0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Now, whether you are buying property as a home
0:00:05 > 0:00:08or as an investment, you want to make sure you buy wisely.
0:00:08 > 0:00:12Yeah, it can be difficult to find exactly what you're looking for
0:00:12 > 0:00:13but value for money is the key.
0:00:13 > 0:00:17And in our experience, the property auction can offer just that.
0:00:17 > 0:00:20So will you buy your home under the hammer?
0:00:45 > 0:00:49From derelict dwellings to magnificent mansions,
0:00:49 > 0:00:52there is all sorts on offer at the auctions.
0:00:52 > 0:00:55So what inspired the buyers on today's show to raise
0:00:55 > 0:00:57that paddle and make the winning bid?
0:00:58 > 0:01:02'Today, I see an imposing Victorian property in Ilkeston
0:01:02 > 0:01:05'that might not be all it's CRACKED up to be.'
0:01:05 > 0:01:07Look at this crack.
0:01:09 > 0:01:10'And Lucy isn't cracking a smile
0:01:10 > 0:01:13'when she sees inside this basement flat in West London.'
0:01:15 > 0:01:18Oh, dear! Oh, dear!
0:01:18 > 0:01:20'And in Shropshire,
0:01:20 > 0:01:23'I'm at the third and final cracking property of the day,
0:01:23 > 0:01:25'with structural issues that really blow my mind.'
0:01:25 > 0:01:29Whoa! Look at this. Have a look at that here.
0:01:29 > 0:01:31It's in the market, ladies and gentlemen.
0:01:31 > 0:01:34'All these properties have been sold at auction, and we'll find out
0:01:34 > 0:01:37'who bought them and what they paid when they went under the hammer.'
0:01:37 > 0:01:38Sold.
0:01:41 > 0:01:45The Derbyshire town of Ilkeston is situated bang in between
0:01:45 > 0:01:46Nottingham and Derby.
0:01:46 > 0:01:49If you take a short walk around this market square,
0:01:49 > 0:01:53you'll see more than a few grand period buildings.
0:01:53 > 0:01:57So, will the property I'm here to see today be as impressive?
0:01:57 > 0:02:01Well, as you can see, I'm surrounded by some pretty grand buildings.
0:02:01 > 0:02:04And I think it's fair to say this is where the gentry
0:02:04 > 0:02:05would have lived in years gone by.
0:02:05 > 0:02:09And it is a suitably grand house that was up for auction.
0:02:09 > 0:02:13Guide price - £70-£85,000 for this.
0:02:13 > 0:02:17But a property with a very interesting recent history,
0:02:17 > 0:02:21because it was Ilkeston's registry office. Mm.
0:02:25 > 0:02:28# It's a nice day for a white wedding... #
0:02:30 > 0:02:32Oh, great excitement.
0:02:33 > 0:02:34What have we got?
0:02:34 > 0:02:36Well, a nice little entrance the with a Minton floor there.
0:02:36 > 0:02:38That's lovely to see.
0:02:38 > 0:02:40And an indication of what we might find,
0:02:40 > 0:02:43cos it would have been the expensive houses that would have had those.
0:02:43 > 0:02:45And yes, you come into this little entrance area.
0:02:45 > 0:02:48What, in its day, would have been a pretty grand staircase.
0:02:48 > 0:02:49You'd want to see that stripped back.
0:02:49 > 0:02:51But at least it's setting the scene.
0:02:51 > 0:02:54And then a large sort of reception room over there.
0:02:54 > 0:02:56Immediately, you get this feeling it's probably Victorian.
0:02:56 > 0:02:58It's got the right sort of feel to it.
0:02:58 > 0:03:00The big windows, the high ceilings.
0:03:00 > 0:03:03Then this sort of little ante-area at the back.
0:03:03 > 0:03:04Quite disappointing kitchen,
0:03:04 > 0:03:09which probably bears reference to its more recent past.
0:03:09 > 0:03:11In its day, probably one of these rooms would have been
0:03:11 > 0:03:13a much more grand kitchen.
0:03:13 > 0:03:15But right now, you've only got these two little rooms.
0:03:15 > 0:03:17Something you are going to have to spend a bit of money on is
0:03:17 > 0:03:21putting a really beautiful kitchen that suits the property in here.
0:03:21 > 0:03:24But then into this rear living room area.
0:03:24 > 0:03:28And obviously a bit of an extension to...
0:03:28 > 0:03:30CHORAL MUSIC
0:03:30 > 0:03:32That's very kind of you. Thank you very much.
0:03:32 > 0:03:35..to suit the fact that this was the ceremony room,
0:03:35 > 0:03:38where weddings would have been performed.
0:03:38 > 0:03:40How marvellous is this?
0:03:40 > 0:03:42As properties go, it's a doozy.
0:03:42 > 0:03:45# You make me wanna say I do
0:03:45 > 0:03:49# I do, I do-do-do-do-do-do... #
0:03:49 > 0:03:51I'm ready to say yes to this address.
0:03:51 > 0:03:54But am I committing too soon?
0:03:56 > 0:04:00So, upstairs. What delights are in store up here?
0:04:00 > 0:04:02Oh, dear.
0:04:02 > 0:04:04I didn't have to go very far
0:04:04 > 0:04:07to see something that's not good news at all.
0:04:07 > 0:04:10Look at this crack.
0:04:10 > 0:04:12Worst case - it's subsidence.
0:04:12 > 0:04:14Best case - it's historical.
0:04:14 > 0:04:18As in, the building has been moving in the past but has now settled.
0:04:18 > 0:04:21The only way to really know that is to do some tests.
0:04:21 > 0:04:25Someone who does these things will put little strips on, things which
0:04:25 > 0:04:29they can measure and over time, see if it's actually still moving.
0:04:29 > 0:04:31A good structural survey is definitely required
0:04:31 > 0:04:33before you go too far on this one.
0:04:33 > 0:04:36Could explain the low guide price, I guess.
0:04:36 > 0:04:39But if you can get it for that low guide price,
0:04:39 > 0:04:43you can just factor in some budget to sort out whatever the issues are.
0:04:43 > 0:04:45Cos nothing is ever insurmountable.
0:04:45 > 0:04:47Meanwhile, let's carry on.
0:04:47 > 0:04:48We've got two loos there.
0:04:48 > 0:04:51Obviously a bit like the kitchen situation downstairs.
0:04:51 > 0:04:53For a family, you need a family bathroom.
0:04:53 > 0:04:56So knock those two together to create a nice family bathroom.
0:04:56 > 0:04:59But then you've got four really nice-sized bedrooms.
0:04:59 > 0:05:01And just everything is so well proportioned.
0:05:01 > 0:05:04In Victorian times, they just seems to nail it, get it right,
0:05:04 > 0:05:06you know, it just works. It flows.
0:05:06 > 0:05:08All the rooms sort of work.
0:05:08 > 0:05:11Obviously, this one in recent times was used as an office.
0:05:11 > 0:05:13But again, even up here, nice, high ceilings,
0:05:13 > 0:05:15some lovely original features.
0:05:15 > 0:05:17And can we forgive it the cracks?
0:05:17 > 0:05:19Well, I want to know a little bit more information,
0:05:19 > 0:05:21but I think probably...
0:05:21 > 0:05:22yes, we can.
0:05:23 > 0:05:25One thing that would be unforgivable
0:05:25 > 0:05:28is not asking the advice of a local property expert.
0:05:28 > 0:05:30So I think now is a good time
0:05:30 > 0:05:32to ask the opinion of the auctioneer who sold it.
0:05:35 > 0:05:37It's obviously got several possibilities.
0:05:37 > 0:05:39Clearly you can continue to use it as offices,
0:05:39 > 0:05:41that's the established use.
0:05:41 > 0:05:42It would make a lovely family home.
0:05:42 > 0:05:44Quite a lot of character.
0:05:44 > 0:05:46Or you could probably go down the route of
0:05:46 > 0:05:48applying for it to become two flats.
0:05:48 > 0:05:52Which might be a bit of a pity, because it's got a lot of style
0:05:52 > 0:05:55to it which is going to get destroyed, really.
0:05:55 > 0:05:59But I would go down the route of making it a family home.
0:05:59 > 0:06:00I think the auctioneer is right.
0:06:00 > 0:06:04I don't really like to see these lovely properties carved up.
0:06:04 > 0:06:07And the auctioneer doesn't think it would make financial sense
0:06:07 > 0:06:10anyway, given the additional building costs for conversion,
0:06:10 > 0:06:13soundproofing, two kitchens and so on.
0:06:13 > 0:06:16So, say this house was restored to its Victorian glory,
0:06:16 > 0:06:18how much could it sell for,
0:06:18 > 0:06:23bearing in mind that relatively low guide price of 70-85,000?
0:06:26 > 0:06:29I would say, once renovated,
0:06:29 > 0:06:32it would have a value of about £175,000.
0:06:34 > 0:06:37Well, a really lovely property that would be suitable
0:06:37 > 0:06:39for all sorts of uses,
0:06:39 > 0:06:42subject to obtaining the correct planning permission.
0:06:42 > 0:06:43But you know what, personally,
0:06:43 > 0:06:46I'd like to see this converted back into an amazing family home.
0:06:46 > 0:06:48And yes, there is work to be done.
0:06:48 > 0:06:51Especially when it comes to sorting out that subsidence.
0:06:51 > 0:06:54But that said, it's got to be worth it. Great place.
0:06:54 > 0:06:56Especially at that guide price.
0:06:56 > 0:06:59Let's see what it actually sold for when it went under the hammer.
0:06:59 > 0:07:01Who's got 75?
0:07:01 > 0:07:0375,000 to start me.
0:07:03 > 0:07:0475, I have, in two places.
0:07:04 > 0:07:07At £75,000. 76 is bid.
0:07:07 > 0:07:10It's in the market, ladies and gentlemen, it's here to go.
0:07:10 > 0:07:1277. 78.
0:07:12 > 0:07:1479. 80,000.
0:07:14 > 0:07:1681.
0:07:16 > 0:07:19Not surprisingly, there were a few keen bidders in the room
0:07:19 > 0:07:20and on the phone.
0:07:20 > 0:07:23And we rejoin the bidding at 135,000.
