0:00:02 > 0:00:04Hello and welcome to the show. Over the years, I must have
0:00:04 > 0:00:06visited hundreds of property auctions, but you know what?
0:00:06 > 0:00:09I never get bored of them because they're so interesting.
0:00:09 > 0:00:11It never ceases to amaze me how much is on offer.
0:00:11 > 0:00:13So, get down to your local auction house
0:00:13 > 0:00:15and buy your next home under the hammer.
0:00:41 > 0:00:43Keeping a calm head when buying a property at auction
0:00:43 > 0:00:45can just give you the edge.
0:00:45 > 0:00:47Yes, the trick is, don't panic, Captain Dion!
0:00:48 > 0:00:50Keep a cool head.
0:00:50 > 0:00:52Did today's buyers take that advice?
0:00:52 > 0:00:54Let's find out.
0:00:55 > 0:00:59In Stoke-on-Trent, my inner David Bellamy emerges,
0:00:59 > 0:01:01as I get to the root of the problem.
0:01:01 > 0:01:03Here we are in the forest of Blurton.
0:01:05 > 0:01:08Whereas can anyone see the wood from the trees
0:01:08 > 0:01:11with this huge barnstorming project in Norfolk?
0:01:11 > 0:01:14This is very, very exciting.
0:01:15 > 0:01:17And in Tooting, South London,
0:01:17 > 0:01:21Lucy wonders if a split-level flat could ever grow on you.
0:01:21 > 0:01:24Let's face it, there's not MUSHROOM in here(!)
0:01:27 > 0:01:30All these properties have been sold at auction and we'll find out
0:01:30 > 0:01:33who bought them and what they paid when they went under the hammer.
0:01:33 > 0:01:34Your lot, sir, well done.
0:01:39 > 0:01:42This is Blurton in Staffordshire.
0:01:42 > 0:01:45Once the hunting ground for the Duke of Sutherland.
0:01:45 > 0:01:48Anyone hunting here now would find instead a huge swathe
0:01:48 > 0:01:51of housing estates.
0:01:51 > 0:01:53It's about four miles south of Stoke-on-Trent and,
0:01:53 > 0:01:57with its own local amenities and a multi-million pound overhaul
0:01:57 > 0:01:59of the housing stock a few years back,
0:01:59 > 0:02:02this has become a very pleasant place to live.
0:02:04 > 0:02:07What I do like about areas like this, that are predominantly
0:02:07 > 0:02:11filled with bungalows, they always seem to be clean and tidy.
0:02:11 > 0:02:15There's no rubbish anywhere and the gardens do seem to be immaculate.
0:02:15 > 0:02:18There's a real sense of pride in their neighbourhood.
0:02:18 > 0:02:21Now, the property I'm here to see is this one here,
0:02:21 > 0:02:26it's a two-bed and has a guide price of £75,000.
0:02:28 > 0:02:33All the indications are that this bungalow has been well maintained and cared for.
0:02:33 > 0:02:37Nice front lawn, there's even a garage.
0:02:37 > 0:02:39Let's hope it continues on the inside.
0:02:41 > 0:02:45OK, we are into a small porchway area, lounge there,
0:02:45 > 0:02:47but I'll come back to that.
0:02:48 > 0:02:51We've got some hanging space there for your coats.
0:02:51 > 0:02:54Into the kitchen, which isn't a bad size at all.
0:02:54 > 0:02:57Notice the textured ceiling, you'd want to get rid of that,
0:02:57 > 0:03:00that's quite dated, as is the kitchen as well.
0:03:00 > 0:03:03Brand-new kitchen here would really spruce this up.
0:03:03 > 0:03:07And in here, we've got a bit of storage space for your baked beans.
0:03:07 > 0:03:10But I'm thinking you could create a little bit more space
0:03:10 > 0:03:13just by taking that out, make yourself a bigger kitchen.
0:03:13 > 0:03:15Front door there, and your back door there,
0:03:15 > 0:03:16both coming into the kitchen.
0:03:16 > 0:03:19Would you want that? I'm not sure.
0:03:19 > 0:03:20So far, I'm happy.
0:03:22 > 0:03:26Yes, I do think a small configuration change in the kitchen
0:03:26 > 0:03:27is worth considering.
0:03:27 > 0:03:30Certainly there is one entrance door too many.
0:03:30 > 0:03:33And blocking out one of those doors
0:03:33 > 0:03:35would create more space in the kitchen.
0:03:35 > 0:03:39At the back of the property, you've got two decent-sized bedrooms,
0:03:39 > 0:03:42both with windows looking out onto the back garden.
0:03:42 > 0:03:45I've also seen that there's central heating as well.
0:03:45 > 0:03:47It does look a little bit dated,
0:03:47 > 0:03:49so if you are going to modernise this place throughout,
0:03:49 > 0:03:52you'd want to bring the heating up to date as well.
0:03:52 > 0:03:55And I'll say the same for the family bathroom,
0:03:55 > 0:03:57I'd retile and pop a new bathroom in there as well.
0:03:57 > 0:04:01Into the lounge area, which is a good-size lounge.
0:04:01 > 0:04:04Nice big window, looking out onto the front garden, lots of light coming in.
0:04:04 > 0:04:08And over here, you've got a '70s brick feature fireplace.
0:04:08 > 0:04:12OK back in the day, but I'd want to get rid of it.
0:04:12 > 0:04:15So, carpet throughout, get some paint in here as well.
0:04:15 > 0:04:17Brighten it up a bit and I think
0:04:17 > 0:04:19you'd possibly get this place back to its best.
0:04:19 > 0:04:22There really isn't much needed doing here
0:04:22 > 0:04:24apart from a good refurbishment.
0:04:24 > 0:04:29There are no cracks, there's no subsidence, no sign of damp,
0:04:29 > 0:04:33the roof isn't looking like it's going to collapse either.
0:04:33 > 0:04:34So inside at least,
0:04:34 > 0:04:37it really is a pretty straightforward project,
0:04:37 > 0:04:41but outside, I think I might have unearthed a small problem.
0:04:42 > 0:04:44Here we are in the forest of Blurton.
0:04:46 > 0:04:48It's not really a forest at all.
0:04:48 > 0:04:52These trees would have been planted years ago,
0:04:52 > 0:04:54just to create a little bit of privacy
0:04:54 > 0:04:56but they would have been small trees,
0:04:56 > 0:05:01but, unfortunately, small trees can grow to be very big trees,
0:05:01 > 0:05:05which unfortunately, come with very big roots.
0:05:07 > 0:05:11So definitely some digging needed to get those trees out.
0:05:11 > 0:05:13# Zipping up my boots
0:05:15 > 0:05:17# Going back to my roots... #
0:05:18 > 0:05:23And roots, as we know, can dry out soil and cause subsidence.
0:05:23 > 0:05:26They can also cause havoc with drains.
0:05:26 > 0:05:29Here they are coming out of the driveway.
0:05:29 > 0:05:32I think some serious tree surgery is called for.
0:05:34 > 0:05:37The back garden could do with a makeover too.
0:05:37 > 0:05:39It's surely crying out for patio doors,
0:05:39 > 0:05:42some decking, or a paved area.
0:05:42 > 0:05:45Maybe a pond. I've always wanted a pond.
0:05:45 > 0:05:47A barbecue perhaps? That would be nice.
0:05:47 > 0:05:50Well, that's my wish list anyway.
0:05:55 > 0:05:57What about a local property expert?
0:05:57 > 0:06:00What does he think of this bungalow and what would he do with it?
0:06:01 > 0:06:04If it was my property, I would leave the layout as it is.
0:06:04 > 0:06:06It's going to appeal mostly to the retired.
0:06:06 > 0:06:08It's already got well-proportioned rooms.
0:06:08 > 0:06:09And works well.
0:06:09 > 0:06:14This bungalow is proof that not all auction properties are nightmares.
0:06:14 > 0:06:18It only needs a face-lift, but that means it is hard to see
0:06:18 > 0:06:22anywhere where you could add value if you wanted to flip it.
0:06:22 > 0:06:26But it has what sounds like a modest guide price at 75 grand.
0:06:26 > 0:06:28Does that reflect its value?
0:06:28 > 0:06:31What could it sell for, though, with a decent makeover?
0:06:32 > 0:06:35Refurbished, I would expect to place this property on the market
0:06:35 > 0:06:38between £120,000 and £125,000.
0:06:38 > 0:06:40That is promising.
0:06:40 > 0:06:41And rental returns?
0:06:41 > 0:06:43Once renovated, in the current climate,
0:06:43 > 0:06:45I would expect the property to rent
0:06:45 > 0:06:48between £500 and £525 per calendar month.
0:06:51 > 0:06:54This is a good house and it's solidly built.
0:06:54 > 0:06:59It does need modernising and you may want to knock it about just a bit,
0:06:59 > 0:07:01but it's in a real sought-after area.
0:07:01 > 0:07:04Let's find out who really wanted it when it went under the hammer.
0:07:07 > 0:07:09Lot number nine,
0:07:09 > 0:07:11we now go to Blurton in Stoke-on-Trent.
0:07:11 > 0:07:13Two-bedroom, semidetached bungalow.
0:07:13 > 0:07:15Gas central heating, double glazing.
0:07:15 > 0:07:19Off-road parking, as it is in a cul-de-sac position.
0:07:19 > 0:07:21Two bedroom, semidetached bungalow.
0:07:21 > 0:07:2270 to get it going.
0:07:22 > 0:07:2570 bid, thank you. At £70,000.
0:07:25 > 0:07:2771. 72.
0:07:27 > 0:07:3073. 74. 75.
