0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Like many of you, we are obsessed with property.
0:00:06 > 0:00:09It's our job, but we would be anyway.
0:00:09 > 0:00:10It's a fascinating topic.
0:00:10 > 0:00:14It certainly is, but how do you know you're getting good value for money
0:00:14 > 0:00:16and where do you find the bargains?
0:00:16 > 0:00:18Well, one thing you could do is to head down
0:00:18 > 0:00:20to your local property auction.
0:00:46 > 0:00:49Now, there are literally thousands of property auctions going on
0:00:49 > 0:00:52up and down the country, so how do you choose?
0:00:52 > 0:00:55Well, whatever you choose, more importantly,
0:00:55 > 0:00:56it's about doing your research
0:00:56 > 0:00:58before you dip your toe in the water.
0:00:58 > 0:00:59I agree.
0:00:59 > 0:01:02Now, how did today's buyers go and what did they buy?
0:01:02 > 0:01:03Did they take our advice?
0:01:03 > 0:01:05Let's find out.
0:01:06 > 0:01:08In south-east London,
0:01:08 > 0:01:11Lucy visits a one-bedroom flat with a planning dilemma.
0:01:11 > 0:01:14Is it worth tweaking this flat to change the layout?
0:01:14 > 0:01:16I'm not sure.
0:01:16 > 0:01:18And in this two-bed house in Cumbria,
0:01:18 > 0:01:21my worry is, will the bedroom floor take my weight?
0:01:21 > 0:01:24Listen to that. WARDROBE RATTLES
0:01:26 > 0:01:29And at this four-bed house in Blackpool
0:01:29 > 0:01:32I'm concerned with what's going on above my head.
0:01:32 > 0:01:36Because that is actually the underside of the slates.
0:01:38 > 0:01:40All these properties have been sold at auction,
0:01:40 > 0:01:42and we'll find out who bought them
0:01:42 > 0:01:45and what they paid when they went under the hammer.
0:01:45 > 0:01:46Well done, sir.
0:01:49 > 0:01:52Off to south-east London now and Catford.
0:01:52 > 0:01:54Catford has plenty of amenities,
0:01:54 > 0:01:56and being only eight miles from Central London,
0:01:56 > 0:01:59the train gets you to Charing Cross in 20 minutes.
0:01:59 > 0:02:03So, will the lot here have Lucy purring?
0:02:06 > 0:02:07When buying in London,
0:02:07 > 0:02:11one of the key criteria is the walking distance to the tube.
0:02:11 > 0:02:13The closer you are, the better it is.
0:02:13 > 0:02:15Normally, the golden distance
0:02:15 > 0:02:19is considered to be a ten-minute walk or less.
0:02:19 > 0:02:20Now, the property I'm here to see
0:02:20 > 0:02:23is just a little bit further away than that.
0:02:23 > 0:02:26It's a 15-minute walk from here to the station
0:02:26 > 0:02:29and the train is main line not underground,
0:02:29 > 0:02:32so it's not perfect, but not too bad either.
0:02:32 > 0:02:34And here is the property.
0:02:34 > 0:02:36It's a ground-floor one-bedroom flat
0:02:36 > 0:02:38in this mid-terrace house,
0:02:38 > 0:02:42and it had a guide price at auction of £170,000.
0:02:45 > 0:02:48So, inside this rather long hallway,
0:02:48 > 0:02:51and, well, it's certainly two-tone, isn't it?
0:02:51 > 0:02:53Like a mustard colour on the top,
0:02:53 > 0:02:56and then a tangerine-y, peachy colour on the bottom.
0:02:56 > 0:02:59Somebody's taken a long time to do that. Anyway, moving on.
0:02:59 > 0:03:02It all needs decorating and cleaning up.
0:03:02 > 0:03:04It's really old-fashioned. It's really tired.
0:03:04 > 0:03:06You've got this thick, flocky wallpaper
0:03:06 > 0:03:08that needs to come off.
0:03:08 > 0:03:10But you've got quite a nice lounge area.
0:03:10 > 0:03:13Woodchip wallpaper ceiling, that's going to have to come down.
0:03:13 > 0:03:15The old gas fire over there.
0:03:15 > 0:03:17But the good news is there is central heating
0:03:17 > 0:03:19so there are bits and pieces you can work with.
0:03:19 > 0:03:22You've got some double-glazed windows here.
0:03:22 > 0:03:24They're not the prettiest I've ever seen,
0:03:24 > 0:03:25but at least it does the job.
0:03:25 > 0:03:27So, not a bad space.
0:03:27 > 0:03:30There is one thing, though, I would definitely do.
0:03:30 > 0:03:33Change the carpet. Just take a look down there.
0:03:33 > 0:03:36That's got to be changed.
0:03:36 > 0:03:40# Roll up the carpet, push back the chairs
0:03:40 > 0:03:44# Get some music on the radio... #
0:03:44 > 0:03:46And the next room along is the only bedroom,
0:03:46 > 0:03:48but it's a good-sized double.
0:03:48 > 0:03:50However, like the rest of the house,
0:03:50 > 0:03:54this also needs a total refurb from floor to ceiling.
0:03:55 > 0:03:58And off this really long corridor
0:03:58 > 0:04:00down a few little steps into the kitchen
0:04:00 > 0:04:02at the back of the property.
0:04:02 > 0:04:05Now, it continues in the same vein.
0:04:05 > 0:04:08It's in a bit of a state. Oh, my gosh. Look at this cooker.
0:04:08 > 0:04:10What's been going on with that? And the tiles. Oh!
0:04:10 > 0:04:15Ooh! OK, so you can see it needs to be skipped, basically.
0:04:15 > 0:04:17Get rid of it, start again.
0:04:17 > 0:04:20But it's a great space. It's big. You could have a table in here.
0:04:20 > 0:04:22Bit worried about that chimney breast, though.
0:04:22 > 0:04:25I'm not quite sure what's supporting that,
0:04:25 > 0:04:27because half of it has been taken away.
0:04:27 > 0:04:28I think that is.
0:04:28 > 0:04:31So, you know, I'd get a structural engineer, perhaps,
0:04:31 > 0:04:33to check out something like that in the property.
0:04:33 > 0:04:36And another thing, as you know, I'm not really keen on,
0:04:36 > 0:04:38you've got the loo and you've got the bathroom
0:04:38 > 0:04:41right there straight off the kitchen.
0:04:41 > 0:04:43So, you've got a great space here.
0:04:43 > 0:04:46Is it worth tweaking this flat to change the layout?
0:04:46 > 0:04:47I'm not sure,
0:04:47 > 0:04:49but the good news is you've got instant access
0:04:49 > 0:04:52out into the garden, and I'm going to check it out.
0:04:55 > 0:04:58Now, one advantage of buying a ground-floor flat
0:04:58 > 0:05:00is that often, well, you get a garden with it,
0:05:00 > 0:05:02and here is the garden.
0:05:02 > 0:05:04Now, you can see it's been divided up
0:05:04 > 0:05:06and it comes with a ground-floor flat
0:05:06 > 0:05:09and that's great news, because you've got sole access to this.
0:05:09 > 0:05:12It may be small but in a crowded and busy city like London,
0:05:12 > 0:05:15any outside space really is a bonus.
0:05:15 > 0:05:17And as you can see, on a nice sunny day...
0:05:17 > 0:05:20Not like today. In fact, it's pouring.
0:05:20 > 0:05:22..this could be quite a nice place to sit.
0:05:22 > 0:05:24DOG BARKS IN BACKGROUND
0:05:24 > 0:05:27Sounds more like Dogford than Catford there, Lucy.
0:05:29 > 0:05:31# The dog days are over
0:05:31 > 0:05:34# The dog days are done
0:05:34 > 0:05:38# The horses are coming
0:05:38 > 0:05:41# So you better run... #
0:05:45 > 0:05:47Should the buyers be running from this property?
0:05:47 > 0:05:50Let's hear what a local agent thinks.
0:05:53 > 0:05:57It needs total refurbishment.
0:05:57 > 0:06:00It needs new floor coverings, new bathroom, new kitchen,
0:06:00 > 0:06:03new central heating, windows, the whole shebang.
0:06:03 > 0:06:08So, that will be new everything, I suppose. That's bad news.
0:06:08 > 0:06:10Now, what's the good news?
0:06:11 > 0:06:14This is a very spacious one-bedroom flat
0:06:14 > 0:06:15and with some rejigging,
0:06:15 > 0:06:17you could create a two-bedroom property
0:06:17 > 0:06:18out of the space here.
0:06:18 > 0:06:21There'll be a lot of work here. There'll be structural work.
0:06:21 > 0:06:25You would have to move walls, doors, windows.
0:06:25 > 0:06:28I think that the cost may be prohibitive.
0:06:29 > 0:06:31Well, a two-bed generally does increase the value,
0:06:31 > 0:06:35particularly in the London market, but how do the maths stack up?
0:06:35 > 0:06:39First, what could this flat, guided at £170,000,
0:06:39 > 0:06:41sell for when refurbished?
0:06:41 > 0:06:44As a one-bedroom flat, I'd expect to sell this property
0:06:44 > 0:06:48for a figure in the region of £315,000.
0:06:48 > 0:06:51OK, then, so if you were to get this for anything like the guide price
0:06:51 > 0:06:54there could be a lot of profit here.
0:06:54 > 0:06:56But would it be worth knocking down walls
0:06:56 > 0:06:58to make that second bedroom?
0:06:58 > 0:07:00How much would a two-bed be worth?
0:07:00 > 0:07:03If the conversion was carried out sympathetically
0:07:03 > 0:07:04and to a good standard,
0:07:04 > 0:07:09I would assume that we could achieve a figure close to £335,000.
0:07:09 > 0:07:13Well, with £20,000 of a difference
0:07:13 > 0:07:15the agent's calculation could well be right.
0:07:15 > 0:07:17It could cost that much in time and money
0:07:17 > 0:07:19to make structural changes and get the permissions.
0:07:19 > 0:07:22So, what about rental?
0:07:22 > 0:07:24We would get a rental of about £1,100
0:07:24 > 0:07:28as a one-bedroom unit and, if it was converted to two bedrooms,
0:07:28 > 0:07:31that figure would rise to £1,300 per calendar month.
0:07:31 > 0:07:33Well, this one-bed Catford flat
0:07:33 > 0:07:35needs a bit of work to bring it up to date,
0:07:35 > 0:07:38but it's got a garden, it's got a long lease,
0:07:38 > 0:07:41and they are two big ticks in the property box.
0:07:41 > 0:07:43So, who wanted to take this flat on?
0:07:43 > 0:07:45Let's head to auction and find out.
