, how much for this one? | 0:37:09 | 0:37:11 | |
60. | 0:37:11 | 0:37:13 | |
60, go on. 60, sir. | 0:37:13 | 0:37:15 | |
Thank you. Number 950 at 60,000. | 0:37:15 | 0:37:17 | |
Can I have five anywhere? | 0:37:17 | 0:37:19 | |
Well, 62, then. 62. | 0:37:19 | 0:37:21 | |
A lady's bid. 64, sir. | 0:37:21 | 0:37:23 | |
66, madam? | 0:37:23 | 0:37:25 | |
66 bid. 68, sir. | 0:37:25 | 0:37:27 | |
70, madam. 70 bid. | 0:37:27 | 0:37:29 | |
72, sir. 72 bid. 74, madam. 74. | 0:37:29 | 0:37:32 | |
76. 78? 78. | 0:37:32 | 0:37:35 | |
Lady's bid. Standing, 79. | 0:37:35 | 0:37:37 | |
1,000. 80 now. | 0:37:37 | 0:37:39 | |
80. 81, sir. | 0:37:39 | 0:37:41 | |
Are you sure, sir? I'm disappointed in you. | 0:37:41 | 0:37:44 | |
At £80,000. | 0:37:44 | 0:37:46 | |
It's a lady's bid. Going for 80,000. | 0:37:46 | 0:37:48 | |
I'll take £1,000 anywhere. | 0:37:48 | 0:37:50 | |
£81,000. A fresh bidder. 81. | 0:37:50 | 0:37:53 | |
Madam, come back in at 82? | 0:37:53 | 0:37:55 | |
Fresh bidder, jumping in right at the end. | 0:37:55 | 0:37:57 | |
At 81,000. Can I see your paddle number, sir? | 0:37:57 | 0:38:00 | |
At 81, for the first time. | 0:38:00 | 0:38:02 | |
Second time. At 81. | 0:38:02 | 0:38:04 | |
Third and the very last time. | 0:38:04 | 0:38:06 | |
It is yours, sir. | 0:38:06 | 0:38:08 | |
The successful bidder was Ismat. He paid 81 grand for this house. | 0:38:08 | 0:38:12 | |
I met him and his son, Mosun, back at the house | 0:38:12 | 0:38:15 | |
to find out their plans. | 0:38:15 | 0:38:17 | |
-Ismat, nice to meet you. -Nice to meet you. | 0:38:17 | 0:38:18 | |
Mosun. Nice to meet you, too. | 0:38:18 | 0:38:20 | |
-Congratulations. -Thank you very much. | 0:38:20 | 0:38:21 | |
Tell us about this place. | 0:38:21 | 0:38:23 | |
Why did you like it? Why did you buy it? | 0:38:23 | 0:38:25 | |
Well, the reason I bought this house is it's right next door to mine, | 0:38:25 | 0:38:27 | |
so not very far from my house, | 0:38:27 | 0:38:29 | |
so I can check it from my window. | 0:38:29 | 0:38:32 | |
-Convenience, then, is it? -Yeah, yeah. | 0:38:32 | 0:38:34 | |
So, tell me how this came together. | 0:38:34 | 0:38:36 | |
Whose idea was it to look at houses? | 0:38:36 | 0:38:38 | |
It was mine, to be honest. | 0:38:38 | 0:38:40 | |
I'm into, I do plumbing and heating, bathrooms and kitchens. | 0:38:40 | 0:38:44 | |
Mostly property maintenance. | 0:38:44 | 0:38:46 | |
And, sometimes, we just say job creation for myself, as well. | 0:38:46 | 0:38:49 | |
I just want to get involved and do this in future. | 0:38:49 | 0:38:52 | |
-Did you read the legal pack? -No. | 0:38:52 | 0:38:54 | |
-Did you view the property? -No. | 0:38:54 | 0:38:56 | |
-So, you just bought this blind? -Bought it blind. | 0:38:56 | 0:38:58 | |
-Really? -Yeah. | 0:38:58 | 0:39:00 | |
I could really tell you off here, but we're on TV, so I better not. | 0:39:00 | 0:39:03 | |
-Definitely. -You've got to have a word with him, Mosun. | 0:39:03 | 0:39:06 | |
-Yeah. -Not allowed to do that any more. | 0:39:06 | 0:39:08 | |
-No. You should read the legal pack. -There you go. You see. | 0:39:08 | 0:39:13 | |
So, you got lucky. You're a lucky man, honestly. | 0:39:13 | 0:39:15 | |
-Isn't he? Isn't he just. -Yeah. | 0:39:15 | 0:39:17 | |
Tell me what you're going to do in the house. | 0:39:17 | 0:39:19 | |
You going to be hands-on? Going to get people to work for you? | 0:39:19 | 0:39:22 | |
