0:00:02 > 0:00:04Hello! The buying of property is not a quick process.
0:00:04 > 0:00:06You can often get caught up with a lot of red tape.
0:00:06 > 0:00:09There is one option that a lot of people choose that can make it
0:00:09 > 0:00:10quicker and easier.
0:00:10 > 0:00:13Yes, if you want to get the ball rolling and avoid delays,
0:00:13 > 0:00:17why not head down to your local property auction?
0:00:43 > 0:00:47To many, property developing is a quick and easy way to make a few quid.
0:00:47 > 0:00:50- What could possibly go wrong? - Well, the answer is of course, lots.
0:00:50 > 0:00:55And over the years, we've seen many people underestimate the challenges
0:00:55 > 0:00:57ahead, because it can be a bit of a struggle.
0:00:57 > 0:01:00Let's see if today's buyers can avoid the pitfalls.
0:01:02 > 0:01:04In Wood Lane, Staffordshire,
0:01:04 > 0:01:08this traditional semi has given me a wave of excitement.
0:01:08 > 0:01:10Like this.
0:01:10 > 0:01:12Yeah.
0:01:12 > 0:01:17I'm not ducking any damp issues in this terraced house in Darwen, Lancashire.
0:01:19 > 0:01:21More signs of damp.
0:01:22 > 0:01:26In south-east London, Lucy will have to tread carefully in this maisonette.
0:01:26 > 0:01:28In here... Ooh!
0:01:28 > 0:01:32..into the lounge. Now, that is something that needs to be looked at. Look at those!
0:01:33 > 0:01:37All of these properties have been sold at auction and we'll find out
0:01:37 > 0:01:41who bought them and what they paid when they went under the hammer.
0:01:41 > 0:01:45Selling away then.
0:01:45 > 0:01:49Wood Lane is a semi rural community just on the outskirts of
0:01:49 > 0:01:51Newcastle-Under-Lyme in Staffordshire.
0:01:51 > 0:01:56With Stoke-on-Trent only seven minutes away and Crewe a 30-minute drive,
0:01:56 > 0:01:58it's very well located.
0:01:58 > 0:02:02Well, sometimes, streets of traditional houses
0:02:02 > 0:02:05can feel a little bit claustrophobic, but not here.
0:02:06 > 0:02:11Rolling countryside, glimpsed through the trees,
0:02:11 > 0:02:14the smell of rural air, fantastic.
0:02:14 > 0:02:17£80,000 plus was the guide price for this.
0:02:17 > 0:02:20It's a semi detached, three-bedroom, let's have a look.
0:02:21 > 0:02:25Oh, that's nice. How pleasant.
0:02:25 > 0:02:28Walk through the front door and see something which immediately inspires
0:02:28 > 0:02:31your imagination. It makes me go, wahey, yes!
0:02:31 > 0:02:35Fantastic! We've got this tiled little reception area here,
0:02:35 > 0:02:40lovely tiles here. Minton, I think they're called, on the floor there. That's lovely.
0:02:40 > 0:02:44It's a little practical thing as well, because with that door closed,
0:02:44 > 0:02:45it'll keep the cold out.
0:02:45 > 0:02:49Another bit of good news. It's looks like we've got central heating.
0:02:49 > 0:02:50So that's great.
0:02:50 > 0:02:53So, basically, in through the front door there, a little corridor,
0:02:53 > 0:02:58up to your bedrooms there and then through into your main living area.
0:02:58 > 0:03:03And, well, it's definitely throwbacks to a previous era,
0:03:03 > 0:03:06with a fireplace and things like this.
0:03:06 > 0:03:09Yeah, ha-ha!
0:03:09 > 0:03:12Bit of a health hazard, you'd want to check that out.
0:03:12 > 0:03:16Do you really want to keep those? I'm not so sure. Easy to sort that out.
0:03:16 > 0:03:19Not so easy is going to be this, look.
0:03:19 > 0:03:24Real bad problems with damp along this front wall and the danger is,
0:03:24 > 0:03:28- it's affected the floor. - FLOOR SQUEAKS
0:03:28 > 0:03:30I'd better not do that too much more!
0:03:30 > 0:03:33Yes. Clearly, it's affected the floorboards,
0:03:33 > 0:03:38it's affected the joists and it's going to affect your budget. Eurgh!
0:03:41 > 0:03:45Despite the obvious damp problems, I think this house has potential.
0:03:45 > 0:03:48It's got charm, with some original features and so far,
0:03:48 > 0:03:50it's pretty spacious.
0:03:50 > 0:03:53# I'm so tired... #
0:03:53 > 0:03:57However, like so many properties we see, it's stuck in the past.
0:03:59 > 0:04:01So far, so spacious.
0:04:01 > 0:04:07And it sort of continues as you head through the house into the kitchen area here. It's a good size.
0:04:07 > 0:04:10It could do with a few more cupboards and a bit more work surface.
0:04:10 > 0:04:13But basically, it's a really great space for you to do what you want with.
0:04:13 > 0:04:15Under stairs storage there.
0:04:15 > 0:04:18The only downside I can see so far is out the back there,
0:04:18 > 0:04:20where the loo and the bathroom are.
0:04:20 > 0:04:23So not ideal accessing that through the kitchen.
0:04:23 > 0:04:26But, you know what, with these kind of properties,
0:04:26 > 0:04:29it's almost you kind of expect it.
0:04:29 > 0:04:33# And that's typical... #
0:04:33 > 0:04:36When this house was originally built, the WC would have been
0:04:36 > 0:04:40outside and only incorporated into the house at a much later date.
0:04:40 > 0:04:44Perhaps upstairs there will be further options.
0:04:47 > 0:04:50So, up some very, very steep stairs
0:04:50 > 0:04:56to the first floor, and you know what, lots of space.
0:04:56 > 0:04:58Again, a bit like downstairs.
0:04:58 > 0:05:02Back bedroom there. A decent-sized middle bedroom there.
0:05:02 > 0:05:06This landing, which is quite pleasant... My guess is that's a...
0:05:06 > 0:05:09Oh, no, I thought that was going to be the storage radiators,
0:05:09 > 0:05:10but it's actually just a cupboard.
0:05:10 > 0:05:14And then to what I guess is the master bedroom right at the front.
0:05:14 > 0:05:18A few signs of damp, yes, it's a bit dated and needs sorting out.
0:05:18 > 0:05:21But the main thing I'm looking for here, though, is,
0:05:21 > 0:05:23is there space to get the bathroom up here?
0:05:23 > 0:05:26And the answer is a resounding yes!
0:05:26 > 0:05:30Needs a bit of a playing around with some of the walls, but definitely, you've got space to do it.
0:05:30 > 0:05:32So that is number one priority!
0:05:33 > 0:05:36Of course, it depends what the buyer wants to do with the property,
0:05:36 > 0:05:38but if it were me,
0:05:38 > 0:05:43I'd get an architect in to see how you can reconfigure the space up here to fit in a bathroom.
0:05:43 > 0:05:45It's certainly crying out for one.
0:05:48 > 0:05:50Well, at the back of the property, well, you know,
0:05:50 > 0:05:53a half decent sized little garden.
0:05:53 > 0:05:56Well, that would be fine, but that's not it.
0:05:56 > 0:05:59This is the garden!
0:05:59 > 0:06:02How fantastic is that?
0:06:02 > 0:06:06What a bonus. As is that wonderful view.
0:06:07 > 0:06:10Yes, it's damp, dated and dreary, but you know what?
0:06:10 > 0:06:15I love it. Plus, it's got a very attractive guide price of 80,000.
0:06:17 > 0:06:20Let's see if a local estate agent thinks
0:06:20 > 0:06:23this could be a wise auction purchase.
0:06:23 > 0:06:26The property already has gas central heating and double glazing,
0:06:26 > 0:06:28so that's a big plus point.
0:06:28 > 0:06:31But it's really does need full redecoration
0:06:31 > 0:06:34and just restoring to its former glory.
0:06:36 > 0:06:39OK, so, what does the agent think the property could potentially achieve,
0:06:39 > 0:06:41once work here is completed?
0:06:42 > 0:06:45Should the property be brought up to scratch,
0:06:45 > 0:06:49I feel it could rent quite easily for £550 per calendar month.
0:06:49 > 0:06:51Should the owners decided to sell on,
0:06:51 > 0:06:54I see no reason why it shouldn't be on the market for somewhere
0:06:54 > 0:06:57in the region of £135,000.
0:06:57 > 0:07:03Well, a bit of work to be done to bring this one into the 21st century,
0:07:03 > 0:07:04but you know what? It's worth it.
0:07:04 > 0:07:07Good location, nice sized house here.
0:07:07 > 0:07:11A great one to go for. Let's see who agreed when it went under the hammer.
0:07:11 > 0:07:15Guide price of this has been up to £90,000.
0:07:15 > 0:07:17So, 75 to start.
0:07:19 > 0:07:21Three-bedroom semi.
0:07:21 > 0:07:24With views. 75 for a sale.
0:07:24 > 0:07:2675 bid, thank you, at £75,000.
0:07:26 > 0:07:2880 I'm going to say now.
0:07:28 > 0:07:32At 75,000. For 80? Bids at 75...
0:07:32 > 0:07:3380, thank you.
0:07:33 > 0:07:35At £80,000.
0:07:35 > 0:07:4085? 86, 87,
0:07:40 > 0:07:4388, 89?
0:07:45 > 0:07:48At £88,000. To my left then at £88,000.
0:07:48 > 0:07:5189, anywhere else?
0:07:53 > 0:07:56Everybody's waving now. I saw you first.
0:07:56 > 0:07:58Him. Are you all together?
0:07:58 > 0:08:00OK. £89,000.
0:08:00 > 0:08:03At 89,000, £89,000.
0:08:03 > 0:08:0690?
0:08:07 > 0:08:10Half, he's saying. 89 and a half.