0:07:47 > 0:07:51Right, next lot is lot 13. A one-bed flat.
0:07:51 > 0:07:53Who'd like to kick off?
0:07:53 > 0:07:56Sort of 170, go upwards from there?
0:07:56 > 0:07:59170?
0:07:59 > 0:08:02170 in the front. 175?
0:08:03 > 0:08:05I can't sell it to him on his first bid.
0:08:05 > 0:08:08£170,000.
0:08:08 > 0:08:10Just behind you, 175.
0:08:10 > 0:08:12180 in the front.
0:08:12 > 0:08:13185, sir.
0:08:13 > 0:08:17190. 195. 200.
0:08:17 > 0:08:19After a slow start, things heated up,
0:08:19 > 0:08:22and we return to the bidding at 220,000.
0:08:23 > 0:08:28222, sitting down. 224 elsewhere?
0:08:28 > 0:08:30224 with you, thank you.
0:08:30 > 0:08:32224. 226?
0:08:34 > 0:08:38226. 228. 230.
0:08:38 > 0:08:39Please. I'm saying please.
0:08:39 > 0:08:42228 with you.
0:08:42 > 0:08:46Anyone else? 228, first time.
0:08:46 > 0:08:47Second time.
0:08:47 > 0:08:52Third and last time, if you're all done.
0:08:52 > 0:08:56Sold, 228, to husband, wife and baby. Well done.
0:08:57 > 0:09:00That successful bid of 228,000
0:09:00 > 0:09:04was made by husband-and-wife team Jose and Carolina.
0:09:04 > 0:09:06And if they look familiar,
0:09:06 > 0:09:08that's because Lucy met them on the show before
0:09:08 > 0:09:10when they bought their first property,
0:09:10 > 0:09:11also in Catford.
0:09:11 > 0:09:14Let's hear what they've been up to since,
0:09:14 > 0:09:16although I think the baby might be a clue.
0:09:16 > 0:09:19Carolina and Jose, it's so lovely to see you again.
0:09:19 > 0:09:23- Nice to meet you.- How long has it been since we last met?
0:09:23 > 0:09:24- Four years.- Four years.
0:09:24 > 0:09:28Four years since you bought your last auction property with me.
0:09:28 > 0:09:30So, what have you been up to, guys?
0:09:30 > 0:09:31We have been working with properties.
0:09:31 > 0:09:33This is our fourth.
0:09:33 > 0:09:37- Yeah.- And learning a lot. We have two kids now.
0:09:37 > 0:09:39- Thomas and Juliana. - You have two children now?
0:09:39 > 0:09:42- Yes.- Fantastic. And how old are they?
0:09:42 > 0:09:45Thomas is one year and a half and Juliana four months.
0:09:45 > 0:09:46So, that's keeping you really busy?
0:09:46 > 0:09:49- Yes.- And you're still working on the properties?
0:09:49 > 0:09:51Yes, Jose gets more involved because I have the kids.
0:09:51 > 0:09:55- Yes.- But still working.- And, Jose, you've still got the little dog?
0:09:55 > 0:09:57- Yes, Laurie.- Yeah. Laurie. - She's still with us.- Fantastic.
0:09:57 > 0:10:00And haven't you got another business as well where you work closely with
0:10:00 > 0:10:02people coming over to this country?
0:10:02 > 0:10:04Yes, we still have the student agency,
0:10:04 > 0:10:07so we bring students from overseas to study.
0:10:07 > 0:10:08Yeah.
0:10:08 > 0:10:10And we offer them accommodation
0:10:10 > 0:10:12in different properties in Central London.
0:10:12 > 0:10:14So, tell me about this property, Jose.
0:10:14 > 0:10:16What was it that interested you?
0:10:16 > 0:10:19So, something I really liked about this property is that
0:10:19 > 0:10:22it's a good one-bed flat size.
0:10:22 > 0:10:24I really like the size of the flat.
0:10:24 > 0:10:25So, it's got potential to become something
0:10:25 > 0:10:28a bit more attractive, like a two-bed flat.
0:10:28 > 0:10:29Now, it's in a bit of a state as well.
0:10:29 > 0:10:31It needs a bit of work doing,
0:10:31 > 0:10:33but I know that doesn't put you off at all.
0:10:33 > 0:10:35What makes you think you can turn this
0:10:35 > 0:10:37into a two-bed flat and do a good job on it?
0:10:37 > 0:10:39We've done some research.
0:10:39 > 0:10:41I've been speaking to different estate agents
0:10:41 > 0:10:45and obviously if we want to create a two-bed flat
0:10:45 > 0:10:47we have to compromise some things,
0:10:47 > 0:10:50but they say so far people are getting used to having, for example,
0:10:50 > 0:10:53the kitchen into the living room area,
0:10:53 > 0:10:55so I think it's going to work.
0:10:55 > 0:10:56But the only thing that worries me,
0:10:56 > 0:11:00by doing that, you've got to start making structural changes,
0:11:00 > 0:11:02and that gets costly.
0:11:02 > 0:11:04And then you've got to weigh up how much is it worth doing it.
0:11:04 > 0:11:06To knock a wall down you've got to get
0:11:06 > 0:11:08the freeholder's permission as well.
0:11:08 > 0:11:10We already requested permission from the freeholder.
0:11:10 > 0:11:12- He said yes.- Good.
0:11:12 > 0:11:14We got a party wall agreement from the neighbours
0:11:14 > 0:11:17- and they said yes, so it's fine. - Good. That's a tick, tick.
0:11:17 > 0:11:19- Tick, tick.- Phew, relief. - We're still waiting...
0:11:19 > 0:11:25We already gave the information to the landlady for the flat above.
0:11:25 > 0:11:27- Yeah.- And we're still waiting for her reply...
0:11:27 > 0:11:29- OK.- ..but I think it should be fine.
0:11:31 > 0:11:33Getting that permission stands them in good stead,
0:11:33 > 0:11:37because Jose and Carolina have huge structural changes
0:11:37 > 0:11:39planned for this flat.
0:11:39 > 0:11:41They want to knock down the structural wall
0:11:41 > 0:11:42in the front living area,
0:11:42 > 0:11:46then move the kitchen/living space to the front of the house.
0:11:46 > 0:11:50The bathroom at the back will become a second bedroom
0:11:50 > 0:11:52with two bathrooms and an access corridor
0:11:52 > 0:11:54taking the space of the kitchen.
0:11:54 > 0:11:55Wow.
0:11:55 > 0:11:58I mean, in London more bedrooms equals more money,
0:11:58 > 0:12:00but it does sound like a tight squeeze.
0:12:05 > 0:12:07So, guys, what is the budget?
0:12:07 > 0:12:09How much do you think you're going to spend?
0:12:09 > 0:12:11We're thinking to spend around 40,000.
0:12:11 > 0:12:14OK, so £40,000 is the quote you've had?
0:12:14 > 0:12:16Yes.
0:12:16 > 0:12:18I mean, we've got something like £32,000,
0:12:18 > 0:12:21but obviously we still have to include the kitchen...
0:12:21 > 0:12:23- Kitchen and bathroom. - ..the bathrooms.
0:12:23 > 0:12:25- A few things that is going to add up.- OK.
0:12:25 > 0:12:28But so far, the quote is roughly £32,000, £33,000.
0:12:28 > 0:12:31OK, so, £32,000 for the quote for the work,
0:12:31 > 0:12:33and then you've got to add on to that...
0:12:33 > 0:12:35- Kitchen, bathroom. - ..the bathroom, the kitchen.
0:12:35 > 0:12:37So, guys, how long do you think this is going to take you?
0:12:37 > 0:12:39Carolina, I'm going to ask you first.
0:12:39 > 0:12:41I think around six months.
0:12:41 > 0:12:45- Six months?- Yeah.- OK. Jose, do you agree with that?
0:12:45 > 0:12:46Er, we... We...
0:12:46 > 0:12:48We have to try to get it much sooner,
0:12:48 > 0:12:51so I had in mind something around three to four months.
0:12:51 > 0:12:54OK, three to four months, but practically, realistically...
0:12:54 > 0:12:57To have everything ready, I think six months.
0:12:57 > 0:12:59And how are you going to find the time now with the kids?
0:12:59 > 0:13:01Let's see.
0:13:01 > 0:13:02Thomas is going to the nursery two days,
0:13:02 > 0:13:06so I can use those days to come and give a hand to Jose.
0:13:06 > 0:13:07That's good.
0:13:07 > 0:13:09And, Jose, you're going to be quite hands-on all the time?
0:13:09 > 0:13:10Yes, definitely.
0:13:10 > 0:13:13Guys, I'm really excited for you. Congratulations on this project.
0:13:13 > 0:13:15I can't wait to see the outcome. Well done.
0:13:15 > 0:13:18- Thank you very much. - Thank you.- Lovely to see you again.
0:13:18 > 0:13:20- Nice to see you.- Thank you. - Nice to see you.- Thank you.
0:13:20 > 0:13:23So, Jose and Carolina have been going great guns
0:13:23 > 0:13:25since I saw them a couple of years ago,
0:13:25 > 0:13:29and they're now embarking on property number four.
0:13:29 > 0:13:32But will their plans to rejig this layout work
0:13:32 > 0:13:35and will this one-bed flat become a two-bedder,
0:13:35 > 0:13:38or will it just be a little bit of a tight squeeze?
0:13:38 > 0:13:41You can find out how Jose and Carolina get on
0:13:41 > 0:13:43later in the programme.
0:13:46 > 0:13:50I'm in Cumbria and the small town of Wigton,
0:13:50 > 0:13:53situated between Carlisle and the Lake District.
0:13:53 > 0:13:57Wigton has served as a market town since the medieval times
0:13:57 > 0:14:01and that tradition continues today with this local livestock auction
0:14:01 > 0:14:04where it's more "hooves" rather than "homes" under the hammer.
0:14:04 > 0:14:06The property I'm here to see
0:14:06 > 0:14:08is just 100 yards away from the centre of Wigton,
0:14:08 > 0:14:10where you've got the local shops,
0:14:10 > 0:14:13and I'm pretty sure I've seen a local pub as well.
0:14:13 > 0:14:15And here's our property.
0:14:15 > 0:14:20It is a two-bed mid-terrace house with a guide price of £40,000.
0:14:20 > 0:14:21Let's have a look.
0:14:23 > 0:14:27Right, we are straight into the front room,
0:14:27 > 0:14:31which isn't ideal, but it seems to be a pretty quiet road.
0:14:31 > 0:14:34And you have got double-glazed windows as well,
0:14:34 > 0:14:35which does help.