0:07:32 > 0:07:33At £75,000.
0:07:33 > 0:07:36To my right. 76.
0:07:36 > 0:07:3877. 78.
0:07:39 > 0:07:4178, seated. At £78,000.
0:07:41 > 0:07:4479 anywhere else?
0:07:45 > 0:07:4879. 80.
0:07:48 > 0:07:5181. 82.
0:07:51 > 0:07:5383, sir? 83.
0:07:53 > 0:07:5584? 84.
0:07:55 > 0:07:5885. 86.
0:07:58 > 0:08:00Shaking his head, 86, still with you, sir.
0:08:00 > 0:08:02£86,000.
0:08:02 > 0:08:0487, new bidder.
0:08:04 > 0:08:0688? 88.
0:08:06 > 0:08:1089. 90. 91.
0:08:10 > 0:08:13New bidder. 92.
0:08:13 > 0:08:1793. 94. 95. 96.
0:08:17 > 0:08:2197. 98. 99.
0:08:21 > 0:08:2399, still with you, sir.
0:08:23 > 0:08:26£99,000. 100 anywhere else?
0:08:27 > 0:08:29If not, 99,000 once...
0:08:29 > 0:08:30Twice...
0:08:30 > 0:08:33Third, and last time at £99,000...
0:08:35 > 0:08:36Bought it, well done.
0:08:38 > 0:08:42The hammer fell at just below 100 grand at £99,000
0:08:42 > 0:08:45and the successful bidder was Steve.
0:08:45 > 0:08:49And, this was to be a joint project with his elder brother, Tony.
0:08:49 > 0:08:53I was intrigued to know why the brothers bought the bungalow in Blurton.
0:09:00 > 0:09:03- Tony, nice to meet you. - Nice to meet you. - Steve, nice to meet you too.
0:09:03 > 0:09:04- Congratulations.- Thank you.
0:09:04 > 0:09:06You've found yourself a bit of a gem here.
0:09:06 > 0:09:09- Yeah, definitely, yeah. - Why this particular property?
0:09:09 > 0:09:12We wanted a bungalow for me mum because
0:09:12 > 0:09:14she's not great on her feet now.
0:09:14 > 0:09:17- She won't mind me saying that, I don't think, will she?- Yeah.
0:09:17 > 0:09:19- You'll find out.- We will. - You'll find out!- Yeah.
0:09:19 > 0:09:22- She's away at the moment, so... - Yeah.
0:09:22 > 0:09:25And you said the area was nice, didn't you?
0:09:25 > 0:09:28Yes, it's an area I know well, actually.
0:09:28 > 0:09:31Father-in-law and mother-in-law live close by.
0:09:31 > 0:09:33So it's ideal for her.
0:09:33 > 0:09:35And has your mum been to see the property?
0:09:35 > 0:09:38Yes, she was very pleased about it because I think it's something
0:09:38 > 0:09:41that she wanted, as well, a bungalow, you know,
0:09:41 > 0:09:43something on one floor that she can get around.
0:09:43 > 0:09:46- She knows the area anyway, doesn't she?- Yeah.
0:09:46 > 0:09:48I wasn't going to tell Mum that we'd bought it.
0:09:48 > 0:09:50I was going to say that we hadn't...
0:09:50 > 0:09:52We'd lost out.
0:09:52 > 0:09:54But you said... I mean, he's the sensible one,
0:09:54 > 0:09:58he said, "No, tell her, because she might want some input."
0:09:58 > 0:10:02- Yes.- Into what goes in and what colours she likes and everything.
0:10:02 > 0:10:05Didn't want to bring her up when it's all done and say,
0:10:05 > 0:10:07- "There you go."- There you go, yeah.
0:10:07 > 0:10:10- Look at the tiger skin wallpaper. - DION CHUCKLES
0:10:11 > 0:10:14Steve sells industrial cleaning equipment,
0:10:14 > 0:10:18so let's hope he sticks to the day job and not the decorating.
0:10:18 > 0:10:19Only kidding, Steve.
0:10:19 > 0:10:22What a great thing for the brothers to do,
0:10:22 > 0:10:23get their mum a house.
0:10:23 > 0:10:27And with their sisters and the family members nearby,
0:10:27 > 0:10:29this does look like a perfect location.
0:10:29 > 0:10:33But currently it's not quite a perfect home,
0:10:33 > 0:10:35so what changes have they got planned?
0:10:36 > 0:10:39There's an area in the kitchen that we can knock it through
0:10:39 > 0:10:41and make the kitchen much bigger.
0:10:41 > 0:10:45So, in general, we're changing the kitchen, take the front door out.
0:10:45 > 0:10:50Keeping the side door, but putting a set of patio doors in the back,
0:10:50 > 0:10:53so that she can get out to the garden easier really.
0:10:53 > 0:10:55New bathroom, new kitchen and new central heating.
0:10:55 > 0:10:57We'll have to cut the grass as well, then.
0:10:57 > 0:11:00Yeah, we'll have to cut the grass obviously. Well, Steve...
0:11:00 > 0:11:02- LAUGHTER - He's got that job.
0:11:02 > 0:11:05I thought we were going to keep all the windows
0:11:05 > 0:11:08and you've decided take 'em all out, haven't you?
0:11:08 > 0:11:09They're a bit dark.
0:11:09 > 0:11:12- Yeah.- It's a bigger job... I'm good at bashing out,
0:11:12 > 0:11:14but I'm not very good at putting back in.
0:11:14 > 0:11:15Yeah, that's right.
0:11:15 > 0:11:18There's a few roots coming through in the driveway.
0:11:18 > 0:11:19What are your plans for those trees?
0:11:19 > 0:11:21We'll those out, take the roots out.
0:11:21 > 0:11:24New drive and everything.
0:11:24 > 0:11:27Get a proper tree surgeon on them and check the other trees as well,
0:11:27 > 0:11:29make sure they're safe and that.
0:11:29 > 0:11:31Has your mum changed anything, or wants anything moved
0:11:31 > 0:11:33that you weren't going to do in the first place?
0:11:33 > 0:11:35- Well, she wanted...- External doors.
0:11:35 > 0:11:39..glass doors rather than solid doors inside.
0:11:39 > 0:11:41A wood floor in the lounge.
0:11:41 > 0:11:45And she wants a fireplace putting in, rather than, you know,
0:11:45 > 0:11:48obviously, a proper surround.
0:11:48 > 0:11:52And other than that, no, she's happy with everything else, yeah.
0:11:52 > 0:11:55And how much is it going to cost to do the work?
0:11:55 > 0:11:58I'd probably say about 10,000 to 15,000.
0:11:58 > 0:12:02Tony runs a heating company, who will do most of the plumbing work.
0:12:02 > 0:12:04He also knows people in the trade that can come in
0:12:04 > 0:12:07and help him carry out the other changes to the house.
0:12:07 > 0:12:10They hope to have it ready for their mum to move into
0:12:10 > 0:12:12in four to six weeks.
0:12:12 > 0:12:15So, how is it going to work? Who's going to take charge?
0:12:15 > 0:12:17I will.
0:12:17 > 0:12:19Right, as this is for your mum,
0:12:19 > 0:12:21standards are going to have to be pretty high, I would imagine.
0:12:21 > 0:12:23Right up there, yeah.
0:12:23 > 0:12:26She drives you pretty hard when she wants to.
0:12:26 > 0:12:28Yeah, when she wants you to do things.
0:12:28 > 0:12:31- Yeah.- Who is going to be the site foreman? Mum?
0:12:31 > 0:12:34- Yeah, definitely. Yeah.- We'll have to get her a hard hat, won't we?
0:12:34 > 0:12:36- Will she be over...? - It will mess her hair up.
0:12:36 > 0:12:38Steve, will she be over, coming to check on things -
0:12:38 > 0:12:41I don't want it like that, I don't want it like that?
0:12:41 > 0:12:43- Yeah.- I think she'll be pretty...
0:12:43 > 0:12:45She'll trust our judgment a lot.
0:12:45 > 0:12:48And I'll blame him if it's wrong. I'll say, Tony did that.
0:12:48 > 0:12:51- Yeah.- Blame the older brother. - Good on you.
0:12:51 > 0:12:53Great, great project, chaps. I wish you all the best.
0:12:53 > 0:12:56- And your mum will be really happy. - Thank you.- Congratulations.
0:12:56 > 0:12:57- Thank you.- No problem.- Thank you.
0:12:59 > 0:13:03So, brothers Steve and Tony are renovating this house for their mum.
0:13:03 > 0:13:05What a really nice thing to do.
0:13:05 > 0:13:08It should be a straightforward project.
0:13:08 > 0:13:10Will they stay within their timescale and budget?
0:13:10 > 0:13:12Will they get it right for their mum?
0:13:12 > 0:13:14Or will they be sent to bed with no supper?
0:13:14 > 0:13:17You can find out how they get on later in the programme.
0:13:20 > 0:13:23It was back in the summer of 2012
0:13:23 > 0:13:28when I found myself exploring the pretty Norfolk village of Upwell,
0:13:28 > 0:13:33situated on the Well Creek and just 25 miles from King's Lynn and Peterborough.
0:13:33 > 0:13:37Its rural setting makes it a perfect destination
0:13:37 > 0:13:40for any dreamers looking to escape from the city.
0:13:40 > 0:13:44For a lot of people, the absolute epitome of property developing
0:13:44 > 0:13:46is to take an old barn
0:13:46 > 0:13:50and convert it into something you could live in.
0:13:50 > 0:13:54Well, here on the outskirts of Upwell is a project
0:13:54 > 0:14:00that could provide the bare bones for such an ambitious project.