Well, most of the, apart from plastering, and, well, painting. | 0:39:22 | 0:39:25 | |
I don't like painting. | 0:39:25 | 0:39:27 | |
Apart from plastering and painting and rendering outside, | 0:39:27 | 0:39:29 | |
everything else is going to be done by myself. | 0:39:29 | 0:39:32 | |
So, Mosun your dad's going to be doing the plumbing | 0:39:32 | 0:39:34 | |
and all the other hands-on work. What's your job? | 0:39:34 | 0:39:36 | |
-What are you going to do? -Maybe, in my free time, | 0:39:36 | 0:39:38 | |
I'll be coming around asking my dad, what shall I do? | 0:39:38 | 0:39:42 | |
And probably be doing some painting, some decorating, maybe, | 0:39:42 | 0:39:45 | |
even some designing. | 0:39:45 | 0:39:47 | |
-Really? -Yeah. -He wants to be my boss. | 0:39:47 | 0:39:49 | |
Well, Ismat... | 0:39:49 | 0:39:51 | |
You know what I mean? In time, be careful, looking over your shoulder. | 0:39:51 | 0:39:55 | |
I know. He's already... | 0:39:55 | 0:39:58 | |
-He's already taller than you, isn't he? -Yeah. | 0:39:58 | 0:40:00 | |
Something else Ismat hopes will grow is the value of the house. | 0:40:00 | 0:40:04 | |
Ideally, he'd like to sell it on for a profit | 0:40:04 | 0:40:07 | |
but, as he lived so close by, | 0:40:07 | 0:40:08 | |
he's happy to keep it as a rental property, as a long-term investment. | 0:40:08 | 0:40:12 | |
Either way, he'll need to get his hands dirty | 0:40:12 | 0:40:14 | |
and turn this place around. | 0:40:14 | 0:40:16 | |
-So, what are the plans for the house? -Well, the plan... | 0:40:16 | 0:40:19 | |
Let me give it a good touch. | 0:40:19 | 0:40:21 | |
New bathroom, new kitchen, | 0:40:21 | 0:40:23 | |
and I'll do something with the downstairs toilet. | 0:40:23 | 0:40:27 | |
Possibly put a shower tray there, | 0:40:27 | 0:40:29 | |
I can fit a 700x700 shower tray. | 0:40:29 | 0:40:30 | |
Then at least they have, the person who actually rent or buy it, | 0:40:30 | 0:40:35 | |
possibly, have a shower downstairs | 0:40:35 | 0:40:38 | |
and have a bath and shower upstairs as well. | 0:40:38 | 0:40:41 | |
Because over the bath, I'm going to put a shower. | 0:40:41 | 0:40:44 | |
At the end of the day, I'm a qualified plumber, so I can do them. | 0:40:44 | 0:40:48 | |
You can do all that stuff on your own, can't you? | 0:40:48 | 0:40:50 | |
And it would cost a lot. | 0:40:50 | 0:40:52 | |
So you're keeping the downstairs toilet and you're adding a shower - | 0:40:52 | 0:40:54 | |
-is that correct? -Yeah. -OK. | 0:40:54 | 0:40:56 | |
And upstairs? What are your plans? | 0:40:56 | 0:40:58 | |
Upstairs, exactly the same as it is, just neat, much neater. | 0:40:58 | 0:41:03 | |
And out the back, you've got a really big back garden, Mosun - | 0:41:03 | 0:41:06 | |
are you going to get involved in that? | 0:41:06 | 0:41:08 | |
Yeah. I think he wants me to get involved in the back garden. | 0:41:08 | 0:41:11 | |
Do a lot of grass cutting, get some waste out. | 0:41:11 | 0:41:15 | |
I've got a gardener! | 0:41:15 | 0:41:17 | |
Any good with a lawnmower, getting it all chopped down? | 0:41:17 | 0:41:20 | |
Yeah. It's going to be a bit of hassle, but it has to get done. | 0:41:20 | 0:41:23 | |
-It has to be done. -OK. New bathroom, new kitchen, | 0:41:23 | 0:41:26 | |
all those things you want to try. We want a shower downstairs. | 0:41:26 | 0:41:28 | |
There's a fair bit of work that you've got to do. | 0:41:28 | 0:41:30 | |
-Oh, yeah. -So, what is your budget? | 0:41:30 | 0:41:33 | |