0:14:35 > 0:14:36Really high ceilings
0:14:36 > 0:14:40and that ceiling rose there with loads of detail.
0:14:40 > 0:14:41Just across the hallway here.
0:14:41 > 0:14:44Now, careful. Careful down those stairs.
0:14:44 > 0:14:46Very steep stairs there, which I will show you.
0:14:46 > 0:14:50Stairs going up to the bedrooms. Have a look at the stairs.
0:14:50 > 0:14:54That is a big drop into the second reception room.
0:14:54 > 0:14:56Again, really high ceilings.
0:14:56 > 0:14:59Not quite sure what they're trying to achieve with that little gap,
0:14:59 > 0:15:02but it's a good-sized second reception room
0:15:02 > 0:15:05and just through there is the kitchen.
0:15:05 > 0:15:11Strange configuration, but I quite like it.
0:15:11 > 0:15:15# Cos everyone knows we're strange
0:15:18 > 0:15:21# So why do you feel ashamed? #
0:15:23 > 0:15:25This house is odd,
0:15:25 > 0:15:27and even the layout is a break from the norm.
0:15:27 > 0:15:29Sometimes that can be a good thing,
0:15:29 > 0:15:33although a property with all these steps wouldn't be for everyone.
0:15:34 > 0:15:36The theme continues upstairs,
0:15:36 > 0:15:38where you have a split-level landing
0:15:38 > 0:15:43and more stairs that lead down into a very large bathroom.
0:15:45 > 0:15:47So, you've got the bathroom just to the left of me
0:15:47 > 0:15:50round the corner and there is the first bedroom,
0:15:50 > 0:15:52which is over the front of the property.
0:15:52 > 0:15:54You have got a few different levels here,
0:15:54 > 0:15:56which does make it quite quirky.
0:15:56 > 0:15:58Into the second bedroom and it's...
0:15:58 > 0:16:00RATTLING Listen to that.
0:16:00 > 0:16:03WARDROBE RATTLES
0:16:03 > 0:16:05It's a little bit bouncy, this floor,
0:16:05 > 0:16:08as you can hear the glass in the wardrobe.
0:16:08 > 0:16:10Hm. It's a nice-sized bedroom,
0:16:10 > 0:16:13but I don't want to hang about in here too long.
0:16:13 > 0:16:14It's good.
0:16:14 > 0:16:16# You're keeping on your toes
0:16:16 > 0:16:18# You're keeping on your toes... #
0:16:18 > 0:16:21Although to also keep you on your toes,
0:16:21 > 0:16:23there's something below this room.
0:16:23 > 0:16:26Yes, it's our old pal, the flying freehold.
0:16:26 > 0:16:30So, with properties like these where the house goes over the access,
0:16:30 > 0:16:34there sometimes can be confusion - who has right of access,
0:16:34 > 0:16:37where the boundaries lie and who's in charge of the maintenance.
0:16:37 > 0:16:40What I would suggest is check the deeds.
0:16:40 > 0:16:43Always, always read the legal pack,
0:16:43 > 0:16:45because it could save you a bit of a headache,
0:16:45 > 0:16:47and then everything's nice and clear and you know where you stand.
0:16:47 > 0:16:51# There are times when I don't know where I stand
0:16:51 > 0:16:52# Whoa... #
0:16:52 > 0:16:54Of course, it's always wise to have your solicitor
0:16:54 > 0:16:58check everything out for added peace of mind
0:16:58 > 0:16:59as you don't want to have any concerns
0:16:59 > 0:17:03about flying freeholds hanging over your head.
0:17:03 > 0:17:04# Whoa
0:17:04 > 0:17:09# Sometimes I lie awake at night and worry for a while
0:17:09 > 0:17:11# Whoa, whoa... #
0:17:12 > 0:17:14We've asked along a local estate agent
0:17:14 > 0:17:16to see if he has any worries
0:17:16 > 0:17:20about this property's unconventional layout.
0:17:20 > 0:17:22The property is quite quirky.
0:17:22 > 0:17:24Erm, some people may think that puts people off.
0:17:24 > 0:17:27Other people think it's, you know, a selling feature.
0:17:27 > 0:17:28Personally, I think it's a selling feature.
0:17:28 > 0:17:30It's a lot of property for the money.
0:17:30 > 0:17:32You've got a really good basement.
0:17:32 > 0:17:34You've got outside what is effectively a garage
0:17:34 > 0:17:36which you could use.
0:17:36 > 0:17:37You couldn't get a car in,
0:17:37 > 0:17:39but you can use it for storage and things.
0:17:39 > 0:17:41It's got good-sized bedrooms, good-sized bathroom,
0:17:41 > 0:17:45I think it ticks more boxes than it checks, definitely.
0:17:45 > 0:17:47So, all in, this looks good,
0:17:47 > 0:17:50but what could this property guided at 40 grand be worth
0:17:50 > 0:17:53once it's been done up?
0:17:53 > 0:17:56If I was putting this property on the market for resale
0:17:56 > 0:17:58once a good-standard refurbishment's been done,
0:17:58 > 0:18:00I think you could certainly market the property
0:18:00 > 0:18:02somewhere in the region of £85,000
0:18:02 > 0:18:04and expect to achieve around £80,000.
0:18:05 > 0:18:07So, a bit of money to be made there,
0:18:07 > 0:18:11but what about it as a long-term rental investment?
0:18:11 > 0:18:13If the property was to come to the rental market,
0:18:13 > 0:18:15I would certainly expect it to achieve somewhere
0:18:15 > 0:18:19in the region of around £400-£425 per calendar month.
0:18:20 > 0:18:22I do actually quite like this house.
0:18:22 > 0:18:24It's a little bit quirky,
0:18:24 > 0:18:27which means it will appeal to some but not others.
0:18:27 > 0:18:31Let's see who it did appeal to when it went under the hammer.
0:18:31 > 0:18:32Two-bedroom terraced house,
0:18:32 > 0:18:35conveniently situated just off the town centre.
0:18:35 > 0:18:36Good investment property.
0:18:36 > 0:18:39Straight in at 40, anyone?
0:18:39 > 0:18:4335? 35 here. At 35, on bid.
0:18:43 > 0:18:48We're away in ones. 36. 37. Seven. 38. 39.
0:18:48 > 0:18:5040. Looking at your feet.
0:18:50 > 0:18:53Back with you, sir, on the aisle, at £39,000.
0:18:53 > 0:18:56Are we done? £39,000, then, first time.
0:18:56 > 0:18:58Take a half if it helps.
0:18:58 > 0:19:00Half I've got. 40?
0:19:00 > 0:19:0140.
0:19:01 > 0:19:03Half. You started it.
0:19:03 > 0:19:06At £40,000, then, here to sell.
0:19:06 > 0:19:09First time. You're out. You're in. Second time.
0:19:09 > 0:19:12Are we done? All done, then, selling.
0:19:12 > 0:19:1440. Well done, sir.
0:19:14 > 0:19:19The successful bidder, who paid 40 grand for this house, was Dave.
0:19:20 > 0:19:22He's an electrical engineer,
0:19:22 > 0:19:24so he's hoping he and his wife Marion
0:19:24 > 0:19:28didn't get their wires crossed for reasons to buy this house.
0:19:28 > 0:19:31- Dave, nice to meet you.- You too. - Congratulations, pal.
0:19:31 > 0:19:34- Well, thank you very much. - What made you buy this one?
0:19:34 > 0:19:36Well, lots of reasons.
0:19:36 > 0:19:37Close proximity to the Hare and Hounds.
0:19:37 > 0:19:40Oh! That's a very good shout, by the way.
0:19:40 > 0:19:41- Nearest pub?- Nearest pub.- Good man.
0:19:41 > 0:19:44And other than that, you know, my wife and I came to look at it
0:19:44 > 0:19:45and we just loved the place.
0:19:45 > 0:19:47It's so, so quirky,
0:19:47 > 0:19:49we just kind of fell in love with it straightaway.
0:19:49 > 0:19:50So, when you viewed the property,
0:19:50 > 0:19:52did you know what you wanted to do with it?
0:19:52 > 0:19:54Yeah, we did. It was just...
0:19:54 > 0:19:57We bought it for a pension fund, really,
0:19:57 > 0:20:01and the whole intention all the time was to let it out.
0:20:01 > 0:20:03We know who the tenants are going to be
0:20:03 > 0:20:07and she's quite happy to be painting and doing her own thing, really,
0:20:07 > 0:20:08so we're happy to let her.
0:20:08 > 0:20:10- You're a step ahead of the game. - Absolutely, yeah.
0:20:10 > 0:20:14- So, you've already got a tenant waiting, which is fantastic.- Yeah.
0:20:14 > 0:20:18Incredibly, she sent my wife a text the day before I went to the auction
0:20:18 > 0:20:20to buy this place saying, "Have you got a house?
0:20:20 > 0:20:23- "I'm looking for one." - Really?- Yeah.
0:20:23 > 0:20:25See, I like that, you see? It's there, isn't it? Ready to go.
0:20:25 > 0:20:27- Yeah, absolutely.- Forward planning.
0:20:27 > 0:20:30It is, so hopefully she'll be in by the end of the month,
0:20:30 > 0:20:31so that'd be great.
0:20:31 > 0:20:33What's your first thoughts, first thing you're going to do?
0:20:33 > 0:20:36The first thing that we'll be doing is getting the electrics sorted out,
0:20:36 > 0:20:39because there are one or two sockets missing.
0:20:39 > 0:20:43It looks like somebody's started the job and, you know,
0:20:43 > 0:20:46got kind of halfway and then stopped for some reason.
0:20:46 > 0:20:48I don't know what the reason is.
0:20:48 > 0:20:51- They're up the pub.- That's it, they've gone to the pub, obviously.
0:20:51 > 0:20:54- And indeed, why wouldn't they? - Exactly. Exactly.
0:20:54 > 0:20:56So, once the electrics are sorted out
0:20:56 > 0:20:59and I've got the gas certificated,
0:20:59 > 0:21:02it'll just be a quick case of a bit of paint,
0:21:02 > 0:21:04a few windows to sort out.
0:21:04 > 0:21:07Pretty much most of the property is already double glazed,
0:21:07 > 0:21:09so there isn't really very much to do in that respect.
0:21:09 > 0:21:12Now, you've got a bit of a bouncy floor as well, haven't you?
0:21:12 > 0:21:13- Yeah, in the bedroom above the lane. - Yeah.
0:21:13 > 0:21:15I'm going to have to investigate that,
0:21:15 > 0:21:17so that might go...some budget,
0:21:17 > 0:21:19but I can't imagine it would be very much.
