0:00:02 > 0:00:05Hello, welcome to the show. Property values rise and fall all the time.
0:00:05 > 0:00:07Keeping an eye on the markets can be a full-time job.
0:00:07 > 0:00:10That's why, if you are thinking of investing in property,
0:00:10 > 0:00:13it's so important to know your limit,
0:00:13 > 0:00:15find yourself a budget and then just stick to it.
0:00:15 > 0:00:19Yeah, that couldn't be any more relevant than when buying your home
0:00:19 > 0:00:20under the hammer.
0:00:46 > 0:00:49Auctions are fascinating places. It can be quite strange, bidding
0:00:49 > 0:00:52in the same room as somebody that wants the same property as you.
0:00:52 > 0:00:55Yeah, it can be even worse if you happen to be standing next to
0:00:55 > 0:00:59or sitting next to somebody who is bidding on the same lot. Awkward!
0:00:59 > 0:01:01Who was able to put that one aside
0:01:01 > 0:01:05and bid successfully on today's show? Let's find out.
0:01:06 > 0:01:10On a trip to Wales, have I definitely lost my bearings?
0:01:13 > 0:01:15I think that's another house.
0:01:17 > 0:01:20Whereas I try to point people in the right direction while looking at
0:01:20 > 0:01:22a house in Derbyshire.
0:01:22 > 0:01:26There's a lovely family home to be had here.
0:01:26 > 0:01:31In Maidstone, Kent, Lucy explores the hidden depths of this property.
0:01:31 > 0:01:34I'm going to get my trusty torch and investigate.
0:01:34 > 0:01:37Wish me luck.
0:01:37 > 0:01:40All these properties have been sold at auction, and we'll find out
0:01:40 > 0:01:44who bought them and what they paid when they went under the hammer.
0:01:44 > 0:01:45Well done.
0:01:48 > 0:01:52Penmaenmawr in North Wales is in a stunning setting,
0:01:52 > 0:01:55nestling between the Irish Sea and Snowdonia National Park.
0:01:55 > 0:01:59It's not hard to see why this has been a popular holiday destination
0:01:59 > 0:02:01since the Victorian era.
0:02:04 > 0:02:08So, what do you have to pay for a house with views over this stunning
0:02:08 > 0:02:11part of the North Wales coastline?
0:02:11 > 0:02:13In the millions, do you reckon?
0:02:13 > 0:02:15Uh-uh.
0:02:15 > 0:02:19£58,000. Just £58,000 was a guide price for this.
0:02:19 > 0:02:23It's four bedrooms, looks incredible. Let's have a look.
0:02:27 > 0:02:30Well, for that kind of money, your expectations have got to be set
0:02:30 > 0:02:32fairly low and yet you come in through the front door,
0:02:32 > 0:02:35there's this little entrance area and then...
0:02:35 > 0:02:41Wow! Really, really impressive lobby entrance area.
0:02:41 > 0:02:43I mean...wow!
0:02:43 > 0:02:45Really nice-sized front living room.
0:02:45 > 0:02:47Some original features going on.
0:02:47 > 0:02:51Just things like these doors and the door frames - you just strip them
0:02:51 > 0:02:54back, they'll be beautiful old pitch pine, as with those stairs,
0:02:54 > 0:02:56if you cleaned them off,
0:02:56 > 0:02:58although they are probably some different kind of wood.
0:02:58 > 0:03:01That's really impressive, really nice staircase.
0:03:01 > 0:03:03All sorts of weird stuff going on towards the back there.
0:03:03 > 0:03:06Lots of rooms going off all over the place.
0:03:06 > 0:03:12And then into another nice, grand sort of rear sitting room area.
0:03:12 > 0:03:14Yeah, it needs a bit of work, but...
0:03:14 > 0:03:17am I missing something?
0:03:17 > 0:03:18Wow!
0:03:21 > 0:03:24Don't get me wrong, this place isn't a palace,
0:03:24 > 0:03:27but it was guided at £58,000.
0:03:29 > 0:03:35# Whoa, it's too good to be true... #
0:03:35 > 0:03:38OK, the layout further towards the back gets a little bit messy,
0:03:38 > 0:03:41with a toilet and what looks like an office.
0:03:44 > 0:03:48And the kitchen is down in the basement with another office space,
0:03:48 > 0:03:51so not an ideal layout for a family home,
0:03:51 > 0:03:54but I'm certainly not missing space down here.
0:03:54 > 0:03:59So, upstairs, and a huge bathroom on this half landing, and then you
0:03:59 > 0:04:04continue up and it starts to get a little bit kind of hotchpotch-y.
0:04:04 > 0:04:06Bedroom there.
0:04:06 > 0:04:08It looks, in fact, like somebody's done quite a bit of work
0:04:08 > 0:04:13up in this little area to basically convert it into something.
0:04:13 > 0:04:18There's a fire door there, leading up to some rooms up there.
0:04:18 > 0:04:20You've got another bedroom there.
0:04:20 > 0:04:23And again, I think the walls have been changed around,
0:04:23 > 0:04:27partitioned to create maybe more space.
0:04:27 > 0:04:29And you go down this little corridor here...
0:04:29 > 0:04:32It's another door. What's all this about?
0:04:37 > 0:04:38Um...
0:04:38 > 0:04:39Right.
0:04:41 > 0:04:43I think that's another house.
0:04:45 > 0:04:47Move swiftly on.
0:04:50 > 0:04:54Yes, believe it or not, it is a door to the adjoining property.
0:04:54 > 0:04:56That's a new one for me.
0:04:59 > 0:05:03# I'm sorry, but you've come to the wrong house... #
0:05:03 > 0:05:06These neighbours must be very friendly. Hmm...
0:05:06 > 0:05:10And it is up on the next floor where we find the other two bedrooms
0:05:10 > 0:05:13of this impressive four-bedroomed house.
0:05:13 > 0:05:16Well, at the back of the property, no garden to speak of,
0:05:16 > 0:05:20just this courtyard area. As you can see, it's in a bit of a mess.
0:05:20 > 0:05:24It gives easy access for maintenance to the back of the property, though,
0:05:24 > 0:05:25although to get things in and out,
0:05:25 > 0:05:28you are going to have to go through the house. But the main thing is,
0:05:28 > 0:05:29you come out here and look...
0:05:29 > 0:05:33The views of the sea and across to Anglesey.
0:05:43 > 0:05:48Guided at only £58,000, it's a lot of house for your dosh,
0:05:48 > 0:05:52but what did a local estate agent think of this bargain property?
0:05:52 > 0:05:54Let's find out.
0:05:56 > 0:05:59First impressions, obviously, it is in need of some work.
0:05:59 > 0:06:04But it's certainly got lots of potential, it's quite extensive.
0:06:04 > 0:06:09These old sort of miner's cottage houses are quite popular,
0:06:09 > 0:06:12but something like this certainly, you know,
0:06:12 > 0:06:14once it's been fully renovated, you know,
0:06:14 > 0:06:18it's got bags of potential to appeal to, you know,
0:06:18 > 0:06:21a first-time buyer that's local or even, you know,
0:06:21 > 0:06:24someone looking to do a buy-to-let investment.
0:06:24 > 0:06:26So, there is a market for this
0:06:26 > 0:06:29four-bed property with stacks of potential.
0:06:30 > 0:06:34What kind of figures could this property achieve once renovated?
0:06:36 > 0:06:42Once fully renovated, I'd place the property on the market at £129,950.
0:06:42 > 0:06:46Even taking a fair chunk of money to do it up might leave you a bit
0:06:46 > 0:06:49of profit or just a lovely family home.
0:06:49 > 0:06:51But what if you wanted to rent it out?
0:06:53 > 0:06:55I would expect to place the property
0:06:55 > 0:06:59on the market at a price of £550 per calendar month.
0:07:02 > 0:07:05Well, yes, there's work to be done, but for that guide price
0:07:05 > 0:07:07I think we can forgive this property that.
0:07:07 > 0:07:09Yeah, great one to go for.
0:07:09 > 0:07:12Let's see who spotted it when it went under the hammer.
0:07:12 > 0:07:16Guided at £58,000... Start me, will you, somewhere near 58?
0:07:16 > 0:07:19Make it around £50,000 for me, then.
0:07:19 > 0:07:22Wave a hand at me at 50. Thank you. 50, I've got you. At 50,000 there.
0:07:22 > 0:07:24At 50. Now, 1, can I see?
0:07:24 > 0:07:2751. 52. 53. 54.
0:07:27 > 0:07:3155. 56. 57. 57, no?
0:07:31 > 0:07:3457, thank you. 58. 58 on the phone?
0:07:34 > 0:07:3658. 59.
0:07:36 > 0:07:37After a flurry of bidding,
0:07:37 > 0:07:40the battle eventually narrowed between two bidders -
0:07:40 > 0:07:43one in the room and one on the phone.
0:07:43 > 0:07:47We rejoin when the bidding had reached 65,000.
0:07:47 > 0:07:5165. 65,500. 65,500?
0:07:51 > 0:07:53At 65,000, on the telephone,
0:07:53 > 0:07:56it's going to be sold for the first time...
0:07:56 > 0:07:5865,500, well done.
0:07:58 > 0:08:0266. 66? It's neck and neck now.
0:08:02 > 0:08:0466. 66,500.
0:08:04 > 0:08:08No. At 66,000, on the telephone, for the first time...
0:08:08 > 0:08:13second time...third and last time at £66,000...
0:08:13 > 0:08:15Sold there to the telephone bidder.
0:08:15 > 0:08:21The successful bidders getting the huge Penmaenmawr property for 66,000
0:08:21 > 0:08:24were Ceri and husband Neil.