0:07:25 > 0:07:28135. 136.
0:07:28 > 0:07:31£136,000 on my right.
0:07:31 > 0:07:34500. 137. 500 again?
0:07:34 > 0:07:38138. 138,000?
0:07:39 > 0:07:42500. 139.
0:07:42 > 0:07:44139.5?
0:07:44 > 0:07:45500?
0:07:45 > 0:07:48£140,000.
0:07:49 > 0:07:52140,000, for the first time,
0:07:52 > 0:07:55second time, third chance.
0:07:56 > 0:07:58Sold at 140. Thank you.
0:07:59 > 0:08:03The successful bidders, paying £140,000 for this property,
0:08:03 > 0:08:05were husband and wife Michelle and Alan.
0:08:06 > 0:08:09It's their first time developing property,
0:08:09 > 0:08:10so I was keen to meet them
0:08:10 > 0:08:13and find out their plans for this lovely building.
0:08:14 > 0:08:17- Michelle, Alan. Great to see you both.- And you.
0:08:17 > 0:08:20What an interesting building. So, what are the plans for it?
0:08:20 > 0:08:21Well,
0:08:21 > 0:08:24we don't want to knock too many walls about.
0:08:24 > 0:08:27All the rooms are a good size,
0:08:27 > 0:08:32so we don't think there's too much worth knocking walls through.
0:08:32 > 0:08:35- There's no real kitchen, is there? - No.
0:08:35 > 0:08:39So, were going to make a big kitchen in the room next door,
0:08:39 > 0:08:41the other reception room,
0:08:41 > 0:08:44and have the doors opening onto the garden.
0:08:44 > 0:08:45Nice.
0:08:45 > 0:08:49The two separate toilets we'll knock into one
0:08:49 > 0:08:51- and make that into a family bathroom.- Right.
0:08:51 > 0:08:53So, the idea, then,
0:08:53 > 0:08:56- is to do it up into a house that somebody would live in.- Yes.
0:08:56 > 0:08:58- A nice family home.- Yeah. Beautiful.
0:08:58 > 0:09:04And, in terms of then selling it, or renting it out?
0:09:04 > 0:09:08We're not quite sure, really, are we? We may rent it. We may sell it.
0:09:08 > 0:09:09We're not sure.
0:09:09 > 0:09:11OK. Or live in it.
0:09:11 > 0:09:15Well, we won't be able to, because we've got horses at home.
0:09:15 > 0:09:17- So...- Oh, OK.- ..we need the land.
0:09:17 > 0:09:18A bit of grass across there?
0:09:18 > 0:09:21It won't be enough for my lot.
0:09:21 > 0:09:24- How many horses have you got? - Ten.- Ten horses? Wow!
0:09:24 > 0:09:26What kind of horses are they?
0:09:26 > 0:09:29Well, they were children's ponies, originally.
0:09:29 > 0:09:31And, then, we've got two show-jumpers
0:09:31 > 0:09:33and two racing ponies as well.
0:09:33 > 0:09:35- Oh, so a real passion for you.- Yes.
0:09:35 > 0:09:37Yeah. The daughters all do showjumping
0:09:37 > 0:09:40and the one daughter does pony racing.
0:09:40 > 0:09:43- Right. Have they been successful at- showjumping? Very.
0:09:43 > 0:09:47- They showjump at national level. - Oh, gosh!
0:09:47 > 0:09:50The eldest works with racehorses down south
0:09:50 > 0:09:53and the youngest has just started pony racing.
0:09:53 > 0:09:55So, we're a bit new to that.
0:09:55 > 0:10:01- # My lovely, lovely, lovely horse - My lovely horse
0:10:01 > 0:10:03- # My lovely horse - Running through the fields... #
0:10:05 > 0:10:08Before they do any work, Michelle and Alan need to get
0:10:08 > 0:10:10the underlying structural issues checked out
0:10:10 > 0:10:14to see if they have ponied up a property that isn't stable.
0:10:14 > 0:10:16We're going to get a structural engineer
0:10:16 > 0:10:18because there are one or two cracks
0:10:18 > 0:10:21that need a bit of careful consideration.
0:10:21 > 0:10:24- Mm-hmm.- We have talked to the neighbours
0:10:24 > 0:10:26and he says that all of the houses here
0:10:26 > 0:10:30- have got historic...- Cracks. - ..subsistence issues.
0:10:30 > 0:10:33Apparently, the whole street is slowly moving downhill.
0:10:33 > 0:10:36- Well, it makes it more convenient for the shops.- Yeah, it does.
0:10:36 > 0:10:37And the good news is,
0:10:37 > 0:10:40we are at the top of the hill so we'd be the last to go, really.
0:10:42 > 0:10:44But you're doing absolutely the right thing, then,
0:10:44 > 0:10:45getting in a structural engineer
0:10:45 > 0:10:47and he's going to tell you what to do.
0:10:47 > 0:10:51We've already had somebody in to look at the drains and they seem OK.
0:10:51 > 0:10:54We looked at the legal pack before we started.
0:10:54 > 0:10:56- So... As you advised. - Good. Absolutely.
0:10:56 > 0:11:00Did you have a mining survey done, or did it contain one?
0:11:00 > 0:11:03It contained a mining survey and there's actually three...
0:11:03 > 0:11:07- mines within the boundary of this property.- Oh good.- Yeah.
0:11:08 > 0:11:10So, if we disappear, you know why.
0:11:10 > 0:11:13Great. So, what's the timescale?
0:11:13 > 0:11:16Well, at least five months, we've said, haven't we?
0:11:16 > 0:11:19And are you going to stop doing the other things you do, or...
0:11:19 > 0:11:22- You've got other jobs? - It'll be one of my projects.
0:11:22 > 0:11:25- And, then, Alan...- I'm an engineer with an aerospace company,
0:11:25 > 0:11:28so I'll carry on doing that and this'll be weekends, evenings and...
0:11:28 > 0:11:29- Right.- ..what have you.
0:11:29 > 0:11:31- But passionate about it?- Yeah.- Yeah.
0:11:31 > 0:11:34- Really looking forward to it. To getting going.- Fantastic.
0:11:34 > 0:11:37What kind of budget have you set aside?
0:11:37 > 0:11:41- Well, we think... About... - 20,000, we think, hopefully.
0:11:41 > 0:11:43Possibly with a little bit more.
0:11:43 > 0:11:45So, 20,000,
0:11:45 > 0:11:48that doesn't include much remedial work for any subsidence.
0:11:48 > 0:11:52No, were hoping that it's all historic
0:11:52 > 0:11:53and we don't need to do too much,
0:11:53 > 0:11:55but we'll wait and see on that.
0:11:57 > 0:12:01Let's hope the movement is historic, because if it IS more serious,
0:12:01 > 0:12:03having to underpin the property could mean
0:12:03 > 0:12:06a very large commitment, in terms of time and money.
0:12:08 > 0:12:10Speaking of commitments,
0:12:10 > 0:12:13I'm glad that they have vowed to keep this house together
0:12:13 > 0:12:15and really build with the relationship,
0:12:15 > 0:12:17rather than trying to split it into flats.
0:12:19 > 0:12:21But were Alan and Michelle ever tempted?
0:12:23 > 0:12:27Yeah, we have thought about that, but I think it'd be a shame.
0:12:27 > 0:12:29It's a lovely, big, substantial home.
0:12:29 > 0:12:31Well, that's good.
0:12:31 > 0:12:34There may be more profit in that, but, at the end of the day,
0:12:34 > 0:12:37- it's not all about profit, I don't think.- No.
0:12:37 > 0:12:41How will you decide what to do in terms of selling it on,
0:12:41 > 0:12:42or renting it out,
0:12:42 > 0:12:46what do you think the local market would sustain?
0:12:46 > 0:12:49I did consider towing it to London and selling it for two million
0:12:49 > 0:12:51but I don't know if that's practical. Well...
0:12:51 > 0:12:53Well, if you leave it long enough,
0:12:53 > 0:12:56- it might make its own way down there.- Well, possibly, yes.
0:12:56 > 0:13:00And once this one's done, will you consider more?
0:13:00 > 0:13:03- We'll see how it goes, I think. - Yeah.
0:13:03 > 0:13:06Well, I don't want to do one over the winter
0:13:06 > 0:13:09but we'd consider doing another one, I think.
0:13:09 > 0:13:12- Well, congratulations.- Thank you.
0:13:12 > 0:13:16- Really excited to see how it turns out. And good luck.- Thank you.
0:13:16 > 0:13:17Thank you.
0:13:18 > 0:13:21Well, it could so easily have been a developer who wanted to
0:13:21 > 0:13:24maximise profit and convert this place into flats
0:13:24 > 0:13:26who bought this house but, you know what,
0:13:26 > 0:13:29it's so great that Alan and Michelle got it
0:13:29 > 0:13:32and they're going to really treasure what it's all about.
0:13:32 > 0:13:33Bring back those original features
0:13:33 > 0:13:37and turn it back into an absolutely gorgeous family home.
0:13:37 > 0:13:39How will they get on?
0:13:39 > 0:13:40You can find out later in the show.
0:13:44 > 0:13:47Today, Lucy's in Shepherd's Bush in West London,
0:13:47 > 0:13:51where a certain football team play in blue and white hoops.
0:13:51 > 0:13:55This part of Shepherd's Bush is home to QPR -
0:13:55 > 0:13:58Queens Park Rangers Football Club.
0:13:58 > 0:14:01Now, they've played here on and off since 1917.
0:14:01 > 0:14:04Now, plans are afoot for the club to move to another location
0:14:04 > 0:14:08but, for the time being, this is still their home ground
0:14:08 > 0:14:12and on match days, well, it can get pretty busy around here.
0:14:13 > 0:14:16And we're right on the doorstep of the stadium.
0:14:16 > 0:14:18So, hopefully, whoever buys the property
0:14:18 > 0:14:20Lucy's looking at is a football fan.
0:14:22 > 0:14:25The property I'm here to see is a lower ground-floor flat,
0:14:25 > 0:14:28in this period mid-terrace property.
0:14:28 > 0:14:31Now, it's got one bedroom and it had a guide price at auction
0:14:31 > 0:14:34of £275,000.