0:08:10 > 0:08:1290. Another half?
0:08:15 > 0:08:19No? At £90,000 then, pointing at him now, at 90,000,
0:08:19 > 0:08:22bid is seated against you standing.
0:08:22 > 0:08:25At £90,000, I'm selling it then for the first time,
0:08:25 > 0:08:29at £90,000 for the second time,
0:08:29 > 0:08:31third and final time, at £90,000.
0:08:31 > 0:08:34You bought it, sir, well done.
0:08:34 > 0:08:39The property was bought by local couple Kirsty and Ben, for £90,000.
0:08:39 > 0:08:42Bang on that new guide price.
0:08:42 > 0:08:45They brought along their daughters to show them the house.
0:08:45 > 0:08:48Could these be our youngest developers yet?
0:08:48 > 0:08:49While the girls are looked after,
0:08:49 > 0:08:51I grabbed a chat with Mum and Dad
0:08:51 > 0:08:54as I was keen to hear their plans for this house.
0:08:54 > 0:08:58Ben and Kirsty, great to meet you both.
0:08:58 > 0:09:00Congratulations!
0:09:00 > 0:09:02Tell me why you wanted to buy this place?
0:09:02 > 0:09:05We've had a new daughter called Elsie, yep,
0:09:05 > 0:09:08- she was born 12 days ago. - 12 days old?
0:09:08 > 0:09:10- Yeah.- Wow. And she joins...
0:09:10 > 0:09:13Joins Esmae, who's 19 months old.
0:09:13 > 0:09:16- Oh, wow.- So, yeah, we've got two. Two girls now.- Fantastic.
0:09:16 > 0:09:19And that was what prompted you... You wanted to move?
0:09:19 > 0:09:21It was, yeah, we wanted the extra bedroom,
0:09:21 > 0:09:24we want the girls to have a bedroom each of their own.
0:09:24 > 0:09:26And do you know the area?
0:09:26 > 0:09:28Yeah, we've...
0:09:28 > 0:09:33- Well, Kirsty's lived in the area for the past four years and I've been here my whole life.- Right.
0:09:33 > 0:09:35Fantastic. So do you know people?
0:09:35 > 0:09:37Yeah, yeah. Most people.
0:09:37 > 0:09:40- Everybody knows everybody in the village.- Do they?
0:09:40 > 0:09:43But it's a lovely little village, isn't it?
0:09:43 > 0:09:45The countryside and...
0:09:45 > 0:09:48That's the big deal, the big draw.
0:09:48 > 0:09:51Kirsty, what was it about this house then that you really liked?
0:09:51 > 0:09:55The fact that it's up the road from our extended family.
0:09:55 > 0:09:58So all support and help is on hand, on tap.
0:10:00 > 0:10:05The space, the potential, the children can have a playroom,
0:10:05 > 0:10:08which is something I had when I was growing up and I've always wanted
0:10:08 > 0:10:11for them. It's as close to building your own home as you're going to get
0:10:11 > 0:10:13because it is literally just a shell.
0:10:13 > 0:10:15So we can put our own stamp on it from the offset.
0:10:15 > 0:10:19So tell me what you're going to do then to make it into your own.
0:10:19 > 0:10:22We need to start with the top and work our way down, really.
0:10:22 > 0:10:28We're going to start by refelting the roof and then addressing the...
0:10:28 > 0:10:30Ceiling in the master bedroom needs replacing.
0:10:30 > 0:10:34- Right.- Full rewire, replaster throughout.
0:10:34 > 0:10:38We'd like to put a wet room of some description upstairs.
0:10:39 > 0:10:41New kitchen, new bathroom.
0:10:43 > 0:10:46And then we'll attempt the garden at a much later date.
0:10:46 > 0:10:49- New carpets as well. - Yeah, for sure.
0:10:49 > 0:10:51Obviously you mentioned about a wet room,
0:10:51 > 0:10:53there isn't a toilet facility upstairs,
0:10:53 > 0:10:55is that what you're planning to introduce?
0:10:55 > 0:11:00- Yeah.- Yeah, we'd like a toilet upstairs at the very, very least.
0:11:00 > 0:11:02Right. But maybe a shower if you can.
0:11:02 > 0:11:04- If we can.- Squeeze one in.
0:11:04 > 0:11:08And then, how are the rooms going to be divided? Big one at front?
0:11:08 > 0:11:13We hope so, yeah. We'd like the biggest room, obviously.
0:11:13 > 0:11:18And the kids can't speak yet, so they can't actually put their oar in.
0:11:18 > 0:11:22Yeah, yeah. We're not quite sure on which room to divide up yet.
0:11:22 > 0:11:25We're going to seek advice on that and then we'll see.
0:11:25 > 0:11:29- OK.- We like the potential that the back room's got for possibly a balcony
0:11:29 > 0:11:34on the top of the flat roof looking out and making the most of the views.
0:11:34 > 0:11:35So we're in a bit of limbo, really.
0:11:35 > 0:11:40Do we compromise and have a smaller bedroom, with possibly a balcony,
0:11:40 > 0:11:44or do we have a front master bedroom, which is a lot bigger?
0:11:44 > 0:11:46Right, OK.
0:11:46 > 0:11:48So Ben and Kirsty have some pretty big ideas
0:11:48 > 0:11:50for their new family home.
0:11:50 > 0:11:54Thankfully, they'll have friends and family ready and willing to help out
0:11:54 > 0:11:58on the build, which they hope will take no longer than seven to eight
0:11:58 > 0:12:01months, and within a budget of 15-20,000.
0:12:03 > 0:12:05That all sounds very sensible to me,
0:12:05 > 0:12:10although visiting an auction house when heavily pregnant probably wasn't.
0:12:12 > 0:12:14What about the auction, how was that for you?
0:12:14 > 0:12:15Scary. Yeah.
0:12:15 > 0:12:17We didn't have a clue.
0:12:17 > 0:12:18We'd never been to an auction before,
0:12:18 > 0:12:22didn't know what to expect and we weren't sure how it was going to pan
0:12:22 > 0:12:24out, so it was very nerve racking.
0:12:24 > 0:12:29It wasn't very good for your heart rate and being three weeks pregnant.
0:12:29 > 0:12:32It was very emotional, hormones going ten to the dozen.
0:12:32 > 0:12:35But it was a different experience.
0:12:35 > 0:12:37I wouldn't rule it out in future.
0:12:37 > 0:12:41- And you're happy with what you paid? - Oh, yes.- Very happy, very happy.
0:12:41 > 0:12:43Congratulations to you both. I'm delighted for you.
0:12:43 > 0:12:48- Good luck with it all. - I look forward to seeing how you get on.- Thank you very much.
0:12:48 > 0:12:51Well, how great that Kirsty and Ben are planning to turn this place
0:12:51 > 0:12:55into a family home and with such gorgeous children, including little Elsie,
0:12:55 > 0:12:58they've certainly got all the inspiration they need.
0:12:58 > 0:13:02How will they get on? You can find out later in the show.
0:13:07 > 0:13:12This is Darwen, a town in Lancashire famed for its market.
0:13:12 > 0:13:17Opened in 1781, it boasts over 130 stores selling clothes,
0:13:17 > 0:13:21antiques and a variety of local produce.
0:13:21 > 0:13:25But let's see if we can bag a bargain with the property I'm here to see.
0:13:27 > 0:13:31So a charming market town, but what's on the market for our bidders?
0:13:31 > 0:13:34This is. It's a traditional two up, two down,
0:13:34 > 0:13:38with a guide price of £28,000 plus.
0:13:38 > 0:13:41See you in a minute.
0:13:41 > 0:13:44So in off the street, straight into the front room.
0:13:44 > 0:13:46And it's not a bad size at all.
0:13:46 > 0:13:50You have got this little porchway here for keeping the warm in.
0:13:50 > 0:13:55A little bit more security as well. Traditional terrace front room.
0:13:55 > 0:13:59But you have got some relatively new double-glazed windows as well.
0:13:59 > 0:14:03I have spotted a bit of damp just down there and another bit there.
0:14:03 > 0:14:05But a nice high ceiling.
0:14:05 > 0:14:09Not a bad sized room. I like it so far.
0:14:09 > 0:14:11Got your stairs up to the bedrooms.
0:14:13 > 0:14:16And more signs of damp up there as well.
0:14:16 > 0:14:21It's a decent-sized room in a terrace house of this age.
0:14:21 > 0:14:25Little bit of storage space as well and you've got double-glazed
0:14:25 > 0:14:30windows in here as well. So not bad at all. Seems to be quite sturdy.
0:14:30 > 0:14:34Into here, which is an extension, for sure.
0:14:34 > 0:14:37The house would have stopped there, they've put this on at a later date.
0:14:37 > 0:14:41Bit of a galley kitchen, not a bad size, but it's completely dated.
0:14:41 > 0:14:44This all needs to be ripped out and you need to start again
0:14:44 > 0:14:46with a nice brand-new kitchen.
0:14:46 > 0:14:50And at the end, we have got, just round the corner there,
0:14:50 > 0:14:56a downstairs toilet, which is unexpected, but really, really good news.
0:14:56 > 0:14:59What is there to be found upstairs?
0:15:01 > 0:15:05Well, it needs a good clear-out, but otherwise a decent start.
0:15:05 > 0:15:09Two good-sized living rooms, a galley kitchen and with a downstairs loo,
0:15:09 > 0:15:11it's full of surprises.
0:15:13 > 0:15:17Let's hope there's nothing nasty lurking in those damp patches.
0:15:18 > 0:15:21Upstairs to the two bedrooms.
0:15:21 > 0:15:25One at the front of the property, just there, it's a double bedroom,
0:15:25 > 0:15:28it's a good size, little bit tired though.
0:15:28 > 0:15:31Family bathroom is there. Same story applies.
0:15:31 > 0:15:35Take all that out, put something nice and fresh and warm in there.