0:21:19 > 0:21:22Even if the entire floor's to replace, how bad can it be?
0:21:22 > 0:21:24Tell me how much you've got to spend on the house
0:21:24 > 0:21:26and what are you going to spend your budget on.
0:21:26 > 0:21:27- The budget will be small.- Mm.
0:21:27 > 0:21:31Er, I can't really see it coming to any more than two grand,
0:21:31 > 0:21:33even including windows and the likes.
0:21:33 > 0:21:35And how long will it take to turn this place around
0:21:35 > 0:21:37ready for the new tenant?
0:21:37 > 0:21:40I suspect that the new tenant will be in
0:21:40 > 0:21:41before the place is actually finished,
0:21:41 > 0:21:43but because she's our friend, you know,
0:21:43 > 0:21:47if it takes me a little while to get the windows sorted out,
0:21:47 > 0:21:48she'll be happy with that.
0:21:48 > 0:21:52That won't be a problem at all. So, I reckon, total job, two months.
0:21:52 > 0:21:55And there's a shared access. Did you know all about that?
0:21:55 > 0:21:57Yeah, I did read the legal pack,
0:21:57 > 0:22:02and how the access works is technically the lane belongs to us
0:22:02 > 0:22:06- and the guy next door has a right of access.- OK.
0:22:07 > 0:22:10Dave certainly sounds like he's got this property lark sussed.
0:22:10 > 0:22:13He's done his homework, got a tenant.
0:22:13 > 0:22:15He seems like a bit of a pro.
0:22:15 > 0:22:17I'm certainly no property developer but, er,
0:22:17 > 0:22:22my own house that I've lived in for 20-odd year now, I actually...
0:22:22 > 0:22:25When I bought that, it was in such bad condition,
0:22:25 > 0:22:27I actually took it down and put it back up again.
0:22:27 > 0:22:29- You did that?- Yeah.
0:22:29 > 0:22:32You know, with help from professional builders
0:22:32 > 0:22:34and plumbers etc.
0:22:34 > 0:22:36But, yeah, I did that.
0:22:36 > 0:22:38OK, so, will you be getting involved in this renovation?
0:22:38 > 0:22:41- Will you get hands-on on this one? - Yes.
0:22:41 > 0:22:44"Yes"! I'm not sure. That wasn't convincing, Dave.
0:22:44 > 0:22:46Yeah, it wasn't a very convincing yes.
0:22:46 > 0:22:49You know, our pal Phil will have a look at the windows
0:22:49 > 0:22:52and I'll get our Paul to have a look at the painting
0:22:52 > 0:22:55and there'll be a few different people on the job,
0:22:55 > 0:22:57just guys I know.
0:22:57 > 0:23:00Dave seems like a guy who takes everything in his stride
0:23:00 > 0:23:03so I don't think anything is going to faze him,
0:23:03 > 0:23:06not even the contents of the outhouses.
0:23:06 > 0:23:07They're full of junk.
0:23:07 > 0:23:10Pretty much most of it belongs to the guy next door, actually.
0:23:10 > 0:23:12He was absolutely spot-on, I'd have to say.
0:23:12 > 0:23:14- I wish you all the best.- Thank you. - Good luck. I hope it works out.
0:23:14 > 0:23:15Thank you.
0:23:15 > 0:23:18It's a good job that Dave gets on with his new neighbours,
0:23:18 > 0:23:20because they're sharing this access,
0:23:20 > 0:23:23and at the moment they're sharing the outbuildings as well.
0:23:23 > 0:23:26Come back later in the show, see if they're still getting on
0:23:26 > 0:23:29and how he's getting on with his new development.
0:23:29 > 0:23:31Still to come, at this Blackpool property
0:23:31 > 0:23:35the wheels have well and truly come off this garage.
0:23:35 > 0:23:39It's actually, as far as I can see, the back of a truck.
0:23:41 > 0:23:45And in Wigton, Dave's renovation hits a bump in the road.
0:23:45 > 0:23:47It was at that point that I decided
0:23:47 > 0:23:49that the kitchen roof would have to go.
0:23:54 > 0:23:57Back now to Catford in south-east London,
0:23:57 > 0:24:00where Lucy looked around a one-bedroom flat
0:24:00 > 0:24:02with a guide price of 170,000.
0:24:02 > 0:24:06The positive points were it had a fairly spacious lounge,
0:24:06 > 0:24:09the kitchen was really big by London standards,
0:24:09 > 0:24:12and a real plus, it had a small garden.
0:24:12 > 0:24:15But it really was in a bad state and needed gutting.
0:24:17 > 0:24:19It's in a bit of a state. Oh, my gosh. Look at this cooker.
0:24:19 > 0:24:22What's been going on with that? And the tiles. Oh!
0:24:22 > 0:24:27Ooh! OK, so you can see it needs to be skipped, basically.
0:24:27 > 0:24:29Get rid of it, start again.
0:24:30 > 0:24:32There wasn't much to be salvaged here
0:24:32 > 0:24:34but that didn't put off the bidders come auction day.
0:24:34 > 0:24:36228.
0:24:36 > 0:24:40The successful bidders were Jose and Carolina, who paid 228,000.
0:24:40 > 0:24:42..wife and baby, well done.
0:24:42 > 0:24:46This was their fourth development, and despite running their business
0:24:46 > 0:24:48helping Colombian students come here to study
0:24:48 > 0:24:50and having two children,
0:24:50 > 0:24:53they had big plans for this rundown flat.
0:24:53 > 0:24:56What makes you think you can turn this into a two-bed flat
0:24:56 > 0:24:57and do a good job on it?
0:24:57 > 0:25:01If we want to create a two-bed flat, we have to compromise some things,
0:25:01 > 0:25:03but they say so far people are getting used to having,
0:25:03 > 0:25:06for example, the kitchen into the living room area,
0:25:06 > 0:25:08so I think it's going to work.
0:25:08 > 0:25:10But the only thing that worries me, by doing that,
0:25:10 > 0:25:13you've got to start making structural changes
0:25:13 > 0:25:15and that gets costly.
0:25:15 > 0:25:17Lucy was concerned that there didn't appear to be
0:25:17 > 0:25:20much profit potential in taking on the extra work.
0:25:20 > 0:25:23The couple hoped to have all the structural changes
0:25:23 > 0:25:25done for 32,000,
0:25:25 > 0:25:28but they would still have a kitchen and bathroom to fit out.
0:25:28 > 0:25:31With Carolina thinking the job would take six months
0:25:31 > 0:25:34and Jose claiming three to four, who would be right?
0:25:34 > 0:25:38We split the difference and have come back after five months.
0:25:48 > 0:25:50Well, it looks like Jose and Carolina
0:25:50 > 0:25:52haven't been wasting their time.
0:25:52 > 0:25:55That former dingy and dated living room
0:25:55 > 0:26:00has been transformed into an ultramodern open-plan kitchen/diner.
0:26:00 > 0:26:03The bedroom is looking really fresh
0:26:03 > 0:26:05and it also has direct access to the garden.
0:26:07 > 0:26:10The dramatic changes continue in the rear of the property.
0:26:10 > 0:26:14That outdated kitchen and bathroom are completely gone,
0:26:14 > 0:26:18and have been replaced by a master bedroom and en suite.
0:26:21 > 0:26:24The couple have also managed to squeeze in a second toilet,
0:26:24 > 0:26:27an easy thing to add when the internal layout
0:26:27 > 0:26:29has changed completely.
0:26:30 > 0:26:33We had to remove all the structural walls of the flat,
0:26:33 > 0:26:37so basically the one that was in-between the living room
0:26:37 > 0:26:39and the bedroom, that was structural,
0:26:39 > 0:26:44so we had to create a column and we had to fit steel.
0:26:44 > 0:26:46And exactly the same happened at the back,
0:26:46 > 0:26:50so we had to put a lot of steel on it.
0:26:50 > 0:26:53As their plans involved structural changes,
0:26:53 > 0:26:56Jose and Carolina had to get permission from the leaseholder,
0:26:56 > 0:26:58the owners from the flat above,
0:26:58 > 0:27:00as well as the ground- and first-floor flats
0:27:00 > 0:27:02to either side of the property.
0:27:02 > 0:27:04But thanks to everyone's cooperation
0:27:04 > 0:27:06they've managed to achieve a fantastic result.
0:27:06 > 0:27:09What did they learn from the renovation of this flat?
0:27:10 > 0:27:12We found that it's really important
0:27:12 > 0:27:15in this small flat that we have to use every single space.
0:27:15 > 0:27:18So, obviously, because the kitchen is at the front
0:27:18 > 0:27:21and obviously we have to share with the living room,
0:27:21 > 0:27:24we tried to move the sort of utility room over on the side.
0:27:24 > 0:27:27So, that's like a small space where you've got your washing machine,
0:27:27 > 0:27:30your dryer and for folding clothes, so I think it's perfect.
0:27:30 > 0:27:32Moving the washing machine from the shared kitchen
0:27:32 > 0:27:33was a good idea.
0:27:33 > 0:27:36After all, you don't want to hear a whirring washing machine
0:27:36 > 0:27:39when you're watching your favourite property show in the morning.
0:27:39 > 0:27:42But, moving on, how do they feel it's gone?
0:27:42 > 0:27:44We're really happy with the result,
0:27:44 > 0:27:46because initially the flat was really, really dirty
0:27:46 > 0:27:49and was in a really bad condition. Flooring, walls.
0:27:49 > 0:27:52So, now, what we've done is we've used
0:27:52 > 0:27:55engineered flooring throughout,
0:27:55 > 0:28:00new plastering, white colours everywhere, and a new kitchen.
0:28:00 > 0:28:05So, I think it looks definitely much better than it was before.
0:28:05 > 0:28:06Their builders have done a really great job,
0:28:06 > 0:28:11but what roles did Jose and Carolina take on themselves?
0:28:11 > 0:28:14Basically, I was checking that permission was in place
0:28:14 > 0:28:16and I was dealing with the freeholder.
0:28:16 > 0:28:18So, basically structural things.
0:28:18 > 0:28:21I have less time with the two kids,
0:28:21 > 0:28:23but I was helping with decoration that I like
0:28:23 > 0:28:26and at the beginning with the layout.
0:28:26 > 0:28:29And I'm happy with what Jose has done.
0:28:29 > 0:28:32It sounds like they've had their hands full with this property,
0:28:32 > 0:28:35the student accommodation business and their two children.
0:28:35 > 0:28:38So, how did Thomas and Juliana like it?
0:28:38 > 0:28:41They've been involved since the moment we bought the flat
0:28:41 > 0:28:44because we went with little Juliana when we went to the auction,
0:28:44 > 0:28:46and Thomas, it's something that he really enjoys.