0:14:34 > 0:14:36It's right down there. I'm going in.
0:14:37 > 0:14:40The flat does have its own entrance, which is a plus.
0:14:43 > 0:14:46Oh, dear. Oh, dear.
0:14:46 > 0:14:48Now, basement flats do have a bit of a rep
0:14:48 > 0:14:50for being dark, dingy,
0:14:50 > 0:14:52dismal, damp,
0:14:52 > 0:14:55and this property has all of that!
0:14:55 > 0:14:57And, along with quite a lot of shelving.
0:14:57 > 0:15:00Now, hmm, yeah, I think that's because
0:15:00 > 0:15:02there are quite a lot of books in here
0:15:02 > 0:15:04and a lot of rubbish as well.
0:15:04 > 0:15:06So, a room to the front of the property
0:15:06 > 0:15:10and it is just full up with stuff everywhere.
0:15:10 > 0:15:13I mean, look, bags, you need to get a skip in here.
0:15:13 > 0:15:15That's the first thing I'd do.
0:15:15 > 0:15:16Not a bad space.
0:15:16 > 0:15:21Although, up there, you've got some damp, you've got more damp,
0:15:21 > 0:15:23peeling paper, a bit of cornicing.
0:15:23 > 0:15:26But, um, it's in a right state.
0:15:26 > 0:15:29I think what you need to do is get in, clear it out
0:15:29 > 0:15:31and then work with what you've got.
0:15:31 > 0:15:35But this will certainly put a lot of buyers off.
0:15:35 > 0:15:37# Oh, I'm a mess right now
0:15:38 > 0:15:41# Inside out
0:15:41 > 0:15:45# Searching for the sweet surrender
0:15:45 > 0:15:47# But this is not the end... #
0:15:48 > 0:15:51It doesn't get any better the further back you go.
0:15:54 > 0:15:57There's a kitchen, but it's in a right old state.
0:15:57 > 0:16:00Normally, we'd be recommending taking down those polystyrene tiles,
0:16:00 > 0:16:02but they appear to be coming down
0:16:02 > 0:16:05with a very dangerous-looking ceiling,
0:16:05 > 0:16:07which is also falling down next door,
0:16:07 > 0:16:09onto the bathroom and separate WC.
0:16:09 > 0:16:13So, certainly not a safe place to have a scrub in the tub.
0:16:17 > 0:16:21To add to this flat's woes is the short lease of only 69 years.
0:16:21 > 0:16:23A short lease means it's much harder to get a mortgage,
0:16:23 > 0:16:26and some companies operate a minimum lease length
0:16:26 > 0:16:28below which they won't lend.
0:16:28 > 0:16:31But it's not all bad news withthis property.
0:16:34 > 0:16:38Now, one huge bonus with this flat is that it has outside space.
0:16:38 > 0:16:42But it's almost impossible to work out how big the garden is
0:16:42 > 0:16:45at the moment, because, look, it's so overgrown.
0:16:45 > 0:16:48And you only own part of it because part of it is shared.
0:16:48 > 0:16:53But having outside space, well, it gives you the option to extend
0:16:53 > 0:16:57but, remember, permitted development rights don't apply to flats.
0:16:57 > 0:16:58You will need planning permission
0:16:58 > 0:17:03and permission from the freeholder before you can build anything here.
0:17:03 > 0:17:07Even if you did untangle where boundaries start and end out here,
0:17:07 > 0:17:09you'd also need cooperative neighbours
0:17:09 > 0:17:12to allow access or permissions.
0:17:12 > 0:17:15# Jungle boogie Jungle boogie
0:17:15 > 0:17:17# Get it on... #
0:17:17 > 0:17:19It is a legal jungle out here, too.
0:17:19 > 0:17:21- # Jungle boogie - Get it on... #
0:17:21 > 0:17:24We invited along a local estate agent
0:17:24 > 0:17:26to get his opinion on this basement flat
0:17:26 > 0:17:28guided at 275,000.
0:17:30 > 0:17:33My first thought for this flat is that it needs some work,
0:17:33 > 0:17:36but I think, you know, lots of people, so many people, buyers, now,
0:17:36 > 0:17:38are looking for something they can get their teeth into
0:17:38 > 0:17:39and do some work to.
0:17:39 > 0:17:42These sort of finds are getting rarer and rarer these days.
0:17:42 > 0:17:44It's currently a very large one-bedroom.
0:17:44 > 0:17:47You could quite easily make it a two-bedroom, two-bath.
0:17:47 > 0:17:51So there is certainly scope for a lot of extension.
0:17:51 > 0:17:53So, the state of the flat shouldn't put people off
0:17:53 > 0:17:56and, by the sound of it, it could make it more appealing.
0:17:56 > 0:18:00But what about that close proximity to the football ground?
0:18:02 > 0:18:04I can actually speak from personal experience -
0:18:04 > 0:18:06my garden used to back onto Loftus Road.
0:18:06 > 0:18:07It gets busy around match days,
0:18:07 > 0:18:10but there is a nice vibe around the area, you know?
0:18:10 > 0:18:12It's certainly manageable, and if you do have a car,
0:18:12 > 0:18:14you just have to manage, you know, have a thought
0:18:14 > 0:18:16that if you leave here at 12:00 on a Saturday afternoon,
0:18:16 > 0:18:19you probably won't be able to park right outside your flat again
0:18:19 > 0:18:20until after six o'clock.
0:18:20 > 0:18:24Well, that's some indispensable local knowledge right there.
0:18:24 > 0:18:28And the good news is that it doesn't sound like a major issue.
0:18:28 > 0:18:29So, all things considered,
0:18:29 > 0:18:32what could this flat be worth once renovated?
0:18:34 > 0:18:36So, if you were to put this on the market today
0:18:36 > 0:18:38as a one-bedroom, very good spec -
0:18:38 > 0:18:40same layout, but to a higher specification -
0:18:40 > 0:18:43you'd be looking around £550,000.
0:18:43 > 0:18:45If you were to spend some money on it and refurbish it,
0:18:45 > 0:18:48again, to a good standard - two bedrooms, two bathrooms -
0:18:48 > 0:18:50you would be looking around £650,000.
0:18:52 > 0:18:54This flat has a few issues -
0:18:54 > 0:18:56it's damp and it's derelict, to start with.
0:18:56 > 0:18:58But it does offer the potential to extend
0:18:58 > 0:19:01and turn this one-bedroom into at two-bedroom flat.
0:19:01 > 0:19:04So, who spotted the opportunity with this property?
0:19:04 > 0:19:08Let's go to auction and find out who won the bid.
0:19:08 > 0:19:10Lower ground-floor flat.
0:19:10 > 0:19:12Going to start me at 275?
0:19:12 > 0:19:15275? All over the place.
0:19:15 > 0:19:16Give me 280.
0:19:16 > 0:19:19280. 290? 290.
0:19:19 > 0:19:21300? 300. And ten?
0:19:21 > 0:19:22Yes, 310.
0:19:22 > 0:19:2520? 20. 30?
0:19:25 > 0:19:27OK. At 320,000.
0:19:27 > 0:19:29Anybody at 330?
0:19:29 > 0:19:30Yes, gentleman there. 330.
0:19:30 > 0:19:3140? 50?
0:19:31 > 0:19:33I'll take it, sir, thank you.
0:19:33 > 0:19:34345. 50?
0:19:34 > 0:19:37350. 55?
0:19:37 > 0:19:40No? OK. 350,000, left of the aisle.
0:19:40 > 0:19:42First time at 350.
0:19:42 > 0:19:44Second time at 350.
0:19:44 > 0:19:46Third and final time, Shepherd's Bush.
0:19:46 > 0:19:48- GAVEL BANGS - Sold to the gentleman there.
0:19:48 > 0:19:52The buyer, paying £350,000 for the lower ground-floor flat,
0:19:52 > 0:19:55was full-time property developer Simrit,
0:19:55 > 0:19:58who Lucy met before, back in 2013,
0:19:58 > 0:20:02when he bought and demolished a pub in Denham
0:20:02 > 0:20:04and replaced it with some new build homes.
0:20:04 > 0:20:06- Simrit, congratulations. - Thank you very much.
0:20:06 > 0:20:08We meet again, because we met before,
0:20:08 > 0:20:10in the pub in Denham that you bought.
0:20:10 > 0:20:12- That's right, yeah. - Now, it goes without saying,
0:20:12 > 0:20:14this is not everybody's cup of tea.
0:20:14 > 0:20:16So many people would have been put off instantly,
0:20:16 > 0:20:18the minute they walked through the door.
0:20:18 > 0:20:19It's a complete tip inside.
0:20:19 > 0:20:22For me, I love the fact that it's a real mess,
0:20:22 > 0:20:25because it means there's more value to be added to the property,
0:20:25 > 0:20:26and auctions, I like,
0:20:26 > 0:20:29because once the hammer comes down, it's yours.
0:20:29 > 0:20:32And so...yeah, I just thought it was a really good opportunity
0:20:32 > 0:20:35to get my hands dirty and just add a bit of value to this place.
0:20:35 > 0:20:37So, what was it? Obviously, yes, you can add value here.
0:20:37 > 0:20:39But is it the location? Is the proportions of the flat?
0:20:39 > 0:20:41Is it the building? What is it?
0:20:41 > 0:20:43A combination of all those things, actually.
0:20:43 > 0:20:45The location, I've done a few properties here before,
0:20:45 > 0:20:47so I know Shepherd's Bush sells very well,
0:20:47 > 0:20:49if I want to sell it.
0:20:49 > 0:20:51And also, the proportions,
0:20:51 > 0:20:54I did a bit of research on other properties on this road
0:20:54 > 0:20:55and lower ground-floor flats
0:20:55 > 0:20:58have been made into pretty large two-bedroom flats on this road,
0:20:58 > 0:21:00so I thought, you know, there's a very good chance
0:21:00 > 0:21:02I can get planning permission for that.
0:21:02 > 0:21:05So you just walk in the door and you see beyond what's here,
0:21:05 > 0:21:07which is a big old mess at the moment!
