0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:07Now, the auction world is a multi-billion pound business -
0:00:07 > 0:00:10but that doesn't mean you have to have millions to take part.
0:00:10 > 0:00:13Yeah, and auctions are more accessible than you might think,
0:00:13 > 0:00:15and the auction room is a real leveller.
0:00:15 > 0:00:18Yeah, all you need is a bit of cash and some confidence,
0:00:18 > 0:00:21and you could be buying your next home under the hammer.
0:00:47 > 0:00:50With thousands of auction lots going under the hammer each year,
0:00:50 > 0:00:52there is a huge choice,
0:00:52 > 0:00:54from barns, bungalows and big houses.
0:00:54 > 0:00:56Yes, but what inspired the bidders
0:00:56 > 0:00:59when they raised their hands in the air on today's programme?
0:01:01 > 0:01:04This three-bed detached in Staffordshire
0:01:04 > 0:01:05leaves me wanting more.
0:01:06 > 0:01:07HE GROANS UNCOMFORTABLY
0:01:07 > 0:01:09I'd like to try and create a bit more space if I could.
0:01:11 > 0:01:14Lucy's in Thamesmead, London, to see a three-bedroom flat...
0:01:14 > 0:01:15or is it?
0:01:16 > 0:01:18Look! It's the span of my arms!
0:01:18 > 0:01:20That just doesn't work.
0:01:21 > 0:01:25This Cornwall cottage completes our trio of three beds.
0:01:25 > 0:01:29The final chapter of a story which began in 2012.
0:01:29 > 0:01:30That was your last bid?
0:01:30 > 0:01:31- Yes, that was our last bid. - HE GASPS
0:01:32 > 0:01:35All these properties have been sold at auction
0:01:35 > 0:01:37and we'll find out who bought them and what they paid
0:01:37 > 0:01:39when they went under the hammer.
0:01:39 > 0:01:40- All done? - GAVEL BANGS
0:01:43 > 0:01:45MUSIC: Brick by Brick by Newton Faulkner
0:01:48 > 0:01:53We're off to Staffordshire, and the market town of Newcastle-under-Lyme,
0:01:53 > 0:01:55famous for its felt hat manufacturing.
0:01:55 > 0:01:58From the 17th to the 19th-century,
0:01:58 > 0:02:00over a third of the town's population
0:02:00 > 0:02:01were involved in the industry.
0:02:02 > 0:02:05Hopefully today's property will be more of a top hat
0:02:05 > 0:02:06than a flat cap.
0:02:07 > 0:02:10The property I'm here to see IS on a busy main road
0:02:10 > 0:02:14but it's just walking distance from all the shops, schools,
0:02:14 > 0:02:16and amenities you could want -
0:02:16 > 0:02:18and it's only ten minutes away from the M6.
0:02:18 > 0:02:21And here it is. It's a detached property,
0:02:21 > 0:02:24has a guide price of £175,000,
0:02:24 > 0:02:26and it's got three bedrooms.
0:02:26 > 0:02:30Now, in the catalogue, it says it needs a bit of modernisation.
0:02:30 > 0:02:32I'm going to see how much it exactly needs.
0:02:34 > 0:02:35Well, from the outside,
0:02:35 > 0:02:38this looks like a very substantial property,
0:02:38 > 0:02:41and I do happen to know that this is a very sought-after area,
0:02:41 > 0:02:45thanks to its proximity to the local schools and amenities.
0:02:48 > 0:02:51I do like that this house has a bit of a front garden.
0:02:51 > 0:02:53Sort of sets you back a little bit from that busy main road.
0:02:53 > 0:02:55NOISY busy main road.
0:02:55 > 0:02:58Into this really nice hallway.
0:02:58 > 0:03:01Spacey, quite a grand entrance, which I do like.
0:03:01 > 0:03:03It's a bit dark cos you've got this wood panelling,
0:03:03 > 0:03:05but lots of room.
0:03:05 > 0:03:08Two reception rooms off the hallway.
0:03:08 > 0:03:13Fireplace and a really nice big double glazed window, there.
0:03:13 > 0:03:16And from what I can see, double glazed bay windows,
0:03:16 > 0:03:18and a fireplace, as well, in here.
0:03:18 > 0:03:21Down the hallway... You've got stairs. Down the hallway,
0:03:21 > 0:03:23you've got this storage heater there
0:03:23 > 0:03:26which tells me there's no central heating in here.
0:03:26 > 0:03:29And this strange sort of corner chimney breast
0:03:29 > 0:03:31seems to be taking up far too much space.
0:03:31 > 0:03:34I'd want to get rid of that,
0:03:34 > 0:03:36and most of what's left in the kitchen,
0:03:36 > 0:03:41and completely modernise it with a nice, fresh, brand-new kitchen.
0:03:41 > 0:03:44And those windows there looking out onto the back garden,
0:03:44 > 0:03:46a bit of stained glass at the top, as well, I do like those.
0:03:47 > 0:03:49But I don't like that up there.
0:03:50 > 0:03:52Signs of a leak,
0:03:52 > 0:03:55and I can see some staining on the plaster, as well.
0:03:55 > 0:03:58I'm going to have a look upstairs, and I might just find the cause.
0:04:00 > 0:04:04Well, before that, let's have a look around this 1950s kitchen.
0:04:04 > 0:04:06GENTLE CALYPSO MUSIC
0:04:06 > 0:04:09Just at the back, there's a bit of utility space as well
0:04:09 > 0:04:12which is always good, as well as a downstairs toilet,
0:04:12 > 0:04:14although it might not be in the best place.
0:04:20 > 0:04:23Now, this kitchen might not be to your fancy
0:04:23 > 0:04:27but there are a growing number of people very keen on '50s furniture,
0:04:27 > 0:04:29so before you chuck it in the skip,
0:04:29 > 0:04:31it might be worth investigating online
0:04:31 > 0:04:33to see if you could sell it to someone
0:04:33 > 0:04:35who fancies a kitsch kitchen.
0:04:37 > 0:04:39OK, we're upstairs.
0:04:39 > 0:04:41They have a decent-sized landing.
0:04:41 > 0:04:44I do like this banister, here.
0:04:44 > 0:04:45In the bathroom...
0:04:47 > 0:04:49Mm. Pink. A very nice shade of pink.
0:04:49 > 0:04:50Very small.
0:04:50 > 0:04:53You've got a bath and a shower over the bath, as well.
0:04:53 > 0:04:54And I can see, as well,
0:04:54 > 0:04:58I think that may be the cause of that leak downstairs
0:04:58 > 0:05:02in the kitchen. It looks like a towel rail or something has leaked.
0:05:02 > 0:05:04A bit further down here, you've got the three bedrooms.
0:05:06 > 0:05:09Straight in front of me, you've got a box bedroom, looks very small.
0:05:09 > 0:05:12This bedroom here is quite a decent size, bay window again.
0:05:13 > 0:05:16Into the third bedroom,
0:05:16 > 0:05:18which is nice and bright, a lovely big window.
0:05:20 > 0:05:22Fireplace - old-fashioned fireplace, as well.
0:05:22 > 0:05:24Lots of stuff to do in this house.
0:05:24 > 0:05:26It does feel a little bit small.
0:05:26 > 0:05:27As you're walking up to the house,
0:05:27 > 0:05:30you think it's going to be quite grand, but it's got three bedrooms,
0:05:30 > 0:05:32one of them being a box bedroom.
0:05:32 > 0:05:33HE GROANS UNCOMFORTABLY
0:05:33 > 0:05:35I'd like to try and create a bit more space if I could,
0:05:35 > 0:05:37so I'm going to go out the back,
0:05:37 > 0:05:39and see if I can see how we can do it.
0:05:39 > 0:05:41MUSIC: Pretty in Pink by The Psychedelic Furs
0:05:48 > 0:05:51Unlike the bathroom, the rest of the property isn't in pink.
0:05:51 > 0:05:54In fact, I think it really needs a total rethink.
0:05:57 > 0:05:58I'm out in the back garden,
0:05:58 > 0:06:01and just have a look at the space that you've got out here.
0:06:01 > 0:06:03It's been looked after, as well.
0:06:03 > 0:06:07You could make it a really nice family back garden.
0:06:07 > 0:06:10Right, how can you create a bit more space inside the property?
0:06:11 > 0:06:15An extension. You've got enough space in the back garden to do so.
0:06:15 > 0:06:19Can you imagine? Two bedrooms upstairs, one with an en-suite.
0:06:19 > 0:06:20Downstairs, you'd have a kitchen diner,
0:06:20 > 0:06:22little bit more space for your family.
0:06:23 > 0:06:26A bit selfish, but that's exactly what I'd do.
0:06:27 > 0:06:30This property is crying out for an extension,
0:06:30 > 0:06:33but it does depend on what the buyer wants to do with it,
0:06:33 > 0:06:35plus any extension work, of course,
0:06:35 > 0:06:37has to be approved by planning,
0:06:37 > 0:06:38which is not always straightforward.
0:06:40 > 0:06:43There is a nice big garage attached to the side of this property
0:06:43 > 0:06:45that just adds to the potential here.
0:06:46 > 0:06:49Time to hear what a local estate agent thinks is the best option
0:06:49 > 0:06:52for this property, guided at 175 grand.
0:06:55 > 0:06:58Ideally, given the large plot this property has,
0:06:58 > 0:07:00I would like to see it extended.
0:07:00 > 0:07:02That's certainly what I would do.
0:07:02 > 0:07:06Really turn it into a very large, imposing family home.
0:07:06 > 0:07:09I personally would do a 2-storey extension out to the rear,
0:07:09 > 0:07:11utilising the large garden.
0:07:11 > 0:07:13You'd still have a large garden after that.
0:07:13 > 0:07:16Turn it into a four-bedroom, two-bathroom family home.