0:28:46 > 0:28:49So, since we started the project I've been coming with Thomas.
0:28:49 > 0:28:52He's in charge of the new grass in the garden.
0:28:52 > 0:28:56He's the one who tests that the grass is solid for him to play.
0:28:56 > 0:28:57- And watering.- And watering.
0:28:57 > 0:28:59He's really good at watering as well.
0:28:59 > 0:29:02Well, it sounds like Thomas has enjoyed himself,
0:29:02 > 0:29:04but how did Mum and Dad find working together?
0:29:04 > 0:29:06Working together has been fine.
0:29:06 > 0:29:09I mean, since we married, we've always been working together.
0:29:09 > 0:29:11And now we've got two teams -
0:29:11 > 0:29:13one is outside working and the other one is at home.
0:29:13 > 0:29:16- It's been fine.- I enjoy it.
0:29:16 > 0:29:20The couple have spent £45,000 on the flat,
0:29:20 > 0:29:21which is pretty good going
0:29:21 > 0:29:24given they thought the work without the kitchen and bathroom
0:29:24 > 0:29:26would be 32,000.
0:29:26 > 0:29:30So, in total, they've spent £273,000 here.
0:29:32 > 0:29:35Time to ask two local estate agents if Jose and Carolina
0:29:35 > 0:29:37made all the right moves here.
0:29:37 > 0:29:41Let's begin with the agent who saw it in its previous state.
0:29:41 > 0:29:45The layout is slightly different to what I was actually expecting,
0:29:45 > 0:29:47the fact they've actually put the kitchen in the front,
0:29:47 > 0:29:49but it actually works quite well.
0:29:49 > 0:29:51Having had a look round the flat, and I didn't see it before,
0:29:51 > 0:29:53I'm very impressed by the finish.
0:29:53 > 0:29:55It is very nicely done.
0:29:55 > 0:29:57It has been opened up, as you can see.
0:29:57 > 0:29:59The walls for the hallway have been removed.
0:29:59 > 0:30:00I think they've done a really good job.
0:30:00 > 0:30:03The fact they've changed it now to two bedrooms
0:30:03 > 0:30:04will certainly add value,
0:30:04 > 0:30:07and the fact it's now got two bathrooms as well.
0:30:07 > 0:30:10I think they've managed to really squeeze a lot in
0:30:10 > 0:30:12and I think they've done a really good job.
0:30:12 > 0:30:14But will they be able to squeeze a profit
0:30:14 > 0:30:18out of their £273,000 investment?
0:30:18 > 0:30:23I think the sales valuation is approximately £330,000
0:30:23 > 0:30:27and I think the rental market would be approximately £1,400
0:30:27 > 0:30:28per calendar month.
0:30:28 > 0:30:30If the flat were to go onto the market,
0:30:30 > 0:30:32I believe it would sell for £350,000.
0:30:32 > 0:30:33If it went to the rental market,
0:30:33 > 0:30:36it would rent for £1,200 per calendar month.
0:30:36 > 0:30:40If they were able to achieve that top rental figure of £1,400,
0:30:40 > 0:30:42that would mean a yield of just over 6%.
0:30:42 > 0:30:47And that top sales value could give them a profit of £77,000,
0:30:47 > 0:30:48minus taxes and fees.
0:30:48 > 0:30:52But what do Jose and Carolina think of those valuations?
0:30:55 > 0:30:58This is a long-term investment, so we're not planning to sell,
0:30:58 > 0:31:00but I think it's good.
0:31:00 > 0:31:02We added value to the property.
0:31:02 > 0:31:05So, their plan to rent the property out hasn't changed,
0:31:05 > 0:31:10but what does the future hold for Jose, Carolina and family?
0:31:10 > 0:31:12This is something that we really enjoy,
0:31:12 > 0:31:15so we're planning to carry on in this business.
0:31:15 > 0:31:18We find auctions really exciting and it's something that we...
0:31:18 > 0:31:22I mean, we've been twice and we definitely enjoyed it a lot,
0:31:22 > 0:31:24so definitely, that's a must.
0:31:27 > 0:31:31# Hello, you fool, I love you... #
0:31:32 > 0:31:36Now, you'll probably recognise this place even before I say the name.
0:31:36 > 0:31:38Yes, I am in Blackpool,
0:31:38 > 0:31:41one of England's busiest seaside destinations,
0:31:41 > 0:31:45famous for its illuminations, North Pier and, of course,
0:31:45 > 0:31:46the Blackpool Tower.
0:31:46 > 0:31:50The town has had its ups and downs over the years,
0:31:50 > 0:31:53but with recent investment in the area, the hope is that soon
0:31:53 > 0:31:56it'll be back to its old self.
0:31:56 > 0:31:57I wonder if the same can be said
0:31:57 > 0:31:59about the property I'm here to see today.
0:31:59 > 0:32:04# C'mon, join the joyride
0:32:04 > 0:32:06# Join the joyride... #
0:32:06 > 0:32:08We're not far from the town centre,
0:32:08 > 0:32:12the seafront and all the delights that Blackpool has in store.
0:32:12 > 0:32:13Here's the property I'm here to see.
0:32:13 > 0:32:19It's a four-bed end terrace, guide price £56,000.
0:32:19 > 0:32:20Mm-hm!
0:32:24 > 0:32:28Well, in its day, which, my guess is, was about 1900
0:32:28 > 0:32:30when these were built,
0:32:30 > 0:32:32this would've been a really grand property,
0:32:32 > 0:32:35owned by probably quite an affluent local businessperson.
0:32:35 > 0:32:37And you get that impression when you walk through the front door,
0:32:37 > 0:32:39cos of the little porch area there.
0:32:39 > 0:32:43And then through into the sort of entrance here.
0:32:43 > 0:32:46And apart from the fact that that stairway has been boxed in
0:32:46 > 0:32:49in a really slightly questionable way,
0:32:49 > 0:32:52you immediately get a really nice sense of space,
0:32:52 > 0:32:56similarly with your front room there.
0:32:56 > 0:32:59Big, big, big, grand space.
0:32:59 > 0:33:03Obviously, signs of some problems on the front bay there.
0:33:03 > 0:33:05And then through into... fairly classic,
0:33:05 > 0:33:08the rear lounge, the rear sitting room.
0:33:08 > 0:33:12I don't know what is going on with the floor.
0:33:12 > 0:33:13It's sloped upwards,
0:33:13 > 0:33:16which is not generally the way you want a floor to be.
0:33:16 > 0:33:19Flat is generally regarded as the norm.
0:33:19 > 0:33:22But, you know, big old fireplace here.
0:33:22 > 0:33:24Again, lots of light coming in.
0:33:24 > 0:33:26Benefit of course of being an end terrace, that -
0:33:26 > 0:33:29lots of light coming in through the windows.
0:33:29 > 0:33:31And that's it, so far,
0:33:31 > 0:33:33so we've just got to find the kitchen.
0:33:35 > 0:33:37# I took a little trip
0:33:37 > 0:33:40# Down memory lane... #
0:33:42 > 0:33:45Two rooms in and I'm being transported back in time.
0:33:45 > 0:33:48There are lovely period details dotted around the place,
0:33:48 > 0:33:52and it gives you a real sense of the people who lived here before.
0:33:52 > 0:33:54But before I get too carried away,
0:33:54 > 0:33:57it's worth bearing in mind that some original features
0:33:57 > 0:33:59like the electrics will have to go,
0:33:59 > 0:34:03which means, for the new owner, time and money.
0:34:04 > 0:34:08And hiding away at the back of the house is the kitchen.
0:34:10 > 0:34:12It almost feels like this is where the servants would be doing
0:34:12 > 0:34:14the cooking kind of stuff,
0:34:14 > 0:34:16and the family would live over there.
0:34:16 > 0:34:19You know what? Modern life, you want to integrate this better,
0:34:19 > 0:34:21so I'm just wondering if you could take out
0:34:21 > 0:34:23some of these walls to create
0:34:23 > 0:34:27a really spectacular kitchen/living area.
0:34:27 > 0:34:30Imagine a breakfast bar in here, lovely units there.
0:34:30 > 0:34:32Looks like you've got a downstairs loo there, which is a bonus.
0:34:32 > 0:34:34Probably keep that.
0:34:34 > 0:34:37But really transform this bit of property.
0:34:37 > 0:34:40In fact, focus on this bit of the property
0:34:40 > 0:34:43and you've got a really ace potential.
0:34:44 > 0:34:47# Oh-ho-ho, it's magic
0:34:47 > 0:34:51# You know
0:34:51 > 0:34:56# Never believe it's not so... #
0:34:56 > 0:34:59It's hard to believe looking at it now,
0:34:59 > 0:35:02but with a bit of imagination and a lot of hard work,
0:35:02 > 0:35:06this space could be transformed into something magical.
0:35:06 > 0:35:09And the potential doesn't stop there.
0:35:09 > 0:35:10On the first floor above the kitchen
0:35:10 > 0:35:14sits a WC and a very roomy bathroom.
0:35:14 > 0:35:16There are also three bedrooms,
0:35:16 > 0:35:19two to the front and then there is the master bedroom.
0:35:22 > 0:35:25MUSIC: No Surprises by Radiohead
0:35:25 > 0:35:27Now, I am pretty sure Radiohead
0:35:27 > 0:35:29have been played on this show before,
0:35:29 > 0:35:34but I think this might be the first appearance ever by radio-BED.
0:35:38 > 0:35:39We've seen three bedrooms,
0:35:39 > 0:35:43but this property is marketed as a four-bedroom house,
0:35:43 > 0:35:44so where's number four?
0:35:46 > 0:35:50Well, to find that, you come up another set of stairs to this,
0:35:50 > 0:35:52what was originally the attic of the property
0:35:52 > 0:35:53that's obviously been converted.
0:35:53 > 0:35:56And it does create a nice-sized space now.
0:35:56 > 0:35:58I mean, clearly I'd get rid of this partition wall
0:35:58 > 0:36:00and open it up even further,
0:36:00 > 0:36:02but as long as it meets building regulations
0:36:02 > 0:36:05in terms of fire escape ability,
0:36:05 > 0:36:07in terms of strength of the joists and that kind of stuff,
0:36:07 > 0:36:10then, you know, an extra bedroom, that fourth bedroom,
0:36:10 > 0:36:13it certainly is and a particularly characterful one, too.
0:36:13 > 0:36:15But when you come up here - here's the other thing -
0:36:15 > 0:36:17you realise what you're going to have to do,
0:36:17 > 0:36:20because that is actually the underside of the slates.