0:21:07 > 0:21:09Yeah, lots of people would have been put off by it, but I loved it.
0:21:09 > 0:21:13- I mean, coming outside, you can't even see the garden.- No.
0:21:13 > 0:21:15You're going to need to be chopping back for days
0:21:15 > 0:21:17before you even get anywhere,
0:21:17 > 0:21:19because you own part of this, don't you?
0:21:19 > 0:21:24Yeah, so about three metres from the end of my building here,
0:21:24 > 0:21:26I own, and then the rest of it is shared.
0:21:26 > 0:21:29But I'm going to approach the freeholder and see
0:21:29 > 0:21:31if she's willing to sell her share of the garden,
0:21:31 > 0:21:33cos she obviously doesn't use it, anyway.
0:21:33 > 0:21:35Yes. It would be a real advantage to you.
0:21:35 > 0:21:38- Exactly, yeah.- So, are you planning on any extensions
0:21:38 > 0:21:41or coming out to the side or any of that?
0:21:41 > 0:21:43Yeah - so, I'm planning on going back
0:21:43 > 0:21:45to the extent of the land I own
0:21:45 > 0:21:48and also here, to the side, to fill in the extension here.
0:21:48 > 0:21:50So that's really, kind of, doubling the space inside.
0:21:50 > 0:21:53Yeah, it's going to be a pretty big flat when it's finished.
0:21:53 > 0:21:55So, tell me about the internal space.
0:21:55 > 0:21:56What are you actually going to do with it?
0:21:56 > 0:21:59Well, I've actually... There's a property down the road
0:21:59 > 0:22:01that has been remodelled,
0:22:01 > 0:22:03and I've done a bit of snooping around,
0:22:03 > 0:22:05and I found the architects.
0:22:05 > 0:22:09And what they did is create a two-bedroom, two bathroom flat,
0:22:09 > 0:22:11for a house five doors down.
0:22:11 > 0:22:14And I'm basically just going to copy that exact floorpan.
0:22:14 > 0:22:16- Very clever indeed. - And use the same architects.
0:22:16 > 0:22:19In terms of internal layout, I mean, how will you change it, then?
0:22:19 > 0:22:21So what's going to happen is at the front,
0:22:21 > 0:22:23where the big room is,
0:22:23 > 0:22:25some of that is going to remain as the first bedroom,
0:22:25 > 0:22:29then I'm going to take a chunk out of it to make a bathroom there.
0:22:29 > 0:22:32- Right.- And then here is going to be another bedroom,
0:22:32 > 0:22:36and this will be a light well, and then it comes all the way out
0:22:36 > 0:22:39and then for an open-plan living-dining-kitchen area.
0:22:39 > 0:22:41If Simrit goes ahead with his plan,
0:22:41 > 0:22:45the dark, dingy basement feel should be no more.
0:22:45 > 0:22:48But he's got a lot of clearing out to do first.
0:22:48 > 0:22:50Something I do want to ask you - what about all the stuff in there?
0:22:50 > 0:22:54I've seen the complete works of Shakespeare, books, and nice desk...
0:22:54 > 0:22:55- There's loads of stuff in there. - I know.
0:22:55 > 0:22:57- Will you turf through all of that? - Definitely.
0:22:57 > 0:22:59And you'll probably see some of that stuff
0:22:59 > 0:23:01on an online auction site.
0:23:01 > 0:23:03You'll make money out of this project, whatever happens!
0:23:03 > 0:23:05Exactly! By hook or by crook.
0:23:06 > 0:23:09Hopefully, Simrit won't need those book sales,
0:23:09 > 0:23:12as he has £70,000 for renovations and an extension,
0:23:12 > 0:23:15and has a timescale of six months.
0:23:15 > 0:23:18Having already got a preliminary agreement
0:23:18 > 0:23:20from the freeholder to extend,
0:23:20 > 0:23:23he hopes to get the planning application submitted any day.
0:23:25 > 0:23:26So you really have got the ball rolling.
0:23:26 > 0:23:28That's what I remember about you last time.
0:23:28 > 0:23:30You just get things going, don't you?
0:23:30 > 0:23:32- I like to, yeah.- Are you going to be on track with this yourself,
0:23:32 > 0:23:35coming down every day, making sure things are turning over smoothly?
0:23:35 > 0:23:37Yeah, absolutely, I'll be on site most days.
0:23:37 > 0:23:40There's a couple of issues - first, it's a shared garden.
0:23:40 > 0:23:43- Yeah.- Second issue is the lease is only 69 years.
0:23:43 > 0:23:45- Yeah.- So I've addressed both of those
0:23:45 > 0:23:47with the freeholder, who lives upstairs.
0:23:47 > 0:23:50So, assuming both of those things come through,
0:23:50 > 0:23:53I'll get a 90-year lease extension and I can buy the garden off her.
0:23:53 > 0:23:56When it's done, I anticipate it'll be worth around £700,000.
0:23:56 > 0:23:59What will you do with this? Are you going to keep it?
0:23:59 > 0:24:01Are you going to sell it? Are you going to let it?
0:24:01 > 0:24:02We shall see.
0:24:02 > 0:24:05If it's really nice, I might live in it myself.
0:24:05 > 0:24:07I'm not sure. But the plan is to sell it.
0:24:07 > 0:24:10- So, if it's really lovely, you could be tempted yourself?- Possibly.
0:24:10 > 0:24:12I might sell that flat and move here.
0:24:12 > 0:24:15Well, I'm really excited to see the outcome. Congratulations.
0:24:15 > 0:24:16- Thank you very much.- Well done.
0:24:17 > 0:24:20Well, Simrit had some great plans for this flat.
0:24:20 > 0:24:25He hopes to extend, turning this rather damp and dismal property
0:24:25 > 0:24:27into something bigger and better.
0:24:27 > 0:24:30Will he succeed in getting the planning permission he needs?
0:24:30 > 0:24:33You can find out how Simrit gets on later in the programme.
0:24:36 > 0:24:38Coming up, I'm LEANING on past experience
0:24:38 > 0:24:39at a flat in Shropshire.
0:24:39 > 0:24:41I'm guessing this is not...
0:24:43 > 0:24:45..a weight-bearing wall.
0:24:47 > 0:24:51And has Simrit learned anything new?
0:24:51 > 0:24:52One thing I realise now
0:24:52 > 0:24:55is that things always take longer than you expect them to.
0:24:58 > 0:25:01It was in the Derbyshire town of Ilkeston
0:25:01 > 0:25:04where I think I found my match.
0:25:04 > 0:25:08Guide price, £70,000-£85,000 for this,
0:25:08 > 0:25:11but a property with a very interesting recent history,
0:25:11 > 0:25:15because it was Ilkeston's registry office.
0:25:15 > 0:25:16Mmm!
0:25:18 > 0:25:23# Love and marriage Love and marriage
0:25:23 > 0:25:27# They go together like a horse and carriage
0:25:27 > 0:25:31# This I'll tell you, brother
0:25:31 > 0:25:35# You can't have one without the other... #
0:25:35 > 0:25:39It was bought by Michelle and her husband Alan for 140,000
0:25:39 > 0:25:43and they propose to turn it into a large four-bedroomed house.
0:25:47 > 0:25:49We're going to get a structural engineer,
0:25:49 > 0:25:50because there are one or two cracks
0:25:50 > 0:25:53that need a bit of careful consideration.
0:25:53 > 0:25:55- Mm-hm.- We have talked to the neighbour
0:25:55 > 0:25:59and he says that all of the houses here have got...
0:25:59 > 0:26:03- Cracks. - ..historic subsidence issues.
0:26:03 > 0:26:06Apparently, the whole street is slowly moving downhill.
0:26:06 > 0:26:08- Oh - it makes it more convenient for the shops.- Yeah, it does.
0:26:08 > 0:26:11And the good news is we are at the top of the hill,
0:26:11 > 0:26:13so we'd be the last to go, really. MARTIN LAUGHS
0:26:15 > 0:26:19I guess you could say they took this house in sickness and in health.
0:26:19 > 0:26:21# This is my vow
0:26:25 > 0:26:27# This is my vow... #
0:26:27 > 0:26:30And, for richer, and hopefully, richer.
0:26:30 > 0:26:32They plan to love, cherish and renovate the house
0:26:32 > 0:26:35on a budget of around £20,000
0:26:35 > 0:26:38and a timescale of at least five months.
0:26:40 > 0:26:44But now, 17 months later, we're back to check,
0:26:44 > 0:26:45after all this time,
0:26:45 > 0:26:48to see if they are still wedded to property developing.
0:26:51 > 0:26:53Clean, crisp outside finish -
0:26:53 > 0:26:56OK, time now to step over the threshold.
0:27:13 > 0:27:16What a nice, sympathetic refurbishment.
0:27:25 > 0:27:28And the kitchen? Well, that's so much more lovable.
0:27:31 > 0:27:36So, how has their relationship with the property been going?
0:27:36 > 0:27:40Uh...I think, like all marriages, it's had its ups and downs.
0:27:40 > 0:27:42More ups than downs.
0:27:42 > 0:27:44Yeah, probably.
0:27:44 > 0:27:46But we've...
0:27:46 > 0:27:49Yeah, we've had some challenges along the way,
0:27:49 > 0:27:51but I think we've overcome them, finally.
0:27:55 > 0:27:56They certainly have,
0:27:56 > 0:27:58with upstairs now having a big family bathroom
0:27:58 > 0:28:00and four bedrooms...
0:28:08 > 0:28:10..one of which is en suite.
0:28:13 > 0:28:15And it did turn out that the cracking
0:28:15 > 0:28:17was down to historical movement.
0:28:17 > 0:28:21So the cracks are now repaired and it's all looking great.
0:28:23 > 0:28:27But why has it taken three times longer than they first envisaged?
0:28:27 > 0:28:30Just the sheer size of this building -
0:28:30 > 0:28:33I don't think we realised when we bought it
0:28:33 > 0:28:36how large a property this is.
0:28:36 > 0:28:38Everything just needed doing,
0:28:38 > 0:28:41and it just seemed to be such a long job, didn't it?