0:15:35 > 0:15:40But it does mean there's two toilets in this house, which is good news.
0:15:40 > 0:15:45Into the back bedroom and, again, it's OK, it just needs a bit of TLC.
0:15:45 > 0:15:48More signs of damp up there as well.
0:15:48 > 0:15:53Haven't found any central heating as yet, which is a bit of a problem,
0:15:53 > 0:15:55but they do have a sunbed, though!
0:15:55 > 0:15:59# But that won't keep me warm in the middle of the night... #
0:15:59 > 0:16:01Yes, you've guessed it.
0:16:01 > 0:16:03# That don't impress me much! #
0:16:03 > 0:16:08Because storage heaters and gas fires aren't going to cut it nowadays.
0:16:08 > 0:16:12Let's see if a local estate agent's opinion will have me warming to this house.
0:16:14 > 0:16:18First, let's take the temperature of the local market.
0:16:18 > 0:16:21The local market at the moment is very buoyant.
0:16:21 > 0:16:24We're finding that many properties that are coming on, old and new,
0:16:24 > 0:16:26that have been on for a while are selling.
0:16:26 > 0:16:32Also, plenty of landlords are now purchasing in order to rent them out as well.
0:16:32 > 0:16:35That's good news, but what about the house itself?
0:16:36 > 0:16:40First thing that needs doing to the property to get it back up at
0:16:40 > 0:16:42the market standard would be to put central heating in.
0:16:42 > 0:16:46Obviously decorating as well and new kitchen and bathroom to get that up
0:16:46 > 0:16:49to full market standard.
0:16:49 > 0:16:53So what could it cost to get this house ready for the sales market?
0:16:53 > 0:16:55Fully, to renovate the property,
0:16:55 > 0:16:57to get everything up to a full market standard,
0:16:57 > 0:17:01you're probably looking around the £15,000.
0:17:01 > 0:17:03That's almost half the guide price.
0:17:03 > 0:17:06Is there still profit to be made after the renovation costs?
0:17:08 > 0:17:13Once renovated, I would expect this property to achieve £60,000.
0:17:13 > 0:17:16So providing you can get the house for around the guide price,
0:17:16 > 0:17:19you could make a profit if you were to sell on.
0:17:19 > 0:17:22What about rental?
0:17:22 > 0:17:24Once renovated, I would expect this property to achieve
0:17:24 > 0:17:27£375 per calendar month.
0:17:27 > 0:17:31Based on the guide price and the agent's renovation estimate,
0:17:31 > 0:17:34that could mean a 10.5% yield.
0:17:37 > 0:17:41So there are a few issues that need to be sorted here, but nothing major.
0:17:41 > 0:17:44It's a traditional two up, two down, with two loos.
0:17:44 > 0:17:49Let's see who thought it was too good to be true when it went under the hammer.
0:17:57 > 0:18:01First-floor landing, bedroom one, bedroom two, bathroom.
0:18:01 > 0:18:04Needs a lick of paint maybe. 28's your guide.
0:18:05 > 0:18:10Good investment one. Who's here, then? Lot 74, start me 28.
0:18:10 > 0:18:1325. 20.
0:18:13 > 0:18:16Let's get the bids. Can't sell it without one.
0:18:16 > 0:18:1820? You're my friend.
0:18:18 > 0:18:22At 20, 21, 22, 23,
0:18:22 > 0:18:2524, 25, 26, 27, 28.
0:18:25 > 0:18:29No? 27 here, with you at 27.
0:18:29 > 0:18:32At 27, are we done?
0:18:32 > 0:18:35At £27,000? 28, new bid.
0:18:35 > 0:18:3829, 30. 30, I'm bid.
0:18:38 > 0:18:4131, 32. 32 bid.
0:18:41 > 0:18:4333, 34.
0:18:44 > 0:18:47There at 34, with you at 33, seated.
0:18:47 > 0:18:51With you, against you and against you. £33,000.
0:18:51 > 0:18:56Here to sell, don't lose it. First time, second time, third time.
0:18:56 > 0:19:01Take a half? If not, at £33,000.
0:19:01 > 0:19:05Well done, sir. Can I have your panel number, please? 69.
0:19:05 > 0:19:08The successful bid of 33 grand was made by Tony.
0:19:08 > 0:19:10I caught up with him to find out what he had planned
0:19:10 > 0:19:14for the tired two up, two down terrace.
0:19:14 > 0:19:15Tony, nice to meet you.
0:19:15 > 0:19:17- Nice to meet you too. - Congratulations, sir.
0:19:17 > 0:19:20- Thank you.- What was it about this house that you loved?
0:19:20 > 0:19:23It's got two toilets!
0:19:24 > 0:19:29- It's got a downstairs toilet, which is quite unusual for a terrace house, for this size.- Yeah.
0:19:29 > 0:19:34And so, that was the first thing that instructed my mind
0:19:34 > 0:19:37and so I had a price in mind to the auctions
0:19:37 > 0:19:39and actually went over slightly, actually.
0:19:39 > 0:19:42OK. And did that disappoint you slightly?
0:19:42 > 0:19:45Just slightly, yes. Just slightly.
0:19:45 > 0:19:48Before property, what were you doing beforehand? Your work? Your job?
0:19:48 > 0:19:51In fact, I have a restaurant just up the road,
0:19:51 > 0:19:54so we've been trading for 20-plus years
0:19:54 > 0:19:57and this is my main... my main profession.
0:19:57 > 0:20:01OK, have you wanted to get into property for some time?
0:20:01 > 0:20:04- Over ten years now.- Really? - Yeah. So I'm a slow starter.
0:20:04 > 0:20:06DION LAUGHS
0:20:06 > 0:20:08And is this the first one for you?
0:20:08 > 0:20:10This is my ninth one, actually.
0:20:10 > 0:20:12What got you into property, then?
0:20:12 > 0:20:15Well, I mean, property is always...
0:20:15 > 0:20:18- I've always been interested in this kind of industry...- Mm-hm.
0:20:18 > 0:20:21..and I always felt, the future...
0:20:21 > 0:20:24- OK.- ..this seemed to be a next logical step.
0:20:24 > 0:20:29- So this is your pension?- Hopefully. Hopefully.- Everybody hopes that!
0:20:29 > 0:20:31- Yeah. - Put your money in the right place
0:20:31 > 0:20:34- and hopefully it'll look after you later on.- That's the plan.
0:20:34 > 0:20:37Were you looking for something like this, this kind of property?
0:20:37 > 0:20:41No, not... Just anything that's within the price range, really.
0:20:41 > 0:20:43- OK.- It was all down to the numbers.
0:20:43 > 0:20:45What do you intend to do to this property?
0:20:45 > 0:20:48Well, it should be a straightforward, um, come in,
0:20:48 > 0:20:50strip it, prepare it, a full refurb.
0:20:50 > 0:20:52Make it nice and tidy.
0:20:52 > 0:20:55And are you going to change the bathroom as well?
0:20:55 > 0:20:58- Oh, yeah, definitely. Have you seen the state of it?- I have!
0:20:58 > 0:21:00- I just wanted to double check. - Ha-ha!- That's all!
0:21:00 > 0:21:04Yeah, that will need a complete refit.
0:21:04 > 0:21:06And what can we expect when we come back?
0:21:06 > 0:21:09You should, um... Everything should be nice and bright,
0:21:09 > 0:21:13nice and modern and nice and neutral.
0:21:13 > 0:21:15There is a bit of damp as well. Has that concerned you?
0:21:15 > 0:21:18- I think it's just coming from the toilet.- OK.
0:21:18 > 0:21:21- I think it's pretty straightforward. - So, nothing to worry about there?
0:21:21 > 0:21:23No, nothing to worry about, I think this is probably
0:21:23 > 0:21:28the least work I need to do, compared to the others.
0:21:28 > 0:21:31- Is there anything else that worries you?- Not yet.
0:21:31 > 0:21:34We'll soon find out when my builder comes in!
0:21:34 > 0:21:36At the moment, it looks pretty straightforward.
0:21:36 > 0:21:39You mentioned your builder - have you got people to do the work?
0:21:39 > 0:21:42I've got a few people, just waiting for them to get back to me,
0:21:42 > 0:21:44They've already been in and looked at the place.
0:21:44 > 0:21:47So are they guys that you use all the time on your other properties?
0:21:47 > 0:21:51Just one or two I've used before. One or two I've never used before.
0:21:51 > 0:21:54- So they'll give me a comparison. - What are they going to charge you?
0:21:54 > 0:21:56How much will this cost? What's your budget?
0:21:56 > 0:21:58Hopefully as little as possible!
0:21:58 > 0:22:00HE LAUGHS: Obviously!
0:22:00 > 0:22:03Maybe, hopefully, no more than ten.
0:22:03 > 0:22:06- £10,000 to get it in? - Yeah, no more than ten, hopefully.
0:22:06 > 0:22:09- Full central heating, toilet... - Mm-hm.
0:22:09 > 0:22:14..er, maybe the kitchen and a full redecoration.
0:22:14 > 0:22:16Yeah, hopefully, no more than ten.
0:22:16 > 0:22:19OK, so are you changing the kitchen completely? What are your plans?
0:22:19 > 0:22:21Er, there's two options -
0:22:21 > 0:22:26complete change or maybe just update some of the units or some doors,
0:22:26 > 0:22:31just to refresh the whole look, and just paint, where necessary.
0:22:31 > 0:22:34And what about your timescale? How long is it going to take?
0:22:34 > 0:22:36Hopefully, no more than two months.
0:22:36 > 0:22:38OK, so a reasonably quick turnaround.
0:22:38 > 0:22:41- It has to be quick for this area, yes.- OK.
0:22:41 > 0:22:44Why do you want to make it as quick as that?
0:22:44 > 0:22:46So I can rent it out quickly.