0:36:20 > 0:36:24So, there's no insulation. There's not even any felt.
0:36:24 > 0:36:28So, putting those two things back is something you're definitely
0:36:28 > 0:36:30going to have to factor in to your renovation.
0:36:31 > 0:36:34Well, substantial though the property is,
0:36:34 > 0:36:36it is still a terrace,
0:36:36 > 0:36:39but of course, it has the advantage of being an end terrace,
0:36:39 > 0:36:42so you've got extra windows in this end gable here.
0:36:42 > 0:36:44And so lots of light going into the property.
0:36:44 > 0:36:49You've also got access to this little private alleyway at the back,
0:36:49 > 0:36:51which is gated on both ends, which adds a bit of security.
0:36:51 > 0:36:57And - good news - the property also comes with a garage.
0:36:57 > 0:37:03Now, as garages go, this one is a bit of a first, because...
0:37:03 > 0:37:06Not brick built? No. Not stone built? No.
0:37:06 > 0:37:11Not made of lath-plaster door, bits of cement, whatever.
0:37:11 > 0:37:16It's actually, as far as I can see, the back of a truck.
0:37:17 > 0:37:20What's wrong with that? It works, doesn't it?
0:37:20 > 0:37:23# On the road again
0:37:23 > 0:37:27# Just can't wait to get on the road again... #
0:37:27 > 0:37:30Let's get on with the real wheeling and dealing
0:37:30 > 0:37:32and find out from a local property agent
0:37:32 > 0:37:34what the prospects are for this bit of Blackpool,
0:37:34 > 0:37:36guided at 56 grand.
0:37:38 > 0:37:40A property of this calibre
0:37:40 > 0:37:44would need completely redoing from top to bottom
0:37:44 > 0:37:47with rewiring, new central heating,
0:37:47 > 0:37:52new double glazing and literally a complete makeover
0:37:52 > 0:37:54to get it up to where it needs to be.
0:37:56 > 0:37:58And assuming the new owner did all those things,
0:37:58 > 0:38:03the agent estimated a rental income of £625 per calendar month.
0:38:03 > 0:38:06And what about a sales value?
0:38:06 > 0:38:11This property could potentially achieve up to about £94,000.
0:38:12 > 0:38:15Well, a bit of work to be done to sort this place out,
0:38:15 > 0:38:19but it's a substantial house in a good location for sure.
0:38:19 > 0:38:23Let's who agreed and bought it when it went under the hammer.
0:38:25 > 0:38:27Lot 25.
0:38:27 > 0:38:31It's a three-storeyed, four-bedroom,
0:38:31 > 0:38:33bay-windowed end townhouse
0:38:33 > 0:38:37that needs considerable improvement and modernisation.
0:38:37 > 0:38:40Start me on this one at 60,000.
0:38:40 > 0:38:4360,000. 58 for it.
0:38:43 > 0:38:4558.
0:38:45 > 0:38:48Who's got 56 on the guide price to start me?
0:38:48 > 0:38:51It would appear to be good value at four bedrooms.
0:38:51 > 0:38:5256, thank you.
0:38:52 > 0:38:55At £56,000 I've got as a starting bid.
0:38:55 > 0:38:59At 56. 57 somewhere? 57 is bid.
0:38:59 > 0:39:01At 57. 58.
0:39:01 > 0:39:0358. 59.
0:39:03 > 0:39:0760,000. 61.
0:39:07 > 0:39:0960,000, seated bid. 61.
0:39:09 > 0:39:11It's in the market, ladies and gentlemen.
0:39:11 > 0:39:14It's going to be sold. At £60,000.
0:39:14 > 0:39:1761 somewhere else? Seems very good value for money.
0:39:17 > 0:39:22As £60,000, going once, going twice, third time...
0:39:22 > 0:39:25Sold at 60,000. Thank you.
0:39:25 > 0:39:30That bid of 60,000 was enough to secure the property for Natasha,
0:39:30 > 0:39:33seen here with dad Harish and brother Ahmed.
0:39:33 > 0:39:37However, it was family friend Graham who accompanied Natasha
0:39:37 > 0:39:39when we met up back at the house.
0:39:40 > 0:39:42Natasha, Graham. Good to meet you both.
0:39:42 > 0:39:44- Good to meet you too. - How are you doing? Yeah.
0:39:44 > 0:39:46Congratulations.
0:39:46 > 0:39:49So, tell me, Natasha, why you wanted to buy this place.
0:39:49 > 0:39:50Just a holiday home, actually.
0:39:50 > 0:39:53We saw it come up and the promenade is not too far,
0:39:53 > 0:39:54- so we thought, "Great place"...- Wow.
0:39:54 > 0:39:57- ..with the weather hopefully being better, so, yeah.- Oh, great.
0:39:57 > 0:39:59So, where's home when you're not here?
0:39:59 > 0:40:01- Leicester.- Leicester? - Leicester, yeah.
0:40:01 > 0:40:03Well, you couldn't be much closer
0:40:03 > 0:40:05to the attractions of Blackpool, could you?
0:40:05 > 0:40:07No, the promenade, and the lights are not far either.
0:40:07 > 0:40:10- And then there's the roller-coaster round there.- Wow.
0:40:10 > 0:40:12- The tower as well. - So this is for the family, then?
0:40:12 > 0:40:13- Yes.- Tell me about your family.
0:40:13 > 0:40:15Mum, Dad, and I've got a brother as well,
0:40:15 > 0:40:17and a sister who's in London, though,
0:40:17 > 0:40:19so, hopefully, she can come down as well sometime.
0:40:19 > 0:40:20Right.
0:40:20 > 0:40:23So, is it something you're going to rent out to other people
0:40:23 > 0:40:26- or is it just going to be for you? - Just for us. Just for us.- Wow.
0:40:26 > 0:40:29So, whenever we want to come, we can just pack our bags and come over.
0:40:29 > 0:40:32Right. So, tell me about your relationship with Blackpool, then.
0:40:32 > 0:40:34Um, I've only been here once,
0:40:34 > 0:40:36I think, before. SHE LAUGHS
0:40:36 > 0:40:39Not many before, but, yeah, hopefully, more times to come.
0:40:39 > 0:40:42Right. What was it about this area that you sort of thought,
0:40:42 > 0:40:44"Yes, this is a good place to get a holiday home"?
0:40:44 > 0:40:47It's nice and quiet around here, especially the street.
0:40:47 > 0:40:50So, it's nice neighbours as well, which we've met.
0:40:50 > 0:40:53So, yeah, not far, like I said, from the promenade, so...
0:40:53 > 0:40:56Good stuff. So, why this particular house, then?
0:40:56 > 0:40:59I don't know. I think we just wanted a bit of a challenge as well,
0:40:59 > 0:41:01so we can make it how we want,
0:41:01 > 0:41:04put our stamp on it and we can do what we want, yeah.
0:41:04 > 0:41:07# You got a friend in me.... #
0:41:07 > 0:41:11And that brings us neatly to Graham's role in the project.
0:41:11 > 0:41:15A structural engineer by profession, Graham will act as project manager
0:41:15 > 0:41:18and has already taken the family's wish list
0:41:18 > 0:41:20and turned it into a plan.
0:41:20 > 0:41:24It's a case of bringing this house into the 21st century.
0:41:24 > 0:41:27Open it up.
0:41:27 > 0:41:29This wall, we can't take this wall away,
0:41:29 > 0:41:32but we can move it back to the stairs.
0:41:32 > 0:41:35That wall can go, open it up.
0:41:35 > 0:41:39Nice big kitchen/diner, living space, brilliant.
0:41:39 > 0:41:42The front room, really leave as it is.
0:41:42 > 0:41:47Upstairs, the bathroom, which is really a bedroom,
0:41:47 > 0:41:50we're going to move that and make a purpose-made bathroom
0:41:50 > 0:41:53centre of the main bedroom with Jack and Jill doors.
0:41:53 > 0:41:55That will give us a main bathroom
0:41:55 > 0:41:59and en suite for two, so Jack and Jill en suite.
0:42:00 > 0:42:03A Jack and Jill bathroom is a very good way
0:42:03 > 0:42:06of getting two en suites for the price of one.
0:42:06 > 0:42:08Just remember to fit a lock on both doors.
0:42:08 > 0:42:11Natasha and Graham have agreed on the plans,
0:42:11 > 0:42:14but it's a different matter when it comes to budget.
0:42:16 > 0:42:19I think we're planning about £10,000 to £15,000 at the moment.
0:42:19 > 0:42:21- Mm.- Now, you just raised your eyebrows.
0:42:21 > 0:42:25- HE LAUGHS - No, I know it'll run over that.
0:42:25 > 0:42:27I know for a fact.
0:42:27 > 0:42:29It'll be nearer 18 to 20.
0:42:29 > 0:42:31We can hope.
0:42:31 > 0:42:35- We are obviously going to do it the best we can...- Yeah.
0:42:35 > 0:42:38..but they do want reasonably high spec as well.
0:42:38 > 0:42:40Are you being paid or are you going to get
0:42:40 > 0:42:41lots of free holidays out of this?
0:42:41 > 0:42:44THEY LAUGH
0:42:44 > 0:42:46Probably end up with a lot of free holidays out of it!
0:42:46 > 0:42:49Great. So, what's the timescale?
0:42:49 > 0:42:51Well, I'll probably say it
0:42:51 > 0:42:53and he's going to raise his eyebrows again.
0:42:53 > 0:42:56About three to four months, I'd say.
0:42:56 > 0:42:58- Yeah.- Happy with that. - Happy with that.- Yeah.
0:42:58 > 0:43:01- That's a realistic figure. - What about outside?
0:43:01 > 0:43:03Cos, obviously, it's a bit of a mess.
0:43:03 > 0:43:05- You've got this strange garage-y thing at the side.- Yes.
0:43:05 > 0:43:07- That's coming down. - That's coming down?- Yeah.
0:43:07 > 0:43:09I believe we're going to be making a driveway.
0:43:09 > 0:43:12- OK.- So, off-road parking to the side.- Right.
0:43:12 > 0:43:15- Cos it's permit parking.- It is permit parking at the moment, yes.
0:43:15 > 0:43:18Obviously, you'd get the permit as well, but just off-road parking.
0:43:18 > 0:43:21Nice, to your own, and you can see your car.
0:43:21 > 0:43:22Yeah, great.
0:43:22 > 0:43:24- Congratulations, and good luck with it.- Thank you.
0:43:24 > 0:43:26I look forward to seeing how you get on.
0:43:26 > 0:43:28Thank you. Thank you.
0:43:30 > 0:43:31Funny, isn't it?
