0:00:02 > 0:00:04Hello and welcome to the show. The property market is ever-changing.
0:00:04 > 0:00:07Sometimes it's difficult to keep track of what's going on.
0:00:07 > 0:00:09Yeah, that's right, and I think here on Homes Under The Hammer,
0:00:09 > 0:00:13we have to get through so much, so I think it's a good time to bring
0:00:13 > 0:00:15in a new body to the team in the shape of our brand-new member,
0:00:15 > 0:00:17Martel Maxwell.
0:00:17 > 0:00:19- Hello.- Hello, Martel, are you ready for some auction action?
0:00:19 > 0:00:21Oh, I can't wait to get stuck in.
0:00:21 > 0:00:24Property is a real passion of mine, from building my own home,
0:00:24 > 0:00:27to owning commercial property and I can't wait to find out what's been
0:00:27 > 0:00:28bought under the hammer.
0:00:55 > 0:00:58Well, when it comes to investing in property,
0:00:58 > 0:01:01auctions are a pretty good place to start.
0:01:01 > 0:01:02There are often bargains to be had.
0:01:02 > 0:01:05Yeah, you need to do your research, leave no stone unturned,
0:01:05 > 0:01:08as there's bargains out there if you know what you're looking for.
0:01:08 > 0:01:12So, let's find out if today's buyers did bag a bargain or did they bite
0:01:12 > 0:01:13off more than they could chew?
0:01:15 > 0:01:19First up, Margate, Kent, and it's a good thing I work out.
0:01:19 > 0:01:20No lift.
0:01:21 > 0:01:24Top floor. That's the bad news.
0:01:26 > 0:01:30And in Nottinghamshire, man's best friend is making his presence known.
0:01:31 > 0:01:34The theme continues. There's a waft of dog.
0:01:36 > 0:01:40Whilst in Longbridge, a good team always know their strengths.
0:01:40 > 0:01:43- You've got the brains...- Yeah. - ..and you've got the brawn.
0:01:43 > 0:01:45Yeah, definitely.
0:01:47 > 0:01:50All these properties have been sold at auction and we'll find out who
0:01:50 > 0:01:54bought them and what they paid when they went under the hammer.
0:01:54 > 0:01:55Good bidding, you got it, well done!
0:02:01 > 0:02:04Oh, it's a lovely day to be by the seaside and it doesn't get much
0:02:04 > 0:02:06better than Margate in Kent.
0:02:07 > 0:02:13Well, Margate has been a popular holiday destination for over 250 years.
0:02:13 > 0:02:16In recent times, it has had its ups and downs.
0:02:16 > 0:02:20However, I've got a feeling that we're currently entering a period
0:02:20 > 0:02:22where it's definitely on the up.
0:02:23 > 0:02:27That might be a small clue as to the type of property I'm here to view,
0:02:27 > 0:02:30but as well as that, Margate has undergone a considerable amount of
0:02:30 > 0:02:32investment in the last few years.
0:02:32 > 0:02:35Not only is there the Turner contemporary art gallery
0:02:35 > 0:02:40but also Margate's famous amusement park has recently reopened its doors.
0:02:41 > 0:02:44Well, situated literally right on the seafront
0:02:44 > 0:02:49is the property I'm here to see. It is a top floor flat.
0:02:49 > 0:02:53Has a guide price of 85 to £88,000.
0:02:53 > 0:02:56One bedroom. Top floor, that's the good news,
0:02:56 > 0:02:59it's going to have some nice views perhaps.
0:02:59 > 0:03:00No lift...
0:03:01 > 0:03:04..top floor, that's the bad news.
0:03:06 > 0:03:09OK, up four floors could deter potential buyers
0:03:09 > 0:03:12and I'm not exactly overly enamoured myself.
0:03:12 > 0:03:16# Let's get physical, physical
0:03:16 > 0:03:18# I want to get physical
0:03:18 > 0:03:20# Let's get into physical
0:03:20 > 0:03:25# Let me hear your body talk, body talk
0:03:25 > 0:03:28# Let me hear your body talk. #
0:03:28 > 0:03:30HE SIGHS
0:03:31 > 0:03:37Right, well, joking aside, that definitely cuts out anyone
0:03:37 > 0:03:40with mobility issues from owning this flat.
0:03:40 > 0:03:45Four flights of stairs, no lift and more than that, though,
0:03:45 > 0:03:47it's not really getting yourself up here,
0:03:47 > 0:03:52it's getting the building materials up here and anything you need to do,
0:03:52 > 0:03:57any bits of 8x4 ply or plasterboard or bathroom fittings
0:03:57 > 0:04:01or kitchen units, they're all going to have to be lugged up those stairs.
0:04:01 > 0:04:04That's a serious issue and some builder is going to add a few
0:04:04 > 0:04:08noughts onto their bill or estimate for doing this place as a result,
0:04:08 > 0:04:09so lots of negatives to start with.
0:04:10 > 0:04:12Rewind to let's have a look at the flat.
0:04:12 > 0:04:14Ooh, wow, this is quite nice.
0:04:14 > 0:04:15Nice space.
0:04:15 > 0:04:19Wow. Big living area here and then the bathroom.
0:04:19 > 0:04:22Yes, you are going to need a bath and a shower and a loo,
0:04:22 > 0:04:24all those are going to have to be brought up those stairs, but again,
0:04:24 > 0:04:26a good size.
0:04:26 > 0:04:29So, apart from the obvious, that it's a devil of a job to get here,
0:04:29 > 0:04:32once you get here, I'm a-liking what I'm a-seeing.
0:04:34 > 0:04:38Yes, it could do with a lick of paint and new carpets but this is a
0:04:38 > 0:04:41very spacious flat for a one bedroom property.
0:04:41 > 0:04:44It could be ideal for first-time buyers and young couples.
0:04:48 > 0:04:52So, turn left as you come through the front door and you get this,
0:04:52 > 0:04:57a kitchen which is definitely tired and dated and certainly needs to be
0:04:57 > 0:04:59replaced, but it's not a bad size.
0:04:59 > 0:05:01But then this is the bedroom.
0:05:01 > 0:05:04Now, why am I saying that in a kind of negative kind of way?
0:05:04 > 0:05:05Well, I'm not.
0:05:05 > 0:05:09Only because I can see what you can't yet, which is that.
0:05:10 > 0:05:13Wow, what an amazing view of the beach at Margate
0:05:13 > 0:05:16and the Winter Gardens and everything.
0:05:16 > 0:05:21A just stunning, stunning, stunning view that really sets this flat apart.
0:05:21 > 0:05:25However, currently it's only viewed while you're doing the washing up or
0:05:25 > 0:05:28whatever else in the kitchen or sleeping in the bedroom,
0:05:28 > 0:05:29so it's not ideal.
0:05:29 > 0:05:31How about this for being a bit radical?
0:05:31 > 0:05:35Take out this wall. Take this wall out to create a massive great
0:05:35 > 0:05:41living/kitchen area, make the bit at the back there your bedroom.
0:05:41 > 0:05:43The only issue with that is you then have to access the loo for the
0:05:43 > 0:05:47bedroom so maybe a bit of a stud partition to create a little
0:05:47 > 0:05:50corridor so you can access the loo without going into the bedroom.
0:05:50 > 0:05:52Then, suddenly, you've got this room here.
0:05:52 > 0:05:55Why not put a massive great window in the end,
0:05:55 > 0:05:58increase the size of the window, make the whole of that front of that
0:05:58 > 0:06:01wall glass so you get this amazing view across the seafront?