Between five to seven. | 0:41:34 | 0:41:36 | |
Between five to seven grand? | 0:41:36 | 0:41:38 | |
That's not my labour - just material. | 0:41:38 | 0:41:40 | |
-Cos I'm going to be doing the work. -OK. | 0:41:40 | 0:41:43 | |
And how long's this job going to take you to do? | 0:41:43 | 0:41:45 | |
About, say... | 0:41:45 | 0:41:47 | |
I'd like to finish it in two months. | 0:41:48 | 0:41:50 | |
But I said it depends how busy my own work is. | 0:41:50 | 0:41:54 | |
So, I'll put the customer first. | 0:41:54 | 0:41:56 | |
So about between two to three months. | 0:41:56 | 0:41:59 | |
With the help of your son... | 0:41:59 | 0:42:01 | |
-I think you'll be OK. -I'll be all right, yeah. | 0:42:01 | 0:42:04 | |
-Without him, I think you'll struggle. -Definitely. | 0:42:04 | 0:42:07 | |
If he's going to jump over full-time, then...there you go! | 0:42:07 | 0:42:10 | |
I can finish it in two months, definitely. | 0:42:10 | 0:42:12 | |
Good luck. Ismat, good luck. | 0:42:12 | 0:42:14 | |
-I wish you all the best. -Thank you. -Mosun, good luck to you. -Thank you. | 0:42:14 | 0:42:16 | |
I think Mosun will learn a lot from his dad on this project. | 0:42:18 | 0:42:21 | |
First and foremost, | 0:42:21 | 0:42:22 | |
make sure you read the legal pack and view the property. | 0:42:22 | 0:42:26 | |
Saying that, I think they might've got away with this one. | 0:42:26 | 0:42:29 | |
You can find out how they get on later in the programme. | 0:42:29 | 0:42:32 | |
Well, we've found out the fate of one of our buyers - | 0:42:35 | 0:42:38 | |
what about the other two? | 0:42:38 | 0:42:39 | |
Has everything run like clockwork, or has the clock stopped ticking? | 0:42:39 | 0:42:43 | |
Yes, well, we're not going to give them any more time. | 0:42:43 | 0:42:45 | |
Let's find out how they got on. | 0:42:45 | 0:42:47 | |
It was in the southwest London area of Wandsworth | 0:42:50 | 0:42:53 | |
where Lucy tracked down a two-bedroom, ground-floor flat. | 0:42:53 | 0:42:57 | |
Despite its eye-watering guide price of £300,000 plus, | 0:42:57 | 0:43:01 | |
actually, for this part of London, not only could it be a good buy, | 0:43:01 | 0:43:04 | |
but there was still room for improvement. | 0:43:04 | 0:43:07 | |
Now, the only structural change I think I'd make with this flat | 0:43:09 | 0:43:12 | |
would be to open up this doorway. | 0:43:12 | 0:43:14 | |
It just feels a little bit pinched. | 0:43:14 | 0:43:17 | |
It would make the kitchen feel so much larger | 0:43:17 | 0:43:19 | |
and also be a lot more sociable for when you're entertaining. | 0:43:19 | 0:43:23 | |
And the people who felt there was more growth to come | 0:43:25 | 0:43:27 | |
were father-and-son team Farooq and Ibrahim, | 0:43:27 | 0:43:31 | |
who paid £375,000 at auction. | 0:43:31 | 0:43:34 | |
This was a new departure for them both. | 0:43:34 | 0:43:36 | |
I just recently graduated from uni doing product design. | 0:43:39 | 0:43:41 | |
We've always had a keen interest in property | 0:43:41 | 0:43:44 | |
and it's also working with my dad, as well. | 0:43:44 | 0:43:46 | |
Do you have any property knowledge, yourself? | 0:43:46 | 0:43:48 | |
Well, I'm a retired chartered civil engineer, | 0:43:48 | 0:43:52 | |
We did a few projects, | 0:43:52 | 0:43:54 | |
worked on terminal five construction for four and a half years. | 0:43:54 | 0:43:58 | |
So, buildings is something you know about? | 0:43:58 | 0:44:00 | |