0:07:17 > 0:07:20The agent thinks that this fairly substantial property
0:07:20 > 0:07:23could cost as much as 100 grand to extend
0:07:23 > 0:07:25and get back into shape -
0:07:25 > 0:07:28and remember, the guide price was 175 grand.
0:07:28 > 0:07:30So, what could it sell for?
0:07:32 > 0:07:34Should the property be restored to its former glory
0:07:34 > 0:07:37and have the extension carried out,
0:07:37 > 0:07:41I suspect the property would be worth in the region of £345,000.
0:07:42 > 0:07:45This is a house with loads of potential in a great area.
0:07:45 > 0:07:48If it was mine, I would look to extend,
0:07:48 > 0:07:50try and get an extra couple of bedrooms upstairs
0:07:50 > 0:07:52and a bit more space downstairs.
0:07:52 > 0:07:54Let's see who fancied it when it went under the hammer.
0:07:54 > 0:07:57Attractive house of character, it's detached.
0:07:57 > 0:08:00What shall we say for this, 150 to start?
0:08:01 > 0:08:04150 bid, thank you. £150,000.
0:08:04 > 0:08:06160, can I see now?
0:08:06 > 0:08:08160. At 160 now.
0:08:08 > 0:08:09170?
0:08:09 > 0:08:11£170,000.
0:08:11 > 0:08:13180?
0:08:13 > 0:08:15Bidding got off to a pretty good start.
0:08:15 > 0:08:19We re-join at £240,000.
0:08:19 > 0:08:20240?
0:08:21 > 0:08:22242?
0:08:23 > 0:08:25242. 245?
0:08:25 > 0:08:27245.
0:08:28 > 0:08:30250. 255?
0:08:30 > 0:08:32255. 260?
0:08:34 > 0:08:35257.
0:08:35 > 0:08:37260, madam? 260.
0:08:38 > 0:08:39262?
0:08:40 > 0:08:41No?
0:08:41 > 0:08:45If not, £260,000 for the first time.
0:08:45 > 0:08:48£260,000 for the second time.
0:08:48 > 0:08:51Third and final time at £260,000...
0:08:51 > 0:08:52GAVEL BANGS
0:08:52 > 0:08:54Your lot, madam, well done.
0:08:57 > 0:09:00The person doing the hugging there was Hannah,
0:09:00 > 0:09:02who got her mum to do the bidding for her.
0:09:02 > 0:09:05This property is going to be a new home for Hannah,
0:09:05 > 0:09:07and her kids Rio and Esme.
0:09:08 > 0:09:11I met her back at the property to find out the plan.
0:09:13 > 0:09:15- Hannah, nice to meet you. - Pleased to meet you.
0:09:15 > 0:09:16- Congratulations, by the way. - Thank you.
0:09:16 > 0:09:19I think you've got yourself a bit of a gem.
0:09:19 > 0:09:22What sort of... What drew you into this property?
0:09:22 > 0:09:24Mainly the location.
0:09:24 > 0:09:26I've been living with my parents for the last six months,
0:09:26 > 0:09:29trying to find somewhere in this area where the kids go to school.
0:09:30 > 0:09:32And there was just nothing on the market at all,
0:09:32 > 0:09:34and then the week before the auction,
0:09:34 > 0:09:38we spotted the board outside and... went for it.
0:09:38 > 0:09:40How was it living at your mum's, difficult?
0:09:40 > 0:09:43- OK, it was OK. - LAUGHTER
0:09:43 > 0:09:46You know, having tea cooked every night and my washing done,
0:09:46 > 0:09:48- so, you know, it's been quite a nice six months.- Yeah.
0:09:48 > 0:09:50And it's back to reality with a big bump.
0:09:50 > 0:09:52What was the first thing you've seen about this property
0:09:52 > 0:09:54- that made you think, "Wow"? - It wasn't so much the property.
0:09:54 > 0:09:57As I say it's more the location. But it's a really nice plot,
0:09:57 > 0:10:00and obviously it's got a hell of a lot of potential,
0:10:00 > 0:10:02so really that's what drew me towards it.
0:10:02 > 0:10:05You are in it. Tell me what you're going to do with it.
0:10:05 > 0:10:06- Knock it down. No!- Start again!
0:10:06 > 0:10:08Start again!
0:10:08 > 0:10:11I'm going to put a double extension on the back,
0:10:11 > 0:10:15so, to create a master bedroom with ensuite and walk-in wardrobe,
0:10:15 > 0:10:18and that should hopefully also open up the kitchen at the back
0:10:18 > 0:10:20and make it into, like, a lounge dining area
0:10:20 > 0:10:22with the bifold doors.
0:10:23 > 0:10:25Increase the size of the bathroom, if I can, upstairs,
0:10:25 > 0:10:30by going over the top of the existing...outhouse area.
0:10:30 > 0:10:32And then just updating the whole property, really.
0:10:32 > 0:10:36Modernising, plastering walls, changing flooring,
0:10:36 > 0:10:39- that kind of thing. So, yeah.- Have you checked on planning for that,
0:10:39 > 0:10:41- are there any issues with planning? - It's all...
0:10:41 > 0:10:43At the moment it's all in the pipeline.
0:10:43 > 0:10:45The architect's drawing up the plans as we speak,
0:10:45 > 0:10:48and hopefully I don't anticipate there being any problems,
0:10:48 > 0:10:52but, who knows, it's obviously... That's out of my hands.
0:10:52 > 0:10:54And it's all costs as well. What's your budget? Tell me your budget.
0:10:56 > 0:10:59- My budget...- Fingers crossed! - It's up to about 100,000,
0:10:59 > 0:11:01but I'd like to think that I'm going to spend about 70.
0:11:03 > 0:11:06But, if it is that I'm getting towards the end of my budget,
0:11:06 > 0:11:09cos my budget is not limitless, that is the budget,
0:11:09 > 0:11:12and if it goes over, it's a matter of it might be
0:11:12 > 0:11:15that I have to wait a few months to earn the cash to plaster a room,
0:11:15 > 0:11:20or do a certain decorating or some floors that I want putting down.
0:11:20 > 0:11:22But I think that's a reasonable budget.
0:11:22 > 0:11:24I'm going to try and project manage it as much as I can,
0:11:24 > 0:11:28do a lot of sourcing of the products and stuff like that,
0:11:28 > 0:11:29and I like a bargain, so...
0:11:29 > 0:11:31Yes, we all like a bargain.
0:11:31 > 0:11:32That's right!
0:11:33 > 0:11:36Well, it looks like Hannah's got her head screwed on,
0:11:36 > 0:11:38plus she will be calling on help from her family and friends,
0:11:38 > 0:11:41particularly Mum and Dad, to try and keep the costs down.
0:11:41 > 0:11:45After all, this is not just an investment to Hannah and her kids.
0:11:47 > 0:11:48This is the forever home,
0:11:48 > 0:11:50this is my home forever,
0:11:50 > 0:11:52until the kids are certainly at an age...
0:11:53 > 0:11:54You know, I might decide
0:11:54 > 0:11:56I want to move further afield or whatever, so, yeah.
0:11:56 > 0:11:57But it's exciting, isn't it?
0:11:57 > 0:12:00Knowing that this is going to be your home,
0:12:00 > 0:12:02your children are going to be living here with you as well,
0:12:02 > 0:12:04that's got to be an element of excitement
0:12:04 > 0:12:08- from what it is now to what it's going to be?- Definitely.
0:12:08 > 0:12:10It is. It's good fun.
0:12:10 > 0:12:12You know, I'm saying that now, and hopefully,
0:12:12 > 0:12:15in four to five months when it's all perfect and exactly how I want it,
0:12:15 > 0:12:16it'll all be worth it.
0:12:16 > 0:12:18I think it will be a lovely home, I really do.
0:12:18 > 0:12:19I think you chose very well.
0:12:19 > 0:12:21Hannah, good luck, I wish you all the best.
0:12:21 > 0:12:22- Thank you.- Hope it goes well. - Thank you.
0:12:25 > 0:12:26What a lovely lady Hannah is -
0:12:26 > 0:12:28and I'm really pleased for her and her children
0:12:28 > 0:12:31that they potentially have found their forever home.
0:12:31 > 0:12:34Quite a bit of modernisation to be done on the inside,
0:12:34 > 0:12:36the extension is a great idea,
0:12:36 > 0:12:38cos she's got more than enough space.
0:12:38 > 0:12:39I'm quite excited about this one.
0:12:39 > 0:12:42You can find out how she gets on later on in the programme.
0:12:45 > 0:12:49Thamesmead in South East London is good commuter territory.
0:12:50 > 0:12:53The city centre is about half an hour's drive away.
0:12:53 > 0:12:55There are two bus routes,
0:12:55 > 0:12:59and a 20 minute train ride from Abbey Wood train station -
0:12:59 > 0:13:02but the real bonus is Crossrail on the horizon.
0:13:04 > 0:13:07This development was part of a '60s futuristic vision,
0:13:07 > 0:13:10an attempt, in the main, to offer social housing -
0:13:10 > 0:13:12but the site was prone to flooding,
0:13:12 > 0:13:15so the living accommodation was limited to the upper floors,
0:13:15 > 0:13:19with garages below, and walkways and elevated roads,
0:13:19 > 0:13:22which, as Lucy discovered, tend to be a little on the noisy side.
0:13:26 > 0:13:29Look up there and you can see it,
0:13:29 > 0:13:31and boy, can I hear it!
0:13:31 > 0:13:33Well, that's the main A road,
0:13:33 > 0:13:36which is great for commuting, but definitely...
0:13:36 > 0:13:39Well not the quietest spot, or the prettiest view.
0:13:39 > 0:13:41But it's not about appearances here,
0:13:41 > 0:13:45because the three-bedroom flat I'm here to see is here.
0:13:45 > 0:13:47The guide price was just £90,000 plus,
0:13:47 > 0:13:50which might sound cheap by London standards,
0:13:50 > 0:13:53especially when the average price in the capital
0:13:53 > 0:13:57has just hit £600,000 for the first time.