0:06:01 > 0:06:04Before you do all of that, you probably have to get the approval
0:06:04 > 0:06:07of lots of people including the planners and the person who owns the building.
0:06:07 > 0:06:09They'll probably say no. Still, you can dream, eh?
0:06:09 > 0:06:12# Dreams can come true
0:06:12 > 0:06:14# Look at me babe I'm with you
0:06:14 > 0:06:16# You know you gotta have hope
0:06:16 > 0:06:19# You know you gotta be strong. #
0:06:20 > 0:06:24OK, I might be getting a little overexcited but views like that
0:06:24 > 0:06:28inspire ambition and this flat is crying out to be reconfigured
0:06:28 > 0:06:30in one way or another.
0:06:30 > 0:06:33Let's hear what a local estate agent thinks of this property that
0:06:33 > 0:06:36had a guide price of 85 to £88,000.
0:06:40 > 0:06:42I think it's got a lot of potential.
0:06:42 > 0:06:45I think the flat could be of a very high standard.
0:06:45 > 0:06:49I would try and change the layout to make sure that the sea views were
0:06:49 > 0:06:53from the reception room and possibly the bathroom,
0:06:53 > 0:06:58so switch the kitchen with the toilet and have it that way round.
0:07:00 > 0:07:03We're agreed then. Those sea views need to be capitalised on.
0:07:03 > 0:07:06However, it will depend on permissions from the freeholder,
0:07:06 > 0:07:08the property management, if there is one,
0:07:08 > 0:07:10and, of course, it needs to meet building relations.
0:07:11 > 0:07:15Relocating plumbing and electrics can be complex and expensive.
0:07:15 > 0:07:18Would it be worth a major investment?
0:07:18 > 0:07:22For instance, what sort of sales figures could it achieve once renovated?
0:07:25 > 0:07:27The value I'd put on this flat when it's finished
0:07:27 > 0:07:32would be around 120 to £130,000.
0:07:32 > 0:07:34Unless you got it close to the guide price,
0:07:34 > 0:07:38major reconfiguring could really make these numbers quite tight.
0:07:39 > 0:07:42What about a long-term view in this up and coming area?
0:07:42 > 0:07:43What could it rent for?
0:07:44 > 0:07:47I believe the rental we could achieve in this property would be
0:07:47 > 0:07:50- £500 per calendar month.- And what about as a holiday let?
0:07:50 > 0:07:52What could that bring in?
0:07:52 > 0:07:54For a holiday let in peak season,
0:07:54 > 0:07:58you'd be looking at roughly 300 to £400 per week.
0:07:58 > 0:08:01Well, I think if you take everything into consideration,
0:08:01 > 0:08:03the guide price of the flat, the location,
0:08:03 > 0:08:05what's happening in Margate in general,
0:08:05 > 0:08:08I think this is a really good opportunity and more than that,
0:08:08 > 0:08:10I really like it as a flat.
0:08:10 > 0:08:12Especially that view.
0:08:12 > 0:08:14Let's see who agreed when it went under the hammer.
0:08:19 > 0:08:22Where do you want to start me on this? 85 to 88 is the guide price.
0:08:22 > 0:08:25Start me at £85,000. Straight in at £85,000, I've got you.
0:08:25 > 0:08:2885, now 88. 80...
0:08:28 > 0:08:30I think that's six, isn't it?
0:08:30 > 0:08:34That's 86. 88 against you. 88, I've got.
0:08:34 > 0:08:37Now 90. A bit of a shake of the head that one, I think.
0:08:37 > 0:08:40At 88 then I have to the maiden bidder sitting behind.
0:08:40 > 0:08:44Otherwise we're going to sell it for £88,000 for the first time,
0:08:44 > 0:08:48second time, sure you're all done? 88...
0:08:48 > 0:08:50Just in time, that's 90.
0:08:50 > 0:08:52At 92, if you like.
0:08:52 > 0:08:5392, he says, "Yes."
0:08:53 > 0:08:56For the first time then at 92, thanks for your bidding.
0:08:56 > 0:08:58For the second time at 92.
0:08:58 > 0:09:01Third and final time, everyone's had a fair chance.
0:09:01 > 0:09:03It's yours at £92,000.
0:09:03 > 0:09:05Well done.
0:09:05 > 0:09:08After a little battle, the property was bought for £92,000
0:09:08 > 0:09:13by Tony and his 20-year-old son, Calum.
0:09:13 > 0:09:17Tony already has a few properties rented out both here and abroad
0:09:17 > 0:09:20but his latest acquisition is more of a family affair.
0:09:21 > 0:09:24- Tony, Calum, great to meet you both. - Nice to meet you.- Congratulations!
0:09:24 > 0:09:27- Thank you.- That is a fun flat, actually, isn't it?
0:09:27 > 0:09:31Yeah, it is, it's got lots of dynamics that we liked and lucky
0:09:31 > 0:09:33enough, we went to the auction and we were successful.
0:09:33 > 0:09:36Right, so why did you buy it?
0:09:37 > 0:09:43The views. The views sold the flat to us and the location.
0:09:43 > 0:09:46Ultimately, it's for Calum, first foot on the ladder.
0:09:46 > 0:09:48- Oh, is it?- On the property market.
0:09:48 > 0:09:50So this is going to be your house?
0:09:50 > 0:09:52Or we'll rent it out.
0:09:52 > 0:09:54- OK.- Yeah.
0:09:54 > 0:09:57It's always exciting when young people take their first steps on
0:09:57 > 0:10:00the property ladder. The reason they're not certain is the fact that
0:10:00 > 0:10:03the family live an hour away in Sidcup.
0:10:03 > 0:10:06Calum works partly with his dad but also in a restaurant,
0:10:06 > 0:10:10so they've got to take time to work out what to do with this purchase.
0:10:10 > 0:10:14So, what did you think about it the first time you saw it, Calum?
0:10:14 > 0:10:16I thought it was really nice. The view was fantastic.
0:10:16 > 0:10:20You walk in and see the view in the front room, it was really nice.
0:10:20 > 0:10:27- It definitely needed some work to it but I think we can sort something out.- Yeah.
0:10:27 > 0:10:30One of the big things, of course, is the fact that you have to walk up the stairs.
0:10:30 > 0:10:33To do any building work, you're going to have to be bringing stuff up.
0:10:33 > 0:10:37Kitchen units and bathroom units and sand and cement and plaster.
0:10:37 > 0:10:40Yeah, it's going to be a tough job for the team that get this,
0:10:40 > 0:10:45but they will be well aware when they come and view it
0:10:45 > 0:10:47and we will point it out, the difficulties.
0:10:47 > 0:10:51And fitter by the time they finish than when they start!
0:10:51 > 0:10:53Definitely, definitely.
0:10:53 > 0:10:55So, tell me what you're going to do to it then.
0:10:55 > 0:10:58Calum, you've got some ideas already?
0:10:58 > 0:11:01I want to make this into a bedroom, the room we're in now.
0:11:01 > 0:11:05- OK.- Then make where the view is, make that into a front room,
0:11:05 > 0:11:08maybe knock the wall down, make the kitchen a little bit bigger.
0:11:08 > 0:11:12- OK.- Yeah, so, hopefully we can do that.
0:11:12 > 0:11:14Now, knocking walls down,
0:11:14 > 0:11:17can you just do that or do you have to get approval?
0:11:17 > 0:11:20No, we would get a structural engineer involved,
0:11:20 > 0:11:24make sure we can do it and then we'd speak to the leaseholders...
0:11:24 > 0:11:25- Right.- ..and the management agents,
0:11:25 > 0:11:28just to make sure they're happy with everything we intend to do.