0:08:24 > 0:08:27I caught up with them to find out about their plans,
0:08:27 > 0:08:30and since it's such a lovely spot, we decided to chat outside.
0:08:32 > 0:08:35- Neil, Ceri, great to meet you. - And you.- And you.- Congratulations.
0:08:35 > 0:08:38Tell me why you wanted to buy this place.
0:08:38 > 0:08:40Well, it was on the cards that we were going to get some place
0:08:40 > 0:08:43eventually as an idea of pension fund.
0:08:43 > 0:08:47We'd get a place to rent out, and our mortgage finished last year.
0:08:47 > 0:08:49So that was the time and this just happened to come along at
0:08:49 > 0:08:52- the right moment, really. - So, what do you both do?
0:08:52 > 0:08:56- I'm a nurse.- OK. And how about you? - I'm a gas engineer.- A gas engineer.
0:08:56 > 0:09:01- A plumber.- So what was it about the property that really appealed?
0:09:01 > 0:09:05- Close to home.- Yes, they are... - Where's home?- Round the corner.
0:09:05 > 0:09:06- Just literally up the road.- Oh, OK.
0:09:06 > 0:09:09We can see them, we can keep an eye...
0:09:09 > 0:09:11We can see them from our windows.
0:09:11 > 0:09:14You keep on saying "they". Why do you keep saying "they"?
0:09:14 > 0:09:16- We've bought two of them. - Two?- Yeah.- Yeah.
0:09:16 > 0:09:18- Where's the other one?- Next door.
0:09:18 > 0:09:21Oh, right. So you bought this house and the one next door?
0:09:21 > 0:09:24- In the same auction?- They had a door between them, so...
0:09:24 > 0:09:25They had a door between them.
0:09:25 > 0:09:29'So, having already got themselves a big project, they've decided to
0:09:29 > 0:09:34'double it by buying the house next door for 54,000.
0:09:34 > 0:09:38'Ceri and Neil certainly don't seem to do things by halves.'
0:09:38 > 0:09:40Let's just focus on this one,
0:09:40 > 0:09:43which, as you look at it from the front, is the left-hand-side one,
0:09:43 > 0:09:47what's the issues with this one and what are your plans for this
0:09:47 > 0:09:49- particular property? - It needs a kitchen.
0:09:49 > 0:09:51- Well, yeah.- It needs a tidy-up.
0:09:51 > 0:09:55It definitely does. Obviously, the plumbing - needs a new boiler,
0:09:55 > 0:09:57central heating throughout, what have you.
0:09:57 > 0:10:01- Kitchens and bathrooms need work. - Yeah.- There's already some work
0:10:01 > 0:10:04- been started but they seem to have left it halfway.- Sure.
0:10:04 > 0:10:07We are going to keep this one as a house, hopefully, with a view to
0:10:07 > 0:10:10- renting it out as a house. - OK. What's the budget?
0:10:10 > 0:10:12- Go on.- Right...
0:10:12 > 0:10:16Initially, it was going to be a lot more, but...
0:10:16 > 0:10:18- A bit of a problem with the bank. - Yeah, problem with the bank, so...
0:10:18 > 0:10:21- They won't give you any?- They pulled out on the day of completion.
0:10:21 > 0:10:23- Yeah.- What do you mean?
0:10:23 > 0:10:27Well, it was all going through and it had been agreed in principle...
0:10:27 > 0:10:30- Told us to put the offer in.- On the day of completion, they turned round
0:10:30 > 0:10:33and said the underwriters didn't want to go ahead
0:10:33 > 0:10:35and they pulled out.
0:10:35 > 0:10:37But you've managed to sort out some emergency finance.
0:10:37 > 0:10:39Yeah, we have at the moment, so, yeah, we are sorted.
0:10:39 > 0:10:42So, what is the budget going to be after all that, then?
0:10:42 > 0:10:45- I think we've reckoned on about 6,000.- Wow!- Initially.
0:10:45 > 0:10:47Yeah, it's going to be a bit tight.
0:10:47 > 0:10:50Cos originally it would have been 20, 30, something like that?
0:10:50 > 0:10:53- Well, it would certainly have been...- A lot more.
0:10:53 > 0:10:54Around the 20 mark.
0:10:54 > 0:10:58I suppose we've lost about 10,000 due to the mix-ups and the interest
0:10:58 > 0:11:00on the bridging loan and things.
0:11:00 > 0:11:03- My golly.- Yeah.- And the interest charge because obviously we couldn't
0:11:03 > 0:11:05complete on completion date...
0:11:05 > 0:11:07So we were charged interest by the auction as well.
0:11:07 > 0:11:10And then the extra solicitor's costs.
0:11:10 > 0:11:13- Yeah. So it was a bit of a bite. But there you go.- Wow!
0:11:13 > 0:11:17- Yeah.- Hey, ho, these things happen. - And what's the timescale for this?
0:11:17 > 0:11:20- We are hoping...- Hopefully three months.- Yeah.- Wow!- Yeah.
0:11:20 > 0:11:23- All hands to the pump, then. - Definitely. Yeah.
0:11:23 > 0:11:26- Painting parties and all. - Definitely. Well, listen,
0:11:26 > 0:11:28- congratulations.- Thank you. - And good luck with it.
0:11:28 > 0:11:31- Well, here we go.- I look forward to seeing how you get on.- Thank you.
0:11:31 > 0:11:33Thank you very much. Cheers.
0:11:33 > 0:11:36There's a lot of work to be done, for sure,
0:11:36 > 0:11:37but, I don't know about you,
0:11:37 > 0:11:40I think Neil and Ceri have got themselves
0:11:40 > 0:11:42the bargain of the century with this place.
0:11:42 > 0:11:45It's an amazing house for that amount of money.
0:11:45 > 0:11:48How will they get on sorting it out with that very limited budget?
0:11:48 > 0:11:51You can find out later in the show.
0:11:55 > 0:11:59Situated about three miles south of Derby city centre lies the suburb
0:11:59 > 0:12:03of Allenton. The town is famous for its hippo.
0:12:03 > 0:12:05Yes, you heard me right - hippo.
0:12:05 > 0:12:09During the ice age, the whole area was a swamp.
0:12:09 > 0:12:15Fossilised skeletons of an elephant, brown bear, hyena and bison have all
0:12:15 > 0:12:19been excavated, and the Allenton hippopotamus was actually discovered
0:12:19 > 0:12:21under the Crown Hotel.
0:12:21 > 0:12:24Its well-preserved remains are on display
0:12:24 > 0:12:26in the Derby Museum and Art Gallery.
0:12:26 > 0:12:30But it's not the Allenton hippo I've come to see. It's a house.
0:12:30 > 0:12:35It has three bedrooms and a guide price of £65,000 plus,
0:12:35 > 0:12:39and when I was looking in the catalogue, it says it has
0:12:39 > 0:12:43double glazing - as I can see it does - and central heating as well.
0:12:43 > 0:12:46So two bonuses before we even get inside.
0:12:46 > 0:12:49Is it going to get any better? Let's have a look.
0:12:51 > 0:12:53Right, what have you got?
0:12:55 > 0:12:57Well, there's a real...
0:12:57 > 0:12:59A real strong smell as you come through the door.
0:12:59 > 0:13:01A very potent smell of...
0:13:01 > 0:13:05It's animals - cats or dogs or something - but it's quite strong.
0:13:05 > 0:13:07You've got a front room just here.
0:13:07 > 0:13:10Nice big bay window, as we see, from the outside.
0:13:10 > 0:13:12Hasn't been looked after.
0:13:12 > 0:13:14The wallpaper is a bit of a mess.
0:13:14 > 0:13:16That would need scrapping and starting again.
0:13:16 > 0:13:19You've got the stairs up to the bedrooms.
0:13:19 > 0:13:24Into the secondary reception room, which is a decent-size room. Again,
0:13:24 > 0:13:26it's not really been looked after.
0:13:26 > 0:13:29This would have been the dining room at some stage,
0:13:29 > 0:13:31right next to the kitchen, which is there.
0:13:31 > 0:13:34There's a little bit of animal damage there.
0:13:34 > 0:13:35Cat or dog scratching.
0:13:35 > 0:13:40Into the kitchen. Now, before I go any further in the kitchen,
0:13:40 > 0:13:44you could actually make a really nice kitchen-diner, one big room,
0:13:44 > 0:13:48pop a lintel in, get rid of this space here, and it would be a really
0:13:48 > 0:13:51big area. Some people like kitchen-diners, some people don't.
0:13:51 > 0:13:53I'm a massive fan of them myself.
0:13:53 > 0:13:57I like all the family to be in one sort of area.
0:13:57 > 0:14:00In the kitchen itself...start again.
0:14:00 > 0:14:03Take it out, pop a brand-new kitchen in.
0:14:03 > 0:14:07Apart from all the cosmetic, superficial stuff
0:14:07 > 0:14:10I've been talking about, there's a decent amount of space down here
0:14:10 > 0:14:15and you could turn it around into a nice sort of family home.
0:14:15 > 0:14:20My nose tells me that all signs of a pongy pooch or cat still needs to be
0:14:20 > 0:14:24gotten rid of because, currently, downstairs is a bit of a mess.
0:14:24 > 0:14:27# But now you're gone
0:14:27 > 0:14:30# Gone to the dogs... #
0:14:30 > 0:14:35So, I'd get those carpets in a skip as soon as possible, and also
0:14:35 > 0:14:38get those walls painted.
0:14:38 > 0:14:40Upstairs, we have got three bedrooms.
0:14:40 > 0:14:44There is a spindle missing there already.
0:14:44 > 0:14:46Right, what have we got?