0:22:46 > 0:22:49- You want to get it on the rental market?- Definitely, that's right.
0:22:49 > 0:22:53- OK, and are you going to get involved yourself?- Unlikely.
0:22:53 > 0:22:56You would not trust me with a paintbrush.
0:22:56 > 0:22:59You don't get your hands dirty, you leave it to the builders.
0:22:59 > 0:23:01- Well, I can peel a paper or two. - LAUGHTER
0:23:01 > 0:23:03Apart from that, yes.
0:23:03 > 0:23:06- That's enough! That's enough! - I just leave it to the experts.
0:23:06 > 0:23:10- OK, so ten grand and two months? - Hopefully, yes.- Yeah?
0:23:10 > 0:23:13It depends. Hopefully, the workmen behave themselves.
0:23:13 > 0:23:16- Listen, good luck.- Thank you. - Good luck to you, all the best.
0:23:16 > 0:23:17- Thank you.- Take care.
0:23:19 > 0:23:23So, laidback Tony is not going to get his hands dirty at all.
0:23:23 > 0:23:26He's going to leave it all to his trusty team of builders,
0:23:26 > 0:23:30but I think they might find that damp a little more of an issue
0:23:30 > 0:23:31than Tony first thought.
0:23:31 > 0:23:34You can find out how they all got on later in the programme.
0:23:36 > 0:23:39Coming up, Lucy gets more than she bargained for
0:23:39 > 0:23:42at this maisonette in South London.
0:23:42 > 0:23:44A bit of storage space perhaps in here?
0:23:44 > 0:23:45Oh! No!
0:23:47 > 0:23:49And back at the house in Darwen,
0:23:49 > 0:23:53restaurateur Tony thought he had a recipe for success.
0:23:53 > 0:23:55Then the damp really showed through.
0:24:00 > 0:24:03We're getting some fresh country air by going back to Wood Lane
0:24:03 > 0:24:07in Staffordshire, where I saw a traditional semidetached house.
0:24:08 > 0:24:12It was bigger than you might expect, it had a large kitchen,
0:24:12 > 0:24:15and as is so often the case with these houses,
0:24:15 > 0:24:16the bathroom was at the back.
0:24:16 > 0:24:20However, moving it upstairs was an option as there was plenty of space
0:24:20 > 0:24:22that could easily be reconfigured.
0:24:25 > 0:24:27Not so easy is going to be this. Look!
0:24:27 > 0:24:31Really bad problems with damp along this far wall
0:24:31 > 0:24:34and the danger is it's affected the floor.
0:24:34 > 0:24:37LOUD SQUEAKING
0:24:37 > 0:24:39I'd better not do that too much more!
0:24:39 > 0:24:43Hmm, no! This was not the kind of trampoline you'd want.
0:24:43 > 0:24:46But on the plus side, you could certainly fit one in the garden.
0:24:48 > 0:24:49But that's not it.
0:24:49 > 0:24:52This is the garden!
0:24:52 > 0:24:54How fantastic is that?
0:24:54 > 0:24:58It really was special and a great size for a family.
0:24:58 > 0:25:02So, no surprise that paying £90,000 for this at auction
0:25:02 > 0:25:05was a local couple, Kirsty and Ben,
0:25:05 > 0:25:10who saw it as the perfect house for their recently-expanded family.
0:25:10 > 0:25:15We've had a new daughter called Elsie, she was born 12 days ago.
0:25:15 > 0:25:20- 12 days old!- Yeah! - Wow! And she joins...
0:25:20 > 0:25:22Joins Esmae, who's 19 months old.
0:25:22 > 0:25:25- Wow!- So, yeah, we've got two little girls now.
0:25:25 > 0:25:28Fantastic, and that was what prompted you? You wanted to move?
0:25:28 > 0:25:30It was, yeah, we wanted the extra bedroom.
0:25:30 > 0:25:33We wanted the girls to have a bedroom each of their own.
0:25:35 > 0:25:38'This house seemed to be perfect to raise their daughters in
0:25:38 > 0:25:41'and I'm happy to report they've managed to turn it into a home
0:25:41 > 0:25:44'within their eight-month timescale.
0:25:44 > 0:25:48'However, you know how busy things can be with a family,
0:25:48 > 0:25:52'so it's a further year on before we've managed to come back.
0:25:52 > 0:25:55'And you know what they say - there is no place like home.
0:25:55 > 0:25:58'Kirsty was very keen the girls should have a playroom
0:25:58 > 0:26:00'and it's a roaring success.'
0:26:00 > 0:26:04I had a playroom as a child and so did Ben - we were really fortunate -
0:26:04 > 0:26:08and it was just one of our dreams when we realised we were pregnant
0:26:08 > 0:26:11and we were moving house, that that was on our top five
0:26:11 > 0:26:15of the list that it must have space for a playroom for the children,
0:26:15 > 0:26:19so, as you can see, there's a nice big space for them,
0:26:19 > 0:26:21and we can close the doors at 7pm when they go to bed
0:26:21 > 0:26:24and we don't need to see a single toy, so that's an added bonus.
0:26:27 > 0:26:29Ben and Kirsty have also toyed around
0:26:29 > 0:26:33with the layout in the old kitchen, which was lacking in space.
0:26:38 > 0:26:41It's not just the new unit and appliances that work for me.
0:26:41 > 0:26:43It's what's happened to the old bathroom.
0:26:45 > 0:26:49The addition of a dining room here really transforms downstairs.
0:26:49 > 0:26:52There is still a toilet and, with those double doors
0:26:52 > 0:26:55leading out to the garden, it all flows wonderfully.
0:26:55 > 0:26:58But I hear you say, "What about the bathroom?"
0:26:58 > 0:27:01Not to worry! Upstairs has all the answers.
0:27:02 > 0:27:05They've managed to take some space from the back bedroom
0:27:05 > 0:27:08and install a bathroom that, though internal,
0:27:08 > 0:27:12does offer enough space for a bath with an overhead shower.
0:27:12 > 0:27:14All within easy reach of the bedrooms.
0:27:15 > 0:27:19Elsie and Esmae have their own separate rooms, of course,
0:27:19 > 0:27:23so I'm sure there will be no arguments later in life.
0:27:23 > 0:27:25Well, less arguments, anyway.
0:27:25 > 0:27:27But settling squabbles will be child's play
0:27:27 > 0:27:31compared with what it must've taken to renovate this house.
0:27:31 > 0:27:34It was really difficult juggling everything,
0:27:34 > 0:27:36with Ben working full-time
0:27:36 > 0:27:39and myself on maternity leave with a toddler and a newborn.
0:27:39 > 0:27:42It was down to me to come to the house to meet the tradesmen,
0:27:42 > 0:27:47to get a range of quotes, to do the haggling and the organising,
0:27:47 > 0:27:52checking that it stayed on track and, with the extra challenge
0:27:52 > 0:27:56of two young children as well, we were extra pleased with the outcome.
0:27:56 > 0:27:58And so they should be.
0:27:58 > 0:28:01But what about the girls? How are they enjoying their home?
0:28:03 > 0:28:05Elsie's now 20 months old,
0:28:05 > 0:28:08so she was only 12 days old when she was last filmed, so really tiny.
0:28:08 > 0:28:11Esmae is now three.
0:28:11 > 0:28:15'Um, they absolutely love the extra space they've got here.
0:28:15 > 0:28:18'They love their playroom and they're both outside girls,
0:28:18 > 0:28:22'so, every opportunity they can to get outside, they're out there.
0:28:22 > 0:28:23'That's why it was so important
0:28:23 > 0:28:26'for us to make it safe as soon as possible.'
0:28:26 > 0:28:30I think they've done a great job and Ben and the girls have arrived home
0:28:30 > 0:28:32to join Mum in front of the camera.
0:28:32 > 0:28:36Kirsty and Ben certainly deserve their quality time together
0:28:36 > 0:28:39after all the hard graft it's taken to get here.
0:28:39 > 0:28:42- We didn't do any of the work, really, together...- No.
0:28:42 > 0:28:45..cos one of us was always looking after one of the kids.
0:28:45 > 0:28:47- Ben did a lot of the manual grafting.- Yeah.
0:28:47 > 0:28:50- Like when we dropped the ceiling. You knocked all those out.- Yeah.
0:28:50 > 0:28:53And I did a lot of the painting. So it was passing ships...
0:28:53 > 0:28:57- Yeah, passing ships.- ..the best part of eight months.- We didn't see each other for a while.
0:28:57 > 0:29:01Well, with the house shipshape, I'd say it's time to ask
0:29:01 > 0:29:03two local property experts around
0:29:03 > 0:29:06to see if Kirsty and Ben have spent wisely,
0:29:06 > 0:29:09because, although they aren't selling any time soon,
0:29:09 > 0:29:14they did go a little bit overboard with their £25,000 budget.
0:29:14 > 0:29:20Their spend of £27,000 brought their total investment to 117,000.
0:29:20 > 0:29:23First, let's hear from the agent from the auction house who sold it.
0:29:24 > 0:29:26I think the vendors have done
0:29:26 > 0:29:28a wonderful job renovating the property throughout,
0:29:28 > 0:29:32um, kept it at a really good size and done really additional benefits
0:29:32 > 0:29:36that's going to appeal to people looking for the property, which will
0:29:36 > 0:29:39really appeal to families - moving the bathroom upstairs
0:29:39 > 0:29:41and extending the kitchen area to the back here.
0:29:41 > 0:29:44But opening out that stunning view at the rear of the property as well.
0:29:44 > 0:29:49What a great job they've made of it. Um, they've...
0:29:49 > 0:29:52moved the bathroom upstairs,
0:29:52 > 0:29:56still left the downstairs loo, which is a must for families.
0:29:56 > 0:29:59They've done a really, really clever thing with the bathroom -
0:29:59 > 0:30:01pinched a bit of the bedroom,
0:30:01 > 0:30:06but still kept a separate access off the landing.