0:11:28 > 0:11:31Yeah. I mean I just love the idea of sticking windows absolutely
0:11:31 > 0:11:33everywhere. Windows on the walls,
0:11:33 > 0:11:35as many windows as you could possibly have.
0:11:35 > 0:11:36That would be great.
0:11:36 > 0:11:41Yeah, and with the views, it would be spectacular but I think under the
0:11:41 > 0:11:44jurisdiction, we would not be allowed to do any of that.
0:11:44 > 0:11:46Not allowed to do it.
0:11:46 > 0:11:49# I fought the law and the law won
0:11:49 > 0:11:53# I fought the law and the law won. #
0:11:53 > 0:11:57I said it was a wacky idea and that's precisely why planning
0:11:57 > 0:11:59departments have to be consulted,
0:11:59 > 0:12:02to save our buildings from our wild imaginings.
0:12:02 > 0:12:06This is still going to be an amazing flat for Calum and Tony thinks a
0:12:06 > 0:12:0915 to £20,000 budget and a time scale of up to six months
0:12:09 > 0:12:11should be plenty to get the flat into shape.
0:12:12 > 0:12:14So, what do you do when you're not doing this?
0:12:14 > 0:12:17I've actually got my own building company.
0:12:17 > 0:12:20- Oh, great.- It's a building company that specialises in working around
0:12:20 > 0:12:23- the lift industry.- The lift industry?
0:12:23 > 0:12:24Yes, it is.
0:12:24 > 0:12:26So, you install lifts?
0:12:26 > 0:12:29We do the building work for companies that install lifts.
0:12:29 > 0:12:31- Right.- So, they put the lifts in.
0:12:31 > 0:12:34Could this not be number one job?
0:12:34 > 0:12:37We would definitely look into the prospect of doing that.
0:12:37 > 0:12:40Well, listen, congratulations to both of you.
0:12:40 > 0:12:41- Thank you.- Good luck.- Thank you.
0:12:41 > 0:12:44- I'll look forward to seeing how you get on.- Thank you.
0:12:44 > 0:12:46When we come back, there might even be a lift in here!
0:12:49 > 0:12:51Oh, boy, you couldn't make that kind of stuff up, could you?
0:12:53 > 0:12:58Calum and his dad heading up this top floor flat in a block of flats
0:12:58 > 0:13:00that hasn't got a lift when they run a company that installs the
0:13:00 > 0:13:02infrastructure to put lifts in.
0:13:02 > 0:13:05Maybe it's a marriage made in heaven, who knows?
0:13:05 > 0:13:07Certainly, it's a really good flat.
0:13:07 > 0:13:08How will they get on sorting it out?
0:13:08 > 0:13:10Will they get those extra size windows?
0:13:10 > 0:13:12You can find out later in the show.
0:13:16 > 0:13:19I'm close to the Nottinghamshire/Derbyshire border,
0:13:19 > 0:13:22four miles, in fact, from Bolsover.
0:13:22 > 0:13:25There's been a castle on this site since the 12th century.
0:13:25 > 0:13:29The property I'm here to see is in the picturesque village of
0:13:29 > 0:13:32Whaley Thorns, thorn being the Anglo Saxon for wood.
0:13:32 > 0:13:36But enough with the history lesson and if you want to get your
0:13:36 > 0:13:40bearings, it's just north of Langwith and west of Cuckney.
0:13:40 > 0:13:44Of course, we'll all have heard the famous Cuckney rhyming slang before.
0:13:44 > 0:13:47Apples and pears and all that!
0:13:47 > 0:13:49OK, maybe not.
0:13:49 > 0:13:50I've got to be honest with you.
0:13:50 > 0:13:52I love a cul-de-sac.
0:13:52 > 0:13:56There's no through traffic so it's a really safe place for kids to play
0:13:56 > 0:13:59and they're just often seems to be a great sense of community.
0:14:00 > 0:14:02This is the house I'm here to see,
0:14:02 > 0:14:07a two-bedroom bungalow with a guide price of £50,000 plus.
0:14:07 > 0:14:09So, let's see what you get for your money.
0:14:09 > 0:14:11- # Dead end street - Yeah
0:14:11 > 0:14:14- # Dead end street - Yeah.- #
0:14:16 > 0:14:18OK.
0:14:18 > 0:14:21Decent size. Good height, width.
0:14:21 > 0:14:24It doesn't seem pokey at all.
0:14:24 > 0:14:25Coming through to the...
0:14:25 > 0:14:30Oh, here we go, a definite whiff of dogs coming in.
0:14:30 > 0:14:33The person who owned this, I'm guessing, was a definite dog lover.
0:14:35 > 0:14:37A really good proportioned front room.
0:14:37 > 0:14:41And you know, it seems pretty solid.
0:14:41 > 0:14:45No immediate cracks or smell of damp, just dogs.
0:14:45 > 0:14:48You have a good sized window and actually, another window at the back,
0:14:48 > 0:14:50so the light's flooding in.
0:14:50 > 0:14:53It feels nice. Fireplace, well,
0:14:53 > 0:14:57it's well used and a few decades old,
0:14:57 > 0:15:00but you know what? These are all the rage.
0:15:00 > 0:15:02Maybe the saying's true, if you wait long enough,
0:15:02 > 0:15:05things come back into fashion.
0:15:05 > 0:15:07It's got a good feel to it. Onwards.
0:15:09 > 0:15:10OK, kitchen.
0:15:10 > 0:15:13The theme continues, there's a waft of dog.
0:15:13 > 0:15:15This is an original kitchen.
0:15:15 > 0:15:18You can tell they've tried to up-cycle it a bit but really,
0:15:18 > 0:15:20it's time to give up the ghost.
0:15:20 > 0:15:24Get rid of it and get a brand-new kitchen, definitely.
0:15:24 > 0:15:26The doors look like, well, they need renewed.
0:15:26 > 0:15:29They look like they could be a lot more secure.
0:15:29 > 0:15:34This is generously proportioned but hold on, this looks like...
0:15:34 > 0:15:36Yes, it is, it's a stud wall,
0:15:36 > 0:15:38which means it would be pretty easy to take down,
0:15:38 > 0:15:41and you could make this into a great open plan living.
0:15:41 > 0:15:44I'm a huge fan of that.
0:15:44 > 0:15:45Not to everyone's taste.
0:15:45 > 0:15:48I love it but it definitely gives the buyer another option.
0:15:50 > 0:15:53Out back and probably connected with that dog smell,
0:15:53 > 0:15:55the rear lawn is almost gone.
0:15:58 > 0:16:02The woodwork, too, has seen better days but the structure looks sound
0:16:02 > 0:16:05and there's a driveway so you could park off-road.
0:16:05 > 0:16:06Now, back inside.
0:16:08 > 0:16:13At the back of the house, you have a pretty small but well proportioned
0:16:13 > 0:16:17bedroom that needs a good lick of paint and modernisation,
0:16:17 > 0:16:22but looking around, there's nothing jumping out at me that says structural damage.
0:16:22 > 0:16:24It all seems pretty cosmetic.
0:16:24 > 0:16:28Here, OK, the bathroom has been designed for a disabled person in mind.
0:16:28 > 0:16:32There's no bath, there's a walk-in shower. It's dated.
0:16:32 > 0:16:36Going through to a bigger bedroom, the main bedroom.
0:16:36 > 0:16:39I like this. Plenty of light coming in and here,
0:16:39 > 0:16:43a wee bit of extra room for your cupboard space.
