0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Now, the housing market can be turbulent,
0:00:05 > 0:00:07so sometime's it's difficult to know when to make your move.
0:00:07 > 0:00:11Yes, and you know what, just best not to jump in feet first.
0:00:11 > 0:00:13Take your time and consider your options.
0:00:13 > 0:00:16Yes, and one of those options is to see what's on offer under
0:00:16 > 0:00:18the hammer.
0:00:42 > 0:00:46Well, buying at auction is not a way of procuring property that
0:00:46 > 0:00:50- everyone considers.- Yes, and it's not as intimidating as you think.
0:00:50 > 0:00:53There's great value and great variety to be had.
0:00:53 > 0:00:55Yes, so let's see what caught the eye of our three
0:00:55 > 0:00:57buyers on the show today.
0:00:59 > 0:01:03In Ripley, Derbyshire this terraced house has some, let's say,
0:01:03 > 0:01:04interesting light features.
0:01:04 > 0:01:08Oh, dear, that's no good. Ha.
0:01:08 > 0:01:12But fortunately things are looking much better in this four-bed
0:01:12 > 0:01:15property in Erdington, Birmingham.
0:01:15 > 0:01:18I think you would get yourself a bargain.
0:01:19 > 0:01:22And we're leaving the best for last with this three bedroom
0:01:22 > 0:01:26mid-terraced house in East Ham, London.
0:01:26 > 0:01:28It really could be the icing on the cake.
0:01:30 > 0:01:32All these properties were bought at auction,
0:01:32 > 0:01:35and we'll find out who got them and how much they paid for them
0:01:35 > 0:01:37when these homes went under the hammer.
0:01:41 > 0:01:46Well, nine miles north east of Derby is Ripley, believe it or not,
0:01:46 > 0:01:50and up for auction was a two-bed mid-terrace,
0:01:50 > 0:01:55guide price £46,000 plus. This is it, bit of garden at the front, sort of.
0:01:59 > 0:02:02Yes, that is definitely what you call a low-maintenance garden.
0:02:02 > 0:02:06But what have we got. Uh, OK, so front sitting room.
0:02:06 > 0:02:10A nice size in here, seems fairly decent condition,
0:02:10 > 0:02:13no nasty horrible damp smells.
0:02:13 > 0:02:16Stairs in the middle, a very classic design for this kind of property.
0:02:16 > 0:02:18And then through into your rear sitting room.
0:02:18 > 0:02:20Again it doesn't seem to be in too bad condition.
0:02:20 > 0:02:23A-ha, he says, speaking too soon. Look down there.
0:02:23 > 0:02:27What's going on there? Some signs of some kind of surface mould.
0:02:29 > 0:02:33Now, that could just be the property has been left unoccupied over
0:02:33 > 0:02:34the winter or whatever,
0:02:34 > 0:02:37and that's the result of it just not being lived in.
0:02:37 > 0:02:40Hopefully, that's the only problem, because it is an internal wall.
0:02:40 > 0:02:44Rising damp is obviously the other possibility there.
0:02:44 > 0:02:48Very classic design though, through there and then into your kitchen.
0:02:48 > 0:02:51Well, you know, it looks like it needs a bit of tender loving care,
0:02:51 > 0:02:54but it's a decent size and the good news is I can't see a bathroom,
0:02:54 > 0:02:58cos I was expecting to see one out from the kitchen there,
0:02:58 > 0:03:00but there isn't one, which is good news.
0:03:00 > 0:03:04Well, it's either there isn't a bathroom, which is unlikely,
0:03:04 > 0:03:06or it's upstairs, which is good.
0:03:06 > 0:03:09Yes, the downstairs bathroom seems to be a continual issue with
0:03:09 > 0:03:11properties around this era.
0:03:11 > 0:03:15So it's a relief to find there isn't one here.
0:03:15 > 0:03:19It's also a relief to see the house is a good size at a very
0:03:19 > 0:03:23reasonable guide price, so let's find that bathroom, shall we?
0:03:23 > 0:03:27# Seek, and you shall find... #
0:03:27 > 0:03:31So, top of the stairs and bedroom to the left.
0:03:31 > 0:03:35Decent size and to the right a really good sized room,
0:03:35 > 0:03:38probably about four metres square, which is fantastic.
0:03:38 > 0:03:41A bit of a cupboard here, ooh, and actually roof access.
0:03:41 > 0:03:43Oh, dear, that's not good.
0:03:43 > 0:03:46Now, whenever you look around properties it is really
0:03:46 > 0:03:50really good practice to try and see into the roof space.
0:03:50 > 0:03:52In this case, you don't need to
0:03:52 > 0:03:55go up there to see light coming through.
0:03:55 > 0:03:58That's not ideal, cos if the light can come through, so can the rain.
0:03:58 > 0:04:00So, obviously some roof repairs required.
0:04:02 > 0:04:07But now, the answer to where the loo is. Yes ,it is upstairs, woohoo.
0:04:09 > 0:04:13Unfortunately, you can only access it through this master bedroom,
0:04:13 > 0:04:17which of course isn't ideal. Now, there are various solutions I guess.
0:04:17 > 0:04:21Putting in some kind of corridor or partition wall to get to it.
0:04:21 > 0:04:24You know what, you're going to lose a lot of space if you did that.
0:04:24 > 0:04:27So, depending I guess on who bought this, depending on their own
0:04:27 > 0:04:30personal circumstances, will dictate what they do.
0:04:30 > 0:04:33If it was just a young couple or whatever, then maybe just
0:04:33 > 0:04:36having the bathroom here off their bedroom wouldn't be an issue.
0:04:36 > 0:04:38MUSIC: One Way Or Another by Blondie
0:04:38 > 0:04:42While it might suit some, it's going to put some buyers off.
0:04:42 > 0:04:45It's nearly always the bathroom that's the let down.
0:04:45 > 0:04:47Wrong access, wrong floor or wrong colour.
0:04:47 > 0:04:49But moving on from toilet troubles.
0:04:51 > 0:04:54So, at the back of the property something good
0:04:54 > 0:04:57and something potentially problematic,
0:04:57 > 0:05:01because through this little gate here we have a kind
0:05:01 > 0:05:05of passageway, which has part of the property over the top of it.
0:05:05 > 0:05:07It is what's known as a flying freehold.
0:05:07 > 0:05:10Now, when talking flying freeholds they're not necessarily
0:05:10 > 0:05:13a problem, although some mortgage lenders don't like them,
0:05:13 > 0:05:15but you really need to know a bit more about the legal status,
0:05:15 > 0:05:18for instance, of this little passageway.
0:05:18 > 0:05:21Who owns it, who's maintaining it etc.
0:05:21 > 0:05:23Does somebody else have the rights to walk up and down here?
0:05:23 > 0:05:26It's all stuff which your solicitor needs to check out
0:05:26 > 0:05:29and then hopefully that won't be an issue.
0:05:29 > 0:05:32So that's the potentially problematic thing,
0:05:32 > 0:05:35the good news is the garden. Look at that.
0:05:35 > 0:05:39Absolutely massive, goes all the way down to those sheds.
0:05:39 > 0:05:40It's long and thin,
0:05:40 > 0:05:44but I reckon if you chop down this privet hedge you'd increase the
0:05:44 > 0:05:48width, and then you've got a really really pleasant little garden.
0:05:48 > 0:05:50trees at the bottom. Brilliant.
0:05:52 > 0:05:55So, a good little house, though not without its troubles.
0:05:55 > 0:05:59We invited along the auctioneer who sold the property to find out
0:05:59 > 0:06:01what it could be worth.
0:06:01 > 0:06:04My first impressions of the property are that it's tired,
0:06:04 > 0:06:09it's down at heel, it wants some fresh life breathing into it.
0:06:09 > 0:06:12Now that's not unexpected, because this is a property where it's
0:06:12 > 0:06:15been owner-occupied for something over 25 years.
0:06:15 > 0:06:17It's very difficult to keep property up-to-date.
0:06:17 > 0:06:20So, you walk in here and you look at it and you think, yes,
0:06:20 > 0:06:21it needs a new kitchen really,
0:06:21 > 0:06:24it probably needs some improvement to the central heating system,
0:06:24 > 0:06:26it probably needs some improvement to the wiring.
0:06:26 > 0:06:30There's traces of rising damp, the decor's a bit dowdy.
0:06:30 > 0:06:33So, it becomes in the end of the day a fairly full
0:06:33 > 0:06:34schedule of renovation.
0:06:36 > 0:06:39There's a bit of work to do here, but once complete,
0:06:39 > 0:06:44what could this house, with a guide price of £46,000, be worth?
0:06:44 > 0:06:47For sale it would have an asking price of around £110,000.
0:06:47 > 0:06:51For rental, £475 a calendar month.
0:06:53 > 0:06:56So, a nice little property in a popular location.
0:06:56 > 0:06:58A few bits and pieces to do to sort it out,
0:06:58 > 0:07:01not least something to do with the roof.
0:07:01 > 0:07:05And also those flying freehold issues, or potential issues.
0:07:05 > 0:07:09Who bought it? Let's find out, when it went under the hammer.
0:07:09 > 0:07:10Lot number 20.
0:07:10 > 0:07:14There is a commission bid on this,
0:07:14 > 0:07:17and I will start the bidding at £52,000 on a commission bid.
0:07:17 > 0:07:21So the bid is with me at £52,000 and it is in the market,
0:07:21 > 0:07:23it's going to go.
0:07:23 > 0:07:26At £52,000. Raise it to 53, somebody.
0:07:26 > 0:07:3052 I've got, 53. 54.