0:13:57 > 0:13:59That's incredible!
0:13:59 > 0:14:02In many parts of London prices are still rising,
0:14:02 > 0:14:05so this lot sounds like a potential bargain
0:14:05 > 0:14:09compared with properties elsewhere in the city.
0:14:09 > 0:14:13But, if something seems too good to be true, it usually is,
0:14:13 > 0:14:18and there IS a reason for this low guide price.
0:14:18 > 0:14:21The fly in the ointment here is its concrete construction,
0:14:21 > 0:14:24which is deemed non-standard.
0:14:24 > 0:14:28This can make getting a mortgage tricky, and, in turn,
0:14:28 > 0:14:29keeps the value lower.
0:14:29 > 0:14:31MUSIC: The Sky's The Limit by Jason Derulo
0:14:39 > 0:14:41Somebody needs to collect their post!
0:14:41 > 0:14:46But you walk in, stairs are right there in front of you,
0:14:46 > 0:14:47little cubbyhole area,
0:14:47 > 0:14:51you've got a little bathroom and a loo downstairs
0:14:51 > 0:14:53and one, two, three bedrooms.
0:14:53 > 0:14:57Quite unusual to have the bedrooms and the bathrooms and everything
0:14:57 > 0:14:58all downstairs.
0:14:58 > 0:15:01So, bedroom there, a little bit on the small side.
0:15:01 > 0:15:04Bedroom here, very much on the small side.
0:15:04 > 0:15:07Really?! I don't think this is a bedroom.
0:15:09 > 0:15:11Look! It's the span of my arms!
0:15:11 > 0:15:12That just doesn't work.
0:15:12 > 0:15:14The first thing I would have to do here
0:15:14 > 0:15:17is to take down this partition wall and open this place up,
0:15:17 > 0:15:20even though you do have your own window here,
0:15:20 > 0:15:22I just think you can't call this a bedroom.
0:15:22 > 0:15:25And it would make next door so much bigger as well.
0:15:25 > 0:15:27So really, it's just a two-bedroom flat, I think.
0:15:30 > 0:15:33This is a case where two is better than three,
0:15:33 > 0:15:36so you're more likely to put off buyers with a tiny room
0:15:36 > 0:15:38and you certainly couldn't rent it separately.
0:15:39 > 0:15:42So, if you call this a three-bed flat...
0:15:42 > 0:15:45MUSIC: You've Got To Be Kidding by Graham Parker
0:15:55 > 0:16:00Well, upstairs it gets a whole lot better, and a whole lot lighter.
0:16:00 > 0:16:03I mean, straightaway you can see you've got light streaming in
0:16:03 > 0:16:06through there, loads of light coming in from the lounge,
0:16:06 > 0:16:07which is fantastic.
0:16:07 > 0:16:10And then you've got this really odd room, what is it?
0:16:10 > 0:16:13I don't know, but it's good for storage, I'll say that.
0:16:13 > 0:16:14It's even got a window in it.
0:16:14 > 0:16:17In fact, I think that's better than the silly little room downstairs.
0:16:17 > 0:16:20But, we'll move on. We've got the kitchen.
0:16:20 > 0:16:23Now, this may not be to everybody's taste,
0:16:23 > 0:16:27but a big window and a big view.
0:16:27 > 0:16:31You look straight out onto that massive, big roundabout.
0:16:31 > 0:16:33Great if you love looking at cars.
0:16:33 > 0:16:35If you don't, then that's not so great.
0:16:35 > 0:16:37But the good thing is you can keep an eye on
0:16:37 > 0:16:40your own vehicle down there, because the car park's there.
0:16:40 > 0:16:43You've enough space in here for the kitchen,
0:16:43 > 0:16:45but there's more.
0:16:45 > 0:16:47Follow me,
0:16:47 > 0:16:48through the shutters...
0:16:50 > 0:16:53And you've got another view. How amazing is that?
0:16:53 > 0:16:56Look. So you've got car park and concrete that side,
0:16:56 > 0:16:59and lovely greenery this side.
0:16:59 > 0:17:01So you could have your table and chairs in here.
0:17:01 > 0:17:03You could really improve this room
0:17:03 > 0:17:06by just getting rid of all these little cupboards.
0:17:06 > 0:17:08The space could be so much bigger.
0:17:08 > 0:17:12So, you could have one little view there, little view there.
0:17:12 > 0:17:15It's really nice to have a dual aspect kitchen.
0:17:15 > 0:17:18MUSIC: Two For The Price Of One by Larry Williams and Johnny Watson
0:17:22 > 0:17:26Yes, it's two completely different viewpoints - one urban, one rural -
0:17:26 > 0:17:28so, whichever takes your fancy.
0:17:28 > 0:17:32The overall view of this split level flat is that it needs some updating,
0:17:32 > 0:17:35but it could be a great investment.
0:17:35 > 0:17:37Although, if you were thinking of buying to let,
0:17:37 > 0:17:39there's something you should know.
0:17:42 > 0:17:47From April 2016, additional stamp duty charges came into play
0:17:47 > 0:17:51and, well, they'll be applied to any buy-to-let or additional homes.
0:17:51 > 0:17:54So, using that flat as an example,
0:17:54 > 0:17:55in the past you wouldn't have paid anything
0:17:55 > 0:17:58if you'd have bought it for £90,000.
0:17:58 > 0:18:00However, under the new regulations,
0:18:00 > 0:18:04you'd now be liable for the 3% of the price.
0:18:04 > 0:18:06So, buy for the guide,
0:18:06 > 0:18:10and that means an additional cost of 2,700 quid.
0:18:10 > 0:18:13Definitely something for investors to bear in mind
0:18:13 > 0:18:16and to budget for if they want a good return.
0:18:19 > 0:18:23A quick check on the government website will clarify it further,
0:18:23 > 0:18:24so bearing that in mind,
0:18:24 > 0:18:28can the potential uplift here cover any extra costs?
0:18:28 > 0:18:34What does the local estate agent think about this one?
0:18:34 > 0:18:36First impressions of the flat, it does need a lot of work
0:18:36 > 0:18:40to bring up to a lettable standard and for a potential resale.
0:18:40 > 0:18:43The layout of the property, with the bedrooms downstairs
0:18:43 > 0:18:45and the kitchen upstairs is quite strange,
0:18:45 > 0:18:48you don't come across it often, but it kind of works.
0:18:48 > 0:18:49There's no point in moving it around,
0:18:49 > 0:18:51it's a lot more hassle than it's worth.
0:18:51 > 0:18:53I think people'll get used to it.
0:18:53 > 0:18:54Quirky can be good -
0:18:54 > 0:18:56but surely the biggest attraction here
0:18:56 > 0:18:58is a two- to three-bedroom flat
0:18:58 > 0:19:02for potentially under £100,000,
0:19:02 > 0:19:05just a 20 minute train ride from Central London.
0:19:05 > 0:19:08That's got to be a good investment, hasn't it?
0:19:08 > 0:19:13Once renovated, this could resell for £160-170,000,
0:19:13 > 0:19:16and letting, I'd let it out for £1,000 per calendar month.
0:19:16 > 0:19:18So, potential profit to be made here -
0:19:18 > 0:19:23and further good news is that there is 111 years left on the lease.
0:19:29 > 0:19:31OK, so my first impressions weren't great,
0:19:31 > 0:19:35but it did get better as I looked further around the flat.
0:19:35 > 0:19:38And if you can buy this for anywhere near that guide price,
0:19:38 > 0:19:41well, I think it could be a profitable investment.
0:19:41 > 0:19:44Who agreed? Let's head to auction and find out.
0:19:44 > 0:19:48Lot 114, a split-level flat, in need of modernisation.
0:19:48 > 0:19:5080 anywhere? Should be cheap enough.
0:19:50 > 0:19:5280,000 is all it was.
0:19:52 > 0:19:54Thank you. 80 I've got.
0:19:54 > 0:19:5582, thank you.
0:19:55 > 0:19:5784.
0:19:57 > 0:20:0084. 86.
0:20:00 > 0:20:0188.
0:20:01 > 0:20:0488. 90,000.
0:20:04 > 0:20:06With competition throughout the room,
0:20:06 > 0:20:08this lot soon went past its guide price,
0:20:08 > 0:20:12and we re-join the bidding at £132,000.
0:20:12 > 0:20:14132.
0:20:14 > 0:20:15134.
0:20:15 > 0:20:17136.
0:20:17 > 0:20:19138.
0:20:19 > 0:20:20140.
0:20:20 > 0:20:21We all done?
0:20:23 > 0:20:24Where?
0:20:24 > 0:20:26One, leaving it late.
0:20:26 > 0:20:28140, more competition.
0:20:28 > 0:20:29Are you all right now? One more?
0:20:29 > 0:20:30142?
0:20:30 > 0:20:32Have a think.
0:20:32 > 0:20:35On his first bid at the back, £140,000,
0:20:35 > 0:20:37against the lady in the middle, on my right.
0:20:37 > 0:20:38Anybody else for lot 114?
0:20:38 > 0:20:41If not, 140 for the first,
0:20:41 > 0:20:43140 for the second,
0:20:43 > 0:20:45140 for the third and final time.
0:20:45 > 0:20:46We all done?
0:20:46 > 0:20:47GAVEL BANGS
0:20:47 > 0:20:48Sold, 140.
0:20:53 > 0:20:56MUSIC: The One And Only by Chesney Hawkes
0:21:02 > 0:21:04That one and only bid of 140,000,
0:21:04 > 0:21:07£50,000 over the guide price, was made by Ross.
0:21:08 > 0:21:10Ross has been doing property refurbishment
0:21:10 > 0:21:14for the last four years - and, yes, he has bought it as a buy-to-let.
0:21:21 > 0:21:23Ross, lovely to meet you, congratulations.
0:21:23 > 0:21:27- Thank you.- So, what was it about this place that made you want to go
0:21:27 > 0:21:30- to the auction and bid for it? - I didn't see this place at auction,
0:21:30 > 0:21:32I didn't view it or anything like that, it was a bit of a risk.