0:14:00 > 0:14:05It's a barn, there you go, the guide price was £95,000 plus.
0:14:05 > 0:14:09Square footage, sounds enormous, almost 3,500.
0:14:09 > 0:14:12The only slight problem is access.
0:14:12 > 0:14:14Cos that's the barn...
0:14:16 > 0:14:18..and this is the fence around it.
0:14:19 > 0:14:21Oh, well.
0:14:21 > 0:14:23# I can't stand fences
0:14:23 > 0:14:26# Don't fence me in... #
0:14:28 > 0:14:32The barn on offer was over 150 years old, on a good sized plot,
0:14:32 > 0:14:35and, best of all, came with planning permission
0:14:35 > 0:14:37to convert it into a four-bedroomed house.
0:14:39 > 0:14:41This is very, very exciting.
0:14:41 > 0:14:42What are we going to find?
0:14:42 > 0:14:45I mean, with barns, you never quite know.
0:14:45 > 0:14:48Um...in this case, it's not in bad condition.
0:14:48 > 0:14:52At least it's reasonably clean-ish.
0:14:52 > 0:14:56Well, there's no stuff that you might find in barns that have been used for cattle.
0:14:56 > 0:15:00A big room over there, big room here, another large room here.
0:15:00 > 0:15:05And then finally through here to one final really large space.
0:15:05 > 0:15:09So, what have you got? Four rooms, square footage, massive.
0:15:11 > 0:15:13Fairly good, solid concrete floors.
0:15:13 > 0:15:15Now, that potentially is good.
0:15:15 > 0:15:19On the other hand, I think there is going to be no damp proof course,
0:15:19 > 0:15:21nothing, so all this is going to have to come up.
0:15:21 > 0:15:23As usual, with barns,
0:15:23 > 0:15:28there's got to be quite a few things you have to adhere to when it comes
0:15:28 > 0:15:30to changing them into somewhere you could live.
0:15:30 > 0:15:32Unless you're a farm animal.
0:15:37 > 0:15:39But with no services in place,
0:15:39 > 0:15:42a structural survey that showed spalling,
0:15:42 > 0:15:44which means the concrete is flaking,
0:15:44 > 0:15:46a bowing roof, sagging walls,
0:15:46 > 0:15:50shallow foundations and the need of underpinning, well, in essence,
0:15:50 > 0:15:53this wasn't much more than a shell and a footprint for a building.
0:15:55 > 0:15:57But, then, there were those plans.
0:16:00 > 0:16:03Believe it or not, the house that's been basically passed
0:16:03 > 0:16:09uses all of the floor space of the existing barn.
0:16:09 > 0:16:10This is downstairs.
0:16:10 > 0:16:12This is where I'm standing, here.
0:16:12 > 0:16:15Leads basically through this door into a bedroom.
0:16:15 > 0:16:18Over there, you've got a drawing room and a library.
0:16:18 > 0:16:22This extraordinary living area here, leading onto a kitchen,
0:16:22 > 0:16:24massive kitchen/dining family room.
0:16:24 > 0:16:28Where it starts to get really exciting from my point of view is upstairs
0:16:28 > 0:16:31because in both the drawing room/library
0:16:31 > 0:16:37and that massive living room, you've got this huge gallery area,
0:16:37 > 0:16:40so it retains the whole feeling of the building.
0:16:40 > 0:16:42Four bedrooms, absolutely massive ones though.
0:16:42 > 0:16:45Of course, at 3,000-odd square feet,
0:16:45 > 0:16:47you're looking at a huge build cost for this.
0:16:47 > 0:16:50But at the end of the day, you are going to end up with
0:16:50 > 0:16:53one extremely impressive property.
0:16:53 > 0:16:57Though a £95,000 guide price may have seemed inviting,
0:16:57 > 0:17:01the build costs alone could double or even triple the investment.
0:17:01 > 0:17:04Which is perhaps why when it went to auction,
0:17:04 > 0:17:06it got a rather lukewarm reception.
0:17:08 > 0:17:10We move on then to lot number 25,
0:17:10 > 0:17:13which is a barn, the development opportunity there.
0:17:13 > 0:17:15Gave you a guide of 95 for that.
0:17:15 > 0:17:17Where do you want to be for that one? Start me at 90 for it?
0:17:17 > 0:17:1980, if you like?
0:17:19 > 0:17:2275 to get me started? 75 in the room.
0:17:22 > 0:17:24£75,000 surely.
0:17:25 > 0:17:2775 for it anywhere?
0:17:27 > 0:17:30At £75,000, I'll take 75 to start me.
0:17:30 > 0:17:33At 75,000. 75 anywhere?
0:17:33 > 0:17:35If not, I'm going to move on. 75 anywhere?
0:17:35 > 0:17:37No, we'll move on, then.
0:17:38 > 0:17:42So, the fear of all the potential unknowns kept any bidders
0:17:42 > 0:17:44sitting firmly on their hands.
0:17:45 > 0:17:49But eventually, a buyer did step forward in the form of
0:17:49 > 0:17:53David and partner Julia, who bought it for £80,000.
0:17:59 > 0:18:01Julia, David, great to meet you both.
0:18:01 > 0:18:04- And you.- Congratulations.
0:18:04 > 0:18:07Now, tell me what happened there, then, cos it didn't sell.
0:18:07 > 0:18:10It didn't seem to have any interest at all.
0:18:10 > 0:18:12Why do you not think anybody else wanted it?
0:18:12 > 0:18:15We don't know. We might find out later.
0:18:15 > 0:18:17It needs a lot of work doing, underpinning.
0:18:17 > 0:18:20A lot of structural work needs doing, which is obviously not cheap.
0:18:20 > 0:18:23But the budget we've... We've factored in the budget.
0:18:23 > 0:18:26So, tell me about you two, then, is this something you do?
0:18:26 > 0:18:28How did you end up buying a barn?
0:18:28 > 0:18:30We've been looking for about five years.
0:18:30 > 0:18:34I've got a small portfolio of buy-to-lets back in Yorkshire
0:18:34 > 0:18:35and Julia, you look after your...
0:18:35 > 0:18:38I look after my mother, who is disabled.
0:18:38 > 0:18:40- OK.- So I spend time between Surrey and Yorkshire.
0:18:40 > 0:18:42This is going to be a family home.
0:18:42 > 0:18:45I mean, obviously, you can't see the views very well at the moment
0:18:45 > 0:18:47because of the overgrowth in the garden.
0:18:47 > 0:18:49But they are to die for, apparently.
0:18:49 > 0:18:52- This is the first time Julia's been here. - I haven't seen it before today.
0:18:52 > 0:18:53MARTIN GASPS
0:18:53 > 0:18:58Yeah, straight up. I came down about six weeks ago, took some pictures,
0:18:58 > 0:19:00some video on the camera.
0:19:00 > 0:19:02And this is the first time you've been here.
0:19:02 > 0:19:04- I didn't know that he'd actually gone ahead with it.- What?
0:19:04 > 0:19:07- And put money on the table.- And put money on the table.- And bought it.
0:19:07 > 0:19:10- So you didn't know anything about this?- No, he told me, "I've just bought a barn."
0:19:10 > 0:19:13- I bet there were a few tears, weren't there?- Yes.
0:19:13 > 0:19:15It's too late now.
0:19:15 > 0:19:17I mean tears of happiness, not tears of...
0:19:17 > 0:19:19No, it was happiness.
0:19:20 > 0:19:23So, both David and Julia were happy to get the barn.
0:19:23 > 0:19:26But, of course, it wasn't just the bricks and mortar they were buying,
0:19:26 > 0:19:29it also came with those approved plans.
0:19:32 > 0:19:34So, let's go on to talk about the plans.
0:19:34 > 0:19:39Because they are to create a massive house.
0:19:39 > 0:19:43It's big. And it sits on a third of an acre of the plot.
0:19:43 > 0:19:46So the garden somewhere is 100 feet long.
0:19:46 > 0:19:49- But the idea is to keep the plans and follow them through exactly as they are.- Mmm.
0:19:49 > 0:19:53We are going to build to the plans, as the plans dictate,
0:19:53 > 0:19:56which gives us four bedrooms, four bathrooms, two living rooms,
0:19:56 > 0:19:58a kitchen, a study.
0:19:58 > 0:20:02And the couple were planning the accommodation to be high-end.
0:20:02 > 0:20:06The red gloss kitchen, oak finishes, granite worktops,
0:20:06 > 0:20:09and David was hoping to do a lot of the labouring himself
0:20:09 > 0:20:11to keep the costs down.
0:20:11 > 0:20:14And with a £180,000 to £200,000 budget,
0:20:14 > 0:20:18and an 18-month to two-years timescale, we left them to it.
0:20:22 > 0:20:24When we returned two years later,
0:20:24 > 0:20:27we were hoping to see some progress but sadly, we were disappointed.
0:20:27 > 0:20:31# Nothing ever happens
0:20:31 > 0:20:34# Nothing happens at all
0:20:34 > 0:20:38# The needle returns to the start of the song
0:20:38 > 0:20:41# And we all sing along like before. #
0:20:41 > 0:20:44Yes, it seems the project had got stuck in a bit of a loop.
0:20:46 > 0:20:51I was going to use bridging finance and to cut a long story short,
0:20:51 > 0:20:54the bridging finance didn't release enough funds,
0:20:54 > 0:20:57so I had to forfeit my 10% deposit at the auction
0:20:57 > 0:20:59and didn't buy the property.
0:20:59 > 0:21:02It then went back to auction a couple of months later,
0:21:02 > 0:21:06didn't sell. It then went back to auction a few months later,
0:21:06 > 0:21:08where I did have the funds.