0:28:41 > 0:28:44Yes, it has been a long old road,
0:28:44 > 0:28:47with a change of use from commercial to residential,
0:28:47 > 0:28:50delays in finding builders, and, more significantly,
0:28:50 > 0:28:53there was lots of work both inside and outside.
0:28:53 > 0:28:57The garden also took 50 trips to the local tip!
0:28:57 > 0:29:01The work has been done by the whole family, really.
0:29:01 > 0:29:06'We've learned that our children have got a lot of skills.'
0:29:06 > 0:29:09'We didn't realise what they could do, did we?'
0:29:09 > 0:29:10'No.'
0:29:10 > 0:29:13'But Alana was really good in the garden.
0:29:13 > 0:29:14'Did a lot of work.
0:29:14 > 0:29:16'She learned how to...
0:29:16 > 0:29:19'Wanted to learn how to use every tool that we've got.
0:29:19 > 0:29:22'Both girls helped put the kitchen together, didn't they?'
0:29:22 > 0:29:24'Yeah.'
0:29:24 > 0:29:27So, really, as a family, we've learned a lot.
0:29:27 > 0:29:30So, with Alana and her sister Antonia's help,
0:29:30 > 0:29:33this family project has eventually come together
0:29:33 > 0:29:36to produce a harmonious house - but at what cost?
0:29:38 > 0:29:39OK, well, with the budget,
0:29:39 > 0:29:43we've spent a little bit more than we planned.
0:29:43 > 0:29:47We started off at about 25,000, didn't we?
0:29:47 > 0:29:51Yeah. We've actually spent about 40,000.
0:29:52 > 0:29:57And that £40,000 budget, along with that £140,000 purchase price,
0:29:57 > 0:30:01takes Michelle and Alan's total spend to 180,000.
0:30:03 > 0:30:06So, is this the perfect marriage of old and new?
0:30:06 > 0:30:08What do two local property experts think?
0:30:12 > 0:30:16Not a lot has changed here in terms of room layout,
0:30:16 > 0:30:19So we've renovated what was here already.
0:30:19 > 0:30:23Perhaps changed the location of the kitchen, but other than that,
0:30:23 > 0:30:25we've just upgraded it.
0:30:25 > 0:30:28Having said all that, it does look good.
0:30:28 > 0:30:31I think the property has got lots of lovely, charming character.
0:30:31 > 0:30:34It's great, the history, with it being an old registry office,
0:30:34 > 0:30:37so lots of births and deaths registered here,
0:30:37 > 0:30:39and local custom and memories.
0:30:39 > 0:30:42Great, great feel, and light.
0:30:43 > 0:30:46The plan with this house is very much to have an amicable divorce
0:30:46 > 0:30:49and go their separate ways, but should they think again?
0:30:49 > 0:30:54Maybe it should be to have and to hold.
0:30:54 > 0:30:56I would say this would rent
0:30:56 > 0:30:59for between £825 and £850 per calendar month.
0:30:59 > 0:31:01The rental valuation would be
0:31:01 > 0:31:04between £850 and £900 per calendar month.
0:31:04 > 0:31:06Quite a good figure,
0:31:06 > 0:31:09that's actually more than I thought it was, so...
0:31:09 > 0:31:12- But I think we're still going to sell.- Yeah.- Because we need to.
0:31:12 > 0:31:16So, rental income that could see a yield of around 5%
0:31:16 > 0:31:17is not for them.
0:31:17 > 0:31:22More importantly, can their total spend of £180,000 register a profit?
0:31:25 > 0:31:26It would probably go on at somewhere
0:31:26 > 0:31:29between £235,000 and £245,000,
0:31:29 > 0:31:31and see what offers you get.
0:31:31 > 0:31:34For the sales valuation, you would expect
0:31:34 > 0:31:38£250,000-£275,000.
0:31:38 > 0:31:44Yeah, we were thinking around about the 250,000 mark was about right,
0:31:44 > 0:31:46so, yeah, I think they're really spot-on.
0:31:46 > 0:31:48It would seem that the time delay
0:31:48 > 0:31:50has possibly worked in their favour,
0:31:50 > 0:31:52as the market has changed.
0:31:52 > 0:31:54If they did sell it for 250,000,
0:31:54 > 0:31:57then they would make a profit of £70,000,
0:31:57 > 0:31:59not including taxes or fees.
0:31:59 > 0:32:04This union appears to have been very successful.
0:32:04 > 0:32:08Yeah, the honeymoon period is over. We're in it for the long haul, now.
0:32:11 > 0:32:16Telford in Shropshire was a new town established in the 1960s.
0:32:16 > 0:32:20With its own railway station and access to the A5 and M54,
0:32:20 > 0:32:23it's a popular choice for commuters working across the West Midlands.
0:32:23 > 0:32:25And I think these good transport links
0:32:25 > 0:32:28would have pleased the town's namesake,
0:32:28 > 0:32:31the rail and road engineer Thomas Telford.
0:32:31 > 0:32:34# Metal Guru, is it you?
0:32:34 > 0:32:37# Metal Guru, is it you?
0:32:37 > 0:32:41# Metal Guru, is it you? #
0:32:41 > 0:32:42So, not far from the town centre,
0:32:42 > 0:32:46with good train links to Wolverhampton and Birmingham,
0:32:46 > 0:32:48is the property I'm here to see.
0:32:48 > 0:32:51It's a first-floor flat just up there.
0:32:51 > 0:32:56It's got two bedrooms and a guide price of £50,000 plus.
0:32:56 > 0:32:58Let's get in and take a look.
0:33:00 > 0:33:03'And the entrance is round to the side
0:33:03 > 0:33:05'and up a short flight of stairs.'
0:33:05 > 0:33:06Right...
0:33:07 > 0:33:11A few more stairs and we are in.
0:33:11 > 0:33:15And into a really good-sized hallway.
0:33:15 > 0:33:17Everything is off the hallway.
0:33:17 > 0:33:21You got a kitchen just there, to my right, which is spacey.
0:33:21 > 0:33:24Good units, they look in good condition.
0:33:24 > 0:33:27The flooring, you'd have to change in here, but apart from that,
0:33:27 > 0:33:30a lick of paint, and the kitchen would be fine as it is.
0:33:30 > 0:33:31The bathroom, however,
0:33:31 > 0:33:35doesn't look in the same condition as the kitchen.
0:33:35 > 0:33:37That would all have to be ripped out and start again.
0:33:37 > 0:33:40But again, it's a nice size bathroom.
0:33:40 > 0:33:44You've got a bedroom there and...a bedroom here as well.
0:33:44 > 0:33:47Both really good size rooms.
0:33:47 > 0:33:49And into the lounge...
0:33:49 > 0:33:53And, again, it's...not in great condition.
0:33:53 > 0:33:57You will have to redecorate in here, skim the ceiling again,
0:33:57 > 0:33:59get rid of the carpets...
0:33:59 > 0:34:01Proper, full refurb in here.
0:34:01 > 0:34:04It doesn't feel as big as it should.
0:34:04 > 0:34:06Now, that might be...
0:34:07 > 0:34:09OK, I've already counted two bedrooms,
0:34:09 > 0:34:11and they are good-sized bedrooms at that,
0:34:11 > 0:34:16but somebody has tried to create another room in there.
0:34:16 > 0:34:18Now...
0:34:18 > 0:34:20OK, here we go.
0:34:20 > 0:34:23Right - I'm guessing this is not...
0:34:25 > 0:34:27..a weight bearing wall.
0:34:27 > 0:34:31Let's take a little closer look at this room as we go inside.
0:34:31 > 0:34:34OK, yeah - they've tried to create a third bedroom here.
0:34:34 > 0:34:35Doesn't really work for me,
0:34:35 > 0:34:38cos you'd have to access this room through the lounge,
0:34:38 > 0:34:40not a great idea.
0:34:40 > 0:34:45I'd like to knock this wall down and create that nice, large lounge.
0:34:46 > 0:34:49Oh...! No. Look at this. Have a look at that, here.
0:34:50 > 0:34:53Look at the crack on this wall.
0:34:53 > 0:34:55It goes right from the bottom all the way to the top,
0:34:55 > 0:34:58and it's quite open as well.
0:34:58 > 0:35:01And... Now, you can't see this.
0:35:01 > 0:35:02But as I look through there,
0:35:02 > 0:35:06I can actually see light on the other side.
0:35:06 > 0:35:07It's that bad.
0:35:07 > 0:35:10I've got to investigate that further.
0:35:10 > 0:35:17# I can see through you... #
0:35:17 > 0:35:19And the crack's even worse on this side.
0:35:19 > 0:35:22Now, it goes from the top all the way to the bottom -
0:35:22 > 0:35:25again, it's a concern of mine.
0:35:25 > 0:35:28Find out what's causing this and get it sorted ASAP.
0:35:28 > 0:35:33# I can see through you... #
0:35:33 > 0:35:36Now, it looks bad, but the good news is
0:35:36 > 0:35:39this might not be the flat owner's problem,
0:35:39 > 0:35:41because this is a leasehold flat.
0:35:41 > 0:35:44So, taking care of the fabric of the building
0:35:44 > 0:35:46should be down to the freeholder.
0:35:46 > 0:35:48But do you really want to start refurbishment
0:35:48 > 0:35:52without having all that agreed and repaired first?
0:35:52 > 0:35:55And there is something else you need to be aware of.
0:35:55 > 0:35:58The freehold is owned by the local housing authority
0:35:58 > 0:36:01and they have a schedule of works planned.
0:36:01 > 0:36:04What that means is that everybody that lives in the building
0:36:04 > 0:36:09will have to contribute around about £5,000 towards that work.
0:36:09 > 0:36:12Now, if you ARE thinking of buying a property like this,
0:36:12 > 0:36:15which is leasehold, and you hadn't read the legal pack,
0:36:15 > 0:36:18that's a cost that could just be sprung on you,
0:36:18 > 0:36:20and £5,000 is a lot of money.
0:36:20 > 0:36:23So, what I would say is, read the legal pack.
0:36:23 > 0:36:27I did - that's how I know. Buyer, beware.
0:36:27 > 0:36:31- # Yo - This got so out of control
0:36:31 > 0:36:34# I learned my lesson now, so...