-Yeah. That's correct. -So, the plan was that Farooq would offer guidance | 0:44:00 | 0:44:03 | |
and help to Ibrahim to get | 0:44:03 | 0:44:05 | |
his fledgling property career off the ground. | 0:44:05 | 0:44:08 | |
And they had a budget of up to £35,000 | 0:44:08 | 0:44:11 | |
and hoped to complete it, ready for the resale market in three months. | 0:44:11 | 0:44:15 | |
And now, nearly seven months later, we're back. | 0:44:18 | 0:44:21 | |
Right. Talk about kerb appeal. | 0:44:27 | 0:44:29 | |
This place has now got it in spades. | 0:44:29 | 0:44:31 | |
With a sheltered garden area and well-defined parking space. | 0:44:35 | 0:44:39 | |
And let's hope that this is a sign of what's to come. | 0:44:41 | 0:44:45 | |
Wow! This is really the way to make the most of the space they had. | 0:44:52 | 0:44:57 | |
Seems they took your advice, Lucy. | 0:44:57 | 0:45:00 | |
Basically, we used to have a wall here, so we've taken the wall away | 0:45:00 | 0:45:03 | |
and we've created an open living space. | 0:45:03 | 0:45:05 | |
We've had to refurbish the whole kitchen, | 0:45:05 | 0:45:08 | |
so we've added the new units, new worktops, new appliances. | 0:45:08 | 0:45:12 | |
We've also added a toughened-glass splashback | 0:45:12 | 0:45:16 | |
to give that contemporary, modern look. | 0:45:16 | 0:45:18 | |
And, most importantly, those key lime green walls | 0:45:18 | 0:45:21 | |
are not there any more. | 0:45:21 | 0:45:22 | |
That rather chic and crisp style is in evidence in the bedrooms, | 0:45:41 | 0:45:46 | |
but what about in the bathroom? | 0:45:46 | 0:45:48 | |
Great job. | 0:45:54 | 0:45:55 | |
So, who deserves the pat on the back? | 0:45:55 | 0:45:57 | |
Dad was over my shoulder just guiding me, if anything went wrong, | 0:46:02 | 0:46:05 | |
or anything like that. But the majority of the work was 50-50. | 0:46:05 | 0:46:08 | |
We both did it together. | 0:46:08 | 0:46:10 | |
They did have tradesmen in where needed, | 0:46:12 | 0:46:14 | |
and other family members helped too. | 0:46:14 | 0:46:16 | |
With guidance from Farooq, Ibrahim tackled the floor and tiling. | 0:46:16 | 0:46:22 | |
How did he partnership work out? | 0:46:22 | 0:46:25 | |
Well, we did have ups and downs, as expected. | 0:46:25 | 0:46:28 | |
But, on the whole, it went smoothly. | 0:46:28 | 0:46:31 | |
We're definitely going to keep in touch, basically. | 0:46:31 | 0:46:33 | |
Well, that's good to know. | 0:46:33 | 0:46:35 | |
But are there any thoughts of going it alone, then? | 0:46:35 | 0:46:38 | |
# Solo, I'm riding solo, solo. # | 0:46:38 | 0:46:41 | |
I think I'll probably do a couple more and watch over the builders | 0:46:43 | 0:46:46 | |
and how they do it and get some... | 0:46:46 | 0:46:49 | |
hands-on experience and then take it from there. | 0:46:49 | 0:46:52 | |
Sounds like a sensible plan. | 0:46:52 | 0:46:54 | |
And you can certainly see Ibrahim's design skills | 0:46:54 | 0:46:57 | |
already coming to the fore with the look and feel of this place. | 0:46:57 | 0:47:01 | |
But it was down to Farooq to keep their £35,000 budget in check. | 0:47:03 | 0:47:09 | |
We've exceeded that amount, up to about £40,000. | 0:47:09 | 0:47:14 | |
I think the biggest cost was the front garden | 0:47:14 | 0:47:17 | |
but it added to the kerb appeal so, naturally, | 0:47:17 | 0:47:21 | |
as soon as you look at the property you want to come and look at it | 0:47:21 | 0:47:23 | |
and, hopefully, it will sell quicker so it'll pay off in the end. | 0:47:23 | 0:47:27 | |