0:14:46 > 0:14:50OK, the front bedroom is a nice, decent size.
0:14:50 > 0:14:53Black carpets, dark walls,
0:14:53 > 0:14:55and a little bit of damp just near the window as well.
0:14:55 > 0:14:58But a decent size, all the same.
0:14:58 > 0:15:00Other side of the landing, we've got a smaller bedroom,
0:15:00 > 0:15:03looks like it would have been a child's bedroom.
0:15:03 > 0:15:05There's some pretty painting on the wall.
0:15:05 > 0:15:09And a little bit more damp in the corner.
0:15:09 > 0:15:13While the downstairs pongs of pets, upstairs stinks of damp.
0:15:13 > 0:15:18Hopefully, the bathroom and bedroom three will be better.
0:15:18 > 0:15:22And down the hallway, we have found the bathroom, just there.
0:15:22 > 0:15:24We've got a bath, no shower at all in there.
0:15:24 > 0:15:27It's not in great condition, as like the rest of the house.
0:15:27 > 0:15:29Strip it out, start again.
0:15:29 > 0:15:32And the third bedroom, the box bedroom,
0:15:32 > 0:15:35I would imagine it was a nursery at some stage,
0:15:35 > 0:15:37due to the teddy bears on the walls.
0:15:37 > 0:15:40But I have noticed a couple of big cracks in here,
0:15:40 > 0:15:44that one being the largest. Right, if you're buying this property
0:15:44 > 0:15:48outright, not so much of a problem. If you're trying to get a mortgage
0:15:48 > 0:15:51and you got a crack like that in the house, you might come across
0:15:51 > 0:15:55a few issues. So what I would say is, do your research before you put
0:15:55 > 0:15:58your hand up in the auction house.
0:15:58 > 0:16:01I'm told that this area saw some bombing in World War II,
0:16:01 > 0:16:04so it's possible that the cracks could be historic and therefore
0:16:04 > 0:16:06nothing to worry about.
0:16:06 > 0:16:09But when you get outside, into the rather overgrown garden,
0:16:09 > 0:16:11the render is in a bit of a state.
0:16:11 > 0:16:14Now, it could be that the render is just blown but the fact that you can
0:16:14 > 0:16:17see the cracks inside and outside the house,
0:16:17 > 0:16:20the width and the direction of them, the fact that they are around
0:16:20 > 0:16:25the doors and windows, are all signs that are shouting subsidence to me,
0:16:25 > 0:16:28so I would get a structural survey done ASAP.
0:16:30 > 0:16:33We asked along the auctioneer who sold the property for his opinion
0:16:33 > 0:16:38on the house that was guided at 65 grand plus.
0:16:38 > 0:16:40This property is in pretty poor order.
0:16:40 > 0:16:44I think it's been rented out, to be honest, for a long time.
0:16:44 > 0:16:47It needs a total makeover, refit,
0:16:47 > 0:16:51but it's capable of becoming a very good family house.
0:16:51 > 0:16:54The very first thing I'd do would be to strip the carpets out because,
0:16:54 > 0:16:59clearly, they've had dogs and other animals in the property.
0:16:59 > 0:17:02And the smell is not particularly pleasant.
0:17:02 > 0:17:05Well, that is something we can definitely agree on.
0:17:05 > 0:17:09But does he think the cracks are anything to worry about?
0:17:09 > 0:17:11It looks to me as if there is evidence of some subsidence.
0:17:11 > 0:17:14There are a few telltale cracks here and there.
0:17:14 > 0:17:17I don't think that is ongoing or progressive movement.
0:17:17 > 0:17:20I think it's down to the historic bomb damage that occurred
0:17:20 > 0:17:22in this area during the war.
0:17:22 > 0:17:26Well, it's good that he doesn't seem too worried.
0:17:26 > 0:17:28So what kind of rental potential
0:17:28 > 0:17:30does he think this property can have?
0:17:30 > 0:17:32So, once refurbished, if this went into the rented market,
0:17:32 > 0:17:36it would have a rental income of around £500 per calendar month.
0:17:36 > 0:17:39And what about the resale valuation?
0:17:39 > 0:17:43So, if it went on the sales market, once it was refurbished,
0:17:43 > 0:17:46it would probably go on the market at a figure around £90,000.
0:17:46 > 0:17:49First thing I would do with this property is strip it back
0:17:49 > 0:17:53to the bare bones. Everything that's inside, get it out,
0:17:53 > 0:17:55and give it a thorough cleaning.
0:17:55 > 0:17:58It doesn't smell good in there and it doesn't look good, either.
0:17:58 > 0:18:00You've also got those cracks.
0:18:00 > 0:18:04Are they subsidence, or is it bomb damage from years ago?
0:18:04 > 0:18:07But I've got to say this - apart from all those issues,
0:18:07 > 0:18:10there's a lovely family home to be had here.
0:18:10 > 0:18:13Let's see who wanted to take it on when it went under the hammer.
0:18:16 > 0:18:19A good, substantial and spacious property.
0:18:19 > 0:18:20It's all described there for you
0:18:20 > 0:18:22in your catalogue, ladies and gentlemen.
0:18:22 > 0:18:24Bid me where you like. 62,000?
0:18:24 > 0:18:27Thank you. 62,000 I've got.
0:18:27 > 0:18:30At £62,000. 63?
0:18:30 > 0:18:3163 is bid.
0:18:31 > 0:18:33At 63,000. 64.
0:18:33 > 0:18:3564 is bid.
0:18:35 > 0:18:3965. 65 I've got. At £65,000.
0:18:39 > 0:18:4166 now?
0:18:41 > 0:18:4266 here.
0:18:42 > 0:18:44At 66, 67 at the back.
0:18:44 > 0:18:46At 67, 68 is bid.
0:18:46 > 0:18:5069. 69, 70,000.
0:18:50 > 0:18:52At 70. And 1.
0:18:52 > 0:18:5471. Seated bid at 70.
0:18:54 > 0:18:5771? £70,000
0:18:57 > 0:19:00is going to take it. At £70,000,
0:19:00 > 0:19:02for the first time...second time...
0:19:02 > 0:19:05Third opportunity...
0:19:05 > 0:19:06The hammer's down. It's gone.
0:19:06 > 0:19:08£70,000, thank you.
0:19:08 > 0:19:13That successful bid of 70 grand belonged to decorator Simon.
0:19:14 > 0:19:18# We got to work, work together
0:19:18 > 0:19:20# Work, work together
0:19:20 > 0:19:23# Come on... #
0:19:23 > 0:19:26Simon plans to work on the house with his friends Judith
0:19:26 > 0:19:28and her husband Colin. However,
0:19:28 > 0:19:33it fell to Judith and Simon to come along to tell me their plans.
0:19:33 > 0:19:35Meanwhile, Judith's daughter Claire,
0:19:35 > 0:19:38who intends giving a helping hand, had a look around.
0:19:38 > 0:19:42- Simon, nice to meet you, sir. - You too.- Judith, nice to meet you.
0:19:42 > 0:19:45- Congratulations.- Thank you. - This is your first project.
0:19:45 > 0:19:48It is indeed. Myself and my husband Colin.
0:19:48 > 0:19:50Now, tell me how your relationship came about.
0:19:50 > 0:19:54We met Simon about 15 years ago when we moved into our current house
0:19:54 > 0:19:58in Wokingham, and he was our decorator.
0:19:58 > 0:20:01And since then, he's done all our decorating and we've become friends
0:20:01 > 0:20:03with him, his wife, his family.
0:20:03 > 0:20:07- So, Simon, this is your new venture, isn't it?- Yeah, yeah.
0:20:07 > 0:20:09Tell me why you've decided to go into it.
0:20:09 > 0:20:11Makes a bit of a change from decorating, to be honest,
0:20:11 > 0:20:14and it's a lot more interesting. It's a lot more involved.
0:20:14 > 0:20:18So it's a second auction property and hopefully
0:20:18 > 0:20:21- it won't be the last.- And you and Colin have just started on the same
0:20:21 > 0:20:24sort of venture, wanting to get a portfolio started, of houses?
0:20:24 > 0:20:27Well, just sharing with Simon, going into partnership with Simon.
0:20:27 > 0:20:29When he was decorating with as last,
0:20:29 > 0:20:32he talked about what he was doing and he'd got this house in Derby and
0:20:32 > 0:20:35when he went home, we thought, "That would be quite good."
0:20:35 > 0:20:38And I think we've always fancied doing something, but with Simon
0:20:38 > 0:20:41doing it, we thought, what a great idea, to go into partnership,
0:20:41 > 0:20:43and that's where we are now.
0:20:43 > 0:20:46- Who viewed the property? - Me.- You viewed the property...
0:20:46 > 0:20:49- Yeah.- ..read the legal packs. - Yeah.- Obviously, obviously.
0:20:49 > 0:20:52- When did you see it for the first time?- This morning.- Did you?
0:20:52 > 0:20:55Yes. Unfortunately, we were on holiday in Egypt when it was
0:20:55 > 0:20:57the auction. We were so disappointed to miss it
0:20:57 > 0:20:59but it's just one of those things.
0:20:59 > 0:21:02Simon was keeping in touch while we were away, and then texts to say
0:21:02 > 0:21:03we've got whichever one.
0:21:03 > 0:21:06So, did your partner in crime do well for you?
0:21:06 > 0:21:08Oh, he did. Absolutely brilliant.
0:21:08 > 0:21:11- Yeah, thank you.- I'll probably be bidding on all future ones as well
0:21:11 > 0:21:14- because she's always on holiday. - Oh, is that the case?- Yeah.
0:21:14 > 0:21:17I know which way this partnership is going now.