0:30:06 > 0:30:07A bit of a masterstroke, really.
0:30:07 > 0:30:10Really, really good layout of accommodation.
0:30:11 > 0:30:13Both the agents are really impressed.
0:30:13 > 0:30:15But will the sales figures be impressive, too?
0:30:17 > 0:30:19If we were to market this property,
0:30:19 > 0:30:23we'd be looking at a figure of £165,000.
0:30:23 > 0:30:25If the property is due to come to market,
0:30:25 > 0:30:28we would look to market in the region of £165,000.
0:30:28 > 0:30:32That figure would give them a pre-tax profit of 48 grand,
0:30:32 > 0:30:36so the big question is, could it tempt them to sell their home?
0:30:38 > 0:30:42I think it might, one of us! No, no, I don't think it will.
0:30:42 > 0:30:46- No.- No, not at this point in time. Too much with two little ones.
0:30:46 > 0:30:48- No, we're thankful, now it's done...- Yeah.
0:30:48 > 0:30:51..we can actually relax a bit at the weekends.
0:30:51 > 0:30:54Down the line, we would like to buy, wouldn't we, with
0:30:54 > 0:30:57- a plot of land in?- Yeah, eventually. - That's the dream, though.
0:30:57 > 0:30:59Build our own one day, eventually.
0:30:59 > 0:31:03Well, if they follow Elsie's lead and keep on "climbing the ladder",
0:31:03 > 0:31:07I'm sure they can eventually reach the top and build that dream home.
0:31:07 > 0:31:09It might take a few swings,
0:31:09 > 0:31:12but fingers crossed they'll make it in the end.
0:31:18 > 0:31:23Today, Lucy is in Plumstead, London, in the Royal Borough of Greenwich.
0:31:24 > 0:31:27House prices here have risen in the last couple of years, due to the
0:31:27 > 0:31:31Crossrail development, which will have a terminal in nearby Woolwich.
0:31:31 > 0:31:33MUSIC: In My Place by Coldplay
0:31:35 > 0:31:38Well, this can sometimes be a bit of a busy road.
0:31:38 > 0:31:41So, if you do want to get away from the noise of the cars,
0:31:41 > 0:31:44well, there's a lovely peaceful common just 30 seconds' walk away.
0:31:44 > 0:31:46So what am I here to see?
0:31:46 > 0:31:51Well, it's a two-bed maisonette that had a guide price of £150,000.
0:31:51 > 0:31:55Now, it definitely looks a little bit more tired than its neighbours
0:31:55 > 0:31:59from the outside, but it's what's on the INSIDE that really counts.
0:31:59 > 0:32:02# No matter, cos there's
0:32:02 > 0:32:05# Something inside so strong... #
0:32:05 > 0:32:07One bit of good news is that
0:32:07 > 0:32:10the maisonette still has 920 years to go on its lease,
0:32:10 > 0:32:15with a ground rent of just £4 per annum and no service charge.
0:32:16 > 0:32:19One of the bonuses of buying a maisonette -
0:32:19 > 0:32:21you get your own front door.
0:32:21 > 0:32:23And I like that!
0:32:23 > 0:32:26I'm not liking the inside as much, I have to say.
0:32:26 > 0:32:28So what have we got? Cork tiles up there.
0:32:28 > 0:32:32Whoa! I haven't seen those for a long time.
0:32:32 > 0:32:34There's a lot of nicotine stains everywhere.
0:32:34 > 0:32:36You can see this flat hasn't been touched in a long time.
0:32:36 > 0:32:39The kitchen is in a right old state.
0:32:39 > 0:32:42Look - I mean, there's just wallpaper peeling off the walls.
0:32:42 > 0:32:45Hmm, avocado bathroom. I think that's going to have to go.
0:32:45 > 0:32:49You can just tell that this flat needs a complete overhaul.
0:32:49 > 0:32:51You've got a loft space up there.
0:32:51 > 0:32:55Oh, and I did see a bit of daylight peeking through!
0:32:55 > 0:32:58Not so good. I think somebody needs to go up there and investigate.
0:32:58 > 0:33:00- And in here... Oh! - FLOORBOARDS WOBBLE
0:33:00 > 0:33:03..into the lounge... Now that needs to be looked at!
0:33:03 > 0:33:05Look at those!
0:33:05 > 0:33:09Yeah, a lot of work and attention to detail in this property.
0:33:09 > 0:33:12And, um, as I said, terribly old-fashioned.
0:33:12 > 0:33:14You've got some hessian on the walls.
0:33:14 > 0:33:16You've got a bit of strip lighting up there.
0:33:16 > 0:33:18Yep, we're loving that.
0:33:18 > 0:33:22Er, look, you can see it's still plugged in from many moons ago.
0:33:22 > 0:33:23Hmm, I'm not sure about this!
0:33:23 > 0:33:27This is something that I would take out to really open the space up.
0:33:27 > 0:33:30But if you look beyond what you've actually got here,
0:33:30 > 0:33:31you've got some good-sized rooms.
0:33:31 > 0:33:36So whoever takes this on is going to have to think about seeing beyond
0:33:36 > 0:33:39what you can actually see now. I think you need a bit of vision.
0:33:39 > 0:33:41A bit of storage space, perhaps, in here?
0:33:41 > 0:33:43Oh! No! Come, come!
0:33:43 > 0:33:45Look. Be careful - broken glass.
0:33:45 > 0:33:47But this is a little balcony.
0:33:47 > 0:33:49I was not expecting this.
0:33:49 > 0:33:51Well, this is lovely. It's always nice,
0:33:51 > 0:33:54when you're in an upstairs flat, to be able to get outside.
0:33:54 > 0:33:57And with this property, you get a little section of garden.
0:33:59 > 0:34:01Witness the not-so-subtle dividing fence
0:34:01 > 0:34:04straight down the middle of the garden at the back.
0:34:04 > 0:34:09And whilst this outside space might need some TLC, don't knock it.
0:34:09 > 0:34:13Outside space in London is worth its width in gold.
0:34:15 > 0:34:19Back inside now to the larger of the two bedrooms, and evidence
0:34:19 > 0:34:23that the central heating system is in need of renewal.
0:34:23 > 0:34:26So a bit of draught-proofing next door
0:34:26 > 0:34:29will need to be added to the to-do list.
0:34:29 > 0:34:33Somewhere that you are going to definitely need to spend some money
0:34:33 > 0:34:36is here. I mean, take a look at these windows!
0:34:36 > 0:34:42I don't ever think I've seen rotten frames like these anywhere before.
0:34:42 > 0:34:45I mean, they really are very, very bad.
0:34:45 > 0:34:47The window has just dropped.
0:34:47 > 0:34:49You can feel the draft coming through.
0:34:49 > 0:34:52You know, they're just so dated. Look, they've rusted up here.
0:34:52 > 0:34:55This little lever here - you can't even move it - so, yes,
0:34:55 > 0:35:01some new, shiny, double-glazed UPVC windows will be fantastic.
0:35:01 > 0:35:04It'll help the road noise, help the insulation.
0:35:04 > 0:35:05What do you think, bears?
0:35:05 > 0:35:08I think these windows need a bit of care!
0:35:08 > 0:35:12Which sums up the other rooms. So, to recap -
0:35:12 > 0:35:15the kitchen has virtually nothing in it but the kitchen sink.
0:35:17 > 0:35:21The bathroom, with its tongue-and-grooved, mahogany-stained ceiling,
0:35:21 > 0:35:26and its avocado - or is it pampas - '80s classic suite.
0:35:26 > 0:35:31The lounge with its stonemason fireplace kit and the spacious loft,
0:35:31 > 0:35:33which is probably only ever going to be storage,
0:35:33 > 0:35:35as none of the rest of the road
0:35:35 > 0:35:38have set a precedent by extending up there.
0:35:41 > 0:35:45We called in a local estate agent to tell us more about the area
0:35:45 > 0:35:50and give his opinion and valuation for this lot guided at £150,000.
0:35:53 > 0:35:55Plumstead is an up-and-coming area,
0:35:55 > 0:35:57and it has great transport links already,
0:35:57 > 0:36:00but will soon be benefiting from Crossrail.
0:36:00 > 0:36:03It has great local amenities and schools as well.
0:36:05 > 0:36:08What about the half garden at the back that needs a bit of pruning,
0:36:08 > 0:36:10not to mention maintenance?
0:36:10 > 0:36:13Um, having a garden to this flat is a huge bonus,
0:36:13 > 0:36:16especially people with children or if you just want some outside space.
0:36:16 > 0:36:20It also adds about £10,000-15,000 value to the property.
0:36:20 > 0:36:21Speaking of property value,
0:36:21 > 0:36:25what would they imagine it would be worth after a good refurbishment?
0:36:25 > 0:36:30Once renovated, I think this property would sell for £240,000-250,000.
0:36:32 > 0:36:35Well, I think it's fair to say this flat needs a lot of work,
0:36:35 > 0:36:39starting but certainly not ending with those windows.
0:36:39 > 0:36:42Still, if you can see past its current condition,
0:36:42 > 0:36:46it does have the makings of a really lovely home for someone.
0:36:46 > 0:36:49A good layout, as well as a balcony and garden.
0:36:49 > 0:36:52So who was prepared to use a bit of imagination?
0:36:52 > 0:36:55Let's head to auction and find out.
0:36:55 > 0:36:56Lot 53.
0:36:57 > 0:36:58I start 140.
0:37:00 > 0:37:02Flat, Plumstead, 140.
0:37:02 > 0:37:04Seems very low.
0:37:04 > 0:37:06140 with you sitting down.
0:37:06 > 0:37:08145 by the door.
0:37:08 > 0:37:10150.
0:37:10 > 0:37:11155...
0:37:11 > 0:37:15Unfortunately, our camera didn't capture the bidding on this occasion.