Ibrahim could be right, | 0:47:29 | 0:47:31 | |
but a £40,000 spend on top of their £375,000 purchase price does mean | 0:47:31 | 0:47:36 | |
they have £415,000 invested in this two-bedroom ground-floor flat. | 0:47:36 | 0:47:41 | |
So, the kerb appeal might bring house-hunters in, | 0:47:42 | 0:47:45 | |
but will the design and look of the flat convince them to buy? | 0:47:45 | 0:47:49 | |
What do two local property experts think? | 0:47:50 | 0:47:53 | |
First, the agent who saw it last time. | 0:47:53 | 0:47:55 | |
I saw this property seven months ago and it was a real shambles. | 0:47:58 | 0:48:02 | |
One of the biggest changes has been the open-plan kitchen. | 0:48:02 | 0:48:04 | |
A lot of people love that now. | 0:48:04 | 0:48:06 | |
It's a very communal area and it lets a lot more light in, as well, | 0:48:06 | 0:48:10 | |
and I think they've done it very well. | 0:48:10 | 0:48:11 | |
And the layout of the kitchen is also very good | 0:48:11 | 0:48:13 | |
because what you see is quite an attractive vista as you walk in. | 0:48:13 | 0:48:18 | |
I really, really like it, actually. | 0:48:18 | 0:48:19 | |
I wasn't expecting such a high finish. | 0:48:19 | 0:48:22 | |
I love the colour of the flooring, | 0:48:22 | 0:48:24 | |
I love the fact it's semi open-plan | 0:48:24 | 0:48:26 | |
and, most of all, the location's absolutely outstanding. | 0:48:26 | 0:48:30 | |
One of the great things outside was that they had off-street parking, | 0:48:30 | 0:48:33 | |
but they also had barren land around it. | 0:48:33 | 0:48:36 | |
They've really made the most of it. | 0:48:36 | 0:48:37 | |
They've fenced it off, made it a bit more private, bit of grass, | 0:48:37 | 0:48:41 | |
bit of patio, so I think it's going to be a very usable space, | 0:48:41 | 0:48:43 | |
even though it's facing the road. | 0:48:43 | 0:48:45 | |
I think the finish is exactly what is trendy at the moment. | 0:48:45 | 0:48:50 | |
It's modern without being ultra modern and I certainly don't think | 0:48:50 | 0:48:55 | |
anyone's going to walk through the door and dislike it. | 0:48:55 | 0:48:58 | |
Yes, but how much money will they need to pay | 0:48:58 | 0:49:00 | |
for a property that Farooq and Ibrahim have invested £415,000 into? | 0:49:00 | 0:49:06 | |
I think when the property's fully finished, | 0:49:06 | 0:49:08 | |
it would go on the market at £525,000 | 0:49:08 | 0:49:11 | |
and be very comfortable in the current market at that price. | 0:49:11 | 0:49:15 | |
If I was to put this on the market right now, | 0:49:15 | 0:49:16 | |
I'd value it between £500,000 and £525,000. | 0:49:16 | 0:49:20 | |
It's slightly higher than we anticipated | 0:49:20 | 0:49:22 | |
but it is on par with what we were expecting to get. | 0:49:22 | 0:49:26 | |
So, should they sell it on, as hoped, | 0:49:26 | 0:49:28 | |
they could see a pre-tax profit of between £85,000 and £110,000. | 0:49:28 | 0:49:33 | |
That's got to be encouraging enough | 0:49:33 | 0:49:35 | |
for them to do more properties in the future. | 0:49:35 | 0:49:37 | |
Our aim is, hopefully, to get to a stage | 0:49:38 | 0:49:40 | |
where we can build a house from scratch | 0:49:40 | 0:49:42 | |
and design every single aspect of it. | 0:49:42 | 0:49:45 | |
Well, that's my aim. I don't know about Dad's. | 0:49:45 | 0:49:47 | |
I'm hoping to continue for two more years | 0:49:47 | 0:49:51 | |
until Ibrahim stands on his feet. | 0:49:51 | 0:49:55 | |