0:07:30 > 0:07:3355. 56. 57. 58.
0:07:33 > 0:07:3659. 60,000.
0:07:36 > 0:07:3761. I've finished.
0:07:37 > 0:07:42At 61,000. 61, 62 somewhere.
0:07:42 > 0:07:4561 is the bid, 62.
0:07:45 > 0:07:47Once the commission bids were out of the way, there was
0:07:47 > 0:07:48some back and forth bidding.
0:07:48 > 0:07:52We returned when bids had reached 67,000.
0:07:52 > 0:07:5667 at the back. 500. Sure?
0:07:56 > 0:08:01£67,000. 500 elsewhere. At 67,000.
0:08:01 > 0:08:04Going once. 500. 68.
0:08:07 > 0:08:0968 5.
0:08:09 > 0:08:11You sure about that?
0:08:11 > 0:08:14£68,500. Second row bid here.
0:08:14 > 0:08:17Once. Twice. Third time.
0:08:17 > 0:08:18GAVEL BANGS
0:08:18 > 0:08:22Sold at £68,500, thank you.
0:08:22 > 0:08:24# Build my baby up build him up... #
0:08:24 > 0:08:31With that successful bid was builder Andy. Although the hammer fell at £68,500,
0:08:31 > 0:08:36after some discussions he got the property at £65,000.
0:08:36 > 0:08:39I met up with him back at the house to see what
0:08:39 > 0:08:41he had in store for the place.
0:08:41 > 0:08:43Andy, great to meet you. Congratulations.
0:08:43 > 0:08:47- Thank you very much.- Tell me why you wanted to buy this house.
0:08:47 > 0:08:49Just an investment potential, really.
0:08:49 > 0:08:51Right, so is this something you do?
0:08:51 > 0:08:54I do kitchens and bathrooms, that's what I've got as a company.
0:08:54 > 0:08:55Oh, great.
0:08:55 > 0:08:58General property renovations, but this has got good potential.
0:08:58 > 0:09:01You know, it's not in too bad disrepair really.
0:09:01 > 0:09:04And you've obviously done other ones before.
0:09:04 > 0:09:07I've built before, I've bought land a couple of times before,
0:09:07 > 0:09:10and I've built a couple of times, but I've not actually bought.
0:09:10 > 0:09:14I've done loads and loads of renovations for other people,
0:09:14 > 0:09:18complete renovations, but I've not actually done it with my own house.
0:09:18 > 0:09:20So, tell me what you're going to do to it.
0:09:20 > 0:09:23Well a full back to brickwork renovation, to be honest.
0:09:23 > 0:09:26It needs a rewire and it's only got a gravity fed boiler,
0:09:26 > 0:09:29so that's going to have to come out and put a combi in.
0:09:29 > 0:09:31A lot of the walls as you can see is artex,
0:09:31 > 0:09:34so to try and skim over them is going to be a nightmare,
0:09:34 > 0:09:37- so it's probably going to be a chisel back to brickwork.- Oh, wow.
0:09:37 > 0:09:41All reboarded, new plaster, new door linings, architrave,
0:09:41 > 0:09:44skirting board, doors. New kitchen, new bathroom, everything.
0:09:44 > 0:09:47And the roof's scaffolding's coming on Friday
0:09:47 > 0:09:48and I'm doing the roof next week.
0:09:48 > 0:09:51I was just going to say there are a few issues with the roof.
0:09:51 > 0:09:54It's not actually that bad, it could probably be repaired,
0:09:54 > 0:09:57but for the money I can re-do a new roof, it's just not worth bothering.
0:09:57 > 0:09:58How much is a new roof costing?
0:09:58 > 0:10:00Well, I can do it for not a great deal,
0:10:00 > 0:10:02just over £1,000 for materials.
0:10:02 > 0:10:05Oh, really, well, your expertise obviously.
0:10:05 > 0:10:07This has not got felt underneath it,
0:10:07 > 0:10:09cos obviously the period of the house.
0:10:09 > 0:10:12So, we'll put new felt, new laths, new tiles.
0:10:12 > 0:10:19Probably use concrete rather than slate, and that'll be it watertight. Job done.
0:10:19 > 0:10:22MUSIC: Ain't No Sweat by Major Lance
0:10:22 > 0:10:25He makes it all sound so easy, but I can assure you,
0:10:25 > 0:10:28the renovations on this house will be anything but.
0:10:28 > 0:10:31Fortunately, Andy sounds like the person to do it though,
0:10:31 > 0:10:35and plans to have the work completed in 12 to 14 weeks.
0:10:35 > 0:10:39- What's the budget for what you're planning?- What, to the pound?
0:10:39 > 0:10:41- Why, are you that precise? - More or less.- Are you?
0:10:41 > 0:10:45Well, I've worked it out to about £14,600, I think,
0:10:45 > 0:10:48- with a contingency of about £3,000 on top of that.- Wow.
0:10:48 > 0:10:51I'm hoping that we can do it for under 15.
0:10:52 > 0:10:56Although Andy's budget for that roof might seem tiny, his skills and
0:10:56 > 0:11:01knowledge mean he is certain of his pricing for any job he undertakes.
0:11:01 > 0:11:05It stacks up. New kitchen, new bathroom, new roof, scaffold.
0:11:05 > 0:11:07You can't do all that for eight, nine thousand.
0:11:07 > 0:11:10You're going to spend a good chunk of money.
0:11:10 > 0:11:12If you're going to do it properly,
0:11:12 > 0:11:14and make a really nice job of it, you've got to spend the money.
0:11:14 > 0:11:15You've got to do it properly.
0:11:15 > 0:11:18We might look at marketing before we actually finish,
0:11:18 > 0:11:20to give a potential buyer a choice of say,
0:11:20 > 0:11:25kitchen units or bathrooms, sanitary ware and what have you.
0:11:25 > 0:11:29But we're not sure yet, we'll decide when we get closer to that day.
0:11:29 > 0:11:33Obviously the bathroom upstairs, bit of an issue with access.
0:11:33 > 0:11:34What are you going to do about that?
0:11:34 > 0:11:37Well, there's nothing you can do with it really.
0:11:37 > 0:11:39I mean, I've seen a few properties where they've put a corridor in.
0:11:39 > 0:11:42The problem with this one is that the window is directly in line
0:11:42 > 0:11:45with where the corridor would go, and I think, to be fair,
0:11:45 > 0:11:48the sort of people that are going to buy this are first-time buyers.
0:11:48 > 0:11:51Perhaps young couples, and because of the budget that they're
0:11:51 > 0:11:54going to be spending, you can't have everything.
0:11:54 > 0:11:57And there are hundreds of thousands of houses with this
0:11:57 > 0:12:01configuration, so I'm not too fussed about that to be fair.
0:12:01 > 0:12:04What about the flying freehold thing that seems to be outside?
0:12:04 > 0:12:05Well, I've read into it
0:12:05 > 0:12:09and it doesn't seem to be any major legal problems.
0:12:10 > 0:12:13It didn't come up in the legal investigations
0:12:13 > 0:12:16that my solicitor did, so I'm not too fussed about that to be fair.
0:12:16 > 0:12:19- Right. Well congratulations, good luck with it.- Thank you very much.
0:12:19 > 0:12:22- Look forward to seeing how you get on.- Thank you. Bye.
0:12:22 > 0:12:25Well, I think you can take a tip out of Andy's book
0:12:25 > 0:12:29when it comes to budgeting correctly for property renovations.
0:12:29 > 0:12:31AndI love his idea of actually trying to get
0:12:31 > 0:12:34a purchaser before it's actually finished
0:12:34 > 0:12:37so they can have some input in terms of how it's all done.
0:12:37 > 0:12:40How will he get on? You can find out later in the show.
0:12:46 > 0:12:47I'm in the Midlands.
0:12:47 > 0:12:50Erdington, to be precise, a northern suburb of Birmingham.
0:12:51 > 0:12:54It's home to what may be the most known piece of motorway
0:12:54 > 0:12:56construction in the country.
0:12:58 > 0:13:01Its posh name is Gravely Hill Interchange.
0:13:03 > 0:13:06But most people know it as Spaghetti Junction.
0:13:08 > 0:13:11Opened in 1972, it covers 30 acres, has two
0:13:11 > 0:13:15and a half miles of slip roads, and 599 columns.
0:13:16 > 0:13:20All of which provides you access into Birmingham City Centre,
0:13:20 > 0:13:22and also out into the rest of the country.
0:13:24 > 0:13:28So, four minutes from that junction, far enough away that it's not
0:13:28 > 0:13:33on top of you, but close enough so you can get all around the country.
0:13:33 > 0:13:35Anyway, the property I'm here to see is a four-bed,
0:13:35 > 0:13:38mid-terrace house, with a guide price of £75,000.
0:13:38 > 0:13:41Let's investigate.
0:13:45 > 0:13:48Right. OK.
0:13:49 > 0:13:52Really long hallway to the back of the property.
0:13:52 > 0:13:57Reception room one is of a decent size, with a nice big bay window.
0:13:57 > 0:13:59High ceilings.
0:13:59 > 0:14:03Reception room two is pretty much the same, slightly smaller.
0:14:03 > 0:14:07But they are decent size rooms, lots of floor space,
0:14:07 > 0:14:11and what I do like is that you've got lots to play with here.
0:14:11 > 0:14:13Yes, there's a lot of cosmetic damage, there's a broken
0:14:13 > 0:14:18window as well, but lots of scope, and I've only seen two rooms,.
0:14:18 > 0:14:20But I do want to see what's at the end of that hallway.