0:21:17 > 0:21:19Worker, holiday-er.
0:21:19 > 0:21:22- I see.- I'm saying nothing cos we're still in partnership.
0:21:22 > 0:21:24Exactly. At present!
0:21:24 > 0:21:26# You don't have say nothing
0:21:26 > 0:21:27# Say nothing... #
0:21:27 > 0:21:29Now, now, Simon,
0:21:29 > 0:21:32we want this partnership to get off on a good footing.
0:21:32 > 0:21:35Despite Judith and Colin's enthusiasm for holidaying,
0:21:35 > 0:21:39they are eager to get this project started and, once complete,
0:21:39 > 0:21:41hope to sell for a profit.
0:21:41 > 0:21:43But what do they have planned?
0:21:43 > 0:21:47Mostly inside is cosmetic. There's a bit of work to do on the outside.
0:21:47 > 0:21:51That needs sorting out. But the gutters definitely need looking at.
0:21:51 > 0:21:56If you look at it, there's damp coming out of each side of it.
0:21:56 > 0:21:58That's the first thing that needs to be cleaned away.
0:21:58 > 0:22:00And what about the crack upstairs?
0:22:00 > 0:22:02It might be subsidence, it might be down to
0:22:02 > 0:22:05a lot of houses being bombed during the war.
0:22:05 > 0:22:08I think it's more to do with the guttering. Just damp, pouring down,
0:22:08 > 0:22:11- not going anywhere.- Will you get someone in to have a look at that?
0:22:11 > 0:22:13Yeah, absolutely. Absolutely.
0:22:13 > 0:22:16So, Simon isn't worried about those cracks, and it'll be him doing
0:22:16 > 0:22:18the majority of the work here.
0:22:18 > 0:22:22He'll be dipping into his contacts book for the more skilled tasks
0:22:22 > 0:22:26in the hope of keeping to his 12-week timescale.
0:22:26 > 0:22:29Although there is one job that can't wait...
0:22:33 > 0:22:36It's got a bit of a twang to it, a bit of a smell.
0:22:36 > 0:22:39- Oh, yes.- How are you going to get rid of that?
0:22:39 > 0:22:41I think once the carpets go...
0:22:41 > 0:22:45I'm liking it, to be honest. I'm getting used to it now.
0:22:45 > 0:22:48But I couldn't stay there for any longer...
0:22:48 > 0:22:50- I could breathe through my mouth. - Once the paint starts going on,
0:22:50 > 0:22:53that takes over a lot of the smells as well.
0:22:53 > 0:22:55The carpets will be out first thing, as soon as possible.
0:22:55 > 0:22:57What about the budget, Judith,
0:22:57 > 0:23:00to turn it round from what it is now...?
0:23:00 > 0:23:02Hopefully about ten?
0:23:02 > 0:23:05Yeah, 10 to 15, somewhere along those kind of lines.
0:23:05 > 0:23:08- A new kitchen, new bathrooms... - Yeah, new bathroom.
0:23:08 > 0:23:10Might try and salvage a bit of the kitchen,
0:23:10 > 0:23:13but we'll see how we're doing on the budget, to be honest.
0:23:13 > 0:23:16And I don't think you should.
0:23:16 > 0:23:19Tell us more. Would you get rid of the kitchen altogether?
0:23:19 > 0:23:22- I think so.- No, you want to keep it all.- I think so.
0:23:22 > 0:23:25- Budgets might just tip a little bit...- Yeah...
0:23:25 > 0:23:28Yeah, we'll see. I mean, I don't mind either way, to be honest.
0:23:28 > 0:23:31Sometimes it's easier just to rip it out and start again.
0:23:31 > 0:23:34- Listen, I wish you both well. - Thank you.- I'm sure you'll be fine.
0:23:34 > 0:23:35- Good luck, Simon.- Thank you. Cheers.
0:23:35 > 0:23:38- Nice to have met you.- Thank you. Nice to meet you, too.
0:23:40 > 0:23:43Simon was Colin and Judith's decorator many years ago,
0:23:43 > 0:23:46then they were friends and now they are in business together.
0:23:46 > 0:23:48Simon is going to do all the work,
0:23:48 > 0:23:51Judith is going to be on a sun lounger somewhere sunning herself.
0:23:51 > 0:23:54Simon is going to try and resurrect as much as he possibly can.
0:23:54 > 0:23:57Judith just wants to rip it all out. You can find out how
0:23:57 > 0:24:00those discussions got on later on in the programme.
0:24:02 > 0:24:04Coming up in Kent,
0:24:04 > 0:24:08can Lucy shed some light on the merits of this house?
0:24:08 > 0:24:10Look. There's a window.
0:24:10 > 0:24:12That is brilliant.
0:24:12 > 0:24:16Back in Derbyshire, it seems battle lines are drawn.
0:24:16 > 0:24:20- He feels he's got a little victory. - It is. It is. 1-0 for the men.
0:24:20 > 0:24:21No.
0:24:27 > 0:24:31But first, we return to Penmaenmawr on the North Wales coast.
0:24:31 > 0:24:35It was here that I saw this four-bedroom mid-terrace
0:24:35 > 0:24:37which was spread over four floors.
0:24:37 > 0:24:42Not only were there lots of rooms, the proportions were good, too,
0:24:42 > 0:24:45with a kitchen and office on the lower-ground,
0:24:45 > 0:24:47and the bedrooms spread across two floors,
0:24:47 > 0:24:50while the ground floor had generous living accommodation
0:24:50 > 0:24:54with a sprinkling of original features - and that was why
0:24:54 > 0:25:00I was immediately suspicious at a guide price of just £58,000.
0:25:00 > 0:25:03Yeah, it needs a bit of work, but...
0:25:03 > 0:25:06am I missing something?
0:25:06 > 0:25:07Wow!
0:25:11 > 0:25:15Not only was it right by the sea but I could see clearly enough that this
0:25:15 > 0:25:17house gave you a whole lot of bang for your buck.
0:25:19 > 0:25:24# The tide is high but I'm holding on
0:25:24 > 0:25:28# I'm gonna be your number one... #
0:25:28 > 0:25:34It was phone bidders Ceri and Neil who got this house for £66,000.
0:25:34 > 0:25:39But it had been far from plain sailing so far.
0:25:39 > 0:25:40What's the budget?
0:25:42 > 0:25:44- Go on.- Right...
0:25:44 > 0:25:47Initially, it was going to be a lot more, but...
0:25:47 > 0:25:50- A bit of a problem with the banks. - Yeah, problem with the banks.
0:25:50 > 0:25:53- They won't give you any?- They pulled out on the day of completion.- Yeah.
0:25:53 > 0:25:56So, what is the budget going to be after all that, then?
0:25:56 > 0:25:58I think we've reckoned on about 6,000.
0:25:58 > 0:26:01- Wow!- Initially. - It's going to be a bit tight.
0:26:01 > 0:26:03# I don't have
0:26:03 > 0:26:06# Money on my mind, money on my mind
0:26:06 > 0:26:09# I do it for Do it for the love... #
0:26:09 > 0:26:12Ceri and Neil may have got their fingers burned financially
0:26:12 > 0:26:17but armed with the three-month timescale, a six-grand-ish budget
0:26:17 > 0:26:22and an optimistic attitude, they have finished.
0:26:22 > 0:26:25So, now, just over 18 months later, we're back.
0:26:31 > 0:26:34And wow! What a transformation!
0:26:39 > 0:26:43In that formerly chaotic basement, there is now a slick monochrome
0:26:43 > 0:26:45modern kitchen.
0:26:45 > 0:26:51It now opens onto the back patio, with a set of French doors.
0:26:51 > 0:26:55And that untidy office space at the back is now bright and airy -
0:26:55 > 0:26:58a utility room.
0:26:58 > 0:27:01That old boiler is gone, which was replaced by Neil,
0:27:01 > 0:27:04who is a plumbing and heating engineer.
0:27:06 > 0:27:10The ground floor has also been cleared out and given a face-lift,
0:27:10 > 0:27:13with a funky purple paint job, courtesy of Ceri.
0:27:22 > 0:27:24It's all looking brighter and fresher.
0:27:24 > 0:27:29The downstairs WC has been brought up to date, and when it comes to
0:27:29 > 0:27:33bathrooms, you can have any colour as long as it's white, in my book.
0:27:33 > 0:27:36Neil and Ceri have been busy reconfiguring
0:27:36 > 0:27:38the odd upstairs layout.
0:27:38 > 0:27:41You went up the stairs and you are faced with a door and you went
0:27:41 > 0:27:43through the door and there was another door.
0:27:43 > 0:27:46When it was a residential home, you needed fire compartments,
0:27:46 > 0:27:50but it wasn't suitable in a house, so we removed doors...
0:27:50 > 0:27:53- Opened it up.- Opened it all up and let more light in.
0:27:53 > 0:27:56Used the doors elsewhere.
0:27:56 > 0:27:59Cos we could. Anything we could re-use, we have.
0:27:59 > 0:28:01In order to make it work.
0:28:01 > 0:28:04They say necessity is the mother of invention, and the couple have been
0:28:04 > 0:28:09resourceful, reusing materials and doing most of the work themselves.
0:28:09 > 0:28:13Neil's plumbing skills came to the fore in creating the upstairs toilet
0:28:13 > 0:28:17in the second floor, where he has installed a macerating unit,
0:28:17 > 0:28:21which is a machine that helps to process the waste.
0:28:21 > 0:28:24The only jobs they didn't tackle were the electrics,
0:28:24 > 0:28:26plastering and kitchen-fitting.
0:28:26 > 0:28:28Nonetheless, this was a big house.