0:21:32 > 0:21:35Oh, my gosh. So were you in the auction room not knowing what to do
0:21:35 > 0:21:37- at that time? - There was another one I wanted.
0:21:38 > 0:21:40And didn't get.
0:21:40 > 0:21:43And this one came up. I did read the legal pack on this one,
0:21:43 > 0:21:44just to kind of make sure.
0:21:44 > 0:21:48When I first saw it in the photograph, I thought, "Oh, no,"
0:21:48 > 0:21:51but then I started to see it from a different perspective.
0:21:51 > 0:21:54I thought about the redevelopment, I thought about the rail link,
0:21:54 > 0:21:59I've thought about potential rental...and the spacious rooms.
0:21:59 > 0:22:01Does it excite you doing things like that,
0:22:01 > 0:22:02just plunging in at the deep end?
0:22:02 > 0:22:04Yes, I'm a bit of a risk taker.
0:22:04 > 0:22:07But do you feel positive now that this was a good buy for you?
0:22:08 > 0:22:10Yes. I think so.
0:22:14 > 0:22:16Well, one of the Hammer golden rules
0:22:16 > 0:22:19is definitely to view a property before you buy it,
0:22:19 > 0:22:21and it's extraordinary how many people don't.
0:22:21 > 0:22:24But at least Ross HAD read the legal pack
0:22:24 > 0:22:26and did know that concrete construction
0:22:26 > 0:22:28may hold back its value.
0:22:28 > 0:22:33You've got to do a lot here to make it look loved.
0:22:33 > 0:22:35- Yes, it needs a lot of love.- So, how are you going to show it the love?
0:22:37 > 0:22:39With a lot of thought and a lot of elbow grease.
0:22:39 > 0:22:42I've really got to strip the wallpaper back,
0:22:42 > 0:22:45possibly re-plaster,
0:22:45 > 0:22:47flooring laminate, new carpets,
0:22:47 > 0:22:48new kitchen, obviously.
0:22:48 > 0:22:49There's potential, as well,
0:22:49 > 0:22:52I could remove that wall potentially downstairs.
0:22:52 > 0:22:54- It's tiny.- Tiny?!
0:22:54 > 0:22:56Have you even laid down in that space?
0:22:56 > 0:22:58It probably just takes your body space, really.
0:22:58 > 0:23:00I think it would be good for a hobbit or someone.
0:23:00 > 0:23:01LAUGHTER
0:23:01 > 0:23:02They're hard to come by.
0:23:02 > 0:23:05Well, there's not so many hobbits in Thamesmead.
0:23:05 > 0:23:06Maybe out in the shires, though -
0:23:06 > 0:23:08and if anyone knows a hobbit when he sees one,
0:23:08 > 0:23:11it should be Ross, because outside property developing,
0:23:11 > 0:23:14he's been on his fair share of film sets.
0:23:15 > 0:23:18So tell me what you do alongside property developing?
0:23:18 > 0:23:20I do a bit of extra work as well.
0:23:20 > 0:23:23- Do you?- Yes.- So what's that like?
0:23:23 > 0:23:24It can be quite fun at times.
0:23:24 > 0:23:26It can also be very boring, waiting around.
0:23:26 > 0:23:30I've done the usual. EastEnders, Holby City,
0:23:30 > 0:23:31some big films, as well.
0:23:31 > 0:23:33Wow.
0:23:33 > 0:23:36So, I suppose that does work really well alongside property developing
0:23:36 > 0:23:38because you can pick your own times.
0:23:38 > 0:23:41Yes, that's right. Not condemned to an office from nine until five.
0:23:41 > 0:23:43Tell me about your timescale.
0:23:43 > 0:23:46I'm hoping to get it done in around two to three months,
0:23:46 > 0:23:48hopefully less, but that's the longest stretch.
0:23:48 > 0:23:49And your budget?
0:23:50 > 0:23:52Initially it was ten, but I'm thinking
0:23:52 > 0:23:54it's going to be more like 15 plus.
0:23:54 > 0:23:56I always estimate worst-case scenario,
0:23:56 > 0:23:58and then try and scale it back.
0:23:58 > 0:24:01Ross, it's exciting to see what you're going to do here.
0:24:01 > 0:24:02- Good luck with this.- Thank you.
0:24:02 > 0:24:05And we'll be back in three months' time to see how you've done.
0:24:05 > 0:24:07- Thank you so much.- Congratulations. Well done.
0:24:08 > 0:24:12I would definitely not recommend buying at auction like Ross did
0:24:12 > 0:24:15without looking around first, but well,
0:24:15 > 0:24:17now that he's seen what he's contending with,
0:24:17 > 0:24:21he has some decisions to make, and some work to do.
0:24:21 > 0:24:23You can join me later on in the programme
0:24:23 > 0:24:26to find out what it actually looks like when it's finished.
0:24:28 > 0:24:30Coming up, a conclusion in Cornwall -
0:24:30 > 0:24:34but Sarah's lounge floor flagstones are proving elusive.
0:24:34 > 0:24:37We are slowly collecting them as we find them.
0:24:40 > 0:24:41And in Thamesmead, London,
0:24:41 > 0:24:43will the tale of two tiny bedrooms
0:24:43 > 0:24:46turn into an epic drama for film extra Ross?
0:24:52 > 0:24:54It's time to head back to Newcastle-under-Lyme
0:24:54 > 0:24:56where, earlier in the show,
0:24:56 > 0:24:59I visited this rather grand looking Victorian property,
0:24:59 > 0:25:01guided at £175,000.
0:25:01 > 0:25:05Despite its imposing appearance, the inside was a bit disappointing.
0:25:07 > 0:25:09It does feel a bit small.
0:25:09 > 0:25:10As you're walking up to the house,
0:25:10 > 0:25:13you think it's going to be quite grand, but it's got three bedrooms,
0:25:13 > 0:25:14one of them being a box bedroom.
0:25:14 > 0:25:16HE GROANS UNCOMFORTABLY
0:25:17 > 0:25:20For every problem there's always a solution,
0:25:20 > 0:25:22and I didn't have to walk too far to find it.
0:25:22 > 0:25:26How can you create a bit more space inside the property?
0:25:27 > 0:25:28An extension.
0:25:28 > 0:25:30Great minds think alike,
0:25:30 > 0:25:33and new owner Hannah had planned to extend to create an extra room
0:25:33 > 0:25:37for herself and children Rio and Esme.
0:25:37 > 0:25:39I'm going to put a double extension
0:25:39 > 0:25:42on the back to create a master bedroom with ensuite
0:25:42 > 0:25:43and walk-in wardrobe.
0:25:43 > 0:25:46And that should hopefully also open up the kitchen at the back.
0:25:48 > 0:25:51But this wasn't just an investment in bricks and mortar.
0:25:51 > 0:25:53This is the forever home.
0:25:53 > 0:25:55Until the kids are certainly at an age...
0:25:55 > 0:25:58and I might decide that I want to move further afield, or whatever.
0:25:59 > 0:26:03She bought this house at auction for £260,000,
0:26:03 > 0:26:05and hoped to spend a further 70 grand
0:26:05 > 0:26:09completely modernising the property and adding a double extension.
0:26:11 > 0:26:1317 months later, we are back
0:26:13 > 0:26:15to see how Hannah has got on with her forever home.
0:26:18 > 0:26:19MUSIC: Celebrate by MIKA
0:26:34 > 0:26:37What an amazing transformation.
0:26:37 > 0:26:41The new double extension has added so much space to the house
0:26:41 > 0:26:45and the existing rooms have been modernised beyond recognition.
0:26:46 > 0:26:49Upstairs there are now three double bedrooms,
0:26:49 > 0:26:51one for each of the family.
0:26:53 > 0:26:57There's also a study which Hannah uses as her office,
0:26:57 > 0:27:00and a large family bathroom with twin sinks,
0:27:00 > 0:27:02which is handy for the teenage children.
0:27:03 > 0:27:05Hannah's bedroom also has a walk-in wardrobe
0:27:05 > 0:27:07and a luxurious ensuite.
0:27:08 > 0:27:10I guess my favourite feature is my bedroom.
0:27:10 > 0:27:13I'm really glad I had French windows in there.
0:27:13 > 0:27:15It just makes it so light,
0:27:15 > 0:27:17and it's just absolutely lovely to lie there with the light
0:27:17 > 0:27:18coming through the window.
0:27:24 > 0:27:27But it's downstairs where the extra space can really be felt.
0:27:29 > 0:27:31In addition to the kitchen and lounge,
0:27:31 > 0:27:34there's room for a utility and toilet.
0:27:35 > 0:27:38The former front reception rooms are now a dining room
0:27:38 > 0:27:40and lounge for the kids.
0:27:41 > 0:27:43In fact, there might be too much space.
0:27:44 > 0:27:46The kids never use their lounge, they always use my lounge.
0:27:46 > 0:27:47SHE LAUGHS
0:27:48 > 0:27:51The dining room, again, looks great.
0:27:51 > 0:27:54But it's a dining room, and I don't really do dinner parties!
0:27:54 > 0:27:55SHE LAUGHS
0:27:57 > 0:27:59Indeed, there's plenty of space,
0:27:59 > 0:28:02but sadly not many original features left.
0:28:03 > 0:28:07The builders stripped the house bare but did uncover one beautiful item.
0:28:09 > 0:28:11The one thing that I did end up keeping was
0:28:11 > 0:28:13the Minton floor in the hall.
0:28:13 > 0:28:16I didn't even know it was there until we lifted the carpet up.
0:28:16 > 0:28:19It's not 100% keeping with what the rest of the house is,
0:28:19 > 0:28:21it is very much traditional, whereas the house is quite modern.
0:28:21 > 0:28:24But you can't cover up a Victorian floor.
0:28:26 > 0:28:28Going from this...