0:14:20 > 0:14:21I'm going to take a look.
0:14:27 > 0:14:31Well, the stairs up to the bedrooms, into the kitchen area here,
0:14:31 > 0:14:35which has got a really high ceiling, which is good. It's a decent size.
0:14:35 > 0:14:40It is in a bit of a state, but just take it out,
0:14:40 > 0:14:44start again in here, it'd give you a decent size kitchen.
0:14:44 > 0:14:47Through into here there's more space, goes even further back.
0:14:47 > 0:14:51I would imagine this would have been added on at a later stage.
0:14:51 > 0:14:54Doesn't look too safe in there either.
0:14:54 > 0:14:57There's a lot of work to be done from what I've seen.
0:14:58 > 0:15:02But there's loads of potential, absolutely loads of potential,
0:15:02 > 0:15:03this place is huge.
0:15:06 > 0:15:07What you do have to bear in mind,
0:15:07 > 0:15:10though, is because it's a big area, and looks like there
0:15:10 > 0:15:14are issues in every room, it all adds up to a lot of problems.
0:15:17 > 0:15:20In particular, the room at the far end of downstairs, where the
0:15:20 > 0:15:25toilet and shower are, is in one of the worst conditions I've ever seen.
0:15:31 > 0:15:34MUSIC: High by James Blunt
0:15:34 > 0:15:37On the middle floor, the third bedroom overlooks the back
0:15:37 > 0:15:40garden, and is the smallest of the four.
0:15:43 > 0:15:48Then bedroom two is just past the house bathroom - more of that later.
0:15:48 > 0:15:51It's a good size room and there might be a fireplace to rescue.
0:15:52 > 0:15:56The largest bedroom on this level is at the front of the house
0:15:56 > 0:15:59and is plenty big enough, albeit missing a few floorboards.
0:16:01 > 0:16:04But I'm intrigued to see what's available to utilise on that
0:16:04 > 0:16:05bonus top floor.
0:16:08 > 0:16:11OK, I'm at the top of the house now and there's even more space.
0:16:11 > 0:16:14And its more space than what I was expecting,
0:16:14 > 0:16:19this is a decent sized bedroom. OK, here's the interesting thing.
0:16:19 > 0:16:24At present, this property has a 125-year lease on it.
0:16:24 > 0:16:29But if you can turn this around within 12 months to being
0:16:29 > 0:16:31a residential occupancy again,
0:16:31 > 0:16:36the council will give you the freehold to this very property.
0:16:36 > 0:16:39Now, I think that is a huge incentive.
0:16:39 > 0:16:42Judging the size of this property, I think
0:16:42 > 0:16:44you would get yourself a bargain.
0:16:45 > 0:16:48Back down again one flight to the middle floor,
0:16:48 > 0:16:52and a look at that bathroom, which has an unconventional mix
0:16:52 > 0:16:56and don't match approach to colour scheme.
0:16:56 > 0:16:58Back down again but this time to the exterior,
0:16:58 > 0:17:01where things look generally tired.
0:17:01 > 0:17:04But I wanted a closer look at the ground floor toilet
0:17:04 > 0:17:05and shower extension.
0:17:08 > 0:17:12And it is, as I expected, it isn't in great condition.
0:17:12 > 0:17:14This is the part of the house that's a little bit
0:17:14 > 0:17:15further on from the kitchen.
0:17:15 > 0:17:19I'd be inclined to get rid of that, make it neat and tidy here.
0:17:19 > 0:17:21Maybe put a bit of decking down there as well.
0:17:23 > 0:17:26But the garden itself is of some size,
0:17:26 > 0:17:28it goes all the way back to that wall.
0:17:28 > 0:17:31You can't see at the moment because it's full of debris
0:17:31 > 0:17:36and full of mess, but I do know there's an access point to the back of this garden.
0:17:36 > 0:17:39So you could actually create a bit of off-street parking as well,
0:17:39 > 0:17:42which would be a huge bonus.
0:17:42 > 0:17:46Big back garden, you've got a big property as well.
0:17:46 > 0:17:48I think both have got loads of potential.
0:17:52 > 0:17:55'My opinion is probably not as focused as the local estate
0:17:55 > 0:17:59'agents, especially when it comes to valuations round here.
0:17:59 > 0:18:02'Which is why I called in one for his opinion.'
0:18:04 > 0:18:08Erdington is good for both those people who want to buy,
0:18:08 > 0:18:10do them up and sell them on.
0:18:10 > 0:18:14But equally there's a great demand on the rental market too, so if you
0:18:14 > 0:18:18wanted to buy it, do it up and then rent it out, equally strong demand.
0:18:19 > 0:18:22It's good to know that both markets are healthy.
0:18:22 > 0:18:24Will the fact that the property is currently leasehold put
0:18:24 > 0:18:26potential buyers off?
0:18:26 > 0:18:29I think that the fact that the freehold is going to be
0:18:29 > 0:18:32available, subject to satisfactory completion of the works,
0:18:32 > 0:18:36should negate any problems there may have been over the lease.
0:18:36 > 0:18:41What do you think the property's value will be once refurbished?
0:18:41 > 0:18:42Two options on this property.
0:18:42 > 0:18:43On the open market,
0:18:43 > 0:18:48I would suggest that it would for a figure in the region of £150,000.
0:18:48 > 0:18:53On the rental market, I expect it to achieve somewhere between £700
0:18:53 > 0:18:55and £750 per calendar month.
0:18:57 > 0:18:59OK, this is a big property.
0:18:59 > 0:19:01Needs a lot of work doing to it, so if you don't mind
0:19:01 > 0:19:03getting your hands dirty, rolling
0:19:03 > 0:19:06your sleeves up and really mucking in, this could be the place for you.
0:19:06 > 0:19:08And if you get it for anywhere near the guide
0:19:08 > 0:19:11price of £75,000 you're definitely on to a winner.
0:19:11 > 0:19:14Let's see who fancied it when it went under the hammer.
0:19:14 > 0:19:16Today there are some special conditions for this
0:19:16 > 0:19:18section of the auction.
0:19:18 > 0:19:21You can only buy a Birmingham council lot
0:19:21 > 0:19:26if you have a bankers draft in your possession right now.
0:19:26 > 0:19:29So who will bid me, with a banker's draft then, lot 2 to start me
0:19:29 > 0:19:30if you will.
0:19:30 > 0:19:32Where are we sir? We're 50 again.
0:19:32 > 0:19:35At 50 in front of me. Is it 60 anywhere?
0:19:35 > 0:19:4060, do you have a draft sir? Thank you. At 60. 70, sir? 70.
0:19:40 > 0:19:4480. 90. 100.
0:19:44 > 0:19:49At 90,000 then, are we all done? New bid at 100, do you have a draft sir?
0:19:49 > 0:19:52Thank you. At 100 I'm bid. 110?
0:19:52 > 0:19:55105?
0:19:55 > 0:19:56102.
0:19:56 > 0:19:57104, sir?
0:19:58 > 0:20:02No. That was shrewd bid then at 102.
0:20:02 > 0:20:03Sir, do you want 103?
0:20:04 > 0:20:07103, 104. 105?
0:20:08 > 0:20:13No. At 104,000 right in front of me. Are we all done?
0:20:13 > 0:20:16One, two, three, can you get your draft ready please.
0:20:16 > 0:20:20He's holding it above his head, that's what I like to see.
0:20:21 > 0:20:22GAVEL BANGS
0:20:22 > 0:20:24We're in, well done, number 457.
0:20:24 > 0:20:28104,000, congratulations sir. Well done.
0:20:28 > 0:20:31The top bidder, complete with his banker's draft made
0:20:31 > 0:20:35out for £104,000 was estate agent Golam.
0:20:35 > 0:20:38He buys properties as a side line, renovates them,
0:20:38 > 0:20:41and then resells them. I met him at his latest purchase.
0:20:41 > 0:20:44- Golam, nice to meet you, sir.- Nice to meet you, sir.- Congratulations.
0:20:44 > 0:20:46- Thank you. - Why this particular house?
0:20:46 > 0:20:49"Why this particular house?", it's just on a main road, and something
0:20:49 > 0:20:53that will appeal to investors as well as first-time buyers.
0:20:53 > 0:20:55What are you going to do with it?
0:20:55 > 0:20:57Gut it out top to bottom and restart on it really.
0:20:57 > 0:20:59And who's going to do that for you,
0:20:59 > 0:21:01because you've got a lot of work to do.
0:21:01 > 0:21:04Yes, I've got several contractors coming in to do bits as we're
0:21:04 > 0:21:09- going along.- What's the budget to get this whole place turned around?
0:21:09 > 0:21:14- About £15,000. Yes, - you heard right, 15 not 50.
0:21:14 > 0:21:18What is Golam hoping to achieve from that relatively small sum?
0:21:18 > 0:21:22Well we're going to put rewiring, new windows, new kitchen,
0:21:22 > 0:21:26new bathroom, new plastering, so pretty much everything really.
0:21:26 > 0:21:29And at the back of the property you've got a bit of extra
0:21:29 > 0:21:30space there after the kitchen.
0:21:30 > 0:21:33Yes, what we're planning to do is knock that building down
0:21:33 > 0:21:36and rebuild it again and put a new bathroom in there.
0:21:36 > 0:21:40Into your middle floor, what are you going to do with the bedrooms?
0:21:40 > 0:21:43Leave them as it is, replaster them, put a new bathroom in,
0:21:43 > 0:21:46and same again, just refurbish the whole house.
0:21:46 > 0:21:49- I might take some of the chimneys out, but not sure yet.- OK.