You know, then I shall be drifting out. | 0:49:55 | 0:49:59 | |
And then, Ibrahim, you're on your own. | 0:49:59 | 0:50:02 | |
# I'm riding solo, solo. # | 0:50:02 | 0:50:04 | |
Time to head back to Wolverhampton, | 0:50:10 | 0:50:12 | |
where I saw this semidetached property. | 0:50:12 | 0:50:14 | |
It may have been stuck in the past decor-wise, | 0:50:16 | 0:50:19 | |
but what it did have going for it was overall size. | 0:50:19 | 0:50:22 | |
Downstairs had the bonus of a small toilet | 0:50:22 | 0:50:25 | |
and there was plenty of room in the kitchen. | 0:50:25 | 0:50:28 | |
There was also a lot more room outside. | 0:50:28 | 0:50:31 | |
It is some size. | 0:50:31 | 0:50:32 | |
I think, just a bit of TLC out here, | 0:50:32 | 0:50:35 | |
a bit of hard work and this would be as good as the neighbours. | 0:50:35 | 0:50:38 | |
I also wanted to have a look back at the property, | 0:50:38 | 0:50:40 | |
just to see if there's anything wrong with | 0:50:40 | 0:50:42 | |
the tiles, the roof, anything like that. | 0:50:42 | 0:50:44 | |
All I've spotted is a little bit of rendering | 0:50:44 | 0:50:47 | |
that needs either to be patched up, | 0:50:47 | 0:50:48 | |
or you could restart it and do it again. | 0:50:48 | 0:50:51 | |
Buying this at auction for 81 grand | 0:50:51 | 0:50:54 | |
was plumber and heating engineer Ismat, | 0:50:54 | 0:50:56 | |
who should perhaps listen to his son Mosun just a little bit more | 0:50:56 | 0:51:00 | |
when buying properties in the future. | 0:51:00 | 0:51:02 | |
-Did you read the legal pack? -No. | 0:51:02 | 0:51:05 | |
-Did you view the property? -No. | 0:51:05 | 0:51:07 | |
-So, you just bought this blind? -Just bought it blind. | 0:51:07 | 0:51:10 | |
Really? You've got to have a word with him, Mosun. | 0:51:10 | 0:51:12 | |
-Yeah. I will. -Not allowed to do that any more. | 0:51:12 | 0:51:14 | |
Nah, you should read the legal pack. | 0:51:14 | 0:51:16 | |
There you go, you see. | 0:51:16 | 0:51:19 | |
So, you got lucky. | 0:51:19 | 0:51:21 | |
Lucky man, honestly, isn't he? Isn't he just? | 0:51:21 | 0:51:23 | |
Well, you may have heard of the saying, | 0:51:23 | 0:51:25 | |
the harder you work, the luckier you get, | 0:51:25 | 0:51:27 | |
and Ismat was planning to work hard and do most of the work himself. | 0:51:27 | 0:51:32 | |
But how lucky was Ismat going to be? | 0:51:32 | 0:51:34 | |
# Well, I'm a lucky man | 0:51:36 | 0:51:40 | |
# With fire in my hands... # | 0:51:42 | 0:51:48 | |
Well, if a lot of hard work makes you lucky, then here's the proof. | 0:51:48 | 0:51:52 | |
The kitchen is so much better. | 0:51:52 | 0:51:55 | |
The little downstairs toilet has seen some big changes | 0:51:55 | 0:51:58 | |
with a full-size shower where the cupboard used to be. | 0:51:58 | 0:52:02 | |
The sealed-up doorway has been opened up | 0:52:06 | 0:52:08 | |
and offers a different way to make an entrance. | 0:52:08 | 0:52:10 | |
The huge brick fireplace has been replaced with a small one. | 0:52:13 | 0:52:16 | |
So much better. | 0:52:16 | 0:52:18 | |
Upstairs, the bathroom is also looking much smarter. | 0:52:22 | 0:52:25 | |
The one thing I am sad to see go, though, | 0:52:34 | 0:52:36 | |
is the fireplaces in the bedrooms. | 0:52:36 | 0:52:39 | |
But I'm very impressed with the changes outside. | 0:52:42 | 0:52:46 | |
To the front, the wall has been rebuilt and widened, | 0:52:46 | 0:52:50 | |