0:37:15 > 0:37:20We rejoin the auctioneer at £213,000.
0:37:20 > 0:37:22It's up to you. 213.
0:37:22 > 0:37:25212, first time.
0:37:25 > 0:37:27Second time.
0:37:27 > 0:37:29Third and last time, if you're all done?
0:37:29 > 0:37:31213. Lady's back in, sorry.
0:37:31 > 0:37:33214, sir?
0:37:36 > 0:37:37215, madam?
0:37:38 > 0:37:40216.
0:37:40 > 0:37:42217.
0:37:42 > 0:37:44216, standing up.
0:37:44 > 0:37:48First time, second time, third and last time...
0:37:50 > 0:37:52Sold, 216. Well done.
0:37:52 > 0:37:57Well, we didn't see successful Dean getting the property for 216 grand,
0:37:57 > 0:38:00but he came along to fill us in on what happened.
0:38:02 > 0:38:04Dean, congratulations.
0:38:04 > 0:38:06- Thank you.- So, talk me through what happened on auction day.
0:38:06 > 0:38:10- You went to auction with a price in mind?- Yeah, I did.- How much?
0:38:10 > 0:38:12It was roughly 200,000.
0:38:12 > 0:38:15- So you went to auction with £200,000 in your mind.- In mind, yeah.
0:38:15 > 0:38:18- That was your top, top limit? - That was the top limit, yeah.
0:38:18 > 0:38:21- You didn't stick to it, did you? - No, I didn't, no. I, er...
0:38:21 > 0:38:23What happened? Did you get overexcited?
0:38:23 > 0:38:25- Did you get carried away? - I got a bit overexcited
0:38:25 > 0:38:28and, also, I didn't want to lose it in the end.
0:38:28 > 0:38:29I thought, "I'm going to win it.
0:38:29 > 0:38:34"I've been sitting here for at least three or four hours, so it's mine."
0:38:36 > 0:38:37- MARTIN:- 'Well, not all his.
0:38:37 > 0:38:41'Dean has brought this with silent business partner Ashley.
0:38:41 > 0:38:44'Dean got into property after being made redundant,
0:38:44 > 0:38:47'having served 28 years in the civil service.
0:38:47 > 0:38:50'So why did Ashley and Dean decide
0:38:50 > 0:38:53'buying this property was the right thing to do?'
0:38:55 > 0:38:56It was the local area.
0:38:56 > 0:39:00The local area's going up in price at the moment.
0:39:00 > 0:39:02So I thought, better get in now!
0:39:02 > 0:39:05So tell me about the lease. It's quite appealing, isn't it?
0:39:05 > 0:39:08It is, that's one of the main reasons I actually wanted this property.
0:39:08 > 0:39:11It's got a 999-year lease on it.
0:39:11 > 0:39:17It's got no service charge, and it's only £4 a year ground rent.
0:39:17 > 0:39:22Which is like...virtually having a freehold property.
0:39:22 > 0:39:25That's really good that you're not going to be bombarded with extras,
0:39:25 > 0:39:28it really is just about £4 a year.
0:39:28 > 0:39:30It is, yeah. There's no hidden charges. No service charges,
0:39:30 > 0:39:32there's virtually nothing else to pay for.
0:39:32 > 0:39:34Yeah, that really is very attractive.
0:39:34 > 0:39:36So how well do you know Plumstead?
0:39:36 > 0:39:38Very well. I've lived here all my life.
0:39:38 > 0:39:40Did you get a chance to view the property prior to the auction?
0:39:40 > 0:39:43I did view the property before the auction.
0:39:43 > 0:39:44But once I came back,
0:39:44 > 0:39:47there's a few more things that I missed on the initial
0:39:47 > 0:39:49first viewing or second viewing when I came round.
0:39:49 > 0:39:52What was your first initial thought when you walked in?
0:39:52 > 0:39:54- Er...! - LUCY LAUGHS
0:39:54 > 0:39:57Well, it's growing on me now.
0:39:57 > 0:39:59Come on, it can't be!
0:39:59 > 0:40:01- I've seen worse, put it that way. - Yeah.
0:40:01 > 0:40:04To me, there isn't that much work to do.
0:40:04 > 0:40:08What about structurally? I know that you've got some tiles missing from the roof.
0:40:08 > 0:40:12Yeah, I didn't initially notice them when we did the viewing,
0:40:12 > 0:40:17but I think there's only about four tiles missing, so it shouldn't be too hard just to replace those.
0:40:17 > 0:40:19It's not a whole new roof.
0:40:19 > 0:40:22We'll address that first of all, that's where we'll start, at the top,
0:40:22 > 0:40:24then work back into here.
0:40:24 > 0:40:26Absolutely, that's something you need to address straightaway...
0:40:26 > 0:40:30- It is, yeah.- ..because that could get so much worse very quickly.
0:40:30 > 0:40:31Well, it could do, yeah. It's like,
0:40:31 > 0:40:34you don't want to do all down here then find out that it's ruined because
0:40:34 > 0:40:38you didn't address the four tiles that are missing up the top there.
0:40:38 > 0:40:39This property's for you and your friend?
0:40:39 > 0:40:41- Yeah.- Are you going to rent it out,
0:40:41 > 0:40:43is it going to be a long-term purchase?
0:40:43 > 0:40:47Or is it one that you've bought to do up and sell on?
0:40:47 > 0:40:49We haven't given it much thought at the moment.
0:40:49 > 0:40:53What we'll do is actually do it, get it how we want it,
0:40:53 > 0:40:57and then get some feedback and find out what it's worth,
0:40:57 > 0:41:02what it could rent for, and what the long-term values would be.
0:41:02 > 0:41:05Dean, let's compile a list together of what you think you need to do.
0:41:05 > 0:41:07- Right.- Starting in this room.
0:41:07 > 0:41:08OK.
0:41:08 > 0:41:10This has got to be taken out,
0:41:10 > 0:41:13the brick feature. Gas fire's got to go.
0:41:13 > 0:41:16New kitchen, new bathroom.
0:41:16 > 0:41:20Wooden flooring. Tiling in the bathroom, tiling in the kitchen.
0:41:20 > 0:41:22Central heating's got to be put in,
0:41:22 > 0:41:24and it's got to be rewired.
0:41:24 > 0:41:25Oh, and also the windows.
0:41:25 > 0:41:28I think you left something off that list. What about the roof?
0:41:28 > 0:41:31Oh, yes, I forgot about the roof. Er...
0:41:31 > 0:41:33Just because there's four tiles missing,
0:41:33 > 0:41:37I don't think it should take that long. So that is not a major task.
0:41:37 > 0:41:40- You see, that list is getting longer...- It is indeed.
0:41:40 > 0:41:42And all for the sum of... dun-dun-dun...
0:41:42 > 0:41:46- How much are you going to spend? - £10,000-£12,000, hopefully. - What? What?!
0:41:46 > 0:41:50You see, I thought you might hit me with an incredibly low 10-12 grand.
0:41:50 > 0:41:52- Do you really think you can do it for that?- Yes.
0:41:52 > 0:41:55- Yeah.- Really?- Yeah, should be able to do it for that, yeah.
0:41:55 > 0:41:57I mean, a kitchen's around, kind of, what, three grand?
0:41:57 > 0:42:00- Bathroom...?- Yeah, but have you seen the size of the kitchen?
0:42:00 > 0:42:01It's very small.
0:42:01 > 0:42:03- Bathroom's very small.- OK.
0:42:03 > 0:42:06So I'm hoping that you ARE going to be doing
0:42:06 > 0:42:07- quite a lot of the work yourselves.- Yes.
0:42:07 > 0:42:11OK. We will be. But I've got friends that will come in and help,
0:42:11 > 0:42:14I've got tradespeople that I know that are willing to help.
0:42:14 > 0:42:15Er...
0:42:15 > 0:42:19I'll roll my sleeves up and get on with it. So...
0:42:19 > 0:42:21hopefully it should keep the cost down.
0:42:21 > 0:42:23How long will it take, do you think?
0:42:23 > 0:42:29We're looking at sort of 8-10 weeks, hopefully, to turn it round.
0:42:29 > 0:42:30All depends on how fast
0:42:30 > 0:42:32the windows can be delivered and how fast
0:42:32 > 0:42:35they can manufacture the windows and get them here.
0:42:35 > 0:42:39- Mm.- And how free people are that are going to help -
0:42:39 > 0:42:42what time slots they've got to come and help me do it.
0:42:42 > 0:42:44Dean, congratulations. I can't wait to see the outcome,
0:42:44 > 0:42:46- good luck.- Thank you very, very much.- Thank you.
0:42:47 > 0:42:50Well, Dean seems pretty relaxed about the amount of work
0:42:50 > 0:42:55that needs to be done here... but £10,000-£12,000 - really?
0:42:55 > 0:42:56Sounds a little bit tight to me.
0:42:56 > 0:42:59Will he manage to keep his costs down
0:42:59 > 0:43:03so there's room to make a profit if he does decide to sell?
0:43:03 > 0:43:07Join me later on in the programme and you can find out how he gets on.
0:43:10 > 0:43:12Well, we've seen how one of our buyers got on.
0:43:12 > 0:43:14What about the other two?
0:43:14 > 0:43:18Yes, have they come up smelling of roses, or something less pleasant?
0:43:18 > 0:43:21Let's hope it's roses, Martin. Let's find out.
0:43:22 > 0:43:24'We're heading back to Darwen in Lancashire,
0:43:24 > 0:43:28'where I saw a two-bed mid-terrace property, that although had signs of
0:43:28 > 0:43:31'damp at the front, generally offered decent-size rooms
0:43:31 > 0:43:34'that led through to a galley kitchen.'
0:43:35 > 0:43:37Not a bad size.