0:28:28 > 0:28:30It must have felt a bit overwhelming.
0:28:30 > 0:28:32It was a bit daunting because it happened so quick,
0:28:32 > 0:28:36from auction to having it. It was like, "Oh, we own it."
0:28:36 > 0:28:38- And...- We'd come down...
0:28:38 > 0:28:40And look around and it'd be like, "Where do you start?"
0:28:40 > 0:28:42And turn around and walk back off home again.
0:28:42 > 0:28:45- We fitted it around our life, in general...- And work.
0:28:45 > 0:28:50Yeah, and I got busy and just couldn't be here all the time.
0:28:50 > 0:28:53That's why it's taken longer than we anticipated.
0:28:55 > 0:28:58Life does have a tendency to get in the way of best-laid plans,
0:28:58 > 0:29:03so how long did it take Neil and Ceri to get the work done?
0:29:03 > 0:29:07We were being ambitious when I said three months.
0:29:07 > 0:29:11Our first attempt, we weren't really prepared for quite how in-depth
0:29:11 > 0:29:13the work gets in parts.
0:29:13 > 0:29:1618 months later and here we are.
0:29:16 > 0:29:19They may have gone over their predicted timescale
0:29:19 > 0:29:23but the good news is that they have managed to get some financial advice
0:29:23 > 0:29:28and sort out that tight budget and then boost it to £18,000.
0:29:28 > 0:29:33They've done a great job, but what part of the house do they like best?
0:29:33 > 0:29:37- I think the kitchen came out very well.- Yeah.- We seem to get good
0:29:37 > 0:29:40feedback from that from friends and family that have seen it,
0:29:40 > 0:29:44- which is nice. Everybody always ends up in the kitchen so...- Yeah.
0:29:46 > 0:29:49So, with a total spend of 84,000,
0:29:49 > 0:29:52let's find out if they can make a return on their investment.
0:29:52 > 0:29:54We invited two local estate agents
0:29:54 > 0:29:58to give us their opinion on this property.
0:30:01 > 0:30:02What they've done to the property,
0:30:02 > 0:30:05I must be honest, they've worked really hard. The specification
0:30:05 > 0:30:08they've done in terms of the refurb has been fantastic,
0:30:08 > 0:30:10and really to a high end.
0:30:10 > 0:30:12They've obviously done quite a lot of work to it.
0:30:12 > 0:30:17They've done rewiring, obviously put some new central heating system in.
0:30:17 > 0:30:19Kitchens, bathrooms, etc,
0:30:19 > 0:30:22and decorated it to quite a high standard.
0:30:22 > 0:30:26The demand in Penmaenmawr is very high on the rental. On the sale
0:30:26 > 0:30:29side, we've just recently sold a property not far from here,
0:30:29 > 0:30:33so the Penmaenmawr sales front is actually starting to go as well.
0:30:33 > 0:30:36Well, that all sounds promising.
0:30:36 > 0:30:39So let's hear some of those potential sales figures.
0:30:41 > 0:30:48I would recommend a figure in the region of £150,000 to £155,000.
0:30:48 > 0:30:50I'd be quite comfortable putting this property on the market
0:30:50 > 0:30:51for £150,000.
0:30:51 > 0:30:58That top valuation would mean a potential pre-tax figure of £71,000.
0:30:58 > 0:31:01That's not bad. But Ceri and Neil intend renting,
0:31:01 > 0:31:05so what kind of income could the house bring in?
0:31:05 > 0:31:09On rental, I believe the rental valuation of this property should be
0:31:09 > 0:31:11around £650 per calendar month.
0:31:11 > 0:31:16This would achieve somewhere between £550 per calendar month,
0:31:16 > 0:31:20up to about £625 per calendar month.
0:31:20 > 0:31:23- I think it's a bit low...- Yeah... For the size of the property.
0:31:23 > 0:31:25And for the market.
0:31:25 > 0:31:28We've had somebody waiting for us to finish for the last six months.
0:31:28 > 0:31:32- Yeah.- So they are happy and we are hoping...
0:31:32 > 0:31:36- They will hopefully be moving in by the end of the month.- Yeah.
0:31:36 > 0:31:41In that case, let's use the highest figure of 650 per month.
0:31:41 > 0:31:45That would mean a yield of just over 9%, which is pretty darn good.
0:31:45 > 0:31:49But this is just the halfway house. They also have the house next door.
0:31:52 > 0:31:54Next door, we haven't actually started on yet.
0:31:54 > 0:31:56That's our next... We might have a week off in between,
0:31:56 > 0:32:00but that's our next job. And then we might get another one.
0:32:02 > 0:32:05- A one-bed bungalow. - A one-bed bungalow, yeah.
0:32:07 > 0:32:13Today, Lucy is in the county known as the Garden of England -
0:32:13 > 0:32:16Kent - in a town just over 30 miles from London,
0:32:16 > 0:32:19around about an hour's train journey away.
0:32:19 > 0:32:23The property I'm here to see is close to Maidstone town centre,
0:32:23 > 0:32:27with all its shops and restaurants, and it's also just a ten-minute walk
0:32:27 > 0:32:30from here to Maidstone's two train stations,
0:32:30 > 0:32:33which is Maidstone East and Maidstone West.
0:32:33 > 0:32:36Here it is. It's this two-bedroom mid-terrace house,
0:32:36 > 0:32:37just over the road here.
0:32:37 > 0:32:42And the guide price for the property? Well, it was £125,000.
0:32:44 > 0:32:48So, straight from the outside pavement into the lounge area.
0:32:48 > 0:32:53And as you'd imagine, is quite small inside but there's a lot you can do
0:32:53 > 0:32:57to improve a place like this, starting with removing this.
0:32:57 > 0:32:59Whatever it's hiding behind...
0:32:59 > 0:33:00Let's have a look. Oh, dear.
0:33:00 > 0:33:04No, just a rather ugly old gas fire behind there,
0:33:04 > 0:33:07which will certainly need to be removed.
0:33:07 > 0:33:10Through here into the kitchen area,
0:33:10 > 0:33:14which is exactly the same size, almost, as the lounge.
0:33:14 > 0:33:16Now, again, it's really dated.
0:33:16 > 0:33:19You could do so much to update this. And the kitchen,
0:33:19 > 0:33:22the sinks and the units are all a bit old.
0:33:22 > 0:33:24The flooring, it's just tatty old lino.
0:33:24 > 0:33:30The stairs leading to upstairs, and through here, I've got a feeling...
0:33:30 > 0:33:34Yes, look, that is a really dark cellar.
0:33:34 > 0:33:40I am going to get my trusty torch and investigate.
0:33:40 > 0:33:42Wish me luck.
0:33:42 > 0:33:47Well, I'm just climbing down these rather precarious stairs
0:33:47 > 0:33:49into a rather spooky cellar.
0:33:49 > 0:33:52It's a bit smelly as well.
0:33:52 > 0:33:53Now, this is a small house,
0:33:53 > 0:33:56not much more than just a two up, two down, really,
0:33:56 > 0:33:58so you could think about converting
0:33:58 > 0:34:03this cellar space into extra living space. Now, there are lots of things
0:34:03 > 0:34:05you have to take into account first.
0:34:05 > 0:34:09For example, those stairs there, they are just too steep.
0:34:09 > 0:34:12It would need a proper staircase which complies to building regs.
0:34:12 > 0:34:15Then there's the issue of light and ventilation.
0:34:15 > 0:34:18Look - there's a window. That is brilliant.
0:34:18 > 0:34:23But you're below ground, so you've got damp to contend with, too.
0:34:23 > 0:34:27So it's not an easy job, and you really have to weigh up the costs
0:34:27 > 0:34:31versus the potential added value, and decide whether converting this
0:34:31 > 0:34:35cellar is really worth going to all the bother and expense.
0:34:35 > 0:34:37Good point, Lucy,
0:34:37 > 0:34:41because some might think their money would be better spent trying to move
0:34:41 > 0:34:45the bathroom upstairs. Currently, it's at the back of the house
0:34:45 > 0:34:48in what looks like a small extension.
0:34:48 > 0:34:52There is an obvious place to put it at the top of the staircase
0:34:52 > 0:34:54where there is a large cupboard.
0:34:54 > 0:34:59Either side of that is the bedroom, one overlooking the back garden...
0:35:03 > 0:35:06..the other overlooking the road.
0:35:06 > 0:35:08The central heating looks fairly new
0:35:08 > 0:35:13but would need checking by a Gas Safe engineer.
0:35:13 > 0:35:18Outside, the roof has no obvious bowing, and the tiles look OK,
0:35:18 > 0:35:22but it looks like the garden hasn't seen any green fingers lately.
0:35:22 > 0:35:27A good tidy-up should regenerate some valuable outside space.
0:35:28 > 0:35:30# Oh, oh
0:35:30 > 0:35:32# Ah, ah, ah
0:35:32 > 0:35:34# Oh, oh, oh
0:35:34 > 0:35:36# Ah, ah, ah
0:35:36 > 0:35:38# Oh, oh, oh
0:35:38 > 0:35:40# Ah, ah, ah... #
0:35:40 > 0:35:43The window frames look beyond a coat of gloss,
0:35:43 > 0:35:48and back to the subterranean room, is it worth the cost of conversion?
0:35:48 > 0:35:52We called on a local property agent to help with this question and to
0:35:52 > 0:35:56get a view on the Maidstone property market.
0:35:56 > 0:35:58It's a really busy town at the moment. Over the last two years,
0:35:58 > 0:36:00the market's really picked up.
0:36:00 > 0:36:04We are having a huge influx from the London market, which is fantastic.