0:16:43 > 0:16:47Yes, it needs cosmetic work done but it wouldn't need much to make it
0:16:47 > 0:16:50feel fresh and really stamp your mark on it.
0:16:50 > 0:16:52I've got a good feeling about this place.
0:16:53 > 0:16:57Well, as they say in media circles, darling, it's time for an upsumm.
0:16:57 > 0:16:59That's a recap to you and me.
0:16:59 > 0:17:03There's a decent sized lounge which might be able to be made even bigger
0:17:03 > 0:17:05by knocking through to the kitchen.
0:17:06 > 0:17:09The small back bedroom is slightly bigger than a boxroom.
0:17:09 > 0:17:13The master bedroom needs the radiator checking and the wallpaper
0:17:13 > 0:17:16removed, but there's one feature I haven't shown you yet,
0:17:16 > 0:17:20the like of which I have never seen before.
0:17:20 > 0:17:22Look away if you're faint of heart.
0:17:24 > 0:17:26How many times have you been sat on the toilet,
0:17:26 > 0:17:29you've run out of loo roll and think, what am I going to do?
0:17:29 > 0:17:30Here lies the answer.
0:17:30 > 0:17:32Excuse me, loo roll!
0:17:36 > 0:17:38Sorted!
0:17:38 > 0:17:43Sorry, the director made me do it, but it does beg the question, doesn't it?
0:17:45 > 0:17:48Here to answer some questions, although probably not that one,
0:17:48 > 0:17:53is the local estate agent we've invited along for his opinion.
0:17:53 > 0:17:56I haven't noticed any structural problems with the property.
0:17:56 > 0:18:00It does require UPVC double glazing ideally and gas central heating,
0:18:00 > 0:18:03assuming that gas is available in this part of the village and
0:18:03 > 0:18:06ideally, the kitchen and shower room need refitting.
0:18:06 > 0:18:09It's clear there's work needed here,
0:18:09 > 0:18:12but it is reflected in the £50,000 plus guide price.
0:18:14 > 0:18:17What could this achieve on the rental market once done up?
0:18:17 > 0:18:20Once the works are completed, I could see this property then
0:18:20 > 0:18:22achieving £450 per calendar month.
0:18:22 > 0:18:25And on the sales market?
0:18:25 > 0:18:27Once the works have been completed on the property,
0:18:27 > 0:18:31I can see it achieving £65,000 on the open market.
0:18:31 > 0:18:34This is a good, solid house.
0:18:34 > 0:18:37Yes, it needs a lot of work done but really, it's all cosmetic
0:18:37 > 0:18:40and it could be a great money-maker for someone who gets
0:18:40 > 0:18:42it at the right price.
0:18:42 > 0:18:45Let's head to auction to find out who bagged it.
0:18:45 > 0:18:47We'll start it at...
0:18:47 > 0:18:49Let's start it at 40,000 for it.
0:18:49 > 0:18:5240? 40, I've got. At £40,000. 41 for it?
0:18:52 > 0:18:55Sitting at 41, 42, 43.
0:18:56 > 0:18:58Four? 45 behind.
0:18:58 > 0:19:0246. 47, 48, 49.
0:19:02 > 0:19:03Another one for it, 50.
0:19:03 > 0:19:05New money. 51.
0:19:05 > 0:19:07No? Sitting, new money then at £50,000.
0:19:07 > 0:19:0950,500, I'll take.
0:19:09 > 0:19:1051 for it?
0:19:12 > 0:19:14Against you at 51. 51,500, gentlemen?
0:19:15 > 0:19:1752? 52,500?
0:19:17 > 0:19:19500 more for it.
0:19:20 > 0:19:21At 52,500. 53.
0:19:23 > 0:19:27No? 52,500 on the bar, out behind you.
0:19:27 > 0:19:31Two of you out, sitting now at £52,500.
0:19:31 > 0:19:36First time, second time, third and last chance for you all at 52,500.
0:19:36 > 0:19:38It's yours, gentlemen.
0:19:38 > 0:19:42The successful bidder was Phil at the auction with his nephew, Kev.
0:19:42 > 0:19:48The £52,500 bid is not the first time Phil has spent money on this cul-de-sac.
0:19:48 > 0:19:51He already owns two other properties here.
0:19:51 > 0:19:56For a day job, Phil runs his building and conservation company.
0:19:56 > 0:19:58Phil, Kev, congratulations.
0:19:58 > 0:20:00- Thank you.- Thank you.
0:20:00 > 0:20:02What are your plans for this bungalow?
0:20:03 > 0:20:08It'll be complete modernisation so starting from the top,
0:20:08 > 0:20:12we'll have new insulation, new kitchen, new bathroom,
0:20:12 > 0:20:15floor coverings, electrical testing,
0:20:15 > 0:20:20removing the old solid fuel heating system and replacing it with a new
0:20:20 > 0:20:25modern gas boiler, and then to let the property.
0:20:25 > 0:20:27You sound like you know what you're talking about.
0:20:27 > 0:20:29Talk me through your experience.
0:20:29 > 0:20:35We've done a few houses in the past, so we've built some houses and we're
0:20:35 > 0:20:39building contractors so we know what to expect when we're looking at things.
0:20:39 > 0:20:42Phil's experience means that this is a relative walk in the park
0:20:42 > 0:20:47for him but he clearly sets off with an informed idea of what's ahead.
0:20:47 > 0:20:50There's still the building control and bits and pieces with properties.
0:20:50 > 0:20:54With this style of property, it's almost pretty straightforward
0:20:54 > 0:20:58because I like to make sure the structure of the property
0:20:58 > 0:21:00is sound and solid, which is what it is.
0:21:00 > 0:21:02There's very little work to do on the externals.
0:21:03 > 0:21:07New windows. We'll upgrade the windows to PVC windows so we're
0:21:07 > 0:21:10looking at long-term rather than just a quick fix.
0:21:10 > 0:21:13I've got to ask, are you planning on keeping the special feature,
0:21:13 > 0:21:16- the hole in the bathroom door? - The hole in the door?
0:21:16 > 0:21:19We have no idea why there is a hole in the bathroom door,
0:21:19 > 0:21:20the size of a football.
0:21:20 > 0:21:23We've no idea. The doors are coming off and going in the skip and
0:21:23 > 0:21:25having new ones on.
0:21:25 > 0:21:29We won't be leaving any holes in any doors in bathrooms.
0:21:29 > 0:21:32Well, I'm glad that inexplicable porthole in the loo
0:21:32 > 0:21:33is getting the bum's rush.
0:21:33 > 0:21:35Hey, are we allowed to say that?
0:21:35 > 0:21:39Anyway, when you hear about the sort of properties Phil and his nephew,
0:21:39 > 0:21:41Kev, usually tackle,
0:21:41 > 0:21:44you're not going to doubt they can tackle a two bed bungalow.
0:21:44 > 0:21:48We specialise in historic properties so we work on
0:21:48 > 0:21:52castles, churches, Grade I listed properties.
0:21:52 > 0:21:55When you say you do these Grade I listed properties,
0:21:55 > 0:21:57what exactly do you do?
0:21:57 > 0:21:59We specialise in historic lime mortars,
0:21:59 > 0:22:03internal horsehair plastering, stonemasonry.
0:22:03 > 0:22:08We've worked on the local Bolsover castles and Chatsworth Houses.
0:22:08 > 0:22:12- Chatsworth House?- Yeah, we've done Cardiff Castle.
0:22:12 > 0:22:14What has your uncle Phil taught you?
0:22:14 > 0:22:18Pretty much everything in the building industry of what we do and
0:22:18 > 0:22:19the historic side of things.