0:21:08 > 0:21:11When I originally bought the property at the auction,
0:21:11 > 0:21:14the first time, I agreed a price of £80,000
0:21:14 > 0:21:20but I then bought the property two auctions later for 58.
0:21:20 > 0:21:23So even if you take into account that I lost my 10% deposit
0:21:23 > 0:21:26and about £1,000 for costs, etc,
0:21:26 > 0:21:28I'm about £12,000 up.
0:21:28 > 0:21:31As well as repurchasing the barn,
0:21:31 > 0:21:35David also resubmitted modified plans to extend the planning consent
0:21:35 > 0:21:37for another three years.
0:21:37 > 0:21:40And to make the finished building more environmentally friendly.
0:21:41 > 0:21:45I'm going to implement some sort of green energy into the property,
0:21:45 > 0:21:48so things like a rainwater harvesting system,
0:21:48 > 0:21:50and like an air source heat pump
0:21:50 > 0:21:53because we don't have gas in this part of Norfolk,
0:21:53 > 0:21:56so I'm going to incorporate some green energy.
0:21:56 > 0:21:58I now have full building regs plans
0:21:58 > 0:22:01so I know how big the rooms are going to be.
0:22:01 > 0:22:05And we are looking at about £212,000 to £220,000.
0:22:05 > 0:22:07So, a new budget and a new start
0:22:07 > 0:22:10but still another two years of work ahead for David.
0:22:10 > 0:22:15So, did the stop/start project ever reach a successful conclusion?
0:22:15 > 0:22:17You can find out later in the show.
0:22:21 > 0:22:25Coming up in Tooting, South London, Lucy is spoilt for choice.
0:22:25 > 0:22:28There's so much you could do with this property.
0:22:28 > 0:22:30I'm quite excited.
0:22:32 > 0:22:36And, of course, we return to Norfolk to see what finally happens
0:22:36 > 0:22:37to David's old barn.
0:22:45 > 0:22:49But first, I was in the Stoke-on-Trent district of Blurton,
0:22:49 > 0:22:52where I came across this two-bed, semi-detached bungalow
0:22:52 > 0:22:54that was just a little bit dated.
0:22:55 > 0:22:58You've got a '70s brick feature fireplace.
0:22:58 > 0:23:02OK back in the day, but I'd want to get rid of it.
0:23:02 > 0:23:04So, carpet throughout.
0:23:04 > 0:23:06Get some paint in here, as well.
0:23:06 > 0:23:11Brighten it up a little bit and I think you'd possibly get this place back to its best.
0:23:11 > 0:23:13This property was bought for 99 grand by brothers
0:23:13 > 0:23:18Steve, on the left, and Tony, with a very specific reason in mind.
0:23:18 > 0:23:20So, why this particular property?
0:23:20 > 0:23:25We wanted a bungalow for me mum because she's not great on her feet
0:23:25 > 0:23:28now, she won't mind me saying that, I don't think, will she?
0:23:28 > 0:23:31- Yeah.- You'll find out.- We will. - You'll find out.- Yes.
0:23:31 > 0:23:33What a great thing to do.
0:23:33 > 0:23:37Get your mum a good practical home and the lads hadn't just bought it,
0:23:37 > 0:23:39they were going to do it up for her, too.
0:23:40 > 0:23:42Right, as this is for your mum,
0:23:42 > 0:23:45standards are going to have to be pretty high, I would imagine.
0:23:45 > 0:23:47Right up there, yeah.
0:23:47 > 0:23:49Steve, will she be over coming to check on things -
0:23:49 > 0:23:51I don't want it like that, and I don't want it like that?
0:23:51 > 0:23:53I think she'll be pretty...
0:23:53 > 0:23:55She'll trust our judgment a lot.
0:23:55 > 0:23:57And then I'll blame him if it's wrong.
0:23:57 > 0:23:59- I'll say Tony did that.- Yeah.
0:23:59 > 0:24:02Tony is a heating engineer and was going to do
0:24:02 > 0:24:06a lot of the refurbishment work and project manage,
0:24:06 > 0:24:08while Steve would offer a helping hand.
0:24:08 > 0:24:10And their budget?
0:24:10 > 0:24:13Well, they hoped it would be around 10 to 15 grand.
0:24:13 > 0:24:15But since it's for their mum,
0:24:15 > 0:24:17it was going to be more like whatever it costs.
0:24:19 > 0:24:21Timescale wise, they were in no rush
0:24:21 > 0:24:24but they hoped to complete within four to six weeks.
0:24:29 > 0:24:33Now, 13 months later - you certainly haven't been rushing, lads, have you? -
0:24:33 > 0:24:34we're back.
0:24:39 > 0:24:42Well, the forest of Blurton is no more
0:24:42 > 0:24:45and is now a much more practical and better-looking driveway.
0:24:45 > 0:24:47I'm liking what I'm seeing.
0:24:47 > 0:24:51And with that front door now replaced with a window,
0:24:51 > 0:24:53it's through the side entrance we go.
0:24:57 > 0:24:58Wow!
0:24:58 > 0:25:01What a cosy and lovely home they've made for their mum.
0:25:01 > 0:25:03# All for you... #
0:25:04 > 0:25:10Completely replastered, rewired, redecorated, new fireplace, the lot.
0:25:10 > 0:25:12And what about that kitchen?
0:25:14 > 0:25:16Yeah, that's a top job, too.
0:25:18 > 0:25:20By blocking the front door and having a cupboard removed,
0:25:20 > 0:25:23they've created a nice, little dining area.
0:25:25 > 0:25:29Not only have they done a fabulous job upgrading and modernising
0:25:29 > 0:25:32the bungalow, they've made it much more practical for Mum
0:25:32 > 0:25:35with a walk-in and sit-down shower replacing the bath.
0:25:39 > 0:25:41And patio doors in the rear of the bedroom
0:25:41 > 0:25:44for easy access to a much improved garden.
0:25:51 > 0:25:55I've got to say, I love it, but more importantly, does their mum, Sheila?
0:25:55 > 0:25:57# It's all for you. #
0:25:59 > 0:26:01She loves it. Thinks it's great.
0:26:01 > 0:26:03She loves all the colours...
0:26:03 > 0:26:07Because we gave her the input and said, what colours do you want?
0:26:07 > 0:26:09Um, and what would you like?
0:26:09 > 0:26:11You know, this, that, and the other.
0:26:11 > 0:26:14- And she's chosen a lot. - She said where she wanted...
0:26:14 > 0:26:17- Yeah.- And then you mixed them up, didn't you?- Yeah.
0:26:18 > 0:26:22OK, lads. So, while Steve was muddling up the paint colours,
0:26:22 > 0:26:24who was doing the other extensive range of jobs?
0:26:24 > 0:26:28We just shared it, to be honest with you.
0:26:28 > 0:26:32But you did more because of your trade and everything.
0:26:32 > 0:26:34I was more labouring and...
0:26:34 > 0:26:39I mean, I've done all the painting, but you've done all the plumbing,
0:26:39 > 0:26:43you've put all the skirting on and the doors and everything.
0:26:43 > 0:26:46Tony lives closer to the house than Steve
0:26:46 > 0:26:48and, with his heating engineer skills,
0:26:48 > 0:26:51he was always down to do a lot of the changes,
0:26:51 > 0:26:54with a little help from his friends and tradesmen that he knows.
0:26:55 > 0:26:58But what was it like working together as brothers?
0:26:58 > 0:27:02I was painting and then as I was painting, he was making a mess,
0:27:02 > 0:27:04so I had to go round painting again.
0:27:04 > 0:27:05I must have painted...
0:27:05 > 0:27:07In fact...these floors...
0:27:07 > 0:27:09I must have painted the kitchen about seven times.
0:27:09 > 0:27:11- Yeah.- Because we lost the colour.
0:27:11 > 0:27:13And when we put the kitchen in,
0:27:13 > 0:27:16there was marks everywhere and when I came to paint,
0:27:16 > 0:27:17it was a different colour.
0:27:17 > 0:27:20- Yeah.- We didn't know what the colour was, did we?
0:27:20 > 0:27:22We should have known because most of it was on the floor.
0:27:24 > 0:27:28It seems those painting skills come from years of experience.
0:27:28 > 0:27:30This isn't the first time we've worked together.
0:27:30 > 0:27:33- We have worked together on... - When we were 12.
0:27:33 > 0:27:35Yeah, we painted...
0:27:35 > 0:27:37We painted a bathroom once.
0:27:37 > 0:27:41- Brandy gold.- And when I said the bathroom...
0:27:41 > 0:27:43The bath, the toilet, the floor.
0:27:43 > 0:27:46- So this one went about the same way. - Yeah.
0:27:46 > 0:27:49It's come off well, though, hasn't it? It has come off good.
0:27:49 > 0:27:52It came off good when you went home, yeah.
0:27:52 > 0:27:55Now, now, lads.
0:27:55 > 0:27:56It's all about teamwork.
0:27:56 > 0:28:00I think, reading between the lines, they had a lot of fun doing this.
0:28:00 > 0:28:03But with full-time jobs of their own,
0:28:03 > 0:28:07and perhaps more complicated changes than they first originally thought,
0:28:07 > 0:28:10it's taken ten times longer than planned.
0:28:10 > 0:28:12And budget-wise?
0:28:12 > 0:28:15The budget, same as the plan of action,
0:28:15 > 0:28:17went out of the window quite quickly...
0:28:17 > 0:28:20Within about a month, that went out of the window.
0:28:20 > 0:28:23Yeah, we probably spent probably about 25 on it.