0:28:28 > 0:28:30to this has taken Hannah a lot longer
0:28:30 > 0:28:33than her original four to five month timescale.
0:28:33 > 0:28:37Clearly it took an extra year on top of that, and some.
0:28:38 > 0:28:40Initially the planning permission was refused
0:28:40 > 0:28:43because the house has got quite a Victorian frontage
0:28:43 > 0:28:45and obviously my design hadn't.
0:28:45 > 0:28:49So it was rejected on the fact they didn't feel it would fit in
0:28:49 > 0:28:50with the surrounding area.
0:28:50 > 0:28:52So obviously then I had to resubmit the plans,
0:28:52 > 0:28:56which then put the project back by at least another seven months.
0:28:56 > 0:28:58Then the weather, of course, was completely against me.
0:28:58 > 0:29:01It came to a stage where the roof needed to go on
0:29:01 > 0:29:04and it just... We didn't have a dry day. We're just about there now.
0:29:04 > 0:29:06I have a bedroom, I have a kitchen,
0:29:06 > 0:29:09I no longer eat in the pub across the road every night.
0:29:12 > 0:29:15And in the process of dragging this job over the finishing line,
0:29:15 > 0:29:17Hannah may have just broken
0:29:17 > 0:29:20an unofficial Homes Under The Hammer record.
0:29:21 > 0:29:22I was let down by a lot of people.
0:29:23 > 0:29:26In the end I think I had eight plumbers in total
0:29:26 > 0:29:27that have been on the project.
0:29:29 > 0:29:30Eight plumbers?
0:29:30 > 0:29:31Wow. At times,
0:29:31 > 0:29:35having a finished house must have felt like a pipe dream to Hannah.
0:29:35 > 0:29:39And it's now complete - but has her budget sprung a leak?
0:29:39 > 0:29:42Initially, I said the budget was 70,
0:29:42 > 0:29:43but I could extend it to 100,
0:29:43 > 0:29:47but I didn't really want to spend much more than 70.
0:29:47 > 0:29:49Clearly spent a lot more than 70!
0:29:49 > 0:29:50SHE LAUGHS
0:29:50 > 0:29:53It was around 92,000 that we spent in the end.
0:29:55 > 0:29:58Well, I'm going to say you came in under budget.
0:29:58 > 0:30:01What's been the hardest bit of this project?
0:30:01 > 0:30:05The biggest challenge has been living in it and coping mentally!
0:30:07 > 0:30:10The stress of having two children, teenage children,
0:30:10 > 0:30:14and being a single parent and trying to manage a house with no kitchen,
0:30:14 > 0:30:18no bedroom and no heating did all become quite a lot at one stage.
0:30:18 > 0:30:23I just don't think that I realised living and working in the same kind
0:30:23 > 0:30:25of place with two children would be quite as stressful
0:30:25 > 0:30:28as it actually is, it's not like you can get out of it.
0:30:28 > 0:30:30You wake up in the morning and it's still there -
0:30:30 > 0:30:33but certainly now, it just feels so homely,
0:30:33 > 0:30:37and it does feel like all the effort and all the tears and sweat
0:30:37 > 0:30:39and the toil are all worth it.
0:30:39 > 0:30:41Now I can't wait to get back to work...
0:30:41 > 0:30:43for a rest!
0:30:43 > 0:30:47It sounds like Hannah has been through the wars with this project.
0:30:47 > 0:30:51But the end result is a fantastic home for her and her kids.
0:30:53 > 0:30:56Even though the house will not be going up for sale,
0:30:56 > 0:30:59we've asked along two local experts for their views and opinions.
0:31:00 > 0:31:02First, the agent who saw it last.
0:31:04 > 0:31:07The biggest noticeable difference is of course the two-storey extension
0:31:07 > 0:31:10to the rear. That was exactly what the property needed
0:31:10 > 0:31:12to fulfil the plot size,
0:31:12 > 0:31:15and the family room, the very large family room off the kitchen,
0:31:15 > 0:31:17is just very on-trend at the moment
0:31:17 > 0:31:19and will really help sell the property.
0:31:19 > 0:31:21What a substantial property.
0:31:21 > 0:31:23A nice mix of the new,
0:31:23 > 0:31:27and the original features and character of the property.
0:31:27 > 0:31:29This is a very, very desirable property.
0:31:31 > 0:31:37With a spend of 92 grand added to the purchase price of £260,000,
0:31:37 > 0:31:42Hannah has spent a total of 352 grand on this project.
0:31:42 > 0:31:45What do the agents reckon this house could sell for?
0:31:45 > 0:31:50We'd be looking at an asking price of £395,000.
0:31:50 > 0:31:53I would look to market in the region of £400,000.
0:31:53 > 0:31:55That is a lot more than what I was expecting,
0:31:55 > 0:31:58by about 20 or 30,000 more than I thought.
0:31:59 > 0:32:03A sale of 400 grand would mean a pre-tax profit for Hannah
0:32:03 > 0:32:06of £48,000.
0:32:06 > 0:32:08There's absolutely no chance that I will sell it.
0:32:09 > 0:32:12The only time that I would ever move from this house
0:32:12 > 0:32:14is when the children go off to university
0:32:14 > 0:32:15and I decide to emigrate somewhere hot.
0:32:16 > 0:32:19It's fair to say that Hannah's just glad it's all over.
0:32:19 > 0:32:24So, does she have any words of wisdom for would-be developers?
0:32:24 > 0:32:26Don't go on Homes Under The Hammer!
0:32:26 > 0:32:27LAUGHTER
0:32:28 > 0:32:31Don't buy a house! Don't do it up yourself!
0:32:31 > 0:32:34No, what I would say I've learned is...
0:32:34 > 0:32:36probably leave it to the experts.
0:32:40 > 0:32:43Back in time, now, to 2012,
0:32:43 > 0:32:47and the popular holiday county of Cornwall.
0:32:47 > 0:32:49The property I went to see was on a busy road.
0:32:49 > 0:32:52It was a three-bed country cottage.
0:32:52 > 0:32:53Cornwall, country cottage?
0:32:53 > 0:32:56Surely you would expect it to command a top price.
0:32:57 > 0:33:03However, the guide price is intriguingly low, just £40,000.
0:33:04 > 0:33:05So what's the catch?
0:33:05 > 0:33:09I didn't think that the busy road was enough of a negative point
0:33:09 > 0:33:11to drive the guide price so low.
0:33:12 > 0:33:14The roof looked like it needed work,
0:33:14 > 0:33:17but even so, £40,000?!
0:33:17 > 0:33:21Plus, off the main road was a charming, large rear garden
0:33:21 > 0:33:23with parking for several cars.
0:33:23 > 0:33:25So, can you work out what the catch was?
0:33:27 > 0:33:28Straight into the kitchen,
0:33:28 > 0:33:30Bit of a downside. That is the loo and bathroom,
0:33:30 > 0:33:32and it's the only one in the property.
0:33:32 > 0:33:33Is that the main catch?
0:33:33 > 0:33:34No.
0:33:35 > 0:33:37And I'm sure you could live with that.
0:33:37 > 0:33:40You've got a sitting room, front sitting room there,
0:33:40 > 0:33:41with an open fire, which is nice.
0:33:41 > 0:33:44Kitchen itself... Well, it's kind of quaint.
0:33:45 > 0:33:47My guess is it's built into some kind of an extension at some point.
0:33:47 > 0:33:49It needs a bit of work,
0:33:49 > 0:33:53but actually it's pretty in keeping with the cottage itself.
0:33:53 > 0:33:55Through here and I'm getting the feeling this could almost
0:33:55 > 0:33:58have been a couple of cottages knocked through at some point,
0:33:58 > 0:33:59because there's another sitting room here,
0:33:59 > 0:34:02like a middle sitting room through to another lounge
0:34:02 > 0:34:03at the front there.
0:34:03 > 0:34:04Again, downside,
0:34:04 > 0:34:06right by the side of the road.
0:34:06 > 0:34:09However, none of those things are the catch.
0:34:09 > 0:34:11The catch is, in case you hadn't guessed.
0:34:11 > 0:34:14This place is actually lived in by somebody.
0:34:14 > 0:34:17There's a tenant in place and a rent is being paid.
0:34:17 > 0:34:18What's the problem with that?
0:34:18 > 0:34:20You could say that's actually quite good news.
0:34:20 > 0:34:24Trouble is, that rent isn't necessarily the full market rent
0:34:24 > 0:34:27at the moment, and you don't know what the tenancy agreement is
0:34:27 > 0:34:28that's in place.
0:34:28 > 0:34:31Is it an assured shorthold tenancy agreement that you can change
0:34:31 > 0:34:33and maybe ask the person to move out?
0:34:33 > 0:34:35is it... Well, does it exist at all?
0:34:35 > 0:34:36There's all sorts of unknowns,
0:34:36 > 0:34:38and those definitely need to be sorted out,
0:34:38 > 0:34:41because it makes this...
0:34:41 > 0:34:43not an ideal one to go for, perhaps.
0:34:43 > 0:34:45MUSIC: Turned A Light On by KT Tunstall
0:34:48 > 0:34:53If ever there was a case for reading the legal patent very carefully,
0:34:53 > 0:34:55this was it.
0:34:55 > 0:34:58An assured shorthold tenancy gives the landlord the right,
0:34:58 > 0:34:59with proper notice,
0:34:59 > 0:35:04to regain possession after the fixed term of the tenancy is up.
0:35:04 > 0:35:08However, an assured tenancy is more complex
0:35:08 > 0:35:10as there are limited circumstances
0:35:10 > 0:35:13whereby a landlord can take back possession.
0:35:13 > 0:35:15It's all very complex,
0:35:15 > 0:35:19but you can bet you can't buy a place and just move right in.
0:35:19 > 0:35:21Back to the house itself, upstairs.
0:35:21 > 0:35:23In order to access the third bedroom,
0:35:23 > 0:35:24you have to come through here.