0:22:20 > 0:22:24From an early age, being at school,
0:22:24 > 0:22:29visiting the stately homes where uncle Phil was working.
0:22:29 > 0:22:33So, clearly one bungalow is no challenge to these two.
0:22:33 > 0:22:36Both of them was up at the auction so I bought two together.
0:22:36 > 0:22:41Within a space of six weeks, both of them was done and they've been let ever since.
0:22:41 > 0:22:44Is your plan to rent this one, too?
0:22:44 > 0:22:46The plan is to rent this one, exactly the same.
0:22:46 > 0:22:50Just modernise it, make it really nice and habitable and get the
0:22:50 > 0:22:52right tenant in that wants to look after it.
0:22:52 > 0:22:56As you know what you're doing, I'm guessing you'll have a pretty
0:22:56 > 0:23:00- set budget that you're confident you could...- Yeah.- What's your budget?
0:23:00 > 0:23:06We'll probably spend between 7,500 and 9,000, depending on
0:23:06 > 0:23:09what we need to do just in alterations on heating systems.
0:23:09 > 0:23:13There is a lot to do. You're talking windows, completely redoing
0:23:13 > 0:23:17everything, taking fireplaces, boilers, new doors.
0:23:17 > 0:23:19- Yeah.- Is that realistic, that budget?
0:23:19 > 0:23:23Yes, it's realistic. I've got a mother-in-law that will help out
0:23:23 > 0:23:26with the decoration and also it's free labour.
0:23:28 > 0:23:30Free labour which will keep down the budget, maybe.
0:23:30 > 0:23:32- Absolutely.- What's your timescale?
0:23:32 > 0:23:33What are you thinking?
0:23:34 > 0:23:40We will probably have this completely finished in four weeks.
0:23:40 > 0:23:42Five weeks maximum, I would have thought.
0:23:42 > 0:23:44If anyone can do it, it's you two.
0:23:46 > 0:23:48Do you think you could do it before I give birth?
0:23:48 > 0:23:50We'll give it a go, I'm sure we can manage it.
0:23:51 > 0:23:54Best of luck. Can't wait to see the results.
0:23:54 > 0:23:57- Thanks, Phil.- Thank you.- Thanks, Kev.- Thank you.
0:23:59 > 0:24:03Call me sentimental but a wee bit of me will be sad to see that big hole
0:24:03 > 0:24:05in the toilet door go.
0:24:05 > 0:24:08Now, Phil and Kev are used to dealing with listed properties,
0:24:08 > 0:24:11so this should be a walk in the park.
0:24:11 > 0:24:14You can find out if it was later on in the show.
0:24:16 > 0:24:18Still to come in Longbridge, Birmingham,
0:24:18 > 0:24:22I'm ready to dust off my overalls and paintbrush.
0:24:22 > 0:24:25I just want to redecorate through the whole of this property.
0:24:26 > 0:24:30Whilst in Nottinghamshire, they've called in the reinforcements.
0:24:30 > 0:24:32We've had Richard doing the tiling element,
0:24:32 > 0:24:35we've had Alan laying floors, fitting kitchens.
0:24:38 > 0:24:41Back now to Margate on the Kent coast where earlier in the show,
0:24:41 > 0:24:46I toured a one-bedroom flat on the top floor of this seafront block.
0:24:46 > 0:24:48Nice space.
0:24:48 > 0:24:52Big sort of living area here, but then this is the bedroom.
0:24:52 > 0:24:55Now, why am I saying that in a kind of negative kind of way?
0:24:55 > 0:24:59Only because I can see what you can't yet, which is that.
0:24:59 > 0:25:00What an amazing view!
0:25:01 > 0:25:06# A room with a view. #
0:25:08 > 0:25:11The flat was bought by Tony and Calum.
0:25:11 > 0:25:15Tony's been renovating for over 15 years but his son, Calum,
0:25:15 > 0:25:17was just starting out on the property ladder.
0:25:19 > 0:25:23They paid £92,000 with a view, a seaside one,
0:25:23 > 0:25:26to it being Calum's home after refurbishment.
0:25:26 > 0:25:29The lack of a lift was the main negative of the flat,
0:25:29 > 0:25:34something Tony was well qualified to rectify with his day job because...
0:25:34 > 0:25:37It's a building company that specialises in working round the
0:25:37 > 0:25:41- lift industry.- The lift industry? - Yes. Yes.
0:25:41 > 0:25:42# Isn't it ironic
0:25:42 > 0:25:44# Don't you think? #
0:25:45 > 0:25:48I do think that, Alanis, but it's a bit too obvious.
0:25:48 > 0:25:51Let's bring things right up-to-date.
0:25:51 > 0:25:54Tony scheduled up to six months for the work.
0:25:54 > 0:25:59We're back seven months and 25 days later to see the changes.
0:25:59 > 0:26:06# This is where the echoes swell to nothing on the tide. #
0:26:11 > 0:26:12Now, here's a question for you.
0:26:12 > 0:26:16If Guy Garvey of Elbow saw it before refurbishment commenced,
0:26:16 > 0:26:17I wonder if he would have said...
0:26:18 > 0:26:22# It's all going to be magnificent. #
0:26:24 > 0:26:28Knocking that partition wall down has made a magnificent difference.
0:26:33 > 0:26:35It's certainly opened up the space here,
0:26:35 > 0:26:38making it very different from its original state.
0:26:40 > 0:26:45# Wasn't built to beat that way
0:26:45 > 0:26:47# Suddenly I understand
0:26:51 > 0:26:53# There on the sand. #
0:26:56 > 0:26:57You see, when it all comes down to it,
0:26:57 > 0:27:01it's all about having vision and the father and son certainly had vision
0:27:01 > 0:27:03when it came to the floor coverings.
0:27:03 > 0:27:07The lounge and bedroom floors have a sound blocking product under heavy
0:27:07 > 0:27:12duty underlay and carpet on top, a big difference to how it was.
0:27:15 > 0:27:18Sound thinking for the flat below.
0:27:18 > 0:27:23# It's all gonna be magnificent. #
0:27:31 > 0:27:35As I thought, swapping the room layout around means the worst view in
0:27:35 > 0:27:39the flat, and that's still not a bad one, is the aspect of the bedroom
0:27:39 > 0:27:41now, a much improved situation.
0:27:50 > 0:27:53Well, I bet that took some elbow grease to achieve.
0:27:53 > 0:27:55Here's Tony to explain what they did.
0:27:58 > 0:28:00We've come in the front door.
0:28:00 > 0:28:05There was a door here and that led into this kitchen area
0:28:05 > 0:28:10and then this was a bedroom area, so we've taken that wall down.
0:28:10 > 0:28:15We've taken the three doors away, just to give us a big open space.
0:28:15 > 0:28:19We fitted this new top quality kitchen and it's all about looking
0:28:19 > 0:28:22out to the sea, making it light and airy.
0:28:22 > 0:28:25What's Calum's favourite bit of the end result?
0:28:25 > 0:28:28Walking up those stairs and you're knackered and having a heart attack
0:28:28 > 0:28:31and you can actually take a deep breath and you can look at the sea.
0:28:31 > 0:28:33That's worth it, yeah.
0:28:33 > 0:28:35Were there any unforeseen problem areas?
0:28:35 > 0:28:40A meter change ended up with nine visits before they actually achieved
0:28:40 > 0:28:42giving us electricity.
0:28:42 > 0:28:46Tony used a workforce he trusted from London but local suppliers were
0:28:46 > 0:28:48sought for all the fixtures, fittings and furniture.