0:21:49 > 0:21:53- And the top floor you just keep? - Just keep it as it is.- Keep as is.
0:21:53 > 0:21:54What about outside,
0:21:54 > 0:21:57at the back of the property you've got a decent sized back garden.
0:21:57 > 0:21:59What we're going to do with the garden,
0:21:59 > 0:22:02we're going to cut all the trees down and flatten the garden.
0:22:02 > 0:22:05And on the side of the bay window, we're going to knock that out
0:22:05 > 0:22:06and rebuild that again.
0:22:06 > 0:22:09How long's it going to take your team of builders to get it finished?
0:22:09 > 0:22:13- I would say about three months, maybe four. Not sure.- OK.
0:22:13 > 0:22:16So you've got a 125-year lease on this property at the moment,
0:22:16 > 0:22:19but there's maybe something just to entice you in.
0:22:19 > 0:22:22Yes, basically, Birmingham City Council has given us
0:22:22 > 0:22:26a 125-year lease, cos this was an empty property for several years.
0:22:26 > 0:22:29So, what they're trying to do is make sure that we actually
0:22:29 > 0:22:31refurbish the property and actually bring it back to use
0:22:31 > 0:22:34so that somebody is actually living in the property.
0:22:34 > 0:22:37So, what they have said is they'll give us the 125 year lease.
0:22:37 > 0:22:39Once we've done the work they'll actually give us the freehold.
0:22:39 > 0:22:42So what's going to happen to your full-time job,
0:22:42 > 0:22:45you've got a full-time job, this is part-time, is it going to switch?
0:22:45 > 0:22:48I think this will probably be more full-time next than the job
0:22:48 > 0:22:51- I'm doing at the moment.- So Golam, you've got everything in place.
0:22:51 > 0:22:53- I wish you all the best.- Thank you.
0:22:53 > 0:22:55- Hope it works well for you, good luck.- Thank you, sir.
0:22:57 > 0:23:01I don't know if Golam's just incredibly cool or just very,
0:23:01 > 0:23:02very confident.
0:23:02 > 0:23:05I think there's a lot of work that needs to be done to this
0:23:05 > 0:23:06house to turn it around.
0:23:06 > 0:23:10He hasn't given himself the largest budget either. £15,000.
0:23:10 > 0:23:12Will he get it turned around with that money?
0:23:12 > 0:23:16I'm not too sure, but I like the house, I like Golam,
0:23:16 > 0:23:18and I wish him well.
0:23:18 > 0:23:20You can find out how he gets on later in the programme.
0:23:22 > 0:23:23Coming up in East Ham...
0:23:23 > 0:23:25Steve's got tunnel vision
0:23:25 > 0:23:28when it comes to his future in property development.
0:23:28 > 0:23:31Get as many as I can before I retire to golf.
0:23:33 > 0:23:36While in Erdington, Golam's budget isn't exactly on par.
0:23:36 > 0:23:39I'm not disappointed about spending the extra money because...with
0:23:39 > 0:23:41the amount of work we had to do.
0:23:45 > 0:23:47Let's meander back to the Amber Valley,
0:23:47 > 0:23:51and the town of Ripley, where I visited this two bedroom
0:23:51 > 0:23:54terraced house with a guide price of £46,000.
0:23:56 > 0:23:59On the ground floor, two reception rooms
0:23:59 > 0:24:03and a decent sized kitchen, all of which were in need of modernisation.
0:24:04 > 0:24:07But it was upstairs where the problems began. The back
0:24:07 > 0:24:10bedroom looked all good, as did the front bedroom.
0:24:10 > 0:24:16Only, it had a bathroom in it. The only bathroom in the house that is.
0:24:16 > 0:24:20Something that would be tough to correct given the layout
0:24:20 > 0:24:23and dimensions of the house, and therefore something, well,
0:24:23 > 0:24:25you'd probably have to just live with.
0:24:25 > 0:24:28And then there was the discovery in the loft.
0:24:28 > 0:24:30Oh, dear, that's not good.
0:24:30 > 0:24:32Light coming through.
0:24:32 > 0:24:36That's not ideal, cos if the light can come through, so can the rain.
0:24:38 > 0:24:41MUSIC: Up On The Roof by The Drifters
0:24:41 > 0:24:44That roof would need repairing ASAP.
0:24:44 > 0:24:46And builder Andy was the man to do it,
0:24:46 > 0:24:50buying the property for £65,000 at auction.
0:24:50 > 0:24:54With his experience he intended on doing a full top to bottom
0:24:54 > 0:24:59renovation in 12 to 14 weeks, and with a very particular budget.
0:24:59 > 0:25:03I've worked it out to about £14,600 I think, with
0:25:03 > 0:25:05a contingency of £3,000 on top of that.
0:25:05 > 0:25:07- Wow.- I'm hoping we can do it for under 15.
0:25:07 > 0:25:09You've got to be realistic, you know,
0:25:09 > 0:25:11when you start talking about a rewire,
0:25:11 > 0:25:14whole central heating system, re-plaster boarding
0:25:14 > 0:25:17and plastering, new kitchen, new bathroom, new roof, scaffold.
0:25:17 > 0:25:20You can't do all that for eight or nine thousand.
0:25:20 > 0:25:22You're going to spend a good chunk of money.
0:25:22 > 0:25:25If you're going to do properly, and make a really nice job of it,
0:25:25 > 0:25:29you've got to spend the money, you've got to do it properly.
0:25:29 > 0:25:33Intending to sell, Andy was also thinking about marketing
0:25:33 > 0:25:36the property before starting the renovations, to allow
0:25:36 > 0:25:41a future buyer some input on the new fittings and features in the house.
0:25:41 > 0:25:44A nice idea, I thought, so how did he get on?
0:25:44 > 0:25:47We've returned five months later to have a look.
0:25:54 > 0:25:58As you can see, Andy's opened up the previous dining room and kitchen at
0:25:58 > 0:26:02the back of the house to create this stunning open-plan kitchen-diner.
0:26:02 > 0:26:06In doing so, he's moved the back door into the dining area,
0:26:06 > 0:26:09to offer more worktop space in the kitchen.
0:26:09 > 0:26:13It's now a fabulous family space finished to an excellent standard.
0:26:15 > 0:26:18MUSIC: Brick By Brick by Newton Faulkner
0:26:19 > 0:26:21Next door in the lounge it's all changed too.
0:26:21 > 0:26:25As planned, Andy's stripped this house back to the brick and started
0:26:25 > 0:26:29again, installing new wiring, new plasterboard and plaster.
0:26:29 > 0:26:33Central heating, as well as doors, skirting and carpets.
0:26:33 > 0:26:36With neutral tones, it's now looking brand-new in here.
0:26:36 > 0:26:40Upstairs, the two bedrooms have had the same treatment.
0:26:40 > 0:26:43A thorough refurbishment and now it's looking fantastic.
0:26:46 > 0:26:49The only down note here is that the bathroom is still
0:26:49 > 0:26:51accessed from the bigger bedroom.
0:26:51 > 0:26:53But, like the rest of the house,
0:26:53 > 0:26:56it's finished to an impeccable standard.
0:26:56 > 0:26:59Andy's also raised the level of the floor in here, removing the previous
0:26:59 > 0:27:04step down from the bedroom, giving the two rooms a much better flow.
0:27:04 > 0:27:09And going up again, as intended the roof has been re-done entirely.
0:27:09 > 0:27:13It's now watertight and prepared to face the elements for years to come.
0:27:14 > 0:27:17The back garden has had a tidy up too,
0:27:17 > 0:27:20with new fencing as well as some much needed pruning.
0:27:20 > 0:27:22It looks twice the size.
0:27:22 > 0:27:26This has clearly been a major job undertaken by Andy here.
0:27:26 > 0:27:29So, did he stick with his original plan of marketing
0:27:29 > 0:27:31the property before the renovations began?
0:27:33 > 0:27:36We decided not to market it before it was finished.
0:27:36 > 0:27:39Mainly because a lot of people that come to buy are not
0:27:39 > 0:27:43going to see through whatever they see in an unfinished state.
0:27:43 > 0:27:45So, eventually we decided that we was going to get it
0:27:45 > 0:27:48completely finished, with the bathroom and kitchen finished,
0:27:48 > 0:27:51you know, tiles, carpeted, painted etc.
0:27:51 > 0:27:54Before we decided to put it on the market.
0:27:54 > 0:27:55Well, regardless,
0:27:55 > 0:27:58I'm sure he'll find someone who loves the finish here.
0:27:58 > 0:28:00So, who was responsible for all the hard work?
0:28:01 > 0:28:03I've undertaken most of the work myself.
0:28:03 > 0:28:06Obviously with the electrics I had to get my sparky that
0:28:06 > 0:28:09I use on other jobs.
0:28:09 > 0:28:11He did all the first fix and the second fix electrics.
0:28:11 > 0:28:15I fitted the boiler and I fitted the central heating system
0:28:15 > 0:28:16and got it all running.
0:28:16 > 0:28:18And then I've got a plumber that comes in and tests all
0:28:18 > 0:28:22the gas for me and commissions it, and gives me a certificate for it.
0:28:24 > 0:28:25I boarded it all, I got it on skimming
0:28:25 > 0:28:28because I don't plaster, so I've got a plasterer that comes in
0:28:28 > 0:28:31and plasters all the walls and the ceilings.
0:28:31 > 0:28:36But other than that, all the tiling, the kitchen, the bathroom,
0:28:36 > 0:28:40the joinery, I've done myself. And it's been a long job.