0:28:25 > 0:28:28Well, they did say it was going to be no expense spared for their mum,
0:28:28 > 0:28:33but 25 grand does mean, along with their 99 grand purchase price,
0:28:33 > 0:28:37that they are looking at a total spend of £124,000.
0:28:37 > 0:28:41I'm sure they feel it's worth every penny.
0:28:41 > 0:28:43But would two local experts agree?
0:28:45 > 0:28:46It's my first time at the property.
0:28:46 > 0:28:49But I think the finish is absolutely exceptional.
0:28:49 > 0:28:51You can see they've worked very hard all the way round
0:28:51 > 0:28:53and I'm very impressed with what they've done.
0:28:53 > 0:28:56The job's been done extremely well.
0:28:56 > 0:29:00The finish is good and it's been done to quite a high standard.
0:29:00 > 0:29:02The layout of the property has obviously changed
0:29:02 > 0:29:05and I think what they've done has really benefited it,
0:29:05 > 0:29:07certainly for the resale and the rental value.
0:29:07 > 0:29:09It works a lot better. The bedrooms are set up.
0:29:09 > 0:29:11You've got great access points. I'm very impressed.
0:29:11 > 0:29:14I think the main selling point of the property is most definitely the bathroom.
0:29:14 > 0:29:16They've spent some money in that room
0:29:16 > 0:29:18and it looks really, really good.
0:29:18 > 0:29:21OK, so how does that translate into financial terms
0:29:21 > 0:29:25on a property Steve and Tony sank 124 grand into?
0:29:27 > 0:29:30The resale value for this property now that it's been finished,
0:29:30 > 0:29:34I would suggest would be somewhere between £125,000 and £130,000.
0:29:34 > 0:29:37The property in the current market would achieve somewhere
0:29:37 > 0:29:40in the region of £125,000 to £130,000.
0:29:40 > 0:29:42That's pretty much what I would have expected.
0:29:42 > 0:29:45- What we would have thought. - Yeah, yeah.
0:29:45 > 0:29:48Going off the value of the street, you know.
0:29:49 > 0:29:53So, currently, on the resale market, it would just about break even.
0:29:54 > 0:29:55And rental?
0:29:57 > 0:29:59The rental market for the property, I would suggest,
0:29:59 > 0:30:03would be between £500 and £550 per calendar month.
0:30:03 > 0:30:04In the current rental market,
0:30:04 > 0:30:08the property would achieve £525 per calendar month.
0:30:08 > 0:30:11Yeah, probably going to have to evict Mum, then.
0:30:13 > 0:30:15Yeah, no, that's about right.
0:30:15 > 0:30:17- Spot on, I think.- Yeah, yeah.
0:30:17 > 0:30:20Watch out, Sheila. Better get your bags packed.
0:30:20 > 0:30:24Steve and Tony quite like the sound of that 5% annual rental yield.
0:30:24 > 0:30:28So, come on, lads, you've clearly had a lot of fun doing this.
0:30:28 > 0:30:32Tell us if this double act is ready to take on any more refurbishments.
0:30:32 > 0:30:34- You...- No, you...- No, you
0:30:34 > 0:30:35- because...- No, because you.
0:30:37 > 0:30:39- No, you do this bit.- No, go on.
0:30:39 > 0:30:41- Yeah...- And action.
0:30:43 > 0:30:45Take two.
0:30:45 > 0:30:46Quite. We are looking, aren't we?
0:30:46 > 0:30:49- We are looking to buy another investment.- Yeah, we are, yeah.
0:30:49 > 0:30:52- We are just going to weigh up the pros and cons.- Yeah.
0:30:52 > 0:30:56We never did this as a commercial venture anyway,
0:30:56 > 0:30:59did we, otherwise we'd have made money on it?
0:30:59 > 0:31:02Yeah. Yeah. Absolutely, yeah.
0:31:02 > 0:31:07Yes, often in property refurbishment, profit is the name of the game.
0:31:07 > 0:31:09But it wasn't that type of project here.
0:31:09 > 0:31:12The two brothers have shown that they can definitely walk the walk
0:31:12 > 0:31:14and certainly talk the talk.
0:31:17 > 0:31:21He'd got what he wanted about 20 minutes ago when you were still talking.
0:31:21 > 0:31:24What you need to do is just, like...
0:31:24 > 0:31:27- Don't you do that?- Yeah. - Yes, we do!
0:31:31 > 0:31:35Tooting in south-west London is known for its bustling markets,
0:31:35 > 0:31:38busy high street and green spaces.
0:31:38 > 0:31:41It also boasts the Tooting Lido,
0:31:41 > 0:31:45which is the largest open-air swimming pool in the country.
0:31:46 > 0:31:51Lucy is taking the plunge and seeing what the local property market has in store.
0:31:53 > 0:31:56Not far from Tooting high street and close to not one
0:31:56 > 0:32:00but two tube stations is the property I'm here to see.
0:32:00 > 0:32:03Now, it's a first-floor, three-bedroom flat
0:32:03 > 0:32:05in this detached period property.
0:32:05 > 0:32:09Now, it looks in a bit of a scruffy state on the outside.
0:32:09 > 0:32:12It could do with a lick of paint, so not a great start.
0:32:12 > 0:32:16But the guide price at auction was £400,000.
0:32:16 > 0:32:19So, I'm going to go in and see what you get for your money.
0:32:19 > 0:32:22# She whispers
0:32:22 > 0:32:25# You get what you pay for
0:32:25 > 0:32:28# We could cost some... #
0:32:29 > 0:32:31Well, inside the flat...
0:32:31 > 0:32:35Wow! Straight away, I'm loving those high ceilings.
0:32:35 > 0:32:38It really does give you the feeling of space in here.
0:32:38 > 0:32:40Fantastic.
0:32:40 > 0:32:42And it's such a big, spacious flat.
0:32:42 > 0:32:43I mean, where do you start?
0:32:43 > 0:32:47You've got one, two, three rooms here, a little staircase down there.
0:32:47 > 0:32:52And let's go through into here, well, I think this is a bedroom.
0:32:52 > 0:32:54It could be a lounge but it's a fantastic space.
0:32:54 > 0:32:57Three big windows here.
0:32:57 > 0:32:59Letting loads of light in.
0:32:59 > 0:33:01Again, these lovely high ceilings.
0:33:01 > 0:33:03There's so much you could do with this.
0:33:03 > 0:33:06Through into here and this is definitely the lounge.
0:33:06 > 0:33:09You can see there's an old gas fire over here.
0:33:09 > 0:33:10But the character in here is what I love.
0:33:10 > 0:33:12I know it's dated,
0:33:12 > 0:33:15I know you've got to change the wallpaper and the carpets and, look,
0:33:15 > 0:33:18there's even a little bit of damp coming in through there,
0:33:18 > 0:33:21I think the lead flashing from the roof out there has gone,
0:33:21 > 0:33:23so that's left that all a little bit flaky,
0:33:23 > 0:33:26so someone is definitely going to have to sort that out.
0:33:26 > 0:33:29But I like the high skirting boards, I like the high ceilings,
0:33:29 > 0:33:31you've got a lovely little picture rail,
0:33:31 > 0:33:34there are bits and pieces within the flat that you really could bring out
0:33:34 > 0:33:36and make them look fantastic.
0:33:36 > 0:33:41A great space here, there's so much you could do with this property.
0:33:41 > 0:33:43I'm quite excited.
0:33:43 > 0:33:46# I do get excited... #
0:33:48 > 0:33:51There is plenty to get excited about here,
0:33:51 > 0:33:54but this flat has its ups and its downs.
0:33:54 > 0:33:57For those of you who think a flat means, well, it's a flat,
0:33:57 > 0:33:59well, think again.
0:33:59 > 0:34:02This is a split-level flat and the layout, well,
0:34:02 > 0:34:05it's not ideal, with the kitchen and bathroom down here.
0:34:06 > 0:34:09There is more character with the fireplace in the kitchen
0:34:09 > 0:34:11and it's a decent size.
0:34:11 > 0:34:12Like all the rooms really.
0:34:13 > 0:34:15Well, almost all.
0:34:15 > 0:34:19One of the only rooms that could be considered small in this flat
0:34:19 > 0:34:22is this bathroom but take a look at this.
0:34:22 > 0:34:24That's a big cupboard.
0:34:24 > 0:34:27The cupboard alone is the size of some bathrooms I've seen in Central London.
0:34:27 > 0:34:31I reckon that's easily big enough for a shower, but if not,
0:34:31 > 0:34:34it's really useful for extra storage, and let's face it,
0:34:34 > 0:34:36there's not MUSHROOM in here!
0:34:37 > 0:34:39Yeah, right, Lucy.
0:34:39 > 0:34:41That was a truly terrible pun.
0:34:41 > 0:34:44I should know, because I'm such a FUN-GUY.
0:34:44 > 0:34:48Anyway, on a serious note, fungi, including mould, are no joke.
0:34:48 > 0:34:49They come with a health warning.
0:34:49 > 0:34:52Some people, especially those with existing allergies,
0:34:52 > 0:34:55chest conditions including asthma, or weak immune systems,
0:34:55 > 0:34:59can be affected. Their spores are released into the atmosphere,
0:34:59 > 0:35:02particularly when a damp environment gets warmer.
0:35:02 > 0:35:03So, to stop the mushrooms,
0:35:03 > 0:35:06you need to find the source of the damp and get it sorted.
0:35:07 > 0:35:11Mushrooms aside, there is a reason why this flat could grow on you.
0:35:12 > 0:35:15Now, in a converted building like this, it's usually
0:35:15 > 0:35:19the ground floor property which gets any outside space,
0:35:19 > 0:35:21or it's divided up and the upper flats,
0:35:21 > 0:35:23well, they get just a little slither each.