0:43:31 > 0:43:33Sometimes, you can't see the wood for the trees.
0:43:33 > 0:43:36I would not have expected this to sell as a holiday home,
0:43:36 > 0:43:39but what you've got here is one of the UK's
0:43:39 > 0:43:41oldest and most traditional holiday resorts,
0:43:41 > 0:43:44so why shouldn't it be a holiday home?
0:43:44 > 0:43:46How will they get on sorting it out?
0:43:46 > 0:43:48You can find out later in the show.
0:43:51 > 0:43:53We've seen how one property turned out
0:43:53 > 0:43:56and there's been lots of time for the other two to get cracking.
0:43:56 > 0:44:00Yes, have they stuck to their timescales and budgets?
0:44:00 > 0:44:02Let's go back and find out.
0:44:02 > 0:44:07It's time to head back to Cumbria and the market town of Wigton,
0:44:07 > 0:44:10where earlier I looked around this quirky two-bed terraced house
0:44:10 > 0:44:13with a guide price of £40,000.
0:44:13 > 0:44:16And stairs were certainly the order of the day in this place.
0:44:16 > 0:44:19Careful. Careful down those stairs.
0:44:19 > 0:44:21That is a big drop.
0:44:21 > 0:44:23Stairs...
0:44:23 > 0:44:24# Ain't no half-stepping, no, no, no... #
0:44:24 > 0:44:27..stairs, and more stairs.
0:44:27 > 0:44:30# Ain't no half-stepping, no, no, no
0:44:32 > 0:44:35# Ain't no half-stepping, no, no, no... #
0:44:35 > 0:44:39This house didn't have one room on the same level as another,
0:44:39 > 0:44:41and that was exercising my mind
0:44:41 > 0:44:44as much as my legs. WARDROBE RATTLES
0:44:44 > 0:44:46And if this was a springboard to a property empire,
0:44:46 > 0:44:48best get that floor fixed.
0:44:48 > 0:44:52Some people would run a mile from a property like this,
0:44:52 > 0:44:54even one in such good condition,
0:44:54 > 0:44:57but not local resident Dave and his wife Marion,
0:44:57 > 0:45:01who snapped it up for bang on the guide price of 40 grand.
0:45:01 > 0:45:04We just love the place. It's so, so quirky.
0:45:04 > 0:45:07And before he'd even raised his hand at auction,
0:45:07 > 0:45:08he had a tenant lined up.
0:45:08 > 0:45:12Incredibly, she sent my wife a text the day before
0:45:12 > 0:45:14I went to the auction to buy this place,
0:45:14 > 0:45:16saying, "Have you got a house? I'm looking for one."
0:45:16 > 0:45:18Even more incredibly,
0:45:18 > 0:45:21Dave's friendly tenant volunteered to decorate the place,
0:45:21 > 0:45:24so all that was left for Dave to do
0:45:24 > 0:45:27was to finish off the electrics and replace a few windows.
0:45:27 > 0:45:29Maybe three weeks' work.
0:45:29 > 0:45:31Well, that was almost six months ago,
0:45:31 > 0:45:34so what's taken so long?
0:45:34 > 0:45:38We're back to catch up with Dave and his quirky house full of stairs.
0:45:39 > 0:45:44# We live and we learn to take one step at a time
0:45:44 > 0:45:46# There's no need to rush
0:45:46 > 0:45:52# It's like learning to fly or falling in love
0:45:52 > 0:45:56# It's going to happen when it's supposed to happen
0:45:56 > 0:46:02# And we find the reasons why one step at a time... #
0:46:02 > 0:46:05Dave's tenant has moved in and made it homely,
0:46:05 > 0:46:07but it's taken more than a lick of paint to get to here.
0:46:07 > 0:46:09We're quite pleased with the kitchen.
0:46:09 > 0:46:12My wife found it on the local free ads
0:46:12 > 0:46:16and we got to know the lady who was doing a house up
0:46:16 > 0:46:17in a nearby village.
0:46:17 > 0:46:20All I had to do was go and take the kitchen out for her
0:46:20 > 0:46:23and reinstall it here and there you have it.
0:46:23 > 0:46:25A recycled kitchen.
0:46:25 > 0:46:28And the hard work didn't end there.
0:46:28 > 0:46:33We replaced three windows that were old wooden ones.
0:46:33 > 0:46:35They weren't especially rotten, but I thought, you know,
0:46:35 > 0:46:38we might as well make them match, and while we were doing that,
0:46:38 > 0:46:41there were a couple of fogged-up double-glazed units
0:46:41 > 0:46:43which we've replaced as well.
0:46:43 > 0:46:44And actually, since I've done that,
0:46:44 > 0:46:47another one's fogged up, but, you know,
0:46:47 > 0:46:49I'll get that fixed sometime.
0:46:50 > 0:46:53Yeah, but don't tie yourself down to a timescale, Dave.
0:46:53 > 0:46:56You seemed pretty confident that two months
0:46:56 > 0:46:58would see this project completed,
0:46:58 > 0:47:00so why has it taken an extra four months?
0:47:00 > 0:47:06The short-term plan was to get it safe, warm, dry.
0:47:06 > 0:47:09We had to get the gas man in to sort the boiler out.
0:47:09 > 0:47:11We had to get the electrics finished off,
0:47:11 > 0:47:14cos somebody had started them, and get them certificated,
0:47:14 > 0:47:16and I had one floor to replace,
0:47:16 > 0:47:19which was woodwork damaged, upstairs.
0:47:19 > 0:47:23And that was all done within 20 days of us buying it,
0:47:23 > 0:47:26and that's when the tenant moved in.
0:47:26 > 0:47:30After a heavy rainfall, the tenant rang us and said,
0:47:30 > 0:47:33"I've got a puddle of water on the kitchen floor."
0:47:33 > 0:47:35So, I came over, had a look,
0:47:35 > 0:47:38and it was at that point that I decided that the kitchen roof
0:47:38 > 0:47:39would have to go.
0:47:39 > 0:47:42Given that the Carlisle floods recently occurred,
0:47:42 > 0:47:44builders are in very short supply,
0:47:44 > 0:47:46so it actually took me around about three months
0:47:46 > 0:47:48to get the builders to get a start.
0:47:48 > 0:47:51And, well, when you look outside,
0:47:51 > 0:47:53you'll see that it's all finished now.
0:47:53 > 0:47:57And it wasn't just the kitchen roof that had to go.
0:47:57 > 0:48:01Dave quickly grew tired of the outbuildings in the back.
0:48:01 > 0:48:03I didn't like them from the word go,
0:48:03 > 0:48:07but because of the kitchen roof issue,
0:48:07 > 0:48:10my hand was forced and they had to come down,
0:48:10 > 0:48:14because I've changed the direction of the slope on the kitchen roof
0:48:14 > 0:48:18and that entailed a wall of the outbuilding not being there,
0:48:18 > 0:48:19so I thought, "Right."
0:48:19 > 0:48:20There was a huge amount of work,
0:48:20 > 0:48:22because there was a huge amount of stone.
0:48:22 > 0:48:25The walls were 18-inch thick, you know, solid sandstone.
0:48:25 > 0:48:28We must have taken ten or 12 tonne away,
0:48:28 > 0:48:31but they've gone and I'm happy.
0:48:32 > 0:48:35And is Dave happy about his budget?
0:48:35 > 0:48:40My original budget and timescale was £2,000 and three weeks,
0:48:40 > 0:48:41and that is exactly what happened.
0:48:41 > 0:48:45The tenant was in in three weeks and there was no problem.
0:48:45 > 0:48:48From there, we had the water leak issue.
0:48:48 > 0:48:50I don't know how much it's going to cost
0:48:50 > 0:48:53because the bills haven't come in yet, but I would guess
0:48:53 > 0:48:56somewhere between 4,500 and 6,500.
0:48:56 > 0:48:58The T-shirt, well, you know,
0:48:58 > 0:48:59it does sum it up.
0:48:59 > 0:49:00Especially the bottom line -
0:49:00 > 0:49:02"My work here is done"!
0:49:04 > 0:49:07But has his work added any value to the property?
0:49:07 > 0:49:10We asked along two local estate agents for a viewing,
0:49:10 > 0:49:13beginning with the agent who first visited the house.
0:49:13 > 0:49:14Yeah, it's a super property.
0:49:14 > 0:49:17It was in pretty good order when the chap bought it at auction.
0:49:17 > 0:49:20They've replaced the roof on the kitchen, which is a good idea.
0:49:20 > 0:49:21Other than that,
0:49:21 > 0:49:24the property's been given a bit of a sympathetic makeover
0:49:24 > 0:49:25and it's looking nice.
0:49:25 > 0:49:27First impressions of the property are good.
0:49:27 > 0:49:29All the little subtle changes have come together nicely
0:49:29 > 0:49:31to create a lovely home.
0:49:31 > 0:49:33The layout has the potential to put some people off
0:49:33 > 0:49:35with the increased number of stairs,
0:49:35 > 0:49:37but many of the features add to the charm of the property -
0:49:37 > 0:49:41the sloping ceilings - and it all adds a bit of character.
0:49:41 > 0:49:43When the bills finally get added up,
0:49:43 > 0:49:47Dave thinks he might have spent 46,500 on the purchase
0:49:47 > 0:49:51and renovation of this house, so if it was put up for sale,
0:49:51 > 0:49:54what price do the agents reckon Dave could get?
0:49:54 > 0:49:56If the property were to go on the sales market,
0:49:56 > 0:50:00you'd be looking at a guide price something in the region of £75,000.
0:50:00 > 0:50:02If the property came to the general sales market
0:50:02 > 0:50:04in its current condition,
0:50:04 > 0:50:07I would market the property at around £75,000.
0:50:07 > 0:50:10If the owner had done a full, extensive refurb,
0:50:10 > 0:50:13then the property probably would have come up at around £85,000.
0:50:13 > 0:50:16There is a ten-grand incentive
0:50:16 > 0:50:18for Dave to get some more work done here,
0:50:18 > 0:50:19but in the meantime,
0:50:19 > 0:50:25a sale of 75 grand would give him a profit of £28,500
0:50:25 > 0:50:26before taxes and fees.
0:50:26 > 0:50:28Well, I think that's a lot of money.
0:50:28 > 0:50:32It's nice to know that it's worth more than what we've spent on it,
0:50:32 > 0:50:34so, result.
0:50:34 > 0:50:36Will the agents' rental values also give a good result?
0:50:36 > 0:50:39If the property was to come to the rental market,
0:50:39 > 0:50:41I think it should achieve somewhere in the region
0:50:41 > 0:50:42of £425 per calendar month.