0:36:34 > 0:36:36# Oh-oh, oh-oh, oh-oh-oh
0:36:36 > 0:36:39# Be careful... #
0:36:39 > 0:36:42Yes, how many times do we have to say "read the legal pack"?
0:36:42 > 0:36:45It could make or break a project.
0:36:45 > 0:36:49The £5,000 spend actually will enhance the flat
0:36:49 > 0:36:52with new windows, driveway and a fix to the chimney planned.
0:36:52 > 0:36:55But it could potentially be taking a large chunk of your budget
0:36:55 > 0:36:57if you weren't aware of it.
0:36:57 > 0:37:00# Be careful... #
0:37:00 > 0:37:03So there are a few issues to consider, here.
0:37:03 > 0:37:06But what does a local estate agent think of the flat?
0:37:08 > 0:37:10I would hope that the crack can be partly looked after
0:37:10 > 0:37:12by the freeholder.
0:37:12 > 0:37:14Hopefully, the schedule of work's in place for that.
0:37:14 > 0:37:15Following on from that,
0:37:15 > 0:37:19I think bathrooms and general decor need attention.
0:37:19 > 0:37:22Kitchen is salvageable, I'd say.
0:37:22 > 0:37:26Agreed. But what about the layout and that odd bedroom?
0:37:26 > 0:37:29I would not actually count the property as having a third bedroom,
0:37:29 > 0:37:32because it wasn't designed to originally have that.
0:37:32 > 0:37:34I don't think there's any benefit from having it.
0:37:34 > 0:37:37I'd remove it and just make a larger living room.
0:37:37 > 0:37:40Less is sometimes more, but as a two-bedder,
0:37:40 > 0:37:45what could this flat, guided at 50 grand plus, sell for?
0:37:45 > 0:37:48Once renovated, I would suggest that you could market the property
0:37:48 > 0:37:51in the region of £89,950.
0:37:51 > 0:37:53If it were to go onto the rental market,
0:37:53 > 0:37:56I would ask £525 per calendar month.
0:38:00 > 0:38:02That crack does worry me
0:38:02 > 0:38:04and it'd be the first thing on the list
0:38:04 > 0:38:06I'd want to get sorted out, ASAP.
0:38:06 > 0:38:10Apart from that, I like the flat, I like the space.
0:38:10 > 0:38:12It has got a bit of a strange third bedroom,
0:38:12 > 0:38:14but it's still gets a tick from me.
0:38:14 > 0:38:17Let's see who else liked it when it went under the hammer.
0:38:17 > 0:38:20Lot three is a leasehold first-floor two-bedroom flat.
0:38:20 > 0:38:2250 to start it?
0:38:22 > 0:38:2350 bid, thank you.
0:38:23 > 0:38:25At £50,000. At 50.
0:38:25 > 0:38:27I'll go twos on this. Bid's at 50.
0:38:27 > 0:38:28Looking for 52, now.
0:38:28 > 0:38:3052. 54?
0:38:30 > 0:38:3254. 56?
0:38:32 > 0:38:34I'll go in ones, now.
0:38:34 > 0:38:35Bid's at 56.
0:38:35 > 0:38:40Back in, 57. 58. 59.
0:38:40 > 0:38:4259. My right, then, at £59,000.
0:38:42 > 0:38:4360 anywhere else?
0:38:43 > 0:38:4560, left, at 60.
0:38:45 > 0:38:4761? 61.
0:38:47 > 0:38:4962?
0:38:49 > 0:38:5163.
0:38:51 > 0:38:5264, sir?
0:38:52 > 0:38:5364.
0:38:53 > 0:38:5665. 66, sir?
0:38:56 > 0:38:5866.
0:38:58 > 0:39:00Shaking his head. Still with you, standing.
0:39:00 > 0:39:02£66,000. All done, now?
0:39:02 > 0:39:05£66,000 once, then. Twice, then.
0:39:05 > 0:39:06Third and final time.
0:39:06 > 0:39:0866,000.
0:39:08 > 0:39:10- GAVEL BANGS - Bought it, sir, well done.
0:39:10 > 0:39:11And so, for 66 grand,
0:39:11 > 0:39:16the hammer fell on this two-bed first-floor flat in Telford.
0:39:16 > 0:39:20It was bought by Gary and Sam.
0:39:20 > 0:39:22Gary does garden landscaping and fencing,
0:39:22 > 0:39:25while wife Sam is a full-time property developer.
0:39:25 > 0:39:30This flat is the couple's fifth property project.
0:39:30 > 0:39:32- Sam, nice to meet you. - And you.
0:39:32 > 0:39:34Congratulations. Same to you, Gary.
0:39:34 > 0:39:37Tell us why you bought this particular pad, then.
0:39:37 > 0:39:39THEY LAUGH
0:39:39 > 0:39:42- Why not?- Yes, why not?
0:39:42 > 0:39:46It's a good size two-bed flat and we're looking for an investment,
0:39:46 > 0:39:47really, to rent on.
0:39:47 > 0:39:50We have noticed a couple of bits that have surprised me.
0:39:50 > 0:39:52The crack in the bedroom.
0:39:52 > 0:39:53- Yeah.- Worried?
0:39:53 > 0:39:55No, not in the slightest.
0:39:55 > 0:39:57I mean, we've been in touch with the local authority
0:39:57 > 0:40:00and it looks like there's a strong possibility
0:40:00 > 0:40:02their insurance is going to cover any...
0:40:02 > 0:40:04- Cos the problem, we think, is in the attic.- OK.
0:40:04 > 0:40:06- OK.- Because it's a hip roof.
0:40:06 > 0:40:08So there's a slight bit of expansion there,
0:40:08 > 0:40:11so we think their insurance will cover it
0:40:11 > 0:40:13as it was like this before we purchased it.
0:40:13 > 0:40:14- OK.- And it's a leasehold.
0:40:16 > 0:40:18A hip roof, in case you were wondering,
0:40:18 > 0:40:22is one where all sides slope down towards the walls.
0:40:22 > 0:40:25And unlike a gable roof, they're self-supporting.
0:40:25 > 0:40:28Anyway, Sam and Gary are all over this.
0:40:28 > 0:40:31They are aware of the problem and possible solutions
0:40:31 > 0:40:36and they also know about the £5,000 contribution they will have to make.
0:40:36 > 0:40:38You see, they read the legal pack too.
0:40:38 > 0:40:40Top marks.
0:40:40 > 0:40:43Tell us about what you're going to do with this flat now.
0:40:43 > 0:40:46Right, well, the kitchen basically is probably going to be
0:40:46 > 0:40:49plastering the ceiling, redecoration,
0:40:49 > 0:40:52we'll probably leave the tiles and the kitchen itself
0:40:52 > 0:40:54- cos it's only three years old. - OK.
0:40:54 > 0:40:56Bathroom is completely being changed.
0:40:56 > 0:40:59If we can save the bath because it's an old cast-iron, that'll be great.
0:40:59 > 0:41:02- Yes.- But if we can't, then it'll be a completely new bathroom suite,
0:41:02 > 0:41:05tiles. The floor in the back bedroom is coming up
0:41:05 > 0:41:06cos there's a slight bow in it.
0:41:06 > 0:41:09And our work mainly will be doing, like,
0:41:09 > 0:41:12taking away the wall to make the lounge bigger.
0:41:12 > 0:41:15So are you creating just a larger lounge and losing a bedroom?
0:41:15 > 0:41:19Well, I don't see much point in having a third bedroom anyway.
0:41:19 > 0:41:24- I don't think it's going to increase the rental value.- It wouldn't work.
0:41:24 > 0:41:25No, it's not worth bothering.
0:41:25 > 0:41:29And all the work you've just told me about, what's the budget for that?
0:41:29 > 0:41:32Realistically, we're looking at between eight and ten.
0:41:32 > 0:41:36- OK.- I would say six.- It's normally the other way around, isn't it?
0:41:36 > 0:41:39- No, I'm the tight one.- OK.
0:41:39 > 0:41:43- And you're the realistic one? - I'm realistic. We'll see, we'll see.
0:41:43 > 0:41:47- OK, so let's go between six and ten, just to keep you safe.- Yeah.
0:41:47 > 0:41:49We're doing a big margin there,
0:41:49 > 0:41:53- so we'll be right anyway, won't we? - Exactly.- We're going to be covered.
0:41:53 > 0:41:55So, a broad spread of budgets
0:41:55 > 0:41:58and they have a broad range of timescales too.
0:41:58 > 0:42:00Sam would like to get it complete in three months,
0:42:00 > 0:42:03but knows there's no point in getting too much work done
0:42:03 > 0:42:07until the infamous crack is sorted by the freeholder.
0:42:07 > 0:42:10So Gary feels a more realistic timescale would be around
0:42:10 > 0:42:13eight to ten months. Who knows how long it's going to take them?
0:42:13 > 0:42:15But I was intrigued to find out
0:42:15 > 0:42:18what got the couple into property developing in the first place.
0:42:18 > 0:42:21To me, it's a release from having to go out in the pouring rain
0:42:21 > 0:42:24and work and all this kind of stuff. For Sam, it's been a passion.
0:42:24 > 0:42:27- Yeah, I love it.- She's always loved it, lives and breathes it.
0:42:27 > 0:42:30Is it something you both want to do full time or are you happy
0:42:30 > 0:42:32- just to...? - It's a full-time thing.
0:42:32 > 0:42:35Eventually, I mean, this is our second rental,
0:42:35 > 0:42:38eventually we'll build up a portfolio, so we've got a few.
0:42:38 > 0:42:42We're hoping the kids are going to jump in, they're 20 and 18.
0:42:42 > 0:42:45- OK.- So they'll be helping on this one, doing little bits.
0:42:45 > 0:42:47But, yeah, were trying to build something up.
0:42:47 > 0:42:50We're doing the foundations, the kids will take it further.
0:42:50 > 0:42:52We're just creating a living for us.
0:42:52 > 0:42:55It'll make their lives easier, not ours.
0:42:55 > 0:42:58- Sam, I wish you all the best. Good luck.- Thank you very much.
0:42:58 > 0:43:01- I hope it works out. Good luck, Gaz. - Thank you very much.- Pleasure.