0:35:23 > 0:35:26But in this case, like the flat itself,
0:35:26 > 0:35:29your share of the garden, well, is quite sizeable.
0:35:29 > 0:35:32In fact, it is that portion on the right,
0:35:32 > 0:35:35stretching from the rear of the building right up to the shed.
0:35:35 > 0:35:38So that is huge!
0:35:38 > 0:35:40Although I'm not sure about the outside bath.
0:35:40 > 0:35:41A bit chilly for that today.
0:35:41 > 0:35:45# Me, I stay gritty up to my ears
0:35:45 > 0:35:48# Washing in a bucket of mud... #
0:35:51 > 0:35:55You certainly don't want to throw your money down the drain
0:35:55 > 0:35:59when buying a property, so it's good to get a professional opinion.
0:35:59 > 0:36:01We've asked along an estate agent
0:36:01 > 0:36:05to see what he thinks of this large flat and its unusual layout.
0:36:05 > 0:36:07I think I would tweak it.
0:36:07 > 0:36:10Having a bedroom directly off the lounge is a bit strange.
0:36:10 > 0:36:12So I think that's one thing I'd do straightaway.
0:36:12 > 0:36:15I think the rest of it's OK, configuration-wise,
0:36:15 > 0:36:17but that's one thing I'd particularly do.
0:36:17 > 0:36:21One of the things about the property that's really noticeable, is its condition, from the exterior,
0:36:21 > 0:36:23which may be a problem for the owner in the sense that he's only owning
0:36:23 > 0:36:27the flat itself and the rest of the street is so well maintained,
0:36:27 > 0:36:29so it really shows out as a bit of a sore thumb in some ways.
0:36:29 > 0:36:33Of course, any work to the communal area or outside would need to be
0:36:33 > 0:36:36agreed by the freeholder and that's not always straightforward.
0:36:37 > 0:36:40Back to the flat and the good news is there's a lengthy 115 years
0:36:40 > 0:36:42left on the lease.
0:36:42 > 0:36:46So, what could this flat, guided at £400,000, be worth
0:36:46 > 0:36:49once refurbished and that layout tweaked?
0:36:49 > 0:36:53The resale value on this property would be in the region of £500,000.
0:36:53 > 0:36:55And rental?
0:36:55 > 0:37:00I think you're looking at £1,650 per calendar month for rental.
0:37:01 > 0:37:05This is a sizeable three-bedroom flat in a great location
0:37:05 > 0:37:07and it's not in too bad condition,
0:37:07 > 0:37:10nothing that a full refurb wouldn't fix anyway.
0:37:10 > 0:37:13So, who bid for this tempting Tooting property?
0:37:13 > 0:37:15Let's find out at the auction.
0:37:19 > 0:37:23This is a three-bed, first-floor flat, requiring modernisation,
0:37:23 > 0:37:26close to local amenities, Tooting, always popular.
0:37:26 > 0:37:28Someone might get a good deal here.
0:37:28 > 0:37:31It's not going to go below 350 for a flat in Tooting.
0:37:31 > 0:37:33Bid me £350,000.
0:37:33 > 0:37:36Anybody here for Lot 213?
0:37:36 > 0:37:38350, I've got at the back.
0:37:38 > 0:37:40350. Looking for 355.
0:37:41 > 0:37:43No? If not... 355.
0:37:43 > 0:37:46355. 360. 365. 370.
0:37:46 > 0:37:49375. 380. 385.
0:37:49 > 0:37:53390. 395. 392, if it helps?
0:37:53 > 0:37:56No? If not, it's at the back.
0:37:56 > 0:37:58£390,000.
0:37:58 > 0:38:01More competition anywhere?
0:38:01 > 0:38:03If not, 390 for the first...
0:38:03 > 0:38:05390 for the second...
0:38:05 > 0:38:08395, just caught your eye.
0:38:08 > 0:38:09395.
0:38:09 > 0:38:11400,000. 400.
0:38:11 > 0:38:13405. Yes, no?
0:38:13 > 0:38:15One bid and that's it?
0:38:15 > 0:38:16Fair enough.
0:38:16 > 0:38:18It's with you, sir. £400,000.
0:38:18 > 0:38:21Don't bid against yourself. 405 anywhere else?
0:38:21 > 0:38:24If not, 400 for the first, 400 for the second,
0:38:24 > 0:38:26400 the third and final time...
0:38:26 > 0:38:28Are we all done? Sold, 400,000.
0:38:28 > 0:38:31The successful bidder who waited over eight hours on the day
0:38:31 > 0:38:34for one of the last lots was Fatos.
0:38:34 > 0:38:36His patience paid off,
0:38:36 > 0:38:40as he paid bang on the guide price of 400,000 for this flat.
0:38:40 > 0:38:42I wonder if he thinks it's worth the wait.
0:38:42 > 0:38:46# I have waited oh so long...
0:38:49 > 0:38:52# Please don't tell me, baby
0:38:52 > 0:38:54# I was wrong. #
0:38:56 > 0:38:57Fatos, congratulations.
0:38:57 > 0:39:00- Thank you.- So, here we are, you bought the flat at auction,
0:39:00 > 0:39:02you must be so pleased.
0:39:02 > 0:39:04- I am.- So, what is your plan?
0:39:04 > 0:39:06Why have you bought it?
0:39:06 > 0:39:09I bought it to renovate and then sell it again.
0:39:09 > 0:39:11It's like investment.
0:39:11 > 0:39:14So, why have you decided to do this? Are you a developer?
0:39:14 > 0:39:20No, I'm not. But I've got my cousins to do the job for me.
0:39:20 > 0:39:22They are very good at it.
0:39:22 > 0:39:24Have you ever done anything like this before?
0:39:24 > 0:39:26I have done another house.
0:39:26 > 0:39:30I have done my own house, which I bought it about two years,
0:39:30 > 0:39:32two years and a half ago. And, er...
0:39:33 > 0:39:37Once I did it, the same estate agent guy came to value
0:39:37 > 0:39:40and the value was up £100,000.
0:39:40 > 0:39:42So, you've added £100,000 to your own property,
0:39:42 > 0:39:44which has made you think, let's do it again.
0:39:44 > 0:39:46Let's do this again.
0:39:46 > 0:39:49So, what are you going to do to this property because this is
0:39:49 > 0:39:54a fantastic flat in a great location, between two tube stations?
0:39:54 > 0:39:58I'm going to do a new kitchen, new bathroom, basically everything new.
0:39:58 > 0:40:01Everything, rip off everything and put everything new.
0:40:01 > 0:40:04So, when you say start over again,
0:40:04 > 0:40:06do you literally mean rip out everything?
0:40:06 > 0:40:08Because there's some nice, little features hidden here.
0:40:08 > 0:40:10You've got some deep skirting boards,
0:40:10 > 0:40:12a lovely little picture rail up there.
0:40:12 > 0:40:13Some cornicing.
0:40:13 > 0:40:16Are you going to keep any of that, or rip it all off?
0:40:16 > 0:40:18I will try, but to be honest,
0:40:20 > 0:40:23I prefer the modern rather than the old-fashioned.
0:40:26 > 0:40:30Well, each to his own, but once original features are gone, they are gone.
0:40:30 > 0:40:32So, always give it careful thought.
0:40:32 > 0:40:37Fatos is going to give this place a high-end modern finish.
0:40:37 > 0:40:40Either way, the sheer amount of work needed here won't come cheap.
0:40:43 > 0:40:45So, what's your budget for the work?
0:40:45 > 0:40:48Budget is about £20,000.
0:40:48 > 0:40:49Oh, OK.
0:40:49 > 0:40:51Yes. Because as I said, I like everything new,
0:40:51 > 0:40:53so I don't mind spending money.
0:40:53 > 0:40:54But I'm thinking that's quite low.
0:40:54 > 0:40:57- 20 grand?- Yes, 20 grand, I think, 20 grand.
0:40:57 > 0:40:59Well, I hope your calculations are good.
0:40:59 > 0:41:01I'm very good at maths.
0:41:01 > 0:41:05So, then, that means the flat is coming in at £420,000.
0:41:05 > 0:41:07Yes. There's the fees...
0:41:07 > 0:41:09Have you spoken to any local estate agents?
0:41:09 > 0:41:12What do they think you could market this for?
0:41:12 > 0:41:16They say that when it's done at the high-end, it will...
0:41:17 > 0:41:20The market will be 600, 650.
0:41:20 > 0:41:21- Wow!- That's what they say.
0:41:21 > 0:41:24That's incredible, and that has put a big smile on your face.
0:41:24 > 0:41:26- Hasn't it?- Yes.
0:41:26 > 0:41:30But do you feel that you might have to do this to a top-end state?
0:41:30 > 0:41:32In really good nick?
0:41:32 > 0:41:33I like to do that.
0:41:33 > 0:41:36I can't wait to see it. How long is it going to take you?
0:41:36 > 0:41:39- Two to three months. - Two to three months.
0:41:39 > 0:41:41- Are you in a hurry?- I am.
0:41:41 > 0:41:44- Why is that?- Because I need to buy another one, once I've sold this.
0:41:44 > 0:41:47- So, you've got the property bug, haven't you, Fatos?- Yes.
0:41:47 > 0:41:50Yes, we all know about the property bug, don't we?
0:41:50 > 0:41:55Fatos definitely has a bad case of it because he's also training
0:41:55 > 0:41:58to be a quantity surveyor at university.
0:41:58 > 0:42:01So, why have you chosen to study quantity surveying?