0:43:37 > 0:43:40But it's completely dated. This all needs to be ripped out
0:43:40 > 0:43:43and you need to start again in here with a nice brand-new kitchen,
0:43:43 > 0:43:46then at the end we have got... Just round the corner there
0:43:46 > 0:43:49you have got a downstairs toilet.
0:43:49 > 0:43:54Which is...unexpected, but really, really good news.
0:43:54 > 0:43:56'I say good news, because a downstairs toilet
0:43:56 > 0:43:58'means that the bathroom must be upstairs.
0:43:58 > 0:44:02'A bonus when it comes to these classic two up, two downs.
0:44:02 > 0:44:04'It was bought by local restaurateur
0:44:04 > 0:44:06'and part-time property developer Tony,
0:44:06 > 0:44:08'who paid 33 grand for it.
0:44:08 > 0:44:11'He planned to refresh this place from top to bottom.'
0:44:12 > 0:44:14What can we expect when we come back?
0:44:14 > 0:44:17Everything should be nice and bright,
0:44:17 > 0:44:19nice and modern and neutral.
0:44:19 > 0:44:21'One thing that wasn't neutral
0:44:21 > 0:44:24'was Tony's views on the upstairs bathroom.'
0:44:24 > 0:44:26Are you going to change the bathroom as well?
0:44:26 > 0:44:28Oh, yeah. Definitely. Have you seen the state of it?
0:44:28 > 0:44:31I have - I just wanted to double-check, that's all!
0:44:31 > 0:44:34'We are back to double-check again,
0:44:34 > 0:44:35'and see what's been happening with
0:44:35 > 0:44:39'Tony's two up and two down, with two loos.
0:44:41 > 0:44:45'We were promised neutral decor, and we've got neutral.
0:44:45 > 0:44:48'This kitchen isn't top of the line,
0:44:48 > 0:44:50'but it's brand-new, modern
0:44:50 > 0:44:53'and much better than what was there before.
0:44:53 > 0:44:55'The same can be said for the downstairs toilet.
0:44:57 > 0:44:59'It's not quite got the wow factor,
0:44:59 > 0:45:02'but with Tony looking to get this rented out,
0:45:02 > 0:45:05'sometimes in property development it's best to...'
0:45:05 > 0:45:09# Keep it simple, keep it simple, son
0:45:09 > 0:45:11# We get the weekend long... #
0:45:13 > 0:45:16'Tony has chosen to keep things simple.
0:45:16 > 0:45:19'But that doesn't mean that everything HAS been simple.'
0:45:19 > 0:45:20When I took the property over,
0:45:20 > 0:45:24the property was empty for over two or three years, I'd been told.
0:45:24 > 0:45:28And if there was any serious damp issue,
0:45:28 > 0:45:30it would have shown up pretty obviously.
0:45:30 > 0:45:34But my builder didn't really pick up on that
0:45:34 > 0:45:36and didn't think it was an issue,
0:45:36 > 0:45:40until we decorated the whole thing,
0:45:40 > 0:45:43then the damp really showed through.
0:45:43 > 0:45:50So we had no choice but to have a damp proof course done
0:45:50 > 0:45:53after we had it redecorated.
0:45:53 > 0:45:56So that was a little knock-back.
0:45:56 > 0:45:58'What a shame.
0:45:58 > 0:46:00'Having to sort the damp,
0:46:00 > 0:46:02'and then redo the redecoration,
0:46:02 > 0:46:04'as well as getting in the trades where needed,
0:46:04 > 0:46:06'has led to the three-month timescale sliding.'
0:46:08 > 0:46:10From start to finish,
0:46:10 > 0:46:13probably it's taken about...
0:46:13 > 0:46:15over five months to do.
0:46:15 > 0:46:20We were only planning to do it in sort of, er...less than three.
0:46:20 > 0:46:24So there was slightly a couple of months over schedule.
0:46:26 > 0:46:31'This overrun of two months has also had an impact on his budget.'
0:46:31 > 0:46:37The original budget was hoping to be around 12K at the time.
0:46:37 > 0:46:43But we didn't anticipate the damp proof, which cost another 2K on top.
0:46:43 > 0:46:47And we WAS going to just refurb the kitchen,
0:46:47 > 0:46:51but we decided to have a full new kitchen,
0:46:51 > 0:46:55so that had to take into the equation as well.
0:46:55 > 0:46:59So now we've spent just short of 15K.
0:46:59 > 0:47:02For the area and for the rentals we're going to get,
0:47:02 > 0:47:05I'm pretty happy with the finished results.
0:47:05 > 0:47:08We could have pumped more money into this property
0:47:08 > 0:47:10and make it a bit more a wow factor,
0:47:10 > 0:47:12but there's no financial benefit,
0:47:12 > 0:47:16there's no real incentive to do any of that, so...
0:47:16 > 0:47:17So, yes, I'm happy.
0:47:17 > 0:47:23'He paid a very reasonable 33 grand for this at auction.
0:47:23 > 0:47:25'So, to get this house in a nice rentable condition
0:47:25 > 0:47:30'for the total sum of 48 grand, I'd say he's done pretty well.
0:47:30 > 0:47:32'But will two local agents agree?'
0:47:32 > 0:47:33To be honest with you,
0:47:33 > 0:47:36I was quite pleasantly surprised when I walked into the premises,
0:47:36 > 0:47:38in the sense that the outside
0:47:38 > 0:47:39doesn't really do it true justice.
0:47:39 > 0:47:43It doesn't give any indication of how well it's presented inside,
0:47:43 > 0:47:45or its actual size.
0:47:45 > 0:47:48I think the major selling points of this property are the fact that it's
0:47:48 > 0:47:50got two bathroom facilities -
0:47:50 > 0:47:52a three-piece bathroom on the first floor
0:47:52 > 0:47:55and a ground floor two-piece cloakroom -
0:47:55 > 0:47:57which is perfect for sort of families with children.
0:47:57 > 0:48:00I think the only negative I could really suggest with the property
0:48:00 > 0:48:02is that the decoration is very basic.
0:48:02 > 0:48:05They've kept the fireplace in the front lounge,
0:48:05 > 0:48:08which I think has seen better days,
0:48:08 > 0:48:11and is probably something that I'd consider taking out completely
0:48:11 > 0:48:12or replacing with a more modern fitting.
0:48:12 > 0:48:15But apart from that, the house is in generally very good condition.
0:48:15 > 0:48:20'The agents were split on the resale value of this property.
0:48:20 > 0:48:22'One agent suggested 45 grand
0:48:22 > 0:48:26'would reflect the basic nature of the decoration.
0:48:26 > 0:48:30'The other thought an absolute ceiling price of 60 grand
0:48:30 > 0:48:32'was just about right.
0:48:32 > 0:48:34'So he wouldn't make much of a profit on his £48,000 investment,
0:48:34 > 0:48:38'if he chose to sell.
0:48:38 > 0:48:43'But Tony has geared this property entirely for the rental market,
0:48:43 > 0:48:45'and won't be selling any time soon.
0:48:45 > 0:48:48'So let's get those all-important rentals.'
0:48:48 > 0:48:52In my opinion, the rental figure for a property of this type in the area
0:48:52 > 0:48:56at the moment would be £375 per calendar month.
0:48:56 > 0:49:01If this property was put on the open market to let,
0:49:01 > 0:49:04I would envision that it would be able to, erm...
0:49:04 > 0:49:07achieve around about £400 per calendar month.
0:49:07 > 0:49:13OK, that's slightly higher than I expected, which is promising.
0:49:13 > 0:49:15Yes, good. That's very good.
0:49:15 > 0:49:17'It certainly IS very good.
0:49:17 > 0:49:21'And although I wasn't the best at maths at school,
0:49:21 > 0:49:25'even I can do this sum, to get to the rental yield figure.
0:49:26 > 0:49:29'Right... £400 per month -
0:49:29 > 0:49:32'that will give Tony £4,800 a year,
0:49:32 > 0:49:36'which I think's a very handy number.
0:49:36 > 0:49:39'That's because Tony has invested 48 grand in this house,
0:49:39 > 0:49:41'so the yield is calculated
0:49:41 > 0:49:44'by taking the total investment of 48 grand,
0:49:44 > 0:49:48'dividing it by the yearly income of 4,800,
0:49:48 > 0:49:50'which works out at...
0:49:50 > 0:49:54'Yes, as I thought - a nice 10% yield.
0:49:54 > 0:49:56'That is good going,
0:49:56 > 0:49:58'and would mean that Tony's retirement plan
0:49:58 > 0:50:00'will be right on track.
0:50:00 > 0:50:03'He's lived in Darwen for over 20 years,
0:50:03 > 0:50:07'and he's pretty confident he's investing in the right area.'
0:50:07 > 0:50:09I see a very good future for Darwen.
0:50:09 > 0:50:13Darwen is a town that's regenerating itself,
0:50:13 > 0:50:17so I can see a good future in the next five to ten years,
0:50:17 > 0:50:20so let's hope that will reflect on the actual prices
0:50:20 > 0:50:23in five or ten years' time for this property.
0:50:23 > 0:50:25That's the plan.
0:50:31 > 0:50:34Earlier, Lucy was in Plumstead in Greenwich -
0:50:34 > 0:50:37the site of the new Crossrail development.
0:50:37 > 0:50:40Those digging Crossrail have made many archaeological discoveries
0:50:40 > 0:50:42from London's past.
0:50:42 > 0:50:45But this 150 grand guided maisonette flat
0:50:45 > 0:50:48was a time capsule ABOVE ground.
0:50:49 > 0:50:53Strip lighting, central heating from a time BEFORE central heating,
0:50:53 > 0:50:54windows without frames,
0:50:54 > 0:50:58avocado bathroom and Stone Age example of a skylight in the roof.
0:51:00 > 0:51:01And in here...
0:51:01 > 0:51:03Ooh! ..into the lounge.
0:51:03 > 0:51:06Now, that is something that needs to be looked at, look at those...