0:28:40 > 0:28:43A long job, though pretty close to his original
0:28:43 > 0:28:48timescale of 12 to 14 weeks, taking 14 and a half weeks in the end.
0:28:48 > 0:28:54But what about that precise budget of £14,600?
0:28:54 > 0:29:00The actual fees for the renovation come in at around £17,500.
0:29:00 > 0:29:03Mainly because when we opened this room up we realised that
0:29:03 > 0:29:05we could get a bit better kitchen in.
0:29:05 > 0:29:08I've gone for slightly better tiles for the bathroom.
0:29:08 > 0:29:10So, I've not really gone over budget,
0:29:10 > 0:29:14because I've put better things in, and I've made it a little bit
0:29:14 > 0:29:16better quality than what I'd originally planned.
0:29:16 > 0:29:20But, yes, the budget has gone a little west.
0:29:20 > 0:29:23Well, just short of £3,000 over budget.
0:29:23 > 0:29:27But he did plan for that with a contingency fund.
0:29:27 > 0:29:30That takes his total spend on the property to £82,500.
0:29:33 > 0:29:36So, will it have all been worth it?
0:29:36 > 0:29:39We invited along two property experts to find out.
0:29:39 > 0:29:42Let's start with the auctioneer who saw it before.
0:29:42 > 0:29:47Total transformation, but I suppose in a way that's what I expected.
0:29:47 > 0:29:50But compared to what it was originally - different house.
0:29:50 > 0:29:53Looking around the house, I think what they've
0:29:53 > 0:29:57achieved in terms of specification standard is extremely good.
0:29:57 > 0:30:02I wouldn't be surprised if they've actually probably spent a bit more than they've budgeted for.
0:30:02 > 0:30:04But very, very acceptable.
0:30:04 > 0:30:07I think the main selling points of this property is the open
0:30:07 > 0:30:10plan kitchen-diner, it's really popular nowadays.
0:30:10 > 0:30:13The upstairs layout is a little bit disappointing with having to
0:30:13 > 0:30:16walk through a bedroom to get to the bathroom.
0:30:17 > 0:30:20So, given the somewhat unorthodox layout,
0:30:20 > 0:30:22what do they think this property could achieve?
0:30:22 > 0:30:24Well for rental, the auctioneer
0:30:24 > 0:30:27and agent recommended a value of between £475
0:30:27 > 0:30:32and £500 per calendar month, giving a potential yield of just over 7%.
0:30:32 > 0:30:35But as Andy always intended to sell,
0:30:35 > 0:30:37let's get those all important sales figures.
0:30:38 > 0:30:42So when it goes on the sales market, I think it would have an
0:30:42 > 0:30:46asking price of between £105,000 and £110,000.
0:30:46 > 0:30:49I'd put the property on the market between £110,000 and £115,000.
0:30:49 > 0:30:52Yes, I think they're there or thereabouts to be fair.
0:30:52 > 0:30:56We've had three agents round who all valued it at 115,
0:30:56 > 0:31:01one saying market it at 120,which is what we've done, a week ago.
0:31:01 > 0:31:03With a view of achieving 115.
0:31:04 > 0:31:08If Andy did manage to achieve £115,000, that would give him
0:31:08 > 0:31:11a very healthy pre-tax profit of £32,500.
0:31:13 > 0:31:17So, after this successful renovation, what's next for Andy?
0:31:19 > 0:31:21Probably a week off, bit of a rest,
0:31:21 > 0:31:24and then straight into another one I think.
0:31:24 > 0:31:27As soon as I found another one, get it bought, get it done up
0:31:27 > 0:31:28and get it on the market.
0:31:32 > 0:31:36East Ham in the London borough of Newham was one of the six
0:31:36 > 0:31:38boroughs to host the 2012 Olympics.
0:31:38 > 0:31:43Newham recorded the capital's top property rise in 2015,
0:31:43 > 0:31:47partly due to the development around the former Olympic village.
0:31:48 > 0:31:51A 23% increase has been recorded.
0:31:51 > 0:31:55And talking of records, this area was home to Bert Wheedon,
0:31:55 > 0:31:57whose guitar books taught, amongst others,
0:31:57 > 0:32:00Beatles Lennon, McCartney and Harrison how to play.
0:32:02 > 0:32:05Bert's first solo performance was in East Ham's town hall.
0:32:05 > 0:32:09So, what kind of property have we plucked from the auctions today?
0:32:09 > 0:32:11Well, I'm here to see a three-bedroom mid-terrace,
0:32:11 > 0:32:15and it had a guide price of £180,000.
0:32:15 > 0:32:19Now, for London, even East Ham, that sounds pretty cheap.
0:32:21 > 0:32:25So, no sign of an Olympic uplift with this guide price.
0:32:25 > 0:32:26Hmm, it does make me wonder.
0:32:26 > 0:32:29Hoo, lots of crisscross windows everywhere,
0:32:29 > 0:32:35but it is quite nice to have a little porch. I do like that.
0:32:35 > 0:32:37So, on the inside not bad at all.
0:32:37 > 0:32:40Walking straight through into two reception rooms that have
0:32:40 > 0:32:46been opened up into one big space. I'm not quite sure about all this.
0:32:46 > 0:32:49It feels a little mock Tudor to me,
0:32:49 > 0:32:53not that there's anything wrong with that, but it's not quite
0:32:53 > 0:32:56working. I would say it's a little bit past its sell by date in here.
0:32:56 > 0:33:00And you've got two replica fireplaces with your brickwork
0:33:00 > 0:33:05there and there, two exact, which is quite posh I suppose, really.
0:33:05 > 0:33:08And round here, well, I'm not quite sure what this room is.
0:33:09 > 0:33:15It's like a sort of exterior outside room with a plastic roof on the top.
0:33:15 > 0:33:18It doesn't feel like part of the house at all.
0:33:18 > 0:33:21And a big danger zone area here, look.
0:33:21 > 0:33:22Loads of damp in the corner,
0:33:22 > 0:33:25that certainly will need to be looked into.
0:33:25 > 0:33:27That's a little bit worrying.
0:33:27 > 0:33:29And through here we've got the kitchen,
0:33:29 > 0:33:32so a really nice space, big long kitchen,
0:33:32 > 0:33:35and a bit of an empty room at the back, which is telling me
0:33:35 > 0:33:40there's no bathroom downstairs, so it must be up there.
0:33:40 > 0:33:43And that's quite good, I'm quite surprised by that.
0:33:44 > 0:33:47Mm, now the room at the end of the kitchen is a lean-to
0:33:47 > 0:33:50conservatory, but it's in a bit of a tired looking state.
0:33:50 > 0:33:54Turn through the door on your right, and this leads into the room
0:33:54 > 0:33:57with the French doors that I saw in the through lounge.
0:33:57 > 0:34:00Why have one lean-to when you can have two, eh?
0:34:01 > 0:34:04But I've taken my quest for that missing bathroom upstairs.'
0:34:06 > 0:34:07I've found it.
0:34:07 > 0:34:12Yes, here is the upstairs bathroom. It's um, it's quite unusual.
0:34:12 > 0:34:15This seems like a sort of reception area over here.
0:34:15 > 0:34:19The toilet is a little cheeky toilet behind, you can't really see it.
0:34:19 > 0:34:21And then you've got the corner bath.
0:34:21 > 0:34:23So, jokes aside, I don't think this bathroom works,
0:34:23 > 0:34:29and it's quite a luxury to have such a huge space. So, what would I do?
0:34:29 > 0:34:32I'm thinking I'd turn this into a bedroom, have a nice en suite
0:34:32 > 0:34:34so you've still got the facilities.
0:34:34 > 0:34:36Perhaps put a bathroom downstairs,
0:34:36 > 0:34:39now I know I don't often say that on Homes Under The Hammer,
0:34:39 > 0:34:42but I do think you'll need to have access to a bathroom
0:34:42 > 0:34:44somewhere for the other bedrooms.
0:34:44 > 0:34:47And also, I would speak to the local agents and see what
0:34:47 > 0:34:50they would advise, because they know the area better than anybody.
0:34:50 > 0:34:53Whatever the outcome, the fittings here are well past it.
0:34:53 > 0:34:57And whoever heard of a tandem basin and loo arrangement?
0:34:58 > 0:35:00The mind boggles. Literally.
0:35:09 > 0:35:14MUSIC: Taking A Bath In Rust by The Eels
0:35:15 > 0:35:19My hunch is that this bathroom used to be the third bedroom.
0:35:19 > 0:35:23Here's a clue, there's plain glass in the window.
0:35:23 > 0:35:28So, a bit of geography. Top of the stairs, turn left for the bathroom.
0:35:28 > 0:35:33Next to that is bedroom two, then coming to the front of the house,
0:35:33 > 0:35:38bedroom one, and next to it, a tiny boxroom, bedroom three.
0:35:40 > 0:35:43Back in bedroom two, there's not a lot that redecorating
0:35:43 > 0:35:45and re-carpeting wouldn't fix.
0:35:49 > 0:35:53Bedroom one has a large bay overlooking the street, but at some
0:35:53 > 0:35:57stage has had a partition wall fixed to divide off the small
0:35:57 > 0:35:58boxroom next door.
0:36:01 > 0:36:06I suspect around the same time the large bathroom conversion happened.
0:36:06 > 0:36:09Knocking down the partition, and moving the bathroom, could be
0:36:09 > 0:36:11the key here.
0:36:11 > 0:36:14So if you really were thinking about moving that bathroom
0:36:14 > 0:36:17from upstairs to downstairs, this could be the right place to put it.
0:36:17 > 0:36:20All the plumbing is at the back, you would need to
0:36:20 > 0:36:22think about putting a permanent roof on here, though.