0:35:27 > 0:35:29I mean, in terms of layout, it's not ideal at all.
0:35:29 > 0:35:32The bedroom itself is quite good, so what's the solution?
0:35:32 > 0:35:35Well, it might not be as expensive or difficult as you might imagine.
0:35:35 > 0:35:38Just moving the stairs to the centre of the property
0:35:38 > 0:35:40would solve all your problems.
0:35:41 > 0:35:43Well, that would gain access to the front bedroom
0:35:43 > 0:35:44from the opposite corner.
0:35:44 > 0:35:47MUSIC: Move It On Over by Hank Williams
0:35:52 > 0:35:54And the rear bedroom and master bedroom
0:35:54 > 0:35:58would also have their own separate doors, a much better arrangement.
0:36:00 > 0:36:02But all these changes would need checking
0:36:02 > 0:36:06with the planning department, as the structure was built in 1847.
0:36:09 > 0:36:12The agent who viewed the property said, once renovated,
0:36:12 > 0:36:14and assuming no sitting tenants,
0:36:14 > 0:36:19the market value would be in the range of 125 to 130,000.
0:36:22 > 0:36:26At the auction, we saw the successful bid come from Sarah.
0:36:26 > 0:36:27- All done... - GAVEL BANGS
0:36:27 > 0:36:29Yours at £60,000.
0:36:29 > 0:36:31Very happy, smiley face, that's nice.
0:36:32 > 0:36:35There with her husband Graham and their next-door neighbours,
0:36:35 > 0:36:38you guessed it, Sarah and Graham were the existing tenants
0:36:38 > 0:36:41along with their four-year-old son Toby.
0:36:44 > 0:36:47While Toby's dad Graham was out working at his job as a gardener,
0:36:47 > 0:36:48I met up with Sarah,
0:36:48 > 0:36:52who runs her own child-minding business from home.
0:36:52 > 0:36:55I wanted to find out exactly why she was so bowled over
0:36:55 > 0:37:00with buying this property for 60k after renting it for some 16 years.
0:37:01 > 0:37:05- Congratulations.- Thank you. - Were you happy with what you paid?
0:37:05 > 0:37:07It was right on our limit.
0:37:07 > 0:37:08We couldn't go any higher than that.
0:37:08 > 0:37:09- That was it?- That was it.
0:37:09 > 0:37:11- That was your last bid? - Yes, that was our last bid.
0:37:11 > 0:37:14I had to look confident and just try to go for it...
0:37:14 > 0:37:18hoping that whoever it was bidding against us would stop.
0:37:18 > 0:37:20Have you thought about buying it before?
0:37:20 > 0:37:22Yes, we had tried to put an offer in beforehand.
0:37:22 > 0:37:23It was declined.
0:37:23 > 0:37:25How much was your offer for?
0:37:25 > 0:37:2755.
0:37:27 > 0:37:30- OK, so you had to pay a little bit more.- Yeah.
0:37:30 > 0:37:33The prospect of the sale of this house, what did that mean to you?
0:37:33 > 0:37:35Erm...
0:37:35 > 0:37:36It was very nerve-racking,
0:37:36 > 0:37:39not knowing what was going to happen, really.
0:37:39 > 0:37:42It was like we had to go for it or...
0:37:42 > 0:37:44What would the worst-case scenario have been?
0:37:44 > 0:37:46We were always told they couldn't get us out,
0:37:46 > 0:37:48so if anybody else bought it,
0:37:48 > 0:37:50it would have to deal with somebody else
0:37:50 > 0:37:52and hoping they would do the house up,
0:37:52 > 0:37:54because there's a lot of work needs doing to the place.
0:37:54 > 0:37:57- Right.- But how they're going to do that while we were living in here
0:37:57 > 0:37:59was all going to be...
0:37:59 > 0:38:00very difficult.
0:38:00 > 0:38:03So you say they couldn't get you out, what do you mean?
0:38:03 > 0:38:05No, we had an assured tenancy.
0:38:05 > 0:38:08- For how many years, though?- Well, we have never signed anything,
0:38:08 > 0:38:10there wasn't anything in place,
0:38:10 > 0:38:12we were told we could stay here as long as we'd like.
0:38:12 > 0:38:14The complex issues of the tenancy
0:38:14 > 0:38:17and the outstanding work seems to have helped
0:38:17 > 0:38:19keep their house affordable.
0:38:19 > 0:38:20It turned out to be a good buy,
0:38:20 > 0:38:25as a mortgage lender valued the property at 120,000.
0:38:27 > 0:38:30So you got a £120,000 house for 60,000?
0:38:30 > 0:38:31Yes. Yes.
0:38:31 > 0:38:33So...
0:38:33 > 0:38:36that was our one and only option, of buying our own home,
0:38:36 > 0:38:39and it's worked out, thank goodness.
0:38:39 > 0:38:41MUSIC: We Did It by Loleatta Holloway
0:38:47 > 0:38:50They did indeed do it thanks to Sarah's poker-faced technique
0:38:50 > 0:38:52at the auction,
0:38:52 > 0:38:55so now it was theirs, ownership begged the obvious question.
0:38:57 > 0:38:58What are you going to do to it?
0:38:58 > 0:39:00Well, we're hoping to get the bathroom upstairs.
0:39:00 > 0:39:01Right, where?
0:39:01 > 0:39:05Erm, in the large bedroom, just cut that up a bit, hopefully.
0:39:05 > 0:39:08- OK.- And if we can move the stairs,
0:39:08 > 0:39:11hopefully that will separate the house into three bedrooms
0:39:11 > 0:39:14- and a small bathroom.- And the bathroom downstairs, keep that?
0:39:14 > 0:39:17No, we'll move that and turn that into, hopefully,
0:39:17 > 0:39:21get some planning to extend out slightly and have a kitchen diner.
0:39:23 > 0:39:26Husband Graham hoped to do most of the physical work himself
0:39:26 > 0:39:27with the help of a builder friend.
0:39:29 > 0:39:31The intention was to do it in three stages.
0:39:31 > 0:39:33Stage one, repair the roof,
0:39:33 > 0:39:35and replace the windows.
0:39:35 > 0:39:37Stage two, move the stairs,
0:39:37 > 0:39:39and fabricate the upstairs bathroom.
0:39:40 > 0:39:43And stage three, add the extension and a new kitchen.
0:39:44 > 0:39:48And they weren't sure how far their initial budget of £8,000
0:39:48 > 0:39:49would stretch.
0:39:53 > 0:39:56We returned two years and four months later,
0:39:56 > 0:39:59Sarah and Graham's 19th year in the property.
0:39:59 > 0:40:02MUSIC: Stay With Me by Rod Stewart And The Faces
0:40:07 > 0:40:10Toby's bedroom had sprouted some fitted furniture.
0:40:14 > 0:40:19The master bedroom's footprint had transformed into a guest bedroom
0:40:19 > 0:40:22and, as planned, a family bathroom.
0:40:22 > 0:40:25These were stage two jobs,
0:40:25 > 0:40:29but they hadn't skipped on the stage one ones.
0:40:29 > 0:40:31Windows, we did first, that was the easier job.
0:40:31 > 0:40:33And then we did the roof.
0:40:33 > 0:40:35We still have to...
0:40:35 > 0:40:38redesign the kitchen and hopefully do a kitchen diner,
0:40:38 > 0:40:40with windows looking out to the garden,
0:40:40 > 0:40:42which hopefully will be next year.
0:40:43 > 0:40:46And we still want to do the flooring in the other room.
0:40:46 > 0:40:48We found flagstones under the carpet,
0:40:48 > 0:40:50so we want to restore them, so...
0:40:50 > 0:40:53The work done to this point had certainly made a difference.
0:41:01 > 0:41:04The major external jobs on the roof and windows
0:41:04 > 0:41:06made the cottage look much neater.
0:41:06 > 0:41:08Sarah took us through some of the changes.
0:41:10 > 0:41:12In this room, we have moved the stairs,
0:41:12 > 0:41:15we had the stairs, before, here in the corner in a cupboard
0:41:15 > 0:41:19and now we've moved it to the centre of the house, going up.
0:41:19 > 0:41:22And, also, we've removed the wall to open it up,
0:41:22 > 0:41:26and give us a little more space and light in this room, which is great.
0:41:26 > 0:41:30Sarah and Graham's bedroom was a work in progress
0:41:30 > 0:41:33but Toby was straight to the point about his.
0:41:33 > 0:41:34It's good.
0:41:35 > 0:41:37He loves his new room. He is so proud.
0:41:37 > 0:41:39He always wanted fish, something he always said,
0:41:39 > 0:41:42as soon as you have your new room, you can have some fish.
0:41:42 > 0:41:43So, he's now got a fish tank.
0:41:43 > 0:41:48We met Toby's new pets, Goldie, Wriggler, Spotty and Stripy.
0:41:48 > 0:41:51But these weren't the best bits of his new room.
0:41:51 > 0:41:55It used to be a bit long travelling to the bathroom,
0:41:55 > 0:41:58because we had to go all the way downstairs.
0:41:58 > 0:42:02Until funds permitted, stage three was in the pipeline -
0:42:02 > 0:42:03but Sarah felt very different,
0:42:03 > 0:42:06now that they were the owners and occupiers,
0:42:06 > 0:42:07instead of being tenants.
0:42:07 > 0:42:10Now it's ours and because we've put the work in, as well,
0:42:10 > 0:42:13it makes us feel, you know, we feel like we've done this.
0:42:13 > 0:42:15And knowing that you're not putting money in,
0:42:15 > 0:42:19where you're wasting it and somebody else might take it away from you,
0:42:19 > 0:42:22so, yeah, everything we put in it is ours, now.
0:42:22 > 0:42:25MUSIC: Home by Edward Sharpe And The Magnetic Zeros
0:42:28 > 0:42:31I was curious how the £8,000 budget had fared.
0:42:31 > 0:42:33We're at about 10,000 now, so, yeah.