0:36:04 > 0:36:06So it's great for selling. But the problem we've got is,
0:36:06 > 0:36:09there's a real massive supply and demand issue. So as soon as
0:36:09 > 0:36:12something is coming on right now, it's, you know, competitive
0:36:12 > 0:36:15for buyers, and there's a lot of offers being made on any one
0:36:15 > 0:36:16property at any one time.
0:36:16 > 0:36:21And what about the prospects of selling or renting this property?
0:36:21 > 0:36:23A lot of double glazing needs doing.
0:36:23 > 0:36:25Everything, basically, completely restarting,
0:36:25 > 0:36:27but it's got a lot of potential.
0:36:27 > 0:36:31Is the basement considered part of that potential for conversion
0:36:31 > 0:36:34- to living space?- With the height of the basement you've got and the
0:36:34 > 0:36:37natural light that comes through, it could be used potentially as a third
0:36:37 > 0:36:40bedroom or as another reception room, just opening this property
0:36:40 > 0:36:41right up.
0:36:41 > 0:36:44The agent considers a basement conversion would cost between
0:36:44 > 0:36:46£5,000 and £10,000.
0:36:46 > 0:36:50What effect would that conversion have on the property's value?
0:36:50 > 0:36:53With the property as is, without the cellar,
0:36:53 > 0:36:56you would be looking at £850 per calendar month.
0:36:56 > 0:36:58If the cellar was converted,
0:36:58 > 0:37:01you'd be looking at around £875 per calendar month.
0:37:01 > 0:37:03What about the sales market?
0:37:03 > 0:37:05The property without the cellar being done, you'd be looking at
0:37:05 > 0:37:08about £200,000. With the cellar being converted,
0:37:08 > 0:37:10anything up to £210,000.
0:37:15 > 0:37:18This terraced house is in a handy location,
0:37:18 > 0:37:21it's close to the shops and the town centre, also it's got those
0:37:21 > 0:37:25two train stations and it's got the bonus of the cellar. So let's see
0:37:25 > 0:37:28who bid for this one when we head to auction.
0:37:28 > 0:37:31On to lot 37. Two-bedroom house for improvement.
0:37:31 > 0:37:35Amended guide price - £125,000 plus.
0:37:35 > 0:37:36120, can I say?
0:37:36 > 0:37:38120, we are on the way.
0:37:38 > 0:37:40123 now?
0:37:40 > 0:37:42123. 123 I have.
0:37:42 > 0:37:45The bidding quickly passed the guide price
0:37:45 > 0:37:49and we rejoin it at 146,000.
0:37:49 > 0:37:50£146,000 I have.
0:37:50 > 0:37:53148 I'm looking for.
0:37:53 > 0:37:54148 I have.
0:37:54 > 0:37:56150. 150 now.
0:37:56 > 0:37:59150 I have.
0:37:59 > 0:38:01152 now. 152 for any of you.
0:38:01 > 0:38:03152 I'm looking for.
0:38:03 > 0:38:06Are we all done at £150,000?
0:38:06 > 0:38:10All done. I shall be selling for the first time...for the second time...
0:38:10 > 0:38:13third and final time...£150,000...
0:38:13 > 0:38:15Sold, madam.
0:38:15 > 0:38:18With that top bid at the auction was Sally, along with her husband Phil,
0:38:18 > 0:38:21who conveniently owns a window-fitting company,
0:38:21 > 0:38:24which also undertakes some building work.
0:38:24 > 0:38:28Sally and Phil are major shareholders in this property
0:38:28 > 0:38:32but this is very much a family project, so Lucy met up with two of
0:38:32 > 0:38:34the other investors,
0:38:34 > 0:38:39sons Alex, wearing the stripes, and older brother Dan, to find out more.
0:38:42 > 0:38:44Guys, congratulations. Well done.
0:38:44 > 0:38:48- Thank you.- So, whose idea was it to buy this at auction?
0:38:48 > 0:38:49That was my mum's.
0:38:49 > 0:38:52- Right, so you guys weren't actually at the auction, were you?- No.- No.
0:38:52 > 0:38:54So, is it going to be all four of you
0:38:54 > 0:38:55involved in this family business?
0:38:55 > 0:39:00Yeah, it is. And also, my sister, who lives abroad at the moment,
0:39:00 > 0:39:04she contributed towards buying the property as well.
0:39:04 > 0:39:07- So, five of you?- Yeah.- Fantastic.
0:39:07 > 0:39:11Now, I can see, Alex, that you're dressed to kill today and you're
0:39:11 > 0:39:14- obviously in the industry. - Yeah, I am in fact an electrician,
0:39:14 > 0:39:18so I'll be looking at the electrics and also I can look at the plumbing,
0:39:18 > 0:39:20but I'm a jack-of-all-trades.
0:39:20 > 0:39:24- I've got experience in all areas of building, really.- And Dan?
0:39:24 > 0:39:26I come from a bit of a...
0:39:26 > 0:39:29Well, mainly an administration background.
0:39:29 > 0:39:32I've just started working with my dad, and he is always...
0:39:32 > 0:39:36Him and my mum have always said they want to do this sort of thing
0:39:36 > 0:39:39and I've obviously grown an interest in it as well.
0:39:39 > 0:39:40I'm really looking forward to it.
0:39:40 > 0:39:42So, guys, what is the plan?
0:39:42 > 0:39:44Is it to get in here, rip it apart,
0:39:44 > 0:39:48do everything you can to add value and get out again?
0:39:48 > 0:39:50Or do you want to both live here?
0:39:50 > 0:39:54No, I won't be living here. I've got my own house.
0:39:54 > 0:39:55But I don't know about you.
0:39:55 > 0:39:58I think there was ideas of maybe you living here.
0:39:58 > 0:40:01- Really?- Yeah, me and my partner,
0:40:01 > 0:40:06we are looking at getting our own place very soon, so I guess
0:40:06 > 0:40:11it just depends on how we both like it when...
0:40:11 > 0:40:14- And the value, if it's in your range at the end.- That's it.
0:40:14 > 0:40:16- You've got to buy it off them, then. - Yeah, exactly.
0:40:16 > 0:40:19So, tell me what you are going to do. I'm dying to hear your plans,
0:40:19 > 0:40:21considering you've got a window company,
0:40:21 > 0:40:23conservatories, and all of that.
0:40:23 > 0:40:26- You can really sort of, like, go for it here, can't you?- Yeah.
0:40:26 > 0:40:29One of the main things we want to look at is taking
0:40:29 > 0:40:32the chimney breasts out,
0:40:32 > 0:40:35just to make the rooms a bit bigger.
0:40:35 > 0:40:40And also put an upstairs toilet in the cupboard on the landing.
0:40:40 > 0:40:42Now, that is a great idea.
0:40:42 > 0:40:46Chimney breasts, talk to me about that, because I know these rooms
0:40:46 > 0:40:51aren't the biggest, but it's a lot of work for sort of that much space.
0:40:51 > 0:40:54It's a lot of work but we've got the manpower on the firm,
0:40:54 > 0:40:58so it's not going to be too much...
0:40:58 > 0:41:00We can all really crash into it.
0:41:00 > 0:41:03It'll be good for adding value to the property that we can do it for,
0:41:03 > 0:41:05- I think.- What is the budget?
0:41:05 > 0:41:11The budget - we think it's quite a good one - 12 grand.
0:41:11 > 0:41:14And how long do you think it's going to take you to do the work?
0:41:14 > 0:41:17We are looking at two months.
0:41:17 > 0:41:19But hopefully nothing longer than that.
0:41:19 > 0:41:22Right, something I want to talk to you about, really seriously about.
0:41:22 > 0:41:25- The cellar.- Yeah.
0:41:25 > 0:41:28It's going to cost a bit of money to sort out.
0:41:28 > 0:41:30What do you intend doing with it?
0:41:30 > 0:41:36We just want to totally damp-proof it and plaster around all the walls,
0:41:36 > 0:41:38probably put...
0:41:38 > 0:41:40a permanent ceiling on it as well.
0:41:40 > 0:41:43It doesn't worry us. It's something that's just got to be done.
0:41:43 > 0:41:46I knew you'd say that. Nothing worries you, does it?
0:41:46 > 0:41:48You're quite confident about this, aren't you?
0:41:48 > 0:41:51Definitely. Like I said...
0:41:51 > 0:41:55it's just something we know we've got the experience to do, and it's
0:41:55 > 0:41:59just something we're really going to crash into and it'll be good fun
0:41:59 > 0:42:01to do, not just hard work.
0:42:01 > 0:42:03Is he going to be bossing everyone around, do you think?
0:42:03 > 0:42:05Well, it's my mum, so I doubt it.
0:42:05 > 0:42:09- Really?- Yeah, it's her little baby.
0:42:09 > 0:42:12It's her project. So she'll be telling me where to go and I'll just
0:42:12 > 0:42:15- be doing what I'm told.- I know her and my dad have always sort of
0:42:15 > 0:42:17planned this, but I think it's been
0:42:17 > 0:42:22more her idea and I think when she's been thinking about it, she didn't
0:42:22 > 0:42:24even think that it would be something that the whole family
0:42:24 > 0:42:28would be involved in, so that's just made it even better for her.
0:42:28 > 0:42:31- It's been fantastic meeting you today. Good luck.- Thank you.
0:42:31 > 0:42:34Hopefully, you can do this within the eight weeks and we can come back
0:42:34 > 0:42:36- and see what it's like.- Of course. - Congratulations.
0:42:36 > 0:42:39- Thank you very much.- Thanks very much.- Thank you.- Thank you.