0:36:22 > 0:36:27So, not small jobs, but it really could be the icing on the cake.
0:36:28 > 0:36:31Well, that's what it looks like. Doesn't it?
0:36:35 > 0:36:38We called in a local estate agent to get his opinion on the property,
0:36:38 > 0:36:41and to see what he values it at.
0:36:41 > 0:36:42Plus, would he move the bathroom?
0:36:42 > 0:36:45Having looked around inside the property,
0:36:45 > 0:36:49I feel that the property is in quite a good order, it doesn't need
0:36:49 > 0:36:52too much work too it, a little bit of modernising here and there.
0:36:52 > 0:36:56A little bit of small alterations in regards to moving the bathroom
0:36:56 > 0:36:57to a different room.
0:36:57 > 0:36:59Well, I considered the back downstairs, which is
0:36:59 > 0:37:02where I think the bathroom was originally.
0:37:03 > 0:37:05In terms of the value of the property
0:37:05 > 0:37:09if you do move the bathroom downstairs, it could put buyers off.
0:37:09 > 0:37:11As well as perhaps being less appealing,
0:37:11 > 0:37:16my idea does involve a fair amount of cost in building an extension.
0:37:16 > 0:37:19Now a lot would depend on what you got it for at auction.
0:37:19 > 0:37:22So what could it be worth after renovation?
0:37:22 > 0:37:26As a three-bed, once renovated the property would
0:37:26 > 0:37:31sell for £380,000 and it will rent for £1,350 per calendar month.
0:37:33 > 0:37:35So, this terrace is tired, it's dated,
0:37:35 > 0:37:39but my biggest issue is what to do about that bathroom.
0:37:39 > 0:37:42Who was ready to make some decisions with this one?
0:37:42 > 0:37:44Let's go to auction and find out.
0:37:46 > 0:37:49Unfortunately, we were unable to show you the bidding for this
0:37:49 > 0:37:53particular lot, but it was sold for £320,000.
0:37:55 > 0:38:01The person paying £140,000 over that guide price was roofer and builder Steve,
0:38:01 > 0:38:05who bought it along with his friend and golfing buddy, Senna.
0:38:05 > 0:38:10This was their first venture together. So will they end up in the bunker with this one?
0:38:10 > 0:38:12- Steve, congratulations. - Yes, thank you.
0:38:12 > 0:38:15So, here we are, in your house now in East Ham.
0:38:15 > 0:38:18You did pay quite a bit over the guide price, didn't you,
0:38:18 > 0:38:20- on auction day.- Slightly.
0:38:20 > 0:38:23Did you plan to spend that much, did you have a budget set aside?
0:38:23 > 0:38:27No, no, we had a budget of about 315, but then they started
0:38:27 > 0:38:30going up so we followed it and got really nervous towards the end.
0:38:30 > 0:38:34- Did you?- Yes. - Did you enjoy it?- Yes, Yes.
0:38:34 > 0:38:37And when the hammer went down and this was your property,
0:38:37 > 0:38:38how did you feel?
0:38:38 > 0:38:41Really nervous, like your stomach is all jitters and everything,
0:38:41 > 0:38:44like you've just done your test or something or done some
0:38:44 > 0:38:46exam at school or something.
0:38:46 > 0:38:49So now you've got this house and you've had time to think
0:38:49 > 0:38:53about it and realise how much money you've spent, how do you feel now?
0:38:53 > 0:38:55Are you quite excited, do you think you've got a good deal?
0:38:55 > 0:38:57Yes, Well, I think so, yes.
0:38:57 > 0:38:59What are you going to do,
0:38:59 > 0:39:04- have you bought this for yourself to live in, or...- No, we might do it
0:39:04 > 0:39:07to rent, depending on how much money at the time when we've finished it.
0:39:07 > 0:39:10I think we're going to spend around ten grand, roughly,
0:39:10 > 0:39:14and see how we go from there. What people will give us for either renting or selling.
0:39:14 > 0:39:16So what are you going to do with this one, I'm dying to know,
0:39:16 > 0:39:19cos its got a sort of mock Tudor feel to it.
0:39:19 > 0:39:21I don't know, is it mock Tudor?
0:39:21 > 0:39:23It's got that very dark oppressive wood everywhere,
0:39:23 > 0:39:26- and it's just a little bit dated. - Oh, very dated, yes.
0:39:27 > 0:39:31We're going to knock all this down, spots everywhere, clean it up,
0:39:31 > 0:39:35tidy it up, change obviously the tiles in the bathroom and stuff.
0:39:35 > 0:39:37We're not too sure whether we're going to move
0:39:37 > 0:39:40the bathroom from upstairs to down, we're not too sure yet.
0:39:40 > 0:39:43But there's a few little problems, isn't there, with this property?
0:39:43 > 0:39:46The bathroom upstairs is huge, it's a real luxury,
0:39:46 > 0:39:49you've got that lovely designated area for the sink.
0:39:49 > 0:39:53- A little partition, haven't you? - Just what I like, actually.
0:39:53 > 0:39:56A corner bath, I mean, it is really set about in a really unusual way.
0:39:56 > 0:39:59- Bit strange. - Yes, like a big luxury room.
0:39:59 > 0:40:02But if you moved it downstairs,
0:40:02 > 0:40:05then you would have a bedroom upstairs, but actually should
0:40:05 > 0:40:09you move the bathroom from upstairs to downstairs? I don't know.
0:40:09 > 0:40:12We was going to put an en-suite upstairs, keep the bathroom,
0:40:12 > 0:40:15cut it in half as such, well less than half, put a little en
0:40:15 > 0:40:18suite in so at least you've got an upstairs toilet and shower.
0:40:18 > 0:40:21And then put the other bathroom downstairs, the main one downstairs.
0:40:21 > 0:40:23Because we think that's a bit easier, really.
0:40:23 > 0:40:25Now I looked out the back there and thought "Oh,
0:40:25 > 0:40:29"it's not even got a roof." But now I'm talking to you, you're a roofer!
0:40:29 > 0:40:32So for you that's quite an easy job, isn't it?
0:40:32 > 0:40:35Yes, it's nothing, that's probably a couple of days work really.
0:40:35 > 0:40:38Couple of days work, how much would that cost for you to sort that out?
0:40:38 > 0:40:40Probably say tops about a grand.
0:40:40 > 0:40:43So you could do that, you could knock that job off,
0:40:43 > 0:40:46and then you have got a nice downstairs bathroom.
0:40:46 > 0:40:49And I think the idea of putting in a nice luxury en suite to the
0:40:49 > 0:40:51master bedroom is a good idea,
0:40:51 > 0:40:55cos whoever takes this on wouldn't be put off by the fact there's
0:40:55 > 0:40:58- a downstairs bathroom, because they've got en suite facilities. - Yes.
0:40:58 > 0:41:01So actually I think you've hit the nail on the head, that could work really well.
0:41:01 > 0:41:05So how long do you think it's going to take you to refurbish this
0:41:05 > 0:41:09- property?- About four weeks I reckon. - And will you be here every day?- Yes.
0:41:09 > 0:41:11- Overalls on.- Yes. - Working really hard.- Yes.
0:41:11 > 0:41:13See, it's great when it's in your control
0:41:13 > 0:41:15and you don't have to rely upon others.
0:41:15 > 0:41:17No, it's true.
0:41:17 > 0:41:20Maybe a few others, a plasterer, I'm not really good at plastering,
0:41:20 > 0:41:21I've tried it but I'm not the best.
0:41:21 > 0:41:24So four weeks, £10,000, I mean you really think...
0:41:24 > 0:41:26We'll probably do it under that, I think it'll be under that.
0:41:26 > 0:41:30- Seriously?- Cos you think, if you take your money out of it that you don't put
0:41:30 > 0:41:33into it, of the labouring and stuff like that, it's going to be less.
0:41:33 > 0:41:37- And what about the kitchen?- It's a lovely kitchen, don't you like it?
0:41:37 > 0:41:40- You're keeping that kitchen? - No, we're going to change it.
0:41:40 > 0:41:44Oh, you joker. So, do you think having bought in East Ham, you know,
0:41:44 > 0:41:46that you've bought at the right time here?
0:41:46 > 0:41:50Just about, probably a year late really.
0:41:50 > 0:41:53But, we're still on the bandwagon, so everything's still
0:41:53 > 0:41:56sort of mooching up, so as long as it stays that way we're OK.
0:41:56 > 0:41:59So what's your long term property plan, then?
0:41:59 > 0:42:00What do you hope to achieve?
0:42:00 > 0:42:03Probably to have fixe or six properties that I own,
0:42:03 > 0:42:08or rent as such. So that would be nice in the long run.
0:42:08 > 0:42:12If I can get as many as I can in the next 10 or 20 years, before I retire to golf.
0:42:13 > 0:42:15Before you retire so you can play more golf.
0:42:15 > 0:42:18Yeah, of course, you know, it'll be more easier then,
0:42:18 > 0:42:20I can play every day. Well, I don't know about that, no.
0:42:20 > 0:42:23Steve, congratulations, I'm really excited to see the outcome here.
0:42:23 > 0:42:26- Well done.- Thank you very much.- Nice to meet you, aw, thank you.
0:42:26 > 0:42:28- Thank you.- No problem.- I'm blushing.
0:42:29 > 0:42:33So, Steve certainly has some useful skills that he can apply
0:42:33 > 0:42:35to his first auction purchase.
0:42:35 > 0:42:38But what will he decide to do about that bathroom?