0:42:33 > 0:42:37with the roof and the windows, and the new chimney as well.
0:42:37 > 0:42:42At this time, estate agents value the property at £125,000.
0:42:42 > 0:42:46You can find out how Sarah further progressed her dream home
0:42:46 > 0:42:49and what happened to Toby's fish later in the show.
0:42:56 > 0:43:00Well, we wait patiently while our buyers get on with their renovations
0:43:00 > 0:43:03and, often, things turn out marvellously.
0:43:03 > 0:43:08Yeah, but sometimes things can go wrong, for a variety of reasons.
0:43:08 > 0:43:10Why don't we find out how our two remaining properties got on today?
0:43:14 > 0:43:18Time now to head to South East London and to Thamesmead,
0:43:18 > 0:43:21to catch up on a split-level flat that Lucy saw.
0:43:23 > 0:43:26And although the catalogue stated it was three bedrooms,
0:43:26 > 0:43:28this was being a tad optimistic.
0:43:28 > 0:43:30MUSIC: Ain't Quite Right by Paul Stanley
0:43:34 > 0:43:36Look! It's the span of my arms!
0:43:36 > 0:43:40That just doesn't work. The first thing I would have to do here
0:43:40 > 0:43:43is to take down this partition wall and open this place up.
0:43:43 > 0:43:45Even though you do have your own window here,
0:43:45 > 0:43:47I just think you can't call this a bedroom.
0:43:47 > 0:43:50And it would make next door so much bigger as well.
0:43:50 > 0:43:51So, really?
0:43:51 > 0:43:53It's just a two-bedroom flat, I think.
0:43:56 > 0:43:58In fact, it had two of a lot of things.
0:43:58 > 0:44:01Two floors, one for the bedrooms and bathroom
0:44:01 > 0:44:03and one for the lounge and kitchen.
0:44:03 > 0:44:07It had two views, one rural, one urban.
0:44:07 > 0:44:09So you were spoilt for choice.
0:44:12 > 0:44:13Not that part-time property developer
0:44:13 > 0:44:18and part-time film and TV extra Ross knew any of this
0:44:18 > 0:44:22before he bought it with a single bid of £140,000.
0:44:22 > 0:44:23- GAVEL BANGS - Sold.
0:44:23 > 0:44:26MUSIC: A Leap Of Faith by Delbert McClinton
0:44:34 > 0:44:36I didn't view it, or anything like that.
0:44:36 > 0:44:37- It was a bit of a risk.- Oh, my gosh!
0:44:37 > 0:44:40So, were you in the auction room not knowing what to do at that time,
0:44:40 > 0:44:43- and...- There was another one that I wanted...
0:44:43 > 0:44:45- and didn't get. - And this one came up.
0:44:45 > 0:44:49And I did read the legal pack on this one, just to kind of make sure.
0:44:49 > 0:44:53When I first saw it in the photograph I thought, "Oh, no."
0:44:53 > 0:44:55Then I started to see it from a different perspective.
0:44:55 > 0:44:59I thought about the redevelopment, I thought about the rail link.
0:44:59 > 0:45:01So, I thought, hmm...
0:45:01 > 0:45:03You know? Why not?
0:45:03 > 0:45:07Yes, one of Hammer's golden rules straight out of the window -
0:45:07 > 0:45:09but Ross was reasonably happy with his purchase
0:45:09 > 0:45:14and even seemed to have a solution to that so-called third bedroom.
0:45:14 > 0:45:17- That's really it.- I think it would be good for a hobbit or someone!
0:45:17 > 0:45:18- LAUGHTER - But they're hard to come by.
0:45:18 > 0:45:21Accepting the lack of hobbits in Thamesmead,
0:45:21 > 0:45:23Ross did plan to open up the bedroom,
0:45:23 > 0:45:25rework the kitchen,
0:45:25 > 0:45:29and give it the complete works, on a budget of 15 grand,
0:45:29 > 0:45:31and a three-month timescale.
0:45:31 > 0:45:34Provided, of course, Stephen Spielberg didn't phone him up,
0:45:34 > 0:45:36and want him for his next blockbuster.
0:45:36 > 0:45:38MUSIC: The Extra Mile by Bee Gees
0:45:51 > 0:45:53Just two months later, we're back.
0:45:53 > 0:45:57Has Ross given this flat an extra something?
0:46:01 > 0:46:05Why, yes, he's gained more by going for less.
0:46:05 > 0:46:09There's just one decent bedroom, instead of two tiny ones.
0:46:13 > 0:46:16The other bedroom on this floor is crisp and clean...
0:46:23 > 0:46:26..though he has decided to keep the bathroom and toilet separate.
0:46:28 > 0:46:31So, bedroom and bathroom sorted out.
0:46:31 > 0:46:33But what about the upper floor with the kitchen?
0:46:37 > 0:46:38Ah! That's better.
0:46:40 > 0:46:44So, in this room, I got rid of all the old kitchen here,
0:46:44 > 0:46:49and put a new kitchen in, and there was a big wall here.
0:46:49 > 0:46:51OK, and a massive water tank.
0:46:51 > 0:46:54So we ripped that all out and opened up this space.
0:46:54 > 0:46:57And I can justify this area as a living area.
0:46:58 > 0:47:00By calling this a living area,
0:47:00 > 0:47:03Ross is hoping that the lounge next door will be considered a bedroom...
0:47:05 > 0:47:08..returning the flat to its former three-bedroom status.
0:47:09 > 0:47:12But how heavily has Ross been involved?
0:47:12 > 0:47:17Was he an extra pair of hands, or was it a starring role?
0:47:17 > 0:47:20I was very hands-on, I was here every day...
0:47:20 > 0:47:21for the whole project.
0:47:22 > 0:47:26My builder had done the major works, you know,
0:47:26 > 0:47:29things I couldn't do, like plumbing work, electrics
0:47:29 > 0:47:31but from my perspective, I did all the decorating,
0:47:31 > 0:47:35removing wallpaper, painting, helping with everything, really.
0:47:35 > 0:47:38Ross hopes to finish the slick, modern production
0:47:38 > 0:47:40in a couple of weeks, ready for general release
0:47:40 > 0:47:42on the rental market.
0:47:42 > 0:47:45But this wasn't a big budget production,
0:47:45 > 0:47:49so did he stick to his £15,000 planned spend?
0:47:49 > 0:47:52I did it within the budget, actually,
0:47:52 > 0:47:54it's £13,000 I spent in total.
0:47:55 > 0:47:59£13,000 on top of a £140,000 purchase price
0:47:59 > 0:48:02takes Ross's total to £153,000.
0:48:02 > 0:48:04And with the flat being of concrete construction,
0:48:04 > 0:48:08there is a limit to what is worth doing here.
0:48:08 > 0:48:11So, has he made the right choices to maximise its potential?
0:48:12 > 0:48:15What do two local estate agents think?
0:48:15 > 0:48:18My first thoughts on the property, it's really, really well presented,
0:48:18 > 0:48:21good layout, and I like what the owner has done to the house.
0:48:21 > 0:48:23I like the finish that he's put,
0:48:23 > 0:48:25particularly in the kitchen and bathroom.
0:48:25 > 0:48:28And the option that you can have this as a third bedroom,
0:48:28 > 0:48:29as well as two.
0:48:30 > 0:48:33This was always planned as a rental project,
0:48:33 > 0:48:35but has he increased the value of the flat
0:48:35 > 0:48:38he's invested 153 grand into?
0:48:38 > 0:48:41If we were to put the property onto the sales market,
0:48:41 > 0:48:45we would value the property between £175,000-£180,000.
0:48:45 > 0:48:48Due to the property being a concrete build,
0:48:48 > 0:48:50if this was going to be resold,
0:48:50 > 0:48:53I believe we'd be able to fetch in the region of £175,000.
0:48:54 > 0:48:56Yeah, that's OK, that's about the ballpark,
0:48:56 > 0:48:59180 would be good for this time.
0:48:59 > 0:49:02Next year, when Crossrail goes in, I think it will jump a bit more.
0:49:02 > 0:49:03So, I was thinking about that.
0:49:03 > 0:49:05But, yeah, that's good.
0:49:07 > 0:49:11A potential pre-tax profit of £22,000-£27,000.
0:49:11 > 0:49:14Well, it won't break any records, but it's OK.
0:49:14 > 0:49:16What about the all-important rental value?
0:49:20 > 0:49:24I would expect monthly rental to be around £1,000 per calendar month.
0:49:24 > 0:49:25Pounds per calendar month,
0:49:25 > 0:49:28I believe we'd be able to achieve in the region of
0:49:28 > 0:49:29£1,100 per calendar month.
0:49:30 > 0:49:33Yeah, I mean, 1,100 would be good.
0:49:33 > 0:49:37If I were to rent it out to students, let's say, individually,
0:49:37 > 0:49:40on a bedroom basis, I could achieve 450 per bedroom,
0:49:40 > 0:49:42that would make it £1,350.
0:49:42 > 0:49:43So, there's that option, as well.
0:49:43 > 0:49:48The £1,100 per calendar month would give a yield of around 8.5%,
0:49:48 > 0:49:52which certainly will generate some extra income for Ross.
0:49:52 > 0:49:54But having bought this one blind,
0:49:54 > 0:49:56is he going to mend his ways,
0:49:56 > 0:49:58and be more diligent next time?
0:49:59 > 0:50:04No, I took a massive risk, which I have done several times before,
0:50:04 > 0:50:07erm, but there's something about the risk and the challenge
0:50:07 > 0:50:09that I just keep...
0:50:09 > 0:50:10I can't help myself!
0:50:10 > 0:50:13Well, Ross may have got away with it this time,
0:50:13 > 0:50:17but I can't emphasise enough, always look before you leap!