0:28:49 > 0:28:54Tony visited the site weekly and supervised by phone and Calum found
0:28:54 > 0:28:59himself making trips here for dad between his stints at his restaurant job.
0:28:59 > 0:29:02Dad would tell me the night before, you've got to go down here,
0:29:02 > 0:29:04you don't have to be in the office today.
0:29:04 > 0:29:05He had an understanding boss!
0:29:08 > 0:29:10Yeah, pretty much.
0:29:10 > 0:29:13Well, I should hope so. What's Tony's favourite feature?
0:29:13 > 0:29:15The bathroom's come out well.
0:29:15 > 0:29:19We've tried to put some colour into the tiling.
0:29:19 > 0:29:20We want it bright and happy.
0:29:20 > 0:29:24We've gone for yellow walls, just to give a summer impression,
0:29:24 > 0:29:28with blue to give us a reflection of the sea.
0:29:28 > 0:29:31It's all about happy, beach holiday feel,
0:29:31 > 0:29:34that's what we wanted and hopefully that's what we've achieved.
0:29:34 > 0:29:37The original budget was around the 15-20,000 mark.
0:29:37 > 0:29:39So how did it end up?
0:29:40 > 0:29:44We've ended up spending just over £17,000,
0:29:44 > 0:29:47and that is including buying the furniture.
0:29:47 > 0:29:51The associates that have done this work for me have done mates rates,
0:29:51 > 0:29:54to be honest. So that all helps.
0:29:54 > 0:29:57With all those stairs, I wonder if he will get mates rates next time!
0:29:59 > 0:30:02So with their investment of £109,000 here,
0:30:02 > 0:30:07it is worth hearing the thoughts and opinions of two local estate agents.
0:30:07 > 0:30:11I think the layout is the best suited to make best use of the space.
0:30:11 > 0:30:16And there is a nice, open plan area in the kitchen for lounge living.
0:30:16 > 0:30:17They have refurbed it really well.
0:30:17 > 0:30:20The choice of tiling in the kitchen is really nice and vibrant.
0:30:20 > 0:30:21The sea views are good.
0:30:21 > 0:30:24And we've got some good storage, which you don't often get in
0:30:24 > 0:30:26modern refurbs, so that's really good.
0:30:27 > 0:30:29Like me, the estate agents are impressed,
0:30:29 > 0:30:32but will that translate into good valuations?
0:30:32 > 0:30:34Crunch time - what is it worth?
0:30:36 > 0:30:42I would expect to achieve in the region of £135-145,000.
0:30:42 > 0:30:46I would estimate, in the current market, it would be about £120-130,000.
0:30:46 > 0:30:51Taking that top figure, that's a 36 grand profit before taxes.
0:30:51 > 0:30:53Them valuations, it's great.
0:30:53 > 0:30:56- It's really good.- Yeah, yeah, yeah.
0:30:56 > 0:30:57I think we done really, really well.
0:30:59 > 0:31:00You did do really well.
0:31:00 > 0:31:04The flat is now the right way round, it looks great, and with
0:31:04 > 0:31:08a decent potential profit, those retail figures could be tempting.
0:31:08 > 0:31:11But at the moment, they're leaning towards Callum using the flat when
0:31:11 > 0:31:14he wants and letting it out in the holiday season.
0:31:14 > 0:31:17One of the agents suggested he can make £50 per night,
0:31:17 > 0:31:20or £350 per week all year round.
0:31:20 > 0:31:23And that is something Callum's certainly going to look into.
0:31:23 > 0:31:27But quite how he will manage it and keep it for his occasional seaside
0:31:27 > 0:31:28trips, I don't know.
0:31:30 > 0:31:32But will his foray into refurbishment continue?
0:31:32 > 0:31:34Will he repeat his auction experience?
0:31:39 > 0:31:42It was a really good... Good thing.
0:31:42 > 0:31:44But, especially when we won as well, it's good.
0:31:44 > 0:31:48He has a 100% record, so...
0:31:48 > 0:31:51Maybe next time Tony will get round to fitting that lift.
0:31:57 > 0:32:00This is South Birmingham and Longbridge,
0:32:00 > 0:32:03a place synonymous with the British car industry.
0:32:03 > 0:32:07# I got a new car
0:32:07 > 0:32:09# I got a new car. #
0:32:09 > 0:32:12But with manufacturing closing and the loss of jobs,
0:32:12 > 0:32:14the area has been in decline.
0:32:14 > 0:32:18But with a £1 billion regeneration programme,
0:32:18 > 0:32:22with plans for 2,000 new homes, schools and leisure facilities,
0:32:22 > 0:32:25the area is looking up and moving in the right direction.
0:32:27 > 0:32:30So I'm less than a five-minute drive away from the brand-new Longbridge
0:32:30 > 0:32:34development site. So this is a good location to be in.
0:32:34 > 0:32:37Our property is that. It's an end terrace.
0:32:37 > 0:32:41It's got three bedrooms and a guide price of £59,000.
0:32:41 > 0:32:43Now, before I even go in, I'm thinking,
0:32:43 > 0:32:46could we create some off-street parking?
0:32:46 > 0:32:48Everybody else seems to have done the same.
0:32:48 > 0:32:53That's a good start. Let's hope inside is just as promising.
0:32:53 > 0:32:55Just remember, when it comes to off-street parking,
0:32:55 > 0:32:59you must comply with planning regs designed to protect the
0:32:59 > 0:33:01environment, so you do need permission.
0:33:03 > 0:33:04Right, what have we got?
0:33:06 > 0:33:09OK, as soon as you come in the front door, you've got a small hallway, here.
0:33:09 > 0:33:12Stairs right in front of me, going up to the bedrooms.
0:33:12 > 0:33:16And you come into the first reception room, which is a nice size room.
0:33:16 > 0:33:21It's nice and bright because you've got that big bay window just there.
0:33:21 > 0:33:24Real fireplace there, but no central heating.
0:33:24 > 0:33:27Through into the back of the property.
0:33:27 > 0:33:29And we've got this...
0:33:29 > 0:33:33I'm imagining should be the kitchen and the dining room.
0:33:33 > 0:33:36But all there is in here is the sink.
0:33:36 > 0:33:40So this would have to be a total rebuild, a brand-new kitchen,
0:33:40 > 0:33:42bit of a dining area as well,
0:33:42 > 0:33:45and I think that would be the way to go with the space, here.
0:33:45 > 0:33:49As it stands, it is certainly not a kitchen/dining area most families
0:33:49 > 0:33:51would be looking for.
0:33:51 > 0:33:53And if you are buying with a mortgage,
0:33:53 > 0:33:56it would be wise to check with your lender to see if this kitchen meets
0:33:56 > 0:34:01their definition of habitable otherwise, you could find yourself
0:34:01 > 0:34:02without funds.
0:34:02 > 0:34:05There are no cooking facilities or work surfaces,
0:34:05 > 0:34:08but there is a pantry and a downstairs toilet.
0:34:08 > 0:34:11But it's going to need new windows, doors and central heating,
0:34:11 > 0:34:15so you're going to need to spend some money here.
0:34:15 > 0:34:20So, upstairs, we've got three bedrooms and a family bathroom
0:34:20 > 0:34:21which...
0:34:23 > 0:34:24..has no toilet in it.
0:34:24 > 0:34:28So the only toilet in this property is downstairs.
0:34:28 > 0:34:32Me, I would definitely want to create a toilet up here in the
0:34:32 > 0:34:33family bathroom.
0:34:33 > 0:34:36Three bedrooms, one to the back of the property.
0:34:36 > 0:34:42More of a box bedroom with some delightful woodchip wallpaper just there.