so it's easier for cars to park. | 0:52:50 | 0:52:52 | |
The exterior has also been re-rendered | 0:52:52 | 0:52:55 | |
but the back garden was really where the hard work started. | 0:52:55 | 0:52:59 | |
It took four skips and a lot of elbow grease for Mosun | 0:52:59 | 0:53:03 | |
to get rid of everything in this garden. | 0:53:03 | 0:53:05 | |
Which now has plenty of space | 0:53:05 | 0:53:07 | |
for Ismat and his kids to have a kickabout. | 0:53:07 | 0:53:10 | |
Good save, young man! | 0:53:14 | 0:53:16 | |
Now Ismat is finished, | 0:53:16 | 0:53:17 | |
how did he find tackling the work here while working for his clients? | 0:53:17 | 0:53:21 | |
Well, the good thing is, I had work in Coventry, so finished that, | 0:53:21 | 0:53:26 | |
and, after that, the luck was on our side that my work was slightly slow | 0:53:26 | 0:53:32 | |
and then it just gave me enough time to carry on with this project. | 0:53:32 | 0:53:36 | |
Most of the work's done by myself, | 0:53:36 | 0:53:39 | |
apart from plastering and some of the electrics, | 0:53:39 | 0:53:42 | |
and I've carried on with the rest, | 0:53:42 | 0:53:44 | |
central heating, up and down the house, decorating. | 0:53:44 | 0:53:46 | |
Plus, thank you to my wife for painting. | 0:53:46 | 0:53:50 | |
OK, so Ismat managed to get his wife involved, as well, | 0:53:50 | 0:53:54 | |
but what was his son Mosun's contribution? | 0:53:54 | 0:53:57 | |
I did designing, painting, | 0:53:57 | 0:54:00 | |
mainly helping my dad do the central heating, | 0:54:00 | 0:54:05 | |
which I'm not qualified but I just gave him a hand. | 0:54:05 | 0:54:07 | |
We had a bit of arguing. | 0:54:07 | 0:54:09 | |
I told him not an easy person to work with. You know. | 0:54:09 | 0:54:12 | |
I says, "Can you bring some elbow?" | 0:54:12 | 0:54:14 | |
Instead of elbows, he was bringing teas and things like that, spanner. | 0:54:14 | 0:54:20 | |
He was getting the wrong one and that was making me angry. | 0:54:20 | 0:54:23 | |
I said, "Come on, man. You have to start learning." | 0:54:23 | 0:54:26 | |
Sometimes very easy, sometimes very hard, but... | 0:54:26 | 0:54:29 | |
Especially when I'm tired. | 0:54:29 | 0:54:31 | |
But you can get along with him when you are used to him. | 0:54:31 | 0:54:34 | |
So, Ismat is a bit of a taskmaster, is he? | 0:54:34 | 0:54:37 | |
That will explain how they got the work done | 0:54:37 | 0:54:40 | |
in his timescale of two to three months. | 0:54:40 | 0:54:42 | |
We managed to, finally, managed finish and complete the project | 0:54:45 | 0:54:49 | |
in exactly two months. | 0:54:49 | 0:54:51 | |
We bought the property on my birthday and finished it on his. | 0:54:51 | 0:54:54 | |
Between my birthday and his - exactly two months. | 0:54:54 | 0:54:58 | |
So, mine's special because it's a finishing touch. Best. | 0:54:58 | 0:55:01 | |
No, I'm special because I had it on my birthday. | 0:55:01 | 0:55:04 | |
I'm only joking. He's my special. | 0:55:04 | 0:55:06 | |
Aw! It's great to see these two getting on | 0:55:06 | 0:55:09 | |
after work months of work together here. | 0:55:09 | 0:55:11 | |
Now, what would really be special is if they manage to do the work | 0:55:11 | 0:55:15 | |
within the planned five-to-seven grand budget, | 0:55:15 | 0:55:18 | |
but since Ismat wanted to do the work to the best finish possible, | 0:55:18 | 0:55:23 | |
he has actually spent £10,860. | 0:55:23 | 0:55:27 | |
Ismat wasn't sure if he was going to sell or rent when we last saw him. | 0:55:27 | 0:55:32 | |