0:43:01 > 0:43:05So, Sam and Gary are not worried about the crack, which is good news.
0:43:05 > 0:43:09They also read the legal pack, so they knew they'd have to
0:43:09 > 0:43:13contribute around £5,000 on running repairs on the building.
0:43:13 > 0:43:16Everything else, they seem to have under control.
0:43:16 > 0:43:19You can find out how they get on later in the programme.
0:43:22 > 0:43:26Well, the clock has been ticking and hopefully work has been progressing.
0:43:26 > 0:43:30And maybe even completed on our two remaining auction properties.
0:43:30 > 0:43:32Have the piles of bricks and the bags of cement
0:43:32 > 0:43:36been put to good use, and has the paint dried on the walls?
0:43:36 > 0:43:37Let's find out.
0:43:41 > 0:43:44Earlier in the show, Lucy was in Shepherd's Bush in West London
0:43:44 > 0:43:48to visit this one-bedroom, lower ground floor flat,
0:43:48 > 0:43:52up for auction with a guide price of £275,000 plus.
0:43:55 > 0:43:58With Queens Park Rangers stadium just up the road,
0:43:58 > 0:44:02football might not be coming home, but it's a pretty close neighbour.
0:44:02 > 0:44:06And on match days, well, it can get pretty busy around here.
0:44:06 > 0:44:10So, potential problems outside the flat, but what about inside?
0:44:10 > 0:44:14Now, basement flats do have a bit of a rep for being
0:44:14 > 0:44:18dark, dingy, dismal, damp,
0:44:18 > 0:44:20and this property has all of that.
0:44:20 > 0:44:23And that was just the Ds.
0:44:23 > 0:44:27It's also cramped, cluttered, cold and its condition? Not cool.
0:44:29 > 0:44:35Not a bad space, although up there you've got some damp, peeling paper,
0:44:35 > 0:44:36it's in a right state.
0:44:38 > 0:44:41But that didn't deter local property developer Simrit
0:44:41 > 0:44:45from making a successful bid of 350 grand for this place.
0:44:46 > 0:44:49In fact, for Simrit, the messier the better.
0:44:49 > 0:44:52I love the fact that it's a real mess because it just means
0:44:52 > 0:44:54there's more value to be added to the property.
0:44:54 > 0:44:57He planned to turn this into a two-bedroom,
0:44:57 > 0:45:00two-bathroom flat, and depending on planning permission,
0:45:00 > 0:45:03extend out to the overgrown garden.
0:45:03 > 0:45:07And he was happy to admit that this wasn't his idea.
0:45:07 > 0:45:10There's a property down the road that has been remodelled,
0:45:10 > 0:45:14and I've done a bit of snooping around, and I found the architects
0:45:14 > 0:45:17and I'm basically just going to copy that exact floor plan.
0:45:17 > 0:45:20With a budget of £70,000 and a timescale of six months,
0:45:20 > 0:45:24Simrit set out immediately to tackle the planning permission,
0:45:24 > 0:45:28negotiating a lease extension and seeing if the freeholder
0:45:28 > 0:45:31was willing to sell some of the back garden.
0:45:31 > 0:45:34A year and seven months later, we're back.
0:45:51 > 0:45:53You know, sometimes it's hard to believe
0:45:53 > 0:45:55we're back at the same property.
0:45:55 > 0:45:57This is staggeringly different.
0:45:57 > 0:46:00The layout of the flat has been reconfigured to provide
0:46:00 > 0:46:03a lovely, bright bedroom at the front,
0:46:03 > 0:46:07a bathroom and then a larger en-suite bedroom at the back.
0:46:07 > 0:46:10But the biggest transformation has been the addition
0:46:10 > 0:46:14of an extension which houses a large kitchen-diner.
0:46:14 > 0:46:16We went for a design that sunk it a little bit,
0:46:16 > 0:46:18hence the stairs there.
0:46:18 > 0:46:20And create lots of light, two roof lights,
0:46:20 > 0:46:23obviously the big, floor-to-ceiling sliding doors.
0:46:23 > 0:46:26And then just the window onto the lightwell there.
0:46:26 > 0:46:30For a lower ground floor flat, it's very light, open, airy.
0:46:30 > 0:46:33And the other thing I like is from the road you can't tell
0:46:33 > 0:46:37that this is actually quite a big, spacious, roomy flat.
0:46:37 > 0:46:39And I quite like that about it as well.
0:46:39 > 0:46:42And before the builders could begin the extension,
0:46:42 > 0:46:44Simrit had to clear the back garden.
0:46:45 > 0:46:47That was a massive job in itself.
0:46:47 > 0:46:49We chopped down two trees in the back
0:46:49 > 0:46:51that had been sitting there for about 30 years.
0:46:51 > 0:46:56Cleared out a lot of the rubbish, it was a big job by itself, that.
0:46:56 > 0:47:00The slabbed area marks the boundary of Simrit's land,
0:47:00 > 0:47:02with the rest belonging to his upstairs neighbour.
0:47:02 > 0:47:05And he's had to install a stairway
0:47:05 > 0:47:08to allow them access to their part of the garden.
0:47:08 > 0:47:10But he's keen to own the whole lot.
0:47:10 > 0:47:12We're still in negotiation,
0:47:12 > 0:47:14I'm trying to buy it off the lady upstairs.
0:47:14 > 0:47:18I'd actually hope to build like a studio right at the back,
0:47:18 > 0:47:21which somebody else about three doors down has done.
0:47:21 > 0:47:24And what's been the biggest challenge he's had to face?
0:47:24 > 0:47:27The trickiest part really was
0:47:27 > 0:47:30because this has been sunken down by about a metre,
0:47:30 > 0:47:34it was removing all of the soil from here through the house
0:47:34 > 0:47:38and then getting it all onto a skip and then getting it carted away.
0:47:39 > 0:47:43This was scheduled as a six-month project, but took a lot longer.
0:47:43 > 0:47:44One thing I realise now
0:47:44 > 0:47:47is that things always take longer than you expect them to.
0:47:47 > 0:47:50Especially in London and especially a lower ground-floor flat
0:47:50 > 0:47:52like this, where you've got parties
0:47:52 > 0:47:55on all three sides, above you, left and right.
0:47:55 > 0:47:59And by the time all of the planning issues had been resolved,
0:47:59 > 0:48:01the party wall issues,
0:48:01 > 0:48:05the first work on the house really only started taking place
0:48:05 > 0:48:07about 11 months after I'd bought it.
0:48:07 > 0:48:10But the actual build itself has taken about seven months,
0:48:10 > 0:48:13which I'm very pleased about, for the amount of work that's been done.
0:48:13 > 0:48:16But it's just little niggly bits here and there that are going on,
0:48:16 > 0:48:18otherwise it's ready to move into.
0:48:19 > 0:48:21And who's going to be moving in?
0:48:21 > 0:48:23When he first bought the property,
0:48:23 > 0:48:25Simrit wasn't sure whether to sell or rent.
0:48:25 > 0:48:29Yeah, the plan now is I'm actually moving into this flat.
0:48:29 > 0:48:32I decided that it was such a lovely space, I like the area,
0:48:32 > 0:48:34I think it's up and coming.
0:48:34 > 0:48:38I just think it's a good place for me to be at this stage in my life.
0:48:38 > 0:48:43So, has he managed to stick to his original budget of £70,000?
0:48:45 > 0:48:48I actually ended up coming in at around £125,000.
0:48:48 > 0:48:52But that also includes £20,000 for the lease extension
0:48:52 > 0:48:55and the extra spec that I put into the house,
0:48:55 > 0:48:57so I'm quite happy with it.
0:48:57 > 0:49:00The gloom has been banished from this flat for good.
0:49:00 > 0:49:03But will the finances be as bright and cheerful?
0:49:07 > 0:49:11We asked two local estate agents along to see the finished result
0:49:11 > 0:49:14and give us an idea of how much this flat is now worth,
0:49:14 > 0:49:17starting with the agent who originally viewed the property.
0:49:17 > 0:49:20My first impressions of the property are very good.
0:49:20 > 0:49:24You know, adding another bathroom, which is excellent,
0:49:24 > 0:49:26certainly for renting and obviously resale.
0:49:26 > 0:49:29And it's nice to see things like brushed aluminium sockets,
0:49:29 > 0:49:31double-glazed sash windows,
0:49:31 > 0:49:34all these things help massively in achieving your best price.
0:49:34 > 0:49:37My first impressions of the property are very good.
0:49:37 > 0:49:39In terms of the way it's been refurbished,
0:49:39 > 0:49:42but also the space, the way the flat flows,
0:49:42 > 0:49:47the flow of light that it has, I think he's done a very good job.
0:49:47 > 0:49:50And you've got that direct access going out onto the garden.
0:49:50 > 0:49:54For a lot of people, that is very interesting and quite a premium.
0:49:54 > 0:49:56And so to values.
0:49:56 > 0:50:00Simrit has spent a total of £475,000 on this project.
0:50:00 > 0:50:03What do the agents reckon this flat could sell for?
0:50:05 > 0:50:08We wouldn't be looking to put it on at £725,000
0:50:08 > 0:50:12and expect to achieve £725,000 or extremely close to it.
0:50:12 > 0:50:17I would expect it to achieve a price from £700,000 to £750,000.
0:50:17 > 0:50:19Those figures mean that Simrit could earn
0:50:19 > 0:50:26a pre-tax profit of between £225,000 and £275,000,
0:50:26 > 0:50:28minus fees and expenses, of course.
0:50:28 > 0:50:30That's actually brilliant.
0:50:30 > 0:50:34The 750 one would represent a 50% return on the investment,
0:50:34 > 0:50:37which is more than I could have hoped for.
0:50:37 > 0:50:40With just a few finishing touches to add,
0:50:40 > 0:50:42Simrit is almost ready to move in.
0:50:42 > 0:50:45I think this one is definitely going to be home for a bit.
0:50:45 > 0:50:47I've got a bit of space to grow into it
0:50:47 > 0:50:50and also maybe move in the girlfriend at some point.