0:42:01 > 0:42:05Because it will help me to understand the building more...
0:42:05 > 0:42:08Expenses, so next time when I go to auction,
0:42:08 > 0:42:11I know how much I want to spend before bidding for another property.
0:42:11 > 0:42:13When you tell me it's going to be £20,000,
0:42:13 > 0:42:15I'll have to shut up and agree with you.
0:42:15 > 0:42:17Is it something that you're really enjoying?
0:42:17 > 0:42:20I really enjoy it and I really want to do this.
0:42:20 > 0:42:21It's been fantastic meeting you today.
0:42:21 > 0:42:25I cannot wait to see what this is going to look like for £20,000.
0:42:25 > 0:42:2620 to 30.
0:42:26 > 0:42:29Oh, you've just jumped up £10,000.
0:42:29 > 0:42:33Yes, because of the contemporary kitchen.
0:42:33 > 0:42:36- So probably that. - So, now it's 20 to 30.
0:42:36 > 0:42:38- OK.- We'll see. But I aim for 20.
0:42:38 > 0:42:40Well, it's brilliant. Good luck.
0:42:40 > 0:42:42I hope you do aim for 20 and stick to that.
0:42:42 > 0:42:43- Take care.- Thank you very much.
0:42:45 > 0:42:48So, Fatos wants to modernise this flat,
0:42:48 > 0:42:50he's got his cousins standing by to do all the work,
0:42:50 > 0:42:54and he's in a hurry to get this done and move on to the next.
0:42:54 > 0:42:58But there's a lot of work to do here first and he's only got a 20...
0:42:58 > 0:43:01Or is it 30 grand budget?
0:43:01 > 0:43:03So, will he be able to stick to that
0:43:03 > 0:43:05or will it cost more than he expects?
0:43:05 > 0:43:09You can find out how Fatos gets on later in the programme.
0:43:12 > 0:43:15Well, we earlier saw what one of our buyers had managed to achieve,
0:43:15 > 0:43:19- but what about the other two?- Yeah, will things be good, or not so good?
0:43:19 > 0:43:21We'll wait no longer. Let's just find out.
0:43:21 > 0:43:26It was back in 2012 in the small Norfolk village of Upwell
0:43:26 > 0:43:30where we first came across this exciting development project.
0:43:30 > 0:43:35It's a barn, there you go, the guide price was £95,000 plus.
0:43:35 > 0:43:39Square footage, sounds enormous, almost 3,500.
0:43:39 > 0:43:41The only slight problem...
0:43:41 > 0:43:45is access because that's the barn...
0:43:47 > 0:43:49..and this is the fence around it.
0:43:49 > 0:43:53And access wasn't the only issue for this 150-year-old barn.
0:43:53 > 0:43:56It had no services,
0:43:56 > 0:43:58would need underpinning,
0:43:58 > 0:44:01had a sagging roof, no damp course,
0:44:01 > 0:44:05there were severe cracks and a whole host of other issues,
0:44:05 > 0:44:07but overriding all of that,
0:44:07 > 0:44:11the most important thing it had was planning permission to be converted
0:44:11 > 0:44:13into a four-bedroomed house.
0:44:13 > 0:44:14Though on auction day,
0:44:14 > 0:44:17that wasn't initially enough to entice would-be buyers.
0:44:19 > 0:44:20£75,000, surely?
0:44:21 > 0:44:2375 for it anywhere?
0:44:23 > 0:44:26At £75,000, I'll take 75 to start me.
0:44:26 > 0:44:28At 75,000.
0:44:28 > 0:44:2975 anywhere?
0:44:29 > 0:44:30If not, I'm going to move on.
0:44:30 > 0:44:3275 anywhere?
0:44:32 > 0:44:33No, we'll move on, then.
0:44:33 > 0:44:36# Don't you want me, baby
0:44:36 > 0:44:40# Don't you want me, now... #
0:44:41 > 0:44:44So, the barn didn't sell, but after the auction,
0:44:44 > 0:44:48Yorkshire-based David decided it was worth taking a chance
0:44:48 > 0:44:52and agreed to buy it for £80,000 to convert it into a home for him
0:44:52 > 0:44:54and his partner Julia.
0:44:54 > 0:44:56So, let's talk about the plans
0:44:56 > 0:45:01because they are to create a massive house.
0:45:01 > 0:45:05It's big and it sits on a third of an acre, of the plot.
0:45:05 > 0:45:07So the garden, somewhere, is 100 feet long.
0:45:07 > 0:45:11- But the idea is to keep the plans and follow them through exactly as they are?- Mmm.
0:45:11 > 0:45:14We are going to build to the plans, so as the plans dictate,
0:45:14 > 0:45:19which gives us four bedrooms, four bathrooms, two living rooms,
0:45:19 > 0:45:22a kitchen, a study, so there's plenty of accommodation.
0:45:22 > 0:45:26Wind forward two years on and the project hadn't moved forward at all.
0:45:26 > 0:45:28In fact, if anything, it had gone in reverse.
0:45:38 > 0:45:40To cut a long story short,
0:45:40 > 0:45:43the bridging finance didn't release enough funds,
0:45:43 > 0:45:46so I had to forfeit my 10% deposit at the auction
0:45:46 > 0:45:48and didn't buy the property.
0:45:48 > 0:45:50It then went back to auction a couple of months later.
0:45:50 > 0:45:55Didn't sell. It then went back to auction a few months later,
0:45:55 > 0:45:57where I did have the funds.
0:45:57 > 0:45:59When I originally bought the property at the auction
0:45:59 > 0:46:02the first time, I agreed a price of £80,000.
0:46:03 > 0:46:08But I then bought the property two auctions later for 58.
0:46:10 > 0:46:12So, a bit of a false start for David,
0:46:12 > 0:46:14but having resubmitted the plans,
0:46:14 > 0:46:17he not only got it at a cheaper price,
0:46:17 > 0:46:19he also had more time to complete it.
0:46:19 > 0:46:22Now, another two years have ticked by.
0:46:22 > 0:46:26Has David finally got that dream four-bedroomed house?
0:46:26 > 0:46:28# Oh, baby
0:46:28 > 0:46:31# It's just like a movie I've seen before
0:46:31 > 0:46:35# I can get the picture right now
0:46:35 > 0:46:39# The grass is looking greener over there... #
0:46:39 > 0:46:42Why do I feel this all looks so familiar?
0:46:42 > 0:46:45# Like a movie I've seen before... #
0:46:47 > 0:46:49I bought the property with me and Julia
0:46:49 > 0:46:53but unfortunately, we split up, so it was decided that
0:46:53 > 0:46:56I didn't want to do it any more because I sort of
0:46:56 > 0:46:58fell out of love with the project
0:46:58 > 0:47:01and decided to let somebody else have a go.
0:47:01 > 0:47:05What a shame. And with David living over three hours away in Yorkshire,
0:47:05 > 0:47:07once the building had started,
0:47:07 > 0:47:10you would have had to commit wholeheartedly to the project,
0:47:10 > 0:47:12which clearly David wasn't any more.
0:47:12 > 0:47:17# You've lost that loving feeling
0:47:19 > 0:47:23# Oh, that loving feeling
0:47:23 > 0:47:27# You've lost that loving feeling
0:47:27 > 0:47:31# Now it's gone, gone, gone
0:47:31 > 0:47:34# Oh, oh, oh, oh... #
0:47:34 > 0:47:38In fact, the barn has been up for sale for nearly two-and-a-half years
0:47:38 > 0:47:43but finally he's got a buyer, so how does he feel about his purchase now?
0:47:45 > 0:47:48As I'm getting close to the sale, I'm quite relieved
0:47:48 > 0:47:52that I can obviously move on, sell the property,
0:47:52 > 0:47:55and use the money for other things.
0:47:55 > 0:47:57And what about the finances?
0:47:57 > 0:48:00How much of his money has been tied up here?
0:48:00 > 0:48:04The barn cost me £58,000 at auction the second time.
0:48:04 > 0:48:08But obviously, I lost £9,000 in fees at the first auction,
0:48:08 > 0:48:12but the only other cost has been £1,800 getting my plans drawn up.
0:48:15 > 0:48:19So, with an investment just shy of £69,000,
0:48:19 > 0:48:20is he right to cut and run?
0:48:22 > 0:48:24What do two local estate agents think about the building
0:48:24 > 0:48:26and the current plans for it?
0:48:26 > 0:48:30First, the agent who saw the property back in 2014.
0:48:33 > 0:48:37The property looks very similar, I have to say, from two years ago,
0:48:37 > 0:48:40and from a local's point of view, we would love to see
0:48:40 > 0:48:44some development of the property to restore it or make it into
0:48:44 > 0:48:47what I consider could be a fantastic home.
0:48:47 > 0:48:49There's a great demand for barn conversions.
0:48:49 > 0:48:52There's not many barns available in the area at the moment that haven't
0:48:52 > 0:48:54been converted or work done to them.
0:48:54 > 0:48:57The current plans in situ are going to make a fantastic
0:48:57 > 0:49:00contemporary home for somebody, in a really, really nice location.
0:49:00 > 0:49:03The plans, I think, are quite ambitious for the property,
0:49:03 > 0:49:08but it's a good sized plot. If I was personally with the property,
0:49:08 > 0:49:11I would certainly investigate the opportunity
0:49:11 > 0:49:14of demolishing the total building.
0:49:14 > 0:49:17Whether the old building remains or not,
0:49:17 > 0:49:20I do hope something eventually will be built here,
0:49:20 > 0:49:24and though David hasn't really ended up with what he hoped for,
0:49:24 > 0:49:27has he ended up with any profit on his £69,000 investment?