So, has he made his mind up yet? | 0:55:32 | 0:55:33 | |
Well, currently, it's agreed to go and rent to a person I know. | 0:55:35 | 0:55:40 | |
We'll stick to them, | 0:55:40 | 0:55:42 | |
and, in the meantime, I'll still decide. | 0:55:42 | 0:55:44 | |
Maybe, if I have a good offer, I'll just go and sell it. | 0:55:44 | 0:55:49 | |
Well, let's see if we can make things a little clearer for him. | 0:55:49 | 0:55:52 | |
We've asked along two local estate agents | 0:55:52 | 0:55:54 | |
to give us their opinions on the finished house. | 0:55:54 | 0:55:57 | |
Last time I came, a couple of months ago, | 0:55:57 | 0:55:59 | |
they've undergone a modernisation programme | 0:55:59 | 0:56:03 | |
that turned the property into a rather lovely house. | 0:56:03 | 0:56:06 | |
Now, it looks the bee's knees. | 0:56:06 | 0:56:09 | |
All the rooms are now painted white, | 0:56:09 | 0:56:13 | |
which is a good neutral colour | 0:56:13 | 0:56:15 | |
for people to put their own stamp on when they move in. | 0:56:15 | 0:56:19 | |
The main benefits here are three really good-sized bedrooms, | 0:56:19 | 0:56:22 | |
a nice, fitted kitchen and a good-sized living room. | 0:56:22 | 0:56:25 | |
There's also a garden at the rear. | 0:56:25 | 0:56:27 | |
And, a big plus, the downstairs toilet, | 0:56:27 | 0:56:29 | |
which is always very, very handy for people. | 0:56:29 | 0:56:31 | |
All very positive, but will the agents' valuations help steer | 0:56:31 | 0:56:35 | |
Ismat on whether renting in the meantime is the best option? | 0:56:35 | 0:56:39 | |
He has already agreed to rent the property out | 0:56:39 | 0:56:42 | |
for £580 per calendar month. | 0:56:42 | 0:56:44 | |
That's a yield of 7%. | 0:56:44 | 0:56:46 | |
And both agents thought that was about right. | 0:56:46 | 0:56:49 | |
But could selling it offer him a quick profit on his investment, | 0:56:49 | 0:56:53 | |
which is just under 92 grand. | 0:56:53 | 0:56:55 | |
If we were to put this property up for sale, | 0:56:55 | 0:56:57 | |
I would recommend an asking price of £115,000 to £120,000. | 0:56:57 | 0:57:02 | |
So, I would envisage him selling in the region of £115,000. | 0:57:02 | 0:57:07 | |
Although, I think, I would probably be inclined | 0:57:07 | 0:57:09 | |
to try for a little more and he may have to come down. | 0:57:09 | 0:57:13 | |
120 would have been all right. | 0:57:13 | 0:57:16 | |
115 is a bit low because, to be honest, | 0:57:16 | 0:57:18 | |
the way I've done it, it's got to go to 120. | 0:57:18 | 0:57:22 | |
Nothing wrong with having pride in your work. | 0:57:22 | 0:57:25 | |
So, what's next for Ismat? | 0:57:25 | 0:57:27 | |
I'll have a short break... | 0:57:27 | 0:57:30 | |
..to look after my customers | 0:57:31 | 0:57:33 | |
and then, let me see if I decided to sell, | 0:57:33 | 0:57:37 | |
then I'll go for the next one. | 0:57:37 | 0:57:39 | |
Mosun, you won't let Dad do the next venture on his own, will you? | 0:57:39 | 0:57:42 | |
-Of course. Without me, it's going to be hard for him. -Oh! | 0:57:43 | 0:57:48 | |
Very good. He's my main man here. | 0:57:49 | 0:57:52 | |
Well, property auctions happen up and down the country all year round. | 0:57:55 | 0:58:00 | |
With so many stories to tell, we never stop either. | 0:58:00 | 0:58:03 | |
So, join us next time for more Homes Under The Hammer. Goodbye. | 0:58:03 | 0:58:05 | |
-Goodbye. -Goodbye. | 0:58:05 | 0:58:06 |