0:42:38 > 0:42:41And will he really get all the work done in four weeks'
0:42:41 > 0:42:45time with the lure of the golf course looming?
0:42:45 > 0:42:47You can join me later on in the programme to find out
0:42:47 > 0:42:50if Steve's handiwork is over or under par.
0:42:54 > 0:42:56So, we've seen how one of the properties has turned out,
0:42:56 > 0:43:00- what about the other two?- Yes, have they hit the jackpot or not?
0:43:00 > 0:43:03Here's hoping they've done well. Let's find out.
0:43:04 > 0:43:08Let's head back now to the suburb of Erdington in Birmingham.
0:43:08 > 0:43:12I visited this mammoth four bedroom mid-terrace property,
0:43:12 > 0:43:15with a guide price of £75,000.
0:43:16 > 0:43:19Inside the house, and well, to be honest with you,
0:43:19 > 0:43:21it had seen better days.
0:43:23 > 0:43:25At the back the kitchen was a decent size,
0:43:25 > 0:43:27but in need of a complete overhaul.
0:43:27 > 0:43:29Then there was the extension next door,
0:43:29 > 0:43:31which housed a downstairs bathroom.
0:43:34 > 0:43:38The less said about that the better. Upstairs, more of the same.
0:43:38 > 0:43:44Four decent sized bedrooms, over two floors, all in various states of disrepair.
0:43:44 > 0:43:47There's a lot of work to be done from what I've seen,
0:43:47 > 0:43:50but there's loads of potential.
0:43:50 > 0:43:52As well as that potential, there was
0:43:52 > 0:43:56something else lurking in the legal pack that had me smiling.
0:43:56 > 0:44:01At present this property has a 125-year lease on it.
0:44:01 > 0:44:06But, if you can turn this around within 12 months to being
0:44:06 > 0:44:12a residential occupancy again, the council will give you the freehold.
0:44:12 > 0:44:14I thought that was a major incentive,
0:44:14 > 0:44:17and local estate agent Golam agreed,
0:44:17 > 0:44:21and bought the property for £29,000 over the guide price of £104,000.
0:44:24 > 0:44:26What you going to do with it?
0:44:26 > 0:44:28Gut it out top to bottom and restart on it really.
0:44:28 > 0:44:30And who's going to do that for you,
0:44:30 > 0:44:32because you've got a lot of work to do.
0:44:32 > 0:44:36Yes, I've got several contractors coming in to do bits as we're
0:44:36 > 0:44:37going along.
0:44:37 > 0:44:39So, with the help of his contractors,
0:44:39 > 0:44:42Golam planned to replace bathrooms, kitchen,
0:44:42 > 0:44:46as well as knock down the extension and rebuild it.
0:44:46 > 0:44:48Not to mention rewiring, replastering,
0:44:48 > 0:44:53and general cosmetic work. Which, believe me, was no small task.
0:44:53 > 0:44:58All for a budget of £15,000 and the timescale of three to four months.
0:44:58 > 0:45:01It's fair to say he wasn't lacking in confidence,
0:45:01 > 0:45:02so would he pull it off?
0:45:06 > 0:45:09We've returned five months later to find out.
0:45:16 > 0:45:20Wow. It's hard to believe this is the same house.
0:45:20 > 0:45:24That tired old extension has been knocked down and rebuilt.
0:45:24 > 0:45:26Even the foundations have been dug up.
0:45:26 > 0:45:28But it has meant that Golam
0:45:28 > 0:45:32and his team were able to create a nice modern kitchen-diner.
0:45:32 > 0:45:35The kitchen was in a very dilapidated condition,
0:45:35 > 0:45:38and there was an outbuilding there which was really bad.
0:45:38 > 0:45:41So when we came to actually renovate the property, what
0:45:41 > 0:45:44we found was that the outbuilding just fell down altogether.
0:45:44 > 0:45:47So, what we had to do was rebuild the outbuilding, and integrate
0:45:47 > 0:45:51the kitchen with the outbuilding, to make it a kitchen-diner now.
0:45:51 > 0:45:54That wasn't the only structural job here, though.
0:45:54 > 0:45:58The chimney breast was taken away to allow for this open-plan design,
0:45:58 > 0:45:59and I think it's worked a treat.
0:46:01 > 0:46:04Now, I said the downstairs shower and toilet was in the worst
0:46:04 > 0:46:08condition I've ever seen, but now it's been moved under the staircase.
0:46:08 > 0:46:11It might be small, but it's smart and functional.
0:46:14 > 0:46:17The two reception rooms were decent sizes, but Golam's team have
0:46:17 > 0:46:21gutted them, rewired, replastered, and put new windows in.
0:46:22 > 0:46:25On the first floor, things look fresher here too.
0:46:27 > 0:46:31The smallest bedroom has increased in size by the removal of that
0:46:31 > 0:46:34chimney breast, so now is a decent sized kids room.
0:46:37 > 0:46:40The bathroom on the first floor also had a refit, and is now clean
0:46:40 > 0:46:44and simple, allowing scope for the new occupant to make their mark.
0:46:46 > 0:46:50Upstairs in the attic, the final bedroom has been tidied up too,
0:46:50 > 0:46:52and is now a fresh and bright space.
0:46:52 > 0:46:54We were thinking about the HMO,
0:46:54 > 0:46:56and we were thinking about the family home.
0:46:56 > 0:46:57After speaking to several people,
0:46:57 > 0:47:01what they said is that this area is very popular for rentals.
0:47:01 > 0:47:05So, a certain amount of work we've done to HMO regulations and a
0:47:05 > 0:47:08certain amount of work has been done just for a normal standard house.
0:47:08 > 0:47:11So, it's an option for whoever buys it to have it to either have
0:47:11 > 0:47:13it as HMO or as a family home.
0:47:13 > 0:47:15I think that's smart.
0:47:15 > 0:47:19Making this property fit for both a family and shared residents
0:47:19 > 0:47:22will see Golam access a wider market when it comes to selling.
0:47:25 > 0:47:27Now let's move on to that freehold situation.
0:47:27 > 0:47:31I actually spoke to Birmingham city Council about the freehold,
0:47:31 > 0:47:34and they will be coming round to assess the property,
0:47:34 > 0:47:37and they've shown me that the freehold will be available to us.
0:47:39 > 0:47:40Excellent news.
0:47:40 > 0:47:43Golam intended on completing the work in three to four months,
0:47:43 > 0:47:46but it's actually taken him six months.
0:47:46 > 0:47:50Not all that surprising, given the scale of work that's gone on here.
0:47:50 > 0:47:54But how did his equally ambitious 15 grand budget hold up?
0:47:57 > 0:48:03We've actually gone over budget, we've actually spent around £20,000.
0:48:03 > 0:48:06I mean, I'm not disappointed about spending the extra money
0:48:06 > 0:48:09because of the amount of work we had to do.
0:48:09 > 0:48:12I had a feeling that budget would grow.
0:48:12 > 0:48:15That takes his total spend on this property to £124,000.
0:48:21 > 0:48:22So, what will the experts think?
0:48:22 > 0:48:26We invited two local estate agents along to find out.
0:48:26 > 0:48:29This is my first visit to the property.
0:48:29 > 0:48:32The property's been finished to an absolutely superb
0:48:32 > 0:48:37standard for somebody that would be looking to buy or rent the property.
0:48:37 > 0:48:39I think the main selling points, really,
0:48:39 > 0:48:42are the size of the property.
0:48:42 > 0:48:44It's not very often that you get this type of property
0:48:44 > 0:48:46come on to the market for sale or for let.
0:48:48 > 0:48:52And the size of the rooms, they're all very good proportions.
0:48:52 > 0:48:53The layout's extremely good
0:48:53 > 0:48:56and the location's quite sought after as well.
0:48:56 > 0:48:58This is the first time I've been into the property,
0:48:58 > 0:48:59and I'm quite impressed.
0:48:59 > 0:49:02He's done a good neutral job of decorating and improving it,
0:49:02 > 0:49:04with an excellent extension on the kitchen,
0:49:04 > 0:49:07which I think has made all the difference to the accommodation.
0:49:07 > 0:49:11Everyone these days wants a modern, spacious, breakfast kitchen
0:49:11 > 0:49:12and that's what it offers.
0:49:12 > 0:49:14So let's move on to valuations,
0:49:14 > 0:49:18and see if Golam will get a return on his £124,000 investment.
0:49:20 > 0:49:23I think currently this house would have a market value
0:49:23 > 0:49:28of around £175,000, give or take a little bit, depending on the buyer.
0:49:28 > 0:49:30Resale value on this property,
0:49:30 > 0:49:32I would look to market it for £165,000.
0:49:34 > 0:49:39The first valuation is more realistic valuation, but because
0:49:39 > 0:49:43property prices have gone up since we actually purchased the property.
0:49:43 > 0:49:47So, we've had other valuations and they were more at 175, 180.
0:49:47 > 0:49:51If Golam was to achieve that top figure of £175,000,
0:49:51 > 0:49:56hat would see him pocket a profit of 51 grand, before taxes and fees.
0:49:56 > 0:49:58But what about rental?
0:49:59 > 0:50:03For rental I think this property would achieve about £750 per
0:50:03 > 0:50:04calendar month.
0:50:04 > 0:50:06I would look to put this property on the market at a rental
0:50:06 > 0:50:10of £850 per calendar month.
0:50:10 > 0:50:14Rental is about the norm for the area, about £750 to £800.
0:50:14 > 0:50:17I wouldn't actually go through the rental route,
0:50:17 > 0:50:19I will definitely put the house on the market.