0:34:42 > 0:34:44And this is the main bedroom.
0:34:44 > 0:34:47Double bedroom, good size, nice, high ceilings.
0:34:47 > 0:34:50Textured ceilings as well, I would want to get them skimmed.
0:34:50 > 0:34:53I just want to redecorate through the whole of this property.
0:34:53 > 0:34:56But there's lots of space, lots of potential.
0:34:56 > 0:34:58And I actually don't mind it at all.
0:35:00 > 0:35:03On the face of it, this is a conventional three bed property.
0:35:03 > 0:35:07But there are a couple of slightly unusual things.
0:35:07 > 0:35:10It's a bit odd these days to have no upstairs toilet.
0:35:10 > 0:35:14But even stranger than that, this house is leasehold,
0:35:14 > 0:35:17and the current lease only has 50 years to run.
0:35:17 > 0:35:20So not only am I recommending extending the lease,
0:35:20 > 0:35:23I'd seriously look into buying the freehold.
0:35:23 > 0:35:25It might cost you 20 grand or more,
0:35:25 > 0:35:28but it would definitely add value to the house.
0:35:28 > 0:35:30And overall, I think it would be worth it.
0:35:30 > 0:35:35So out the back, and it's totally overgrown.
0:35:35 > 0:35:37Hasn't been touched for some time.
0:35:37 > 0:35:41But I can see the end of the garden, and it's a decent size.
0:35:41 > 0:35:45Once all this is gone, it will be a really nice area out here.
0:35:45 > 0:35:49But I've got to show you that. And it's not quite an extension.
0:35:49 > 0:35:51It's a lean-to.
0:35:51 > 0:35:55What I would do, is I'd completely get rid of that and I would build a
0:35:55 > 0:35:58proper brick extension.
0:35:58 > 0:35:59That's the way I would do it.
0:36:01 > 0:36:04Yes, if this lean-to ever had its day, well,
0:36:04 > 0:36:06that ship has long since sailed.
0:36:07 > 0:36:09# It's time to go now. #
0:36:11 > 0:36:14But what's great about this house is there are loads of things you can
0:36:14 > 0:36:15do to add value.
0:36:15 > 0:36:20Extensions, modernisation, off-street parking, and, for me,
0:36:20 > 0:36:21that is exciting.
0:36:24 > 0:36:28But does a local estate agent feel the buzz as well?
0:36:30 > 0:36:32The current layout is very dated.
0:36:32 > 0:36:34There's a bathroom upstairs but no WC.
0:36:34 > 0:36:36So that's something that needs to be looked at.
0:36:36 > 0:36:38Downstairs, there's a conservatory which is dilapidated,
0:36:38 > 0:36:41so you could perhaps lose that and rebuild.
0:36:41 > 0:36:44And that leasehold situation. What issues does that present?
0:36:44 > 0:36:47It's unusual for houses to be leasehold.
0:36:47 > 0:36:49But there's a very short lease,
0:36:49 > 0:36:51which would affect the value of the property.
0:36:51 > 0:36:54And also, if it's ever sold, it would affect the mortgageability.
0:36:54 > 0:36:58OK, but the house was guided at £59,000 to reflect that problem.
0:36:58 > 0:37:01So could it still be a worthwhile punt?
0:37:01 > 0:37:02Once the property is renovated,
0:37:02 > 0:37:05with off-street parking and with an extension to the rear,
0:37:05 > 0:37:08the property could sell for up to £150,000,
0:37:08 > 0:37:10depending on the standard of the refurbishment.
0:37:10 > 0:37:13And it would rent for a figure of around £550 per calendar month.
0:37:18 > 0:37:20This house needs a total rethink.
0:37:20 > 0:37:24Firstly, you've got to get a toilet upstairs into that family bathroom.
0:37:24 > 0:37:26And that lean-to has just got to go.
0:37:26 > 0:37:30But who was up for a bit of hard work when this went under the hammer?
0:37:30 > 0:37:34Well, it was in a busy auction room that the three bed Longbridge house
0:37:34 > 0:37:36came up for sale.
0:37:36 > 0:37:38That's yours. Congratulations.
0:37:38 > 0:37:42And out of sight of our cameras, and considerably over the guide price,
0:37:42 > 0:37:46the hammer fell at £100,000.
0:37:46 > 0:37:50Husband and wife Martin and Wendy were the successful bidders.
0:37:50 > 0:37:53They've done up a number of properties over the last three or
0:37:53 > 0:37:56four years, and I met them back at the house to see what caught
0:37:56 > 0:37:58their eye about this one.
0:37:58 > 0:38:01# Only passing by. #
0:38:02 > 0:38:05- Martin, nice to meet you. - Nice to meet you, Dion.- Wendy.
0:38:05 > 0:38:08- Nice to meet you, too.- And congratulations to both of you.
0:38:08 > 0:38:12- Thank you.- So who's responsible for buying this property?
0:38:13 > 0:38:20Both of us. Drove past it and saw it and thought, we'll go for it.
0:38:20 > 0:38:21Really? That's how you found it?
0:38:21 > 0:38:24Yeah, Wendy's brother only lives round the corner, doesn't he?
0:38:24 > 0:38:25Yeah. Local.
0:38:25 > 0:38:29- OK, and you guys live close by, too? - Yeah.- Yeah, about a mile or so.
0:38:29 > 0:38:31Oh, really? So this is your manor, then?
0:38:31 > 0:38:32Yeah. Definitely.
0:38:32 > 0:38:35OK, so before we go into the house, what are your day jobs?
0:38:35 > 0:38:37What do you do away from property?
0:38:37 > 0:38:39I run a tunnelling company.
0:38:39 > 0:38:41- We do...- A tunnelling company?
0:38:41 > 0:38:43- Yes.- That's a first one for me, what is that? Explain that to me.
0:38:43 > 0:38:48It's similar to most people would identify with the Channel Tunnel,
0:38:48 > 0:38:51you know, it's a similar thing, the same process as that.
0:38:51 > 0:38:56We do... I've worked all over the world doing various jobs
0:38:56 > 0:38:59- in various areas, haven't I? - Yeah.
0:38:59 > 0:39:03OK, and you're in charge of the purse strings?
0:39:03 > 0:39:05- Yes.- The finances!
0:39:05 > 0:39:08- Try to be!- It was a guess, but I'm always right when it comes to those things.
0:39:08 > 0:39:11I'm the director at work and Wendy's the director of finances.
0:39:12 > 0:39:16- # Can you dig it - Oh, yeah
0:39:16 > 0:39:20- # Can you dig it - Oh, yeah.- #
0:39:20 > 0:39:23Well, I'm not sure that Martin's tunnelling skills are going to be
0:39:23 > 0:39:27needed here but Wendy's financial skills might just be helpful.
0:39:27 > 0:39:31But what are they going to do to dig this place out of its current
0:39:31 > 0:39:34- predicament?- New bathroom and new kitchen.
0:39:34 > 0:39:38We're going to put a single-storey extension on the back.
0:39:38 > 0:39:40OK, so where the lean-to is, obviously that's going...
0:39:40 > 0:39:44Yes, demolish that and then put a new single-storey.
0:39:44 > 0:39:45Front and back garden.
0:39:45 > 0:39:48- Yes.- That's a must.- Windows.
0:39:48 > 0:39:50- Basically everything, kitchen... - Central heating.
0:39:50 > 0:39:51..bathroom, re-wire.
0:39:51 > 0:39:54What are you going to do about the bathroom? You've got a toilet
0:39:54 > 0:39:56downstairs but you haven't got a toilet upstairs.