0:50:17 > 0:50:19MUSIC: I Can't Help Myself by The Four Tops
0:50:30 > 0:50:33Previously, I was in East Taphouse, Cornwall,
0:50:33 > 0:50:36where, in 2012, on a busy road,
0:50:36 > 0:50:39I looked at this three-bedroom semidetached cottage.
0:50:41 > 0:50:45It had plenty of off-road parking with potential for a superb garden,
0:50:45 > 0:50:46thanks to the large plot.
0:50:48 > 0:50:4960...
0:50:49 > 0:50:51When it went to auction, it had a relatively low guide price
0:50:51 > 0:50:55of £40,000 because it was auctioned with sitting tenants,
0:50:55 > 0:50:59and it was those sitting tenants who succeeded in purchasing it
0:50:59 > 0:51:01for £60,000.
0:51:01 > 0:51:02- All done. - GAVEL BANGS
0:51:02 > 0:51:04Yours at £60,000.
0:51:04 > 0:51:05Very happy, smiley face.
0:51:05 > 0:51:06That's nice.
0:51:08 > 0:51:10Childminder Sarah and gardener Graham
0:51:10 > 0:51:12were the new owner-occupiers,
0:51:12 > 0:51:15and set about the changes that they wanted to make to the cottage
0:51:15 > 0:51:18where they'd lived already for 16 years,
0:51:18 > 0:51:20and son Toby had lived in for four.
0:51:22 > 0:51:26In the years to come, Graham and a builder friend got to work,
0:51:26 > 0:51:27split into three stages.
0:51:29 > 0:51:32When we last saw it in 2014,
0:51:32 > 0:51:34there were new windows and roofing.
0:51:34 > 0:51:36MUSIC: Hard Work by Ella Henderson
0:51:39 > 0:51:41The bathroom had moved upstairs.
0:51:49 > 0:51:51And the staircase had moved, too,
0:51:51 > 0:51:54all of which added £65,000 value
0:51:54 > 0:51:58to the £60,000 Sarah and Graham had paid for the property.
0:51:58 > 0:52:00Not that this was a moneymaking venture,
0:52:00 > 0:52:03more the creation of a forever home.
0:52:03 > 0:52:06But not until they'd saved for stage three.
0:52:08 > 0:52:11We still have to redesign the kitchen,
0:52:11 > 0:52:15and hopefully do a kitchen diner with windows looking out the garden,
0:52:15 > 0:52:16which hopefully will be next year.
0:52:18 > 0:52:21And we still want to do the flooring in the other room.
0:52:21 > 0:52:24We found flagstones under the carpet, so we want to restore them.
0:52:24 > 0:52:27Well, we're heading back four and a half years
0:52:27 > 0:52:30after they first bought the house that they've now lived in
0:52:30 > 0:52:31for over 20 years.
0:52:31 > 0:52:33MUSIC: Feels Like Coming Home by Jetta
0:52:47 > 0:52:50The new extension, with fully fitted kitchen diner,
0:52:50 > 0:52:52has certainly been worth the wait.
0:52:57 > 0:52:59It's got all that Sarah could possibly wish for -
0:52:59 > 0:53:01but let's not forget
0:53:01 > 0:53:03she's been wishing for it for over 20 years now,
0:53:03 > 0:53:05so she has had immense patience.
0:53:13 > 0:53:17The light and airy extension gives views over the Cornish countryside
0:53:17 > 0:53:20that were never seen before from downstairs,
0:53:20 > 0:53:24and husband Graham cashed in part of his pension to fund the work.
0:53:32 > 0:53:34Sarah is pleased as punch with the outcome.
0:53:36 > 0:53:39The kitchen diner has made a huge difference to us.
0:53:39 > 0:53:41We are able to see Toby play in the garden,
0:53:41 > 0:53:43we've got the extra space now,
0:53:43 > 0:53:44we can all sit together at the table
0:53:44 > 0:53:46and, you know, enjoy meals as a family.
0:53:48 > 0:53:52The downstairs bathroom area is now a hanging space for coats
0:53:52 > 0:53:54and a small lobby with a downstairs loo and sink.
0:53:59 > 0:54:02There's also featured exposed original brickwork here.
0:54:03 > 0:54:06Sarah and Graham's bedroom has also been completed.
0:54:11 > 0:54:14The windows are in keeping with the period of the house,
0:54:14 > 0:54:16being sash in style,
0:54:16 > 0:54:19but they are double glazed to keep out that traffic noise.
0:54:25 > 0:54:27What about the plans to restore the flagstones?
0:54:28 > 0:54:31The flagstones, we haven't quite managed to do yet.
0:54:31 > 0:54:36We are slowly collecting them, you know, as we find them,
0:54:36 > 0:54:39and then once we've got all the flagstones to cover the area,
0:54:39 > 0:54:40we will re-lay the floor.
0:54:41 > 0:54:44I'm sure Sarah and her gardener husband Graham
0:54:44 > 0:54:47will leave no stone unturned in their bid to unearth
0:54:47 > 0:54:49the rest of the slate required for the floor.
0:54:49 > 0:54:51MUSIC: Joyride by Roxette
0:54:56 > 0:54:58Toby has grown up in the house,
0:54:58 > 0:55:01and it seems that cricket practice has paid off.
0:55:01 > 0:55:04Toby at the moment has got into sport in a big way,
0:55:04 > 0:55:07with both his cricket in the summer and his football,
0:55:07 > 0:55:09he's just been signed up
0:55:09 > 0:55:13to play with the under nines with Plymouth Argyle.
0:55:13 > 0:55:15So that has taken most weekends,
0:55:15 > 0:55:19and two evenings during the week, of training,
0:55:19 > 0:55:20is completely gone, of our time!
0:55:20 > 0:55:21SHE LAUGHS
0:55:23 > 0:55:27Sadly, Sarah and Graham's time isn't the only thing that's gone.
0:55:27 > 0:55:30Wriggler, Spotty and Stripy have gone too.
0:55:31 > 0:55:33We are down to one fish now, Goldie.
0:55:33 > 0:55:34He's rather big!
0:55:34 > 0:55:35SHE LAUGHS
0:55:36 > 0:55:39So, yes, we're down to Goldie.
0:55:39 > 0:55:43I don't think it would be polite to mention time-SCALES here
0:55:43 > 0:55:44but what about the budget?
0:55:44 > 0:55:48The last time you were here, we spent about £10,000.
0:55:48 > 0:55:51Now, we have spent another £15,000,
0:55:51 > 0:55:54extending the kitchen and putting a new kitchen in.
0:55:55 > 0:55:57Along with the auction price of £60,000,
0:55:57 > 0:56:00that's a total of £85,000.
0:56:00 > 0:56:03That must have added significant value over the years.
0:56:03 > 0:56:06We're never going to sell, this is our home and it always will be.
0:56:07 > 0:56:11Sarah, Graham and Toby are just delighted to have their own home -
0:56:11 > 0:56:13but you know us, we like to know the numbers.
0:56:13 > 0:56:15Just call us nosy!
0:56:15 > 0:56:18So, we asked along two local estate agents
0:56:18 > 0:56:20to give us their thoughts and valuations.
0:56:22 > 0:56:24Really pleased with the property, they've mixed a good amount of
0:56:24 > 0:56:27old property and new property together,
0:56:27 > 0:56:30with the Delabole slate floor and that in the lounge area,
0:56:30 > 0:56:33the wood burners, but they've also brought in modern heating
0:56:33 > 0:56:36in the form of electric heaters, which are really efficient as well.
0:56:36 > 0:56:39So, overall, really pleased with the fit and finish of the property.
0:56:39 > 0:56:42The property would appeal to families with children,
0:56:42 > 0:56:45especially because of the garden and its village location.
0:56:46 > 0:56:50So, what is all this translate to for the £85,000 investment,
0:56:50 > 0:56:53when it comes to a market value?
0:56:53 > 0:56:54In this present market,
0:56:54 > 0:56:57the property would achieve in the region of £150,000.
0:56:58 > 0:57:02Sales valuation on this property is in the region of £175,000.
0:57:03 > 0:57:06That's £90,000 potential pre-tax profit.
0:57:06 > 0:57:08What do you think of that, Sarah?
0:57:08 > 0:57:11Makes no difference, but, you know,
0:57:11 > 0:57:14these valuations make no difference to us whatsoever.
0:57:14 > 0:57:15This is our home.
0:57:15 > 0:57:20So, I guess you won't be down to the auction room any time soon.
0:57:20 > 0:57:22That's probably it, yeah.
0:57:22 > 0:57:23SHE LAUGHS
0:57:23 > 0:57:25I can't see myself being a builder.
0:57:27 > 0:57:29And what does Toby think about all the years
0:57:29 > 0:57:30that Mum and Dad have been working so hard?
0:57:30 > 0:57:32Very proud.
0:57:33 > 0:57:34Yeah?
0:57:34 > 0:57:35THEY LAUGH
0:57:36 > 0:57:39And apart from sourcing the Delabole slate for the lounge floor,
0:57:39 > 0:57:42are there any more jobs for Graham to do?
0:57:43 > 0:57:44Just the garden, maybe!
0:57:45 > 0:57:48Well, he's been gardening for customers all week,
0:57:48 > 0:57:49and then refurbishing all weekend,
0:57:49 > 0:57:52so I think we can let him off that one.
0:57:52 > 0:57:54Any final thoughts on the project?
0:57:56 > 0:57:58In the mornings, we wake up
0:57:58 > 0:58:00and we just feel so, so lucky
0:58:00 > 0:58:02to have this beautiful house that we have,
0:58:02 > 0:58:06and it's always going to be ours and it can't be taken away from us.
0:58:06 > 0:58:09And you can't say fairer than that!
0:58:14 > 0:58:16We hope you enjoyed today's auction stories -
0:58:16 > 0:58:18and there's loads more where they came from.
0:58:18 > 0:58:22Yes, your auction action never stops, and neither do we.
0:58:22 > 0:58:24So, join us next time for more Homes Under The Hammer.
0:58:24 > 0:58:26- Goodbye.- Goodbye.