0:42:39 > 0:42:43Well, Dan and Alex have bought this house along with the rest of their
0:42:43 > 0:42:48family in the hope that it'll be the first of many big projects for them,
0:42:48 > 0:42:51but they've got a lot of work to do first and, well,
0:42:51 > 0:42:53they're not just planning a simple job here,
0:42:53 > 0:42:57they want to remove all those chimney breasts, fit out the cellar,
0:42:57 > 0:43:00and a loo upstairs, but at least fitting the new windows,
0:43:00 > 0:43:02that shouldn't be an issue for them.
0:43:02 > 0:43:06So let's find out how they all get on later in the programme.
0:43:09 > 0:43:13Well, we might have seen how one of the properties turned out today
0:43:13 > 0:43:15so far but what about the other two?
0:43:15 > 0:43:19- Have the projects gone to plan? - I think we should find out.
0:43:21 > 0:43:25It was in the Derby suburb of Allenton where I first saw
0:43:25 > 0:43:28a three-bed semi which I won't forget in a hurry.
0:43:31 > 0:43:33Well, there's a real
0:43:33 > 0:43:37strong smell as you come through the door, very potent smell of...
0:43:37 > 0:43:41It's animals, cats or dogs or something but it's quite strong.
0:43:41 > 0:43:44# And I smell
0:43:44 > 0:43:46# Trouble
0:43:47 > 0:43:52# I smell trouble... #
0:43:52 > 0:43:55Yes, I can still smell it now.
0:43:55 > 0:43:59Even once you've got past the smell, its troubles didn't end there,
0:43:59 > 0:44:01with cracking and damp.
0:44:01 > 0:44:03But if you could look beyond this,
0:44:03 > 0:44:07underneath wasn't a bad three-bedroom house.
0:44:08 > 0:44:11The people who took the deep breath and plunged into this first
0:44:11 > 0:44:15joint-venture property were professional decorator Simon
0:44:15 > 0:44:19and his former clients, Judith and her husband Colin.
0:44:19 > 0:44:23With Colin away, Judith outlined how the partnership was formed.
0:44:23 > 0:44:27When he was decorating with us last, he talked about what he was doing
0:44:27 > 0:44:29and he'd got this house in Derby and when he went home we thought,
0:44:29 > 0:44:32"That would be quite good." And I think we've always fancied doing
0:44:32 > 0:44:35something but with Simon doing it, we thought, what a great idea, to go
0:44:35 > 0:44:37into partnership, and that is where we are now.
0:44:37 > 0:44:41So, the plan was that Simon would do the work while Judith, with some
0:44:41 > 0:44:44help from daughter Claire, would oversee and coordinate
0:44:44 > 0:44:47the refurbishment. Sounded like a good plan but I was initially
0:44:47 > 0:44:50worried that it wasn't just the house that was showing signs
0:44:50 > 0:44:52of cracks.
0:44:52 > 0:44:53New kitchen, new bathrooms...
0:44:53 > 0:44:57Yeah, new bathroom, might try and salvage a bit of the kitchen.
0:44:57 > 0:45:00See how we're doing on the budget, to be honest.
0:45:00 > 0:45:02And I don't think you should.
0:45:02 > 0:45:05Tell us more. You want to get rid of the kitchen altogether?
0:45:05 > 0:45:08- I think so.- No, you want to keep it all.- I think so.
0:45:08 > 0:45:11# I smell trouble
0:45:11 > 0:45:14# Way up there ahead of me... #
0:45:14 > 0:45:18Let's hope that this wasn't a sign of things to come because they -
0:45:18 > 0:45:21I mean, Simon - had a lot of work
0:45:21 > 0:45:25to do here and they had given themselves a 10- to 15-grand budget
0:45:25 > 0:45:27and a three- to four-month timescale.
0:45:30 > 0:45:34Now, 16 - yes, 16 months later - we are back.
0:45:38 > 0:45:41No changes outside, so ready,
0:45:41 > 0:45:42take a deep breath...
0:45:52 > 0:45:54..and breathe.
0:46:00 > 0:46:04Never have I been so pleased to say the words
0:46:04 > 0:46:06"it's fresh and clean".
0:46:10 > 0:46:12But who won the battle of the kitchen?
0:46:14 > 0:46:17I think that Simon might have been happy to leave it as it was,
0:46:17 > 0:46:21but I think a kitchen is a lady's domain so it's nice to have
0:46:21 > 0:46:23a nice kitchen to work in.
0:46:23 > 0:46:26And as you can see with it now, it's made so much difference.
0:46:26 > 0:46:28Still got the cooker hood, yes!
0:46:28 > 0:46:31Yes. He saved the cooker hood and cleaned it up.
0:46:31 > 0:46:34So I think he feels he's got a little victory.
0:46:34 > 0:46:36It is. It is. 1-0 for the men.
0:46:36 > 0:46:38No.
0:46:38 > 0:46:42Now, now, you two, I think you've both got it right.
0:46:42 > 0:46:45They were in total agreement with the plans for upstairs,
0:46:45 > 0:46:48keeping the bath and replacing everything else.
0:46:55 > 0:46:59And the bedrooms? Well, there are more of them.
0:47:00 > 0:47:03The large bedroom has been split into two to make this
0:47:03 > 0:47:07a four-bed house. Interesting.
0:47:07 > 0:47:11The room was huge. It already had two doorways in it, so...
0:47:11 > 0:47:14it looked like, you know, in one way, out the other, kind of thing.
0:47:14 > 0:47:17And there was actually marks on the ceiling where it had been divided
0:47:17 > 0:47:21into two before. The wiring was already there for it,
0:47:21 > 0:47:24so it was quite a simple operation just to build the wall, board it
0:47:24 > 0:47:26and plaster it, really, and then we've got an extra bedroom.
0:47:26 > 0:47:29And with the garden laid to lawn,
0:47:29 > 0:47:33this former dog's dinner of a property is now the cat's whiskers.
0:47:33 > 0:47:36But how did they get rid of that awful smell?
0:47:38 > 0:47:40There was a few ways we tried to get over it.
0:47:40 > 0:47:44We started with some normal bleach on the floorboards,
0:47:44 > 0:47:46which did absolutely nothing.
0:47:46 > 0:47:49It just made it smell...bleachy.
0:47:49 > 0:47:51Then we got some industrial bleach,
0:47:51 > 0:47:54which was a lot more powerful and it just fizzed and then in the end,
0:47:54 > 0:47:57we just ended up PVA-ing it and sealing it all in.
0:47:57 > 0:48:00And that worked perfectly.
0:48:00 > 0:48:04Polyvinyl acetate sealant has meant that those pongs have been sealed
0:48:04 > 0:48:08in for ever. What about all that cracking and damp?
0:48:08 > 0:48:10Well, it wasn't bomb damage
0:48:10 > 0:48:12from the war and it wasn't subsidence, either.
0:48:12 > 0:48:15It was a collapsed drain that was causing the problems,
0:48:15 > 0:48:19which has now been completely sorted and the cracks are repaired.
0:48:19 > 0:48:24# Like everything else it all got away... #
0:48:24 > 0:48:29And talking of going away, how often was Judith actually at the house?
0:48:29 > 0:48:32I sat at home and waited for the photographs to come through of what
0:48:32 > 0:48:36- he had been doing.- A Friday visit every now and again.
0:48:36 > 0:48:39I was never, ever going to be involved with the work within it.
0:48:39 > 0:48:41Not till the smell went anyway.
0:48:41 > 0:48:43That's right. Avoid it.
0:48:43 > 0:48:45So, yeah, so...
0:48:45 > 0:48:47Really pleased with it.
0:48:47 > 0:48:49# I'm feeling happy now... #
0:48:49 > 0:48:53That's good, but it was a bit of a wait to get this project completed.
0:48:53 > 0:48:57Simon was busy with his own decorating work and the house was
0:48:57 > 0:49:00more difficult to sort out than they first envisaged.
0:49:00 > 0:49:02But they weren't in a massive rush.
0:49:02 > 0:49:04It was one thing letting the timescale slip,
0:49:04 > 0:49:07it's another keeping on top of the budget.
0:49:07 > 0:49:09We thought it would be about 15, the top budget.
0:49:09 > 0:49:12Anywhere from 10 to 15. And it's gone to about 18, so...
0:49:14 > 0:49:20£18,000 on top of their 70 grand purchase price takes their total
0:49:20 > 0:49:22investment to 88 grand.
0:49:22 > 0:49:26So, does this house have the sweet smell of success now?
0:49:26 > 0:49:29Let's ask two local property experts what they think.
0:49:33 > 0:49:36After having a look around, in its current state, I think the property
0:49:36 > 0:49:39has been presented to an excellent standard and really does make the
0:49:39 > 0:49:41best of what's available here.
0:49:41 > 0:49:44My first impressions are, the owners have actually done a comprehensive
0:49:44 > 0:49:47refurb to the house. It's looking good now, from top to bottom.
0:49:47 > 0:49:49With regard to the four-bedroom layout, personally,
0:49:49 > 0:49:52I would have retained it as a three-bedroom.
0:49:52 > 0:49:54I think the master bedroom was a great size,
0:49:54 > 0:49:56gave good accommodation and I would have left it as it is,
0:49:56 > 0:49:59rather than changing to a four-bedroom.
0:50:00 > 0:50:03That's interesting. Sometimes, less is more.
0:50:03 > 0:50:08Simon, Judith and her husband Colin are keen to sell this house on.
0:50:08 > 0:50:13So, has this 88 grand investment potentially made them some money?
0:50:14 > 0:50:16In its current condition, on today's market,
0:50:16 > 0:50:19I would anticipate a sale being achieved somewhere in the region of
0:50:19 > 0:50:21£105,000.