0:50:42 > 0:50:45If the property were to go on the rental market,
0:50:45 > 0:50:48we'd be looking at something like £400 per calendar month.
0:50:48 > 0:50:49Well, you know,
0:50:49 > 0:50:52I think that's pretty much exactly what we thought.
0:50:52 > 0:50:56It is out for less than that, but it's out to one of our friends.
0:50:56 > 0:50:58It's not a lot less than that,
0:50:58 > 0:51:00but we're happy with what we are getting.
0:51:00 > 0:51:03A rental of £400 per calendar month
0:51:03 > 0:51:07would give Dave a return on investment of over 10%.
0:51:07 > 0:51:09So has that whetted his appetite
0:51:09 > 0:51:13to get involved in another property scheme?
0:51:13 > 0:51:15I'm definitely not going to do anything
0:51:15 > 0:51:17for at least another 12 months,
0:51:17 > 0:51:19because I've got loads of stuff to do at home
0:51:19 > 0:51:20that never got done this year
0:51:20 > 0:51:22because I've been too busy working on this place.
0:51:22 > 0:51:25But, yeah, I'll definitely do it again.
0:51:29 > 0:51:31Time now to take a trip back to Blackpool,
0:51:31 > 0:51:33where I had the pleasure of seeing a rather grand
0:51:33 > 0:51:37four-bedroom Victorian end-terraced house.
0:51:37 > 0:51:40In its day, this would've been quite the stunning property.
0:51:40 > 0:51:43Sadly, it had seen better days,
0:51:43 > 0:51:46but you could still get a feeling of what it would've been like
0:51:46 > 0:51:48when it was first built.
0:51:48 > 0:51:50It almost feels like this is where
0:51:50 > 0:51:52the servants would be doing the cooking kind of stuff,
0:51:52 > 0:51:54and the family would live over there.
0:51:54 > 0:51:57You know what? Modern life, you want to integrate this better,
0:51:57 > 0:51:59so I'm just wondering if you could take out
0:51:59 > 0:52:03some of these walls to create a really spectacular
0:52:03 > 0:52:06kitchen/living area.
0:52:06 > 0:52:08Upstairs, the layout had been altered,
0:52:08 > 0:52:11as the bedroom next to the upstairs toilet
0:52:11 > 0:52:14was converted into a bathroom which was far too big.
0:52:14 > 0:52:16But it did still offer four bedrooms,
0:52:16 > 0:52:19as the loft had also been converted at some stage,
0:52:19 > 0:52:23although not to current building regs, that's for sure.
0:52:23 > 0:52:25Yes, that's the underside of the slate roof,
0:52:25 > 0:52:27if you were wondering.
0:52:27 > 0:52:30Not put off by the work needed here was Natasha,
0:52:30 > 0:52:32who bought this for £60,000,
0:52:32 > 0:52:35and partly that's because she had a family friend, Graham -
0:52:35 > 0:52:38an experienced builder and structural engineer
0:52:38 > 0:52:40along to help on this project.
0:52:40 > 0:52:43The plan was for the house to be used as a holiday home
0:52:43 > 0:52:45for her and her family, who live in Leicester.
0:52:47 > 0:52:48Tell me about your family.
0:52:48 > 0:52:50Mum, Dad, and I've got a brother as well,
0:52:50 > 0:52:52and a sister who is in London, though, so,
0:52:52 > 0:52:55- hopefully, she can come down as well sometime.- Right.
0:52:55 > 0:52:56Well, you couldn't be much closer
0:52:56 > 0:52:58to the attractions of Blackpool, could you?
0:52:58 > 0:53:01No, the promenade, and the lights are not far either.
0:53:01 > 0:53:04- And then there's a roller-coaster round there.- Wow.- The tower as well.
0:53:04 > 0:53:0615 months later,
0:53:06 > 0:53:08it's time to find out if the family have been
0:53:08 > 0:53:11enjoying Blackpool's attractions.
0:53:11 > 0:53:13# It would be so nice
0:53:13 > 0:53:15# If we took a holiday
0:53:17 > 0:53:19# Took some time to celebrate
0:53:21 > 0:53:23# Just one day out of life
0:53:26 > 0:53:27# It would be
0:53:27 > 0:53:30# It would be so nice... #
0:53:30 > 0:53:31It is nice.
0:53:31 > 0:53:34The wall's been removed and the doors added at the back,
0:53:34 > 0:53:37which makes downstairs flow so much better.
0:53:39 > 0:53:42Upstairs, the old bathroom is gone.
0:53:43 > 0:53:46# We need a holiday... #
0:53:46 > 0:53:49Which means there are now four bedrooms on this floor.
0:53:49 > 0:53:52However, two bedrooms have lost space,
0:53:52 > 0:53:55so that a new family bathroom can be put in between.
0:53:57 > 0:53:59Upstairs, the attic had so much potential,
0:53:59 > 0:54:01and it's now been realised.
0:54:01 > 0:54:03# It would be so nice... #
0:54:03 > 0:54:07It's fully insulated and has an en suite to boot.
0:54:12 > 0:54:15Sadly, Graham was too busy on other projects
0:54:15 > 0:54:17to help on this as planned,
0:54:17 > 0:54:19and Natasha is looking after the business back in Leicester,
0:54:19 > 0:54:23so dad Harish came along now the work is complete,
0:54:23 > 0:54:24although the whole family will be coming up
0:54:24 > 0:54:27from Leicester soon to enjoy it.
0:54:29 > 0:54:31As it stands at the moment,
0:54:31 > 0:54:34yes, it's still a family holiday home,
0:54:34 > 0:54:39but we might decide to sell it as and when we can.
0:54:39 > 0:54:43So, the family haven't even had one holiday here.
0:54:43 > 0:54:45That's a shame.
0:54:45 > 0:54:48Well, we've spent a year in Blackpool,
0:54:48 > 0:54:51so that's been a great big holiday anyway,
0:54:51 > 0:54:54so we move on to another project as soon as we can.
0:54:55 > 0:54:59# Farewell to the fairground
0:54:59 > 0:55:02# These rides aren't working any more... #
0:55:03 > 0:55:06Working on the house may not be everyone's idea of a holiday,
0:55:06 > 0:55:09although it just goes to show that property developing
0:55:09 > 0:55:13can be a real roller-coaster, with plenty of ups and downs.
0:55:13 > 0:55:18The biggest challenge was finding the right builder
0:55:18 > 0:55:19to do the work for us.
0:55:19 > 0:55:21Initially, we started with one builder,
0:55:21 > 0:55:25and then he had to leave very shortly,
0:55:25 > 0:55:27because he had to go down south.
0:55:27 > 0:55:30So, we were struggling to find builders
0:55:30 > 0:55:33and that's been the case throughout the project,
0:55:33 > 0:55:37which took us longer than we expected.
0:55:37 > 0:55:40We've learnt a lot out of this project,
0:55:40 > 0:55:45and now we're aware of all the problems that can occur
0:55:45 > 0:55:48while you're developing a house.
0:55:48 > 0:55:51And the next one we'll try and finish in three months.
0:55:51 > 0:55:55It's taken a year longer than they thought to get this done,
0:55:55 > 0:55:58but it's unrecognisable from the run-down house it was before.
0:55:58 > 0:56:02These changes, though, haven't come cheap.
0:56:02 > 0:56:09We've spent just over £35,000 now, so it's double the...
0:56:09 > 0:56:11our budget.
0:56:11 > 0:56:15But we've done a lot of work to this house,
0:56:15 > 0:56:21and that's what's made the difference in the budget.
0:56:21 > 0:56:24That takes the total spend here to 95,000,
0:56:24 > 0:56:26and now they are keen to sell.
0:56:26 > 0:56:29We've asked along two local estate agents,
0:56:29 > 0:56:32to get their opinion on the changes that have been made to this house.
0:56:32 > 0:56:34I think the layout's very good.
0:56:34 > 0:56:36Obviously, extra bedrooms means extra money.
0:56:36 > 0:56:39Now, I think the bedroom on the top floor, with the en suite,
0:56:39 > 0:56:40I think that's great.
0:56:40 > 0:56:42It makes a perfect teenager's suite.
0:56:42 > 0:56:45Also down here, yeah, it really does work well.
0:56:45 > 0:56:46Ideal for a big family.
0:56:46 > 0:56:49In my opinion, the main selling points for the property
0:56:49 > 0:56:53would be the fact that there is an excellent family bathroom,
0:56:53 > 0:56:54a nice open-plan living space,
0:56:54 > 0:56:57and the fact it's got four bedrooms and a loft room
0:56:57 > 0:56:58will really appeal to a family.
0:56:58 > 0:57:03So, the agents like the house, but will it make a profit?
0:57:03 > 0:57:06If the property was to go for sale on the open market,
0:57:06 > 0:57:09I believe it will achieve somewhere in the region of £100,000.
0:57:09 > 0:57:11For a house like this, this quality of finish,
0:57:11 > 0:57:13this number of bedrooms,
0:57:13 > 0:57:17this property's worth in the region of £120,000 to £125,000.
0:57:17 > 0:57:21I think 125,000 is more realistic,
0:57:21 > 0:57:26because that's what we thought we would get for it.
0:57:26 > 0:57:30But that feels great, because this was our first project,
0:57:30 > 0:57:34and to get that kind of figure, it's not bad at all.
0:57:34 > 0:57:37And we will definitely do another one,
0:57:37 > 0:57:40as soon as this one is sold.
0:57:40 > 0:57:43We'll definitely go for another one. Definitely.
0:57:43 > 0:57:45A top value of 125,000
0:57:45 > 0:57:49would give a healthy pre-tax profit of 30,000,
0:57:49 > 0:57:52which means the whole family would be keen to get started
0:57:52 > 0:57:54on another property as soon as possible.
0:57:54 > 0:57:57I've done this project mainly for the kids,
0:57:57 > 0:58:00so they could get on the housing ladder.
0:58:00 > 0:58:02They've done a lot in this house as well.
0:58:02 > 0:58:04They helped us out a lot.
0:58:04 > 0:58:07And I think they've learned a lot as well from this project,
0:58:07 > 0:58:10and I think they want to do their own thing now.
0:58:10 > 0:58:13They want to buy houses as well and do them up.
0:58:16 > 0:58:19Property development can be a steep learning curve,
0:58:19 > 0:58:20and there's a lot at stake.
0:58:20 > 0:58:24Yeah, there can be highs, but there can be lows.
0:58:24 > 0:58:27We'll have both highs and the lows
0:58:27 > 0:58:29for you next time here on Homes Under The Hammer.
0:58:29 > 0:58:31- Goodbye.- Goodbye.