0:49:29 > 0:49:32Looking at the property, I believe that as it is,
0:49:32 > 0:49:34the property would have a value
0:49:34 > 0:49:37in the region of £120,000 to £125,000.
0:49:37 > 0:49:39As it is, we'd recommend a sales price
0:49:39 > 0:49:42of between £110,000 and £120,000.
0:49:42 > 0:49:46I'm happy with those figures because they are the figures I expected,
0:49:46 > 0:49:49and I've achieved 110 sale price.
0:49:49 > 0:49:52So, in the end, letting the grass grow under his feet
0:49:52 > 0:49:56has netted David a pre-tax profit of 41,000,
0:49:56 > 0:49:59so hardly a disastrous project.
0:49:59 > 0:50:02But even if he no longer wants it to be his home,
0:50:02 > 0:50:05is David missing a trick by not doing the conversion?
0:50:09 > 0:50:13I believe if the property was finished to a good specification,
0:50:13 > 0:50:15the value of this property would be
0:50:15 > 0:50:19in the region of £425,000 to £450,000.
0:50:19 > 0:50:22Once completed as a five-bedroom property, you would be looking at
0:50:22 > 0:50:26a range of between £330,000 to £350,000 in the current market.
0:50:26 > 0:50:28From hearing those values,
0:50:28 > 0:50:32I think it's the right decision in selling the property because,
0:50:32 > 0:50:36ultimately, my heart is not in the conversion any more and I want to
0:50:36 > 0:50:39move on and use the money for another project.
0:50:39 > 0:50:41And after four years on this one project,
0:50:41 > 0:50:45moving on the seems like just the right thing to do.
0:50:45 > 0:50:49# It's time to, it's time to It's time to move on. #
0:50:58 > 0:51:02It was in the Tooting area of south-west London where Lucy found
0:51:02 > 0:51:07a three-bedroom flat situated on the first floor of a Victorian building.
0:51:07 > 0:51:12With clear signs of damp and poor decor, it was far from perfect,
0:51:12 > 0:51:16but what it lacked in appearance, it made up for in the space it offered.
0:51:18 > 0:51:23You've got one, two, three rooms here, a little staircase down there.
0:51:23 > 0:51:25And let's go through into here.
0:51:25 > 0:51:27Well, I think this is a bedroom.
0:51:27 > 0:51:30It could be a lounge, but it's a fantastic space.
0:51:30 > 0:51:34Three big windows here, letting loads of light in. Again,
0:51:34 > 0:51:39these lovely high ceilings. There's so much you could do with this.
0:51:39 > 0:51:42And if the size of the flat wasn't impressive enough,
0:51:42 > 0:51:45it even came with its own bit of garden, complete with a sunken bath.
0:51:47 > 0:51:51The man who reckoned he could give it that much-needed update
0:51:51 > 0:51:55and modern twist was Fatos, who bought it at auction for 400,000.
0:51:56 > 0:52:00I'm going to do a new kitchen, new bathroom, basically everything new.
0:52:00 > 0:52:02What's your budget for the work?
0:52:02 > 0:52:05Budget is about £20,000.
0:52:05 > 0:52:06Ooh, OK.
0:52:06 > 0:52:10Yes, because I like everything new, so I don't mind spending money.
0:52:10 > 0:52:12But I'm thinking that's quite low.
0:52:12 > 0:52:14- 20 grand? - 20 grand, I think, 20 grand.
0:52:14 > 0:52:15Ooh!
0:52:15 > 0:52:20# Some people say
0:52:20 > 0:52:22# I'm an optimist, yes, they do. #
0:52:25 > 0:52:29Hmm. Yeah, 20,000 to 30,000 sounded a little optimistic to get it
0:52:29 > 0:52:31to the standard for the London market.
0:52:31 > 0:52:35But Fatos was hoping to use cousins and friends already working in
0:52:35 > 0:52:38the building trade. Meanwhile, he would project manage this
0:52:38 > 0:52:42and combine it with his university course in quantity surveying,
0:52:42 > 0:52:45and his timescale, well, he hoped it would be ready for
0:52:45 > 0:52:47the resale market in two to three months.
0:52:47 > 0:52:53# Some people say
0:52:53 > 0:52:56# I'm an optimist, yes, they do. #
0:52:57 > 0:53:00And now, five months on, we're back.
0:53:05 > 0:53:06Wow, that's impressive.
0:53:06 > 0:53:10Fatos may have gone back to basics with wooden floors
0:53:10 > 0:53:13and exposed brickwork in the three bedrooms, but it looks great.
0:53:20 > 0:53:24He's even added a very contemporary en suite to the master bedroom.
0:53:35 > 0:53:39And the lounge may have lost a door, but it's gained so much style.
0:53:41 > 0:53:45But what about that sorry downstairs kitchen?
0:53:45 > 0:53:48Has he found a way to give it that wow factor?
0:53:54 > 0:53:55He sure has.
0:54:06 > 0:54:11The kitchen is my favourite part of the house, or the flat.
0:54:11 > 0:54:18I chose the colour and the design, and I put the island in the middle,
0:54:18 > 0:54:22which is with the cooker as well, and it's really nice,
0:54:22 > 0:54:24especially when friends come.
0:54:24 > 0:54:28You cook for them and you enjoy cooking and talking to them,
0:54:28 > 0:54:30so I'm really pleased with the kitchen.
0:54:30 > 0:54:34So, the kitchen is looking just fab,
0:54:34 > 0:54:36but what about the adjacent bathroom?
0:54:41 > 0:54:43That doesn't disappoint either.
0:54:43 > 0:54:45He's even found room to install a separate shower.
0:54:48 > 0:54:50There are now no signs of damp,
0:54:50 > 0:54:53which turned out to be a leaking pipe from upstairs.
0:54:53 > 0:54:56And though the garden space still needs work,
0:54:56 > 0:54:58inside, this has been
0:54:58 > 0:55:01a no-holds-barred, stylish refurbishment.
0:55:03 > 0:55:07I have been told, and I believe the standards are very high standards.
0:55:07 > 0:55:10I mean, I have not left anything to chance.
0:55:10 > 0:55:14So I bought the most expensive stuff on the market.
0:55:14 > 0:55:18I have very good electrician, plumbers,
0:55:18 > 0:55:22all the guys did a brilliant job.
0:55:22 > 0:55:26And despite most of the work being done by his cousins and friends,
0:55:26 > 0:55:28while he project managed a couple of days a week,
0:55:28 > 0:55:32surely that £20,000 to £30,000 budget has gone out of the window.
0:55:34 > 0:55:37I ended up spending 60,000 on it.
0:55:37 > 0:55:42It's a bit double, but I wanted to have the most expensive stuff
0:55:42 > 0:55:46because the flat is worth it. The space, you cannot go cheap
0:55:46 > 0:55:53on this kind of refurbishment, so I spent about 60,000.
0:55:54 > 0:55:58But even a £60,000 spend seems pretty impressive
0:55:58 > 0:56:01for the standard that he's achieved here.
0:56:01 > 0:56:04Along with his £400,000 purchase price,
0:56:04 > 0:56:10he's now committed £460,000 to this three-bed, first-floor flat.
0:56:10 > 0:56:14But even in the competitive London market, will this flat make waves?
0:56:14 > 0:56:16What do two local estate agents think?
0:56:16 > 0:56:19First, the agent who saw it last time.
0:56:19 > 0:56:21I think they've done a really good job.
0:56:21 > 0:56:23It's obviously not speculative turnaround,
0:56:23 > 0:56:25they've done a nice job and any buyers will come in
0:56:25 > 0:56:26and enjoy what they've done.
0:56:26 > 0:56:30I think the vendors have done very well by mixing up the property,
0:56:30 > 0:56:33in terms of a bit of old with modern.
0:56:33 > 0:56:35It gives it that cosy homely feeling.
0:56:35 > 0:56:38Yeah, I think the balance between modern and character's come out
0:56:38 > 0:56:41very well, actually. It strikes me that it's always a difficult balance
0:56:41 > 0:56:46to get, and with the floors sanded and the double glazed sashes,
0:56:46 > 0:56:47it makes a difference.
0:56:49 > 0:56:52There is no doubt that the flat looks the business,
0:56:52 > 0:56:56but has it done the business, with £460,000 invested here by Fatos?
0:56:59 > 0:57:02This property could sell on the open market between
0:57:02 > 0:57:05£675,000 and £700,000.
0:57:05 > 0:57:11I believe this property could sell for £680,000 to £685,000.
0:57:11 > 0:57:13I think the value is all right.
0:57:13 > 0:57:17I am hopeful to achieve this amount of money.
0:57:17 > 0:57:25Wow! That's a potentially cool £215,000 to £240,000 pre-tax profit.
0:57:26 > 0:57:29The agents also thought a rental return of around
0:57:29 > 0:57:32£2,100 per calendar month would be possible,
0:57:32 > 0:57:34which would give a yield of around 5.5%.
0:57:34 > 0:57:37So, all in all, what an amazing result.
0:57:39 > 0:57:45Does Fatos have any advice to offer would-be developers?
0:57:46 > 0:57:48Just go for it.
0:57:48 > 0:57:50Trying is always worth it.
0:57:53 > 0:57:56Hopefully, you've enjoyed today's stories.
0:57:56 > 0:57:59Yeah, and maybe you've learned a little bit along the journey too.
0:57:59 > 0:58:02Yes, but there are lots more auction stories out there,
0:58:02 > 0:58:06and we'll have them for you next time here on Homes Under The Hammer.
0:58:06 > 0:58:07- Goodbye.- Goodbye.- Goodbye.