0:50:21 > 0:50:23In terms of selling the property,
0:50:23 > 0:50:25you are looking at around about £100,000.
0:50:25 > 0:50:30OK, yeah, we had a valuation as well and that was more than that.
0:50:30 > 0:50:32So there is a bit of variation in it.
0:50:32 > 0:50:35So, I think it will go for more than that.
0:50:35 > 0:50:38But it's all what people are prepared to pay for it.
0:50:38 > 0:50:44A potential pre-tax profit of 12 to 17 grand is not bad for starters.
0:50:44 > 0:50:46If they can't get a quick sale,
0:50:46 > 0:50:49they could rent for £550 per calendar month,
0:50:49 > 0:50:52which equates to a 7.5% yield.
0:50:52 > 0:50:54But, overall, how do they sum up
0:50:54 > 0:50:57their first joint property venture together?
0:50:59 > 0:51:03I think it was more work than we ever imagined.
0:51:03 > 0:51:07Oh... For Simon to do! Not me. As you say, I watched from afar.
0:51:07 > 0:51:09A cup of tea goes a long way, Judith.
0:51:09 > 0:51:13- I'll buy you a pint next time around.- A couple.
0:51:17 > 0:51:19Now, back to the Kent town of Maidstone,
0:51:19 > 0:51:23where Lucy looked around this two-bedroom mid-terrace in need of
0:51:23 > 0:51:25substantial work.
0:51:25 > 0:51:29So, straight from the outside pavement into the lounge area.
0:51:29 > 0:51:30And as you'd imagine,
0:51:30 > 0:51:35it is quite small inside but there's a lot you can do to improve a place
0:51:35 > 0:51:36like this.
0:51:36 > 0:51:39Possible improvements included a kitchen refit,
0:51:39 > 0:51:43but perhaps the most challenging thing was a potential basement
0:51:43 > 0:51:46conversion. Lucy enlightened us in the dark.
0:51:46 > 0:51:49It would need a proper staircase which complies to building regs.
0:51:49 > 0:51:52Then there's the issue of light and ventilation.
0:51:52 > 0:51:55Look - there's a window. That is brilliant.
0:51:55 > 0:52:00Other people just as excited about windows were the bidders.
0:52:00 > 0:52:01Sally and husband Phil had run
0:52:01 > 0:52:05a window, conservatory and building company. They and three of their
0:52:05 > 0:52:08children paid £150,000 for the Maidstone house.
0:52:08 > 0:52:11Mum and Dad jetted off to Australia
0:52:11 > 0:52:15to see daughter Emma while Lucy met up with the other two stakeholders -
0:52:15 > 0:52:19Alex, who is an electrician, and older brother Dan,
0:52:19 > 0:52:23who works on the administration side of his dad's company.
0:52:23 > 0:52:26Lucy was keen to see the cellar sorted but wondered if the team
0:52:26 > 0:52:29would be daunted by the task ahead.
0:52:29 > 0:52:31It doesn't worry us. It's something that's just got to be done,
0:52:31 > 0:52:35- isn't it?- I knew you'd say that. There's nothing that worries you.
0:52:35 > 0:52:37- Quite confident about this, aren't you?- Definitely. It's just
0:52:37 > 0:52:40something we're going to crash into and it'll be good fun to do,
0:52:40 > 0:52:44- not just hard work.- Is he going to be bossing everyone around?
0:52:44 > 0:52:49- Well, it's my mum, so I doubt it. - Really?- Yeah, it's her little baby.
0:52:49 > 0:52:52It's her project, so she'll be telling me where to go and I'll just
0:52:52 > 0:52:56- be doing what I'm told.- I know she didn't even think that it would be
0:52:56 > 0:52:59something that the whole family would be involved in so that's just
0:52:59 > 0:53:00made it even better for her.
0:53:00 > 0:53:03So, how have the boys got on?
0:53:03 > 0:53:05They estimated eight weeks to finish.
0:53:05 > 0:53:08We are back after 16 weeks and a day.
0:53:08 > 0:53:10Let's start in the garden.
0:53:13 > 0:53:16# Money rains from the sky above
0:53:16 > 0:53:20# But keep the change cos I've got enough... #
0:53:24 > 0:53:27The lounge chimney breast is gone and it does make it bigger.
0:53:27 > 0:53:31And we'll find out soon that that's not a fish tank in the corner.
0:53:40 > 0:53:42The kitchen now has a small breakfast bar,
0:53:42 > 0:53:44some integrated appliances,
0:53:44 > 0:53:47and a full wall of units.
0:53:47 > 0:53:49And the pastel colours continue.
0:53:52 > 0:53:56The bathroom is still out back but brand-new.
0:54:00 > 0:54:04And upstairs, where the big cupboard was...
0:54:06 > 0:54:07..is this.
0:54:15 > 0:54:19The neutral colour scheme continues in the carpets and the decor of the
0:54:19 > 0:54:23bedrooms and, needless to say, there are new windows throughout.
0:54:24 > 0:54:28But come on, Sally and Phil, tell us what happened to the damp cellar.
0:54:32 > 0:54:36We tanked the cellar out, so we could then put a new staircase in,
0:54:36 > 0:54:40which needed to have the new headroom here,
0:54:40 > 0:54:43which we've done with the new glass in the roof.
0:54:43 > 0:54:47And just thought we'd add a little quirky feature with the mural.
0:54:49 > 0:54:54We love quirky features and now this dry room could be a games room,
0:54:54 > 0:54:58another bedroom or indeed a wine cellar.
0:54:58 > 0:55:03The cellar entrance is still off the kitchen but the glass tank top
0:55:03 > 0:55:08in the lounge gives extra light and headroom lighting the stairs.
0:55:08 > 0:55:12The two-month timescale extended somewhat.
0:55:12 > 0:55:14Why was that?
0:55:14 > 0:55:18We had a bit of time before we actually started and got going
0:55:18 > 0:55:23just because my mum and dad were still away in Australia but, yeah,
0:55:23 > 0:55:27as soon as they were back, it all kicked off straightaway.
0:55:27 > 0:55:31I think it probably took about the best part of three months but not
0:55:31 > 0:55:34a lot over what we anticipated.
0:55:34 > 0:55:36And the budget also went over from
0:55:36 > 0:55:42the expected 12,000 to £19,876.
0:55:42 > 0:55:44Let's say 20 grand for easy maths.
0:55:44 > 0:55:46What was the worst job?
0:55:46 > 0:55:50The worst part for me, really, was ridding the house of its
0:55:50 > 0:55:5560-a-day habit. I had to really scrub it from top to bottom
0:55:55 > 0:56:00before any decoration could be done. So, yeah, major work.
0:56:00 > 0:56:05We called in two local estate agents to find out the value that the work
0:56:05 > 0:56:09has added to the house, starting with the agent who saw the property
0:56:09 > 0:56:12- at the beginning of the project. - They've used the space well.
0:56:12 > 0:56:15I really like what they've done with the basement. It could be used as
0:56:15 > 0:56:17a games room. I really like what they've done with the cupboard
0:56:17 > 0:56:19upstairs to give the property an extra toilet.
0:56:19 > 0:56:23The demand for properties like this is always great
0:56:23 > 0:56:27in this area. As long as it goes to market at the right price,
0:56:27 > 0:56:29for rental or for purchasing,
0:56:29 > 0:56:33there's no reason why it would stay on the market for very long at all.
0:56:33 > 0:56:37It was mooted that Dan might buy the house from the others but he's
0:56:37 > 0:56:39decided against it at the moment.
0:56:39 > 0:56:43So, let's get down to business. What could this house rent out for?
0:56:43 > 0:56:47I think this property could achieve £875 per calendar month to £900
0:56:47 > 0:56:51- per calendar month.- With the rental market being as strong as it is
0:56:51 > 0:56:57at the moment, there's no reason why we shouldn't achieve 850 to £875
0:56:57 > 0:56:59per calendar month.
0:56:59 > 0:57:04Costs stand at £150,000 purchase and £20,000 refurb,
0:57:04 > 0:57:09so taking the top figure, that equates to nearly a 6.5% yield.
0:57:09 > 0:57:10So, what does that mean?
0:57:12 > 0:57:16Don't mean a lot to us because it's never been in our mind to rent.
0:57:16 > 0:57:20- I think that's right. - No.- No, we'd like to sell and...
0:57:20 > 0:57:22- Get on with another. - Yeah, do another one.
0:57:22 > 0:57:25Good enough reason to find out the sales values.
0:57:25 > 0:57:29On the sales market, I think this property could achieve £210,000.
0:57:29 > 0:57:32On the sales market, at this moment in time, the property should achieve
0:57:32 > 0:57:37somewhere between 200,000 and £210,000.
0:57:37 > 0:57:41Again, that top figure gives a pre-tax potential profit of £40,000.
0:57:41 > 0:57:44Not bad, eh?
0:57:44 > 0:57:47- A little bit higher than we expected.- Yeah. No...very nice.
0:57:47 > 0:57:48Yeah. Good.
0:57:48 > 0:57:50So, would you do it again?
0:57:50 > 0:57:55Yes, we would go to auction to buy another investment property.
0:57:55 > 0:57:58I found it particularly terrifying
0:57:58 > 0:58:03but hopefully the second one won't be so bad.
0:58:06 > 0:58:08If you're thinking about heading down to a property auction,
0:58:08 > 0:58:12- I hope we've helped you out.- We do like to give as much advice as we
0:58:12 > 0:58:15- possibly can and we will keep at it. - We will. So make sure you join us
0:58:15 > 0:58:19- next time for more Homes Under The Hammer.- Goodbye.- Goodbye.