0:50:19 > 0:50:24So, despite that potential yield of just over 8%, Golam intends to sell.
0:50:25 > 0:50:28After this successful property renovation,
0:50:28 > 0:50:31has he got anything else in the pipeline?
0:50:31 > 0:50:33Next is a couple more developments in the pipeline,
0:50:33 > 0:50:35I've already got two lined up.
0:50:35 > 0:50:39And hopefully 2016 will be a prosperous one.
0:50:42 > 0:50:44MUSIC: Green Onions by Booker T & The MGs
0:50:44 > 0:50:47Now we're returning to East Ham, London,
0:50:47 > 0:50:51where earlier I looked around this mid-terrace three-bedroom house,
0:50:51 > 0:50:54although one of the bedrooms was a tiny boxroom,
0:50:54 > 0:50:56partitioned off this main bedroom.
0:50:57 > 0:51:00It also had an unusual and large bathroom,
0:51:00 > 0:51:03with an unconventional layout.
0:51:03 > 0:51:06I don't think this bathroom works, so, what would I do?
0:51:06 > 0:51:08I'm thinking I would turn this into a bedroom, have a
0:51:08 > 0:51:11nice en suite so you've still got the facilities.
0:51:11 > 0:51:13Perhaps put a bathroom downstairs,
0:51:13 > 0:51:16now I know that I don't often say that on Homes Under The Hammer,
0:51:16 > 0:51:19but I do think you'll need to have access to a bathroom
0:51:19 > 0:51:21somewhere for the other bedrooms.
0:51:21 > 0:51:26The new owner Steve, along with his business partner and golfing buddy,
0:51:26 > 0:51:33bought it at auction for £320,000, way above the £180,000 guide price.
0:51:33 > 0:51:36They too were contemplating moving the bathroom downstairs
0:51:36 > 0:51:40to the lean-to affair off the back of the kitchen.
0:51:40 > 0:51:42But it wasn't without its problems.
0:51:43 > 0:51:46Now, I looked out the back there and thought, oh,
0:51:46 > 0:51:49it's not even got a roof, but now I'm talking to you, you're a roofer.
0:51:49 > 0:51:52So, for you that's quite an easy job, isn't it?
0:51:52 > 0:51:54Yeah, that's nothing, that's probably a couple of days work,
0:51:54 > 0:51:56really. Say tops about a grand.
0:51:56 > 0:51:59And then you have got a nice downstairs bathroom.
0:52:00 > 0:52:04With an optimistic timescale of just four weeks, have Steve
0:52:04 > 0:52:07and his business partner taken on too much?
0:52:07 > 0:52:12And was the 10 to £15,000 budget something even roofer Steve
0:52:12 > 0:52:14couldn't stop going through the roof?
0:52:14 > 0:52:17We're back three months since our last visit to find out.
0:52:20 > 0:52:22MUSIC: We Found Love by Rihanna
0:52:22 > 0:52:28And the kitchen now has its own rave lighting. Perfect for mojito making.
0:52:31 > 0:52:33And it's not the only improvement down here.
0:52:33 > 0:52:36Witness the old lean-to with a dodgy roof.
0:52:41 > 0:52:44Not only was it re-roofed, it was rebuilt.
0:52:44 > 0:52:47I know downstairs bathrooms are something of an alien concept,
0:52:47 > 0:52:51but this really is a case of greater good for the rest of the house.
0:52:51 > 0:52:54You just have to get over any prejudices.
0:53:06 > 0:53:10# We found love in a hopeless place
0:53:10 > 0:53:13# We found love in a hopeless place... #
0:53:13 > 0:53:18With the Tudor style woodwork removed,
0:53:18 > 0:53:20the through lounge is a lot more contemporary.
0:53:20 > 0:53:23A modern colour scheme and flooring help with the look.
0:53:29 > 0:53:33The modern look continues upstairs, with a neutral carpet
0:53:33 > 0:53:35and feature black stair rail.
0:53:38 > 0:53:41If it's a homage to the previous Tudor lounge, well,
0:53:41 > 0:53:43it's one that works.
0:53:48 > 0:53:52The master bedroom was compromised in size by the partition wall.
0:53:53 > 0:53:54No longer.
0:54:04 > 0:54:06The second bedroom has been cleared
0:54:06 > 0:54:08and is now a much more welcoming space.
0:54:19 > 0:54:23And finally, bedroom three, which was the old bathroom.
0:54:23 > 0:54:26There's now en suite facilities at the entrance to the room,
0:54:26 > 0:54:29but it's not without it's compromise of bedroom space.
0:54:33 > 0:54:34An impressive transformation,
0:54:34 > 0:54:39and Steve has a good reason for the overrun on the timescale.
0:54:39 > 0:54:43He had a bad period of fibromyalgia syndrome, the condition which
0:54:43 > 0:54:47can cause extreme fatigue and muscle tiredness.
0:54:47 > 0:54:50This bout of illness put him out for a whole month.
0:54:52 > 0:54:54I'm quite lucky, with my illness,
0:54:54 > 0:54:58I've obviously got a good partner to fall back on.
0:54:58 > 0:55:00So he pulls my back and I pull his,
0:55:00 > 0:55:04so I'm sure in the summer months I'll be smashing around and
0:55:04 > 0:55:08doing a lot more work than what he's doing, and he could be slacking.
0:55:08 > 0:55:10If that's what you want to call it.
0:55:10 > 0:55:14Steve's condition is less severe in the summer months, which is
0:55:14 > 0:55:16fortunate when your golf is your main hobby.
0:55:16 > 0:55:21So, how did the 10 to £15,000 budget fare?
0:55:21 > 0:55:23The budget's sort of went over slightly,
0:55:23 > 0:55:25probably to about near on 18.
0:55:26 > 0:55:29Which was a bit sad, but it had to be spent, it had to be done.
0:55:29 > 0:55:33So, now the property's finished, we're going to stick it up for sale.
0:55:33 > 0:55:39Hopefully take the best offer and hit and run as such. Maybe go again.
0:55:39 > 0:55:44To help with market valuations, we called in two local estate agents.
0:55:44 > 0:55:47The first agent got to see the property before work began,
0:55:47 > 0:55:50so what will he think to the new layout?
0:55:50 > 0:55:53My thought on the layout changes is, in terms of the master bedroom,
0:55:53 > 0:55:55fantastic, great, much more space
0:55:55 > 0:55:59and made the size it should be for this sort of property.
0:55:59 > 0:56:03The bathroom removing and making downstairs has created much
0:56:03 > 0:56:05more space upstairs for the other bedroom.
0:56:05 > 0:56:08I really like the modern style of it that they've done it in, the white
0:56:08 > 0:56:11walls, the clean lines, I think it's a really really nice property.
0:56:11 > 0:56:14I love the garden now somewhere to play for the kids.
0:56:14 > 0:56:16And I really like the bathroom as well,
0:56:16 > 0:56:19so it's a very very good property.
0:56:19 > 0:56:22Steve and his business partner fully intend selling on after
0:56:22 > 0:56:25completion, but could the rental figures sway that decision?
0:56:26 > 0:56:31This property will rent for, per calendar month, for £2,200.
0:56:31 > 0:56:35As a rental figure, you're looking somewhere in the region
0:56:35 > 0:56:37of £1,500 to £1,600 per calendar month.
0:56:37 > 0:56:41That's a yield of almost 8% on their investment. Tempting, Steve?
0:56:41 > 0:56:43No, I would say no, really.
0:56:43 > 0:56:46I think I'm more interested in this, so we can go on and again
0:56:46 > 0:56:48and do something else with the money.
0:56:48 > 0:56:52Otherwise you've got money tied up that you could lose, so no.
0:56:52 > 0:56:54So that's a definite no.
0:56:54 > 0:56:58With £338,000 tied up in this house, what could he
0:56:58 > 0:57:01and his business partner hope to make on a sale?
0:57:01 > 0:57:03This property will sell for, in the current market,
0:57:03 > 0:57:07in thousand pounds, for £425,000.
0:57:07 > 0:57:08As a sale value,
0:57:08 > 0:57:13we're looking somewhere in the region of about 410 to £420,000.
0:57:13 > 0:57:15Taking the top figure, that's a pre tax
0:57:15 > 0:57:19and expenses profit of £87,000.
0:57:19 > 0:57:21Happy with that, Steve?
0:57:21 > 0:57:23The values are great, it really worked out.
0:57:23 > 0:57:25Really looks like it's going to work out well.
0:57:25 > 0:57:27A good profit in there and I look forward to doing it again
0:57:27 > 0:57:29if it works out that well.
0:57:29 > 0:57:32So, are there plans for future joint ventures?
0:57:32 > 0:57:35Yes, we've already planned our next golf trip to
0:57:35 > 0:57:37Tenerife in about three or four months' time.
0:57:37 > 0:57:39So, looking forward to it, should be nice weather
0:57:39 > 0:57:42and a good bunch of lads.
0:57:42 > 0:57:43Yes, could be fun.
0:57:43 > 0:57:45Well, they've already come a fairway down the property
0:57:45 > 0:57:49development line, so let's hope they continue to stay out of the rough.
0:57:56 > 0:57:59Well, as you can see, there are lots of factors that come into play
0:57:59 > 0:58:01when it comes to investing in property.
0:58:01 > 0:58:04Yes, and hopefully we've been able to offer some words of wisdom.
0:58:04 > 0:58:08Yes, and hopefully you might want to take the plunge yourself.
0:58:08 > 0:58:11So make sure you join us next time, for more Homes Under The Hammer.
0:58:11 > 0:58:13- We'll see you then. - ALL: Goodbye.