0:51:07 > 0:51:11Yeah. A lot of work and attention to detail in this property.
0:51:11 > 0:51:13Mind your step, Lucy.
0:51:13 > 0:51:16But Dean was taking it all in his stride.
0:51:16 > 0:51:20The former civil servant bought the property for £216,000
0:51:20 > 0:51:23with a silent partner, Ashley.
0:51:23 > 0:51:25What was your first initial thought when you walked in?
0:51:25 > 0:51:27- Er...! - LUCY LAUGHS
0:51:27 > 0:51:30Well, it's growing on me now.
0:51:30 > 0:51:32Come on, it can't be!
0:51:32 > 0:51:34- I've seen worse, put it that way. - Yeah.
0:51:34 > 0:51:37Dean, let's compile a list together of what you think you need to do.
0:51:37 > 0:51:40On second thoughts, don't make that list, Dean -
0:51:40 > 0:51:42the show's only an hour long.
0:51:42 > 0:51:45Lucy worried that his £10,000-£12,000 budget
0:51:45 > 0:51:48wasn't going to be enough to get this wreck back into shape.
0:51:48 > 0:51:51# Let's go livin'
0:51:51 > 0:51:53# In the past... #
0:51:55 > 0:51:57And we're now back, almost a year on -
0:51:57 > 0:52:01well over Dean's 8-10 week timescale.
0:52:01 > 0:52:04So has he dragged this flat from its shabby past
0:52:04 > 0:52:06into a better shape?
0:52:06 > 0:52:09# Ain't the future so bright
0:52:09 > 0:52:14# Now you're in love?
0:52:14 > 0:52:17# Oh, yeah Let's talk about it... #
0:52:17 > 0:52:21Well, this flat is unrecognisable from before.
0:52:21 > 0:52:24New windows, doors and plastering
0:52:24 > 0:52:26were the fundamental things it needed.
0:52:26 > 0:52:30But a new modern bathroom and kitchen are very welcome.
0:52:32 > 0:52:36The kitchen is not just bang up-to-date, it's bigger too.
0:52:37 > 0:52:40Changes to the kitchen - there was a wall here,
0:52:40 > 0:52:42there was a wall there, which we've taken out.
0:52:42 > 0:52:47The kitchen now has got the built-in freezer over there.
0:52:47 > 0:52:50Washing machine is there.
0:52:50 > 0:52:52Oven, hob...
0:52:52 > 0:52:55It's opened up the kitchen, it's made it a lot bigger,
0:52:55 > 0:52:56there's a lot more room.
0:52:56 > 0:52:58It's generally opened this place up really wide,
0:52:58 > 0:53:01so I'm very pleased with the end result of the kitchen.
0:53:03 > 0:53:07The new windows are something for Dean to be pleased with as well.
0:53:07 > 0:53:10With the windows, we obviously had to put new windows
0:53:10 > 0:53:13throughout the whole building. New front door, new back door.
0:53:13 > 0:53:15The old windows were falling out,
0:53:15 > 0:53:19they was held in place by masking tape.
0:53:20 > 0:53:22I think any gust of wind
0:53:22 > 0:53:25would have took the pane of glass out and brought it down, down below,
0:53:25 > 0:53:27so that was one of the first things we had to address,
0:53:27 > 0:53:29was put the new windows in.
0:53:30 > 0:53:33Dean, his friends and a few trusted tradespeople
0:53:33 > 0:53:36have done most of the work. But it's not all been plain sailing.
0:53:39 > 0:53:41When we was doing the wooden floors,
0:53:41 > 0:53:43we got down to basically finishing off the wooden floors
0:53:43 > 0:53:47and I think we put one nail in to finish the floor off,
0:53:47 > 0:53:49and we managed to hit the water pipe.
0:53:49 > 0:53:52But we didn't exactly know where we'd hit the water pipe,
0:53:52 > 0:53:55because the pressure on the boiler dropped.
0:53:55 > 0:53:57So I'm afraid most of the wooden floor
0:53:57 > 0:53:59had to come up, until we actually tracked down
0:53:59 > 0:54:02where the leak was coming from. Something we won't do again!
0:54:02 > 0:54:03There's a wall there -
0:54:03 > 0:54:07my friend come, who's actually my partner -
0:54:07 > 0:54:08and he picked up a hammer.
0:54:08 > 0:54:11He was just standing there, we was doing something,
0:54:11 > 0:54:14the wall was coming down. I was standing by that window in the kitchen.
0:54:14 > 0:54:17He picked up the hammer, hit the wall from this side,
0:54:17 > 0:54:20a chunk of it came off the other side and hit me in the eye and cut my eye.
0:54:20 > 0:54:25So I ended up in A&E and had a patch on my eye for about a week.
0:54:25 > 0:54:27So after that, everybody had safety glasses on,
0:54:27 > 0:54:28nobody would chance it.
0:54:28 > 0:54:31It's worth learning from Dean's accident -
0:54:31 > 0:54:33that could have been much more serious.
0:54:33 > 0:54:37Always wear safety equipment when undertaking building work.
0:54:37 > 0:54:38It might take a few minutes,
0:54:38 > 0:54:42but it could save you a lot more than just time or money.
0:54:43 > 0:54:45Talking of money - how has his budget gone?
0:54:45 > 0:54:48Originally the budget we was looking at was between 10,000 and 12,000,
0:54:48 > 0:54:52but now we've actually gone on to about 22,000.
0:54:52 > 0:54:54As we went on,
0:54:54 > 0:54:57things sort of escalated, so we needed to do other things.
0:54:57 > 0:54:59Like, once the new windows had gone in,
0:54:59 > 0:55:02you realised that the cladding
0:55:02 > 0:55:04and the sockets outside
0:55:04 > 0:55:07and the guttering just looked old and tired compared to new windows.
0:55:07 > 0:55:10So then, we changed those as well.
0:55:10 > 0:55:14So, doing the garden, new fences...
0:55:14 > 0:55:18we put in a bit higher spec than we was originally going to do.
0:55:18 > 0:55:21That put a little bit of extra cost.
0:55:21 > 0:55:25An overspend, but Dean did choose to overshoot his timescale,
0:55:25 > 0:55:27as he was waiting on house prices rising -
0:55:27 > 0:55:30meaning it's taken ten months rather than ten weeks.
0:55:31 > 0:55:33What's his plan now?
0:55:34 > 0:55:36If we can't sell the property,
0:55:36 > 0:55:39we would look to rent the property for a year or so,
0:55:39 > 0:55:42hopefully for the prices to pick up.
0:55:42 > 0:55:46But at the moment we haven't actually had a value, so we don't know,
0:55:46 > 0:55:49and we haven't had it on the market, so we don't know what it's like
0:55:49 > 0:55:50out there at the moment.
0:55:51 > 0:55:54Then the thoughts on valuations of two local estate agents
0:55:54 > 0:55:57couldn't come at a better time.
0:55:57 > 0:56:00Let's start with the agent who saw it last time.
0:56:01 > 0:56:04The changes have been done really, really well.
0:56:04 > 0:56:07From the first time I've seen it, it needed everything doing to it.
0:56:07 > 0:56:09The windows have been done really well,
0:56:09 > 0:56:12the central heating, the flooring has been done to a really high spec.
0:56:12 > 0:56:14So, yeah, I'm really impressed.
0:56:14 > 0:56:16The only negative I would say is that the second bedroom
0:56:16 > 0:56:18is on the small side,
0:56:18 > 0:56:20so perhaps it wouldn't really let or sell to a family -
0:56:20 > 0:56:23however, to a couple or a single person, it would be perfect.
0:56:23 > 0:56:25I think it's a lovely flat.
0:56:25 > 0:56:28It's been refurbished, obviously, to a very high standard.
0:56:28 > 0:56:31The only slight disadvantage is coming straight into the kitchen,
0:56:31 > 0:56:33but I wouldn't say that's a huge issue.
0:56:33 > 0:56:36The addition of a balcony and a garden as well
0:56:36 > 0:56:38is going to appeal to an awful lot of people.
0:56:40 > 0:56:42Dean and his business partner Ashley
0:56:42 > 0:56:47spent a total of 238,000 buying and renovating the maisonette flat.
0:56:49 > 0:56:53Time to hear what the sales and rental figures could be.
0:56:53 > 0:56:59On the sales market it would achieve between £285,000 and £295,000.
0:56:59 > 0:57:03From a lettings perspective, it would achieve £1,100 per calendar month.
0:57:03 > 0:57:05If I was to put this property on the market for sale,
0:57:05 > 0:57:09I would recommend an asking price of £280,000 to £300,000.
0:57:09 > 0:57:11If I was to put this property on the market to let,
0:57:11 > 0:57:14I would put it on for £1,100 per calendar month.
0:57:14 > 0:57:16Yeah, they're fine. That's what I reckoned and
0:57:16 > 0:57:20what I thought they would stack up at. Yeah, that's good, I'm pleased with that.
0:57:20 > 0:57:23So, £1,100 per calendar month rental
0:57:23 > 0:57:26would give Dean a 5.5% yield,
0:57:26 > 0:57:29while a £300,000 sale
0:57:29 > 0:57:31gives him a pre-tax profit of 62 grand.
0:57:32 > 0:57:34Decision time, then, Dean...
0:57:37 > 0:57:40The general idea was to actually sell it in the first place.
0:57:40 > 0:57:44So...we'll go ahead, put it on the market, see what happens.
0:57:44 > 0:57:47Give it a little while. If not... then we'll have to rent it.
0:57:50 > 0:57:54Property auctions never fail to throw up some amazing and different stories.
0:57:54 > 0:57:56We've followed thousands over the years,
0:57:56 > 0:57:58and there are thousands more out there.
0:57:58 > 0:58:00Yeah, so join us next time for more stories
0:58:00 > 0:58:04- here on Homes Under The Hammer. - Bye-bye.- Goodbye.