0:50:55 > 0:50:58Time to take a trip back to Telford, where I saw a first-floor flat
0:50:58 > 0:51:02that was in need of some modernising and reconfiguring,
0:51:02 > 0:51:06as this stud wall had been added to create a third bedroom
0:51:06 > 0:51:08off the living room, and it just didn't work for me.
0:51:08 > 0:51:11However, I had a more serious concern.
0:51:11 > 0:51:13Puh! Look at this.
0:51:13 > 0:51:14Have a look at that here.
0:51:15 > 0:51:18Look at the crack on this wall.
0:51:18 > 0:51:21It goes right from the bottom all the way to the top,
0:51:21 > 0:51:23and it's quite open as well.
0:51:23 > 0:51:25As I look through there,
0:51:25 > 0:51:28I can actually see light on the other side, it's that bad.
0:51:30 > 0:51:33There was more evidence of movement in other rooms too.
0:51:33 > 0:51:38But this didn't put a serious crack in my confidence in this property
0:51:38 > 0:51:40because it is a leasehold flat,
0:51:40 > 0:51:44so the freeholder would be the one responsible for fixing this.
0:51:44 > 0:51:47But you'd have to get in touch with them before buying this property
0:51:47 > 0:51:50to see if they actually planned to do so.
0:51:50 > 0:51:52That's just what Sam and Gary did
0:51:52 > 0:51:55before they paid 66 grand for this place.
0:51:55 > 0:51:59Sam had already ascertained that the freeholder's insurance
0:51:59 > 0:52:02might cover the structural work, which is good news.
0:52:02 > 0:52:05They would, of course, have to spend a fair bit
0:52:05 > 0:52:07to modernise this flat internally,
0:52:07 > 0:52:10but they couldn't agree on how much exactly.
0:52:10 > 0:52:13- Realistically, we're looking between eight and ten.- OK.
0:52:13 > 0:52:18- No, I would say six.- It's normally the other way round, isn't it?
0:52:18 > 0:52:20- No, I'm the tight one.- OK.
0:52:20 > 0:52:23- And you're the realistic one? - I'm realistic, yeah.
0:52:23 > 0:52:25We'll see, we'll see.
0:52:25 > 0:52:28We will indeed. And their timescale depended on
0:52:28 > 0:52:31when the freeholder would sort out the structural issues.
0:52:31 > 0:52:36We're back four months later to see if those cracks have sorted.
0:52:36 > 0:52:38And yes, they have.
0:52:38 > 0:52:41The freeholder had metal ties put to the end of the vault
0:52:41 > 0:52:44to keep it in place and filled in those cracks.
0:52:44 > 0:52:47All Gary and Sam had to do was ask...
0:52:47 > 0:52:50# Will you fill me in? #
0:52:52 > 0:52:56This meant Sam and Gary could get on with renovating the inside,
0:52:56 > 0:52:58which would include removing the partition wall
0:52:58 > 0:53:00and the redundant third bedroom.
0:53:02 > 0:53:05There are big changes in the bathroom too.
0:53:13 > 0:53:15The kitchen was only three years old,
0:53:15 > 0:53:17so just needed a clean and fresh flooring.
0:53:18 > 0:53:22One of the cupboard doors has been replaced, as it was damaged.
0:53:22 > 0:53:26The couple have created a really nice flat, but I'm keen to find out
0:53:26 > 0:53:28who was on the money when it came to the budget.
0:53:28 > 0:53:33Was it realistic Gary's ten grand, or tight-fisted Sam's six grand?
0:53:38 > 0:53:41The original allowance I gave was because I was allowing
0:53:41 > 0:53:43possibly for us having to fix the crack.
0:53:43 > 0:53:47- You were getting that in quick, weren't you?- Yeah, and the kitchen.
0:53:47 > 0:53:50- And the kitchen. So I was probably spot-on.- No, I don't think so.
0:53:50 > 0:53:54I just thought if the kitchen had to be done or we had to fix the crack,
0:53:54 > 0:53:57we'd be getting close to ten. But the final figure was...
0:53:57 > 0:54:00Well, we have got to a figure, I think, now,
0:54:00 > 0:54:03of about £5,800,
0:54:03 > 0:54:05but there is a cooker to go in as well.
0:54:05 > 0:54:09So we are just over my £6,000.
0:54:09 > 0:54:12I would have probably liked to have been five.
0:54:12 > 0:54:16- But we've done well, considering. - But we have done all right.
0:54:16 > 0:54:20Aside from not having to spend money on the crack, another reason
0:54:20 > 0:54:23why they came in nearer the lower estimate was the fact that
0:54:23 > 0:54:26their two sons got involved in helping do the work in the flat.
0:54:28 > 0:54:32- I think it's been quite a family affair, really, hasn't it?- Yeah.
0:54:32 > 0:54:34On doing up the property.
0:54:34 > 0:54:38The redecoration inside was mainly down to you and the lads, wasn't it?
0:54:38 > 0:54:42- Yeah.- The youngest helped with ripping stuff out.
0:54:42 > 0:54:46He likes that bit. And Kieran helped mainly with redecoration.
0:54:46 > 0:54:49Yeah, but he was getting a bit bored, wasn't he?
0:54:49 > 0:54:50Yeah, they get a bit bored.
0:54:50 > 0:54:55But both helped out with sorting the garden out. And I did the garden.
0:54:55 > 0:54:57- And you mainly did the inside of here, didn't you?- Yeah.
0:54:57 > 0:55:00- Decoration and the blinds. - And the cleaning.- And the cleaning.
0:55:00 > 0:55:03- And the cleaning.- And the cleaning. - And the cleaning.
0:55:03 > 0:55:06That was all done, and the doors, a carpenter came in to do that.
0:55:06 > 0:55:08So, yeah, had a few trades in,
0:55:08 > 0:55:12but just to do certain things that we wanted done properly.
0:55:12 > 0:55:15Spot-on. There are some job you really need the professionals for.
0:55:15 > 0:55:17And don't forget,
0:55:17 > 0:55:21you must have qualified people when it comes to gas and electrics.
0:55:21 > 0:55:22Gary and Sam were planning on
0:55:22 > 0:55:25adding this property to their rental portfolio.
0:55:25 > 0:55:28But now it seems like they're going to change their minds
0:55:28 > 0:55:29and try and sell the flat.
0:55:29 > 0:55:33- We can change our minds, can't we? - Yeah, as soon as possible,
0:55:33 > 0:55:35I'd like a break. That's all it is.
0:55:35 > 0:55:38I don't mind doing the properties, I mean rental-wise,
0:55:38 > 0:55:40- it's just a case of... - I think that's why we've gone
0:55:40 > 0:55:43over-budget a bit with putting the blinds in really.
0:55:45 > 0:55:47To see if it will sell on.
0:55:47 > 0:55:50And if it doesn't, it's not going to be any hardship, is it?
0:55:50 > 0:55:52It'll just go on for rental.
0:55:52 > 0:55:56So we'll just test the water, see what happens.
0:55:56 > 0:56:01Now would be a perfect time to ask around two local agents
0:56:01 > 0:56:04to see if they think the flat is ready for the sales market.
0:56:04 > 0:56:08First, let's hear from the agent who saw it last time.
0:56:08 > 0:56:10It's had a really good refresh and refurb.
0:56:10 > 0:56:13The selling points, I would say, would be the size of it.
0:56:13 > 0:56:16It's really very big for a two-bedroom flat.
0:56:16 > 0:56:19It also has a garden, which is quite rare. And it has parking too.
0:56:19 > 0:56:22What I'm most impressed with this property
0:56:22 > 0:56:25is the standard of finish that's been carried out throughout.
0:56:25 > 0:56:27And also particularly the size.
0:56:27 > 0:56:30The size in these types of flats are much larger
0:56:30 > 0:56:33than you'd get in comparable new-build properties.
0:56:33 > 0:56:36So yeah, generally very impressed.
0:56:36 > 0:56:40But will Gary and Sam be impressed with their sales figures,
0:56:40 > 0:56:43bearing in mind they've spent nearly 72 grand on this flat?
0:56:46 > 0:56:51In the property were to be resold, I would suggest asking £89,950.
0:56:51 > 0:56:54If I was to place this property on the market today,
0:56:54 > 0:56:59I'd be suggesting to the clients an asking price of round about £95,000.
0:56:59 > 0:57:02- Yeah, we'd like the top end of that really,
0:57:02 > 0:57:05because we think it's worth it. There's a lot of work into it.
0:57:05 > 0:57:08- See how we get on, really, isn't it?- Yeah.
0:57:08 > 0:57:12And if it doesn't sell, then let's go for the rental.
0:57:13 > 0:57:16If they did manage to achieve the higher figure,
0:57:16 > 0:57:20then that would give them a cracking profit of 23 grand.
0:57:20 > 0:57:23That's not including taxes and fees, of course.
0:57:23 > 0:57:27If they were unable to sell and they had to rent instead,
0:57:27 > 0:57:30then the agents feel a figure of around £500 a month,
0:57:30 > 0:57:34giving them just over an 8% yield, which is a reasonable return.
0:57:34 > 0:57:38Either way, this project has been a success for Gary and Sam.
0:57:38 > 0:57:40So, will there be a next one?
0:57:40 > 0:57:43It can be a stressful experience sometimes
0:57:43 > 0:57:45when you're trying to juggle everything about.
0:57:45 > 0:57:47But otherwise it's a good experience.
0:57:47 > 0:57:49It's nice to get to this point, it's nice to get to this stage,
0:57:49 > 0:57:52- cos it makes it all worthwhile. - I like the messy bit.
0:57:52 > 0:57:54It makes it all worthwhile when you get to this stage.
0:57:54 > 0:57:57Summing up the experience - I just love it.
0:57:57 > 0:57:59Bring on the next one, I think.
0:58:02 > 0:58:06If you are thinking about visiting a property auction any time soon,
0:58:06 > 0:58:08I hope we've given you a bit of inspiration.
0:58:08 > 0:58:10Yes, but if you'd rather watch the action
0:58:10 > 0:58:12from the comfort of your sofa,
0:58:12 > 0:58:14well, I think we've got that covered too.
0:58:14 > 0:58:17So make sure you join us next time for more Homes Under The Hammer.
0:58:17 > 0:58:18- Goodbye.- Goodbye.