0:39:56 > 0:39:59We're going to try and pinch a small bit off one of the bedrooms.
0:39:59 > 0:40:03- OK.- And there's a cupboard we can remove like an airing cupboard.
0:40:03 > 0:40:07- Yeah, make it bigger.- So we're hopeful that we can jig it around to
0:40:07 > 0:40:10get a toilet up there and try and keep the downstairs toilet.
0:40:10 > 0:40:13Have you thought about maybe at the front there,
0:40:13 > 0:40:15you've got scope for a bit of parking as well?
0:40:15 > 0:40:18Oh, yeah, we're going to put in some kind of block drive.
0:40:18 > 0:40:22- Good.- Or then, we'll take the wall down at the front,
0:40:22 > 0:40:24open it up so you can get a couple of cars on.
0:40:24 > 0:40:27Perfect. So you've listed a lot of things that need to be done.
0:40:27 > 0:40:29- Big question...- Budget.
0:40:29 > 0:40:33Yeah, the budget, you know it's coming, what is the budget?
0:40:33 > 0:40:36We're hopeful that 20...
0:40:36 > 0:40:4020,000, that's it...
0:40:40 > 0:40:44- Hopefully.- But realistically, if it was 20 to 25,
0:40:44 > 0:40:45I'd still be quite happy.
0:40:45 > 0:40:49The lease, does that worry you at all, this being a leasehold property?
0:40:49 > 0:40:52No, because we've already got the ball rolling.
0:40:52 > 0:40:54We've already had a figure off them.
0:40:54 > 0:40:59Leasehold, they want to put it up to over 20,000, 20-25,000,
0:40:59 > 0:41:04- to extend to a full 100 year lease again.- OK.
0:41:04 > 0:41:08But yesterday had an offer back for the freehold
0:41:08 > 0:41:10which is only about 2,000 more.
0:41:11 > 0:41:15- OK.- So at the moment that's looking a lot more favourable than the leasehold.
0:41:15 > 0:41:18I mean, once that's done, you've got no worries, have you?
0:41:18 > 0:41:21- Exactly. Sounds like a bit of a no-brainer, that one.- Exactly.
0:41:22 > 0:41:27Yes, buying the freehold makes total sense, but they may have to wait.
0:41:27 > 0:41:32Normally you have to own a property for two years before you can do that.
0:41:32 > 0:41:34Since the couple plan to rent the property,
0:41:34 > 0:41:36the lease decision doesn't have to be hurried.
0:41:38 > 0:41:41With the help of tradesmen, they plan to get the work done
0:41:41 > 0:41:45in ten to 12 weeks, but what exactly are they planning?
0:41:45 > 0:41:47I tend to do most of the early stuff, don't I?
0:41:47 > 0:41:51- Kind of getting in, gut it...- Smash it about?
0:41:51 > 0:41:53Yeah, that's it and get it going.
0:41:53 > 0:41:55And then Wendy will come in.
0:41:56 > 0:42:01- Do walls.- Finishing touches. - Wallpaper stripping.
0:42:02 > 0:42:06Tell me, what's the big secret of you two working together?
0:42:06 > 0:42:09Does it work? Does it not work? How do you work together?
0:42:09 > 0:42:10Tell me the ins and outs.
0:42:12 > 0:42:16- I'll let you go first.- Well, we both have the same thoughts.- Yep.
0:42:16 > 0:42:19We've both got similar tastes.
0:42:19 > 0:42:21I mean, we do everything together anyway.
0:42:21 > 0:42:23- We do, actually. Yeah, we do.- Inside and outside of work.
0:42:23 > 0:42:25We always go out together.
0:42:25 > 0:42:27We are always together. Tweedledum, Tweedledee.
0:42:27 > 0:42:31- Tweedledee and Tweedledum, yeah. - But we get on really well, don't we?
0:42:31 > 0:42:35- And we're both workers, aren't we really?- Yes.
0:42:35 > 0:42:39You know, there's no-one trying to shake the other and say
0:42:39 > 0:42:42"Come on, we've got to go." We're both pretty keen, aren't we?
0:42:42 > 0:42:45Both on the go all the time.
0:42:45 > 0:42:48Well, you sound like a very good team to me.
0:42:48 > 0:42:52- Thank you.- You've got the brains... - Yeah.- ..and you've got the brawn.
0:42:52 > 0:42:55- Yeah, definitely!- The brains and the brawn.
0:42:55 > 0:42:57- You've definitely got it the right way round.- That's true.
0:42:57 > 0:43:00Listen, I wish you all the best. I hope it all works out.
0:43:00 > 0:43:02- Wendy, good luck, Wendy.- Thank you very much, Dion.
0:43:02 > 0:43:04- Good luck, big man.- Thank you.
0:43:04 > 0:43:08So Wendy and Martin seem to be the perfect partnership and they both
0:43:08 > 0:43:11have the same tunnel vision on what they want to achieve.
0:43:11 > 0:43:13But will it all go to plan?
0:43:13 > 0:43:15You can find out later in the programme.
0:43:19 > 0:43:22Earlier in the show our first auction property reached its conclusion,
0:43:22 > 0:43:25but we still have to find out what happened to the other two.
0:43:25 > 0:43:28Yes, has the work been carried out, and just as importantly,
0:43:28 > 0:43:30was it done on schedule and on budget?
0:43:30 > 0:43:33Yes, well, there's only one way to find out, let's take a look.
0:43:37 > 0:43:39Back now to border country, well,
0:43:39 > 0:43:42the border between Derbyshire and Nottinghamshire and the village of
0:43:42 > 0:43:46Whaley Thorns where I saw a two-bed bungalow with a guide price of
0:43:46 > 0:43:49£50,000 plus.
0:43:49 > 0:43:53There was a definite whiff of opportunity in the air,
0:43:53 > 0:43:56but I always thought it would smell a bit sweeter.
0:43:56 > 0:43:58Oh, here we go.
0:43:58 > 0:44:00A definite whiff of dogs coming in.
0:44:00 > 0:44:03The person who owned this, I'm guessing, was a definite dog lover.
0:44:05 > 0:44:07It would need a scrub down, that was for certain.
0:44:07 > 0:44:09And the dated kitchen was for the skip.
0:44:12 > 0:44:16There were two decent sized bedrooms that only required cosmetic changes,
0:44:16 > 0:44:21but the specially adapted bathroom would need a whole lot of work.
0:44:22 > 0:44:24How many times have you been sat on the toilet,
0:44:24 > 0:44:27you've run out of loo roll and you think, what I going to do?
0:44:27 > 0:44:28Here lies the answer.
0:44:28 > 0:44:31Excuse me, loo roll!
0:44:34 > 0:44:35Sorted.
0:44:35 > 0:44:37When it came up for auction,
0:44:37 > 0:44:43it was building contractor Phil who bagged the bungalow for £52,500.
0:44:43 > 0:44:47And although he was letting two other houses on this very cul-de-sac,
0:44:47 > 0:44:52he and his nephew Kev were better acquainted with restoration than renovation.
0:44:52 > 0:44:56We specialise in historic properties, so we work on
0:44:56 > 0:45:01castles, churches, Grade I listed properties.
0:45:02 > 0:45:05As Phil's other properties on the street were remarkably similar,
0:45:05 > 0:45:10it was a case of history repeating so he was sure his budget of 7,500
0:45:10 > 0:45:15to £9,000 and timescale of four to five weeks would do the trick.
0:45:17 > 0:45:22We're back eight weeks later to see if that dated decor is a distant memory.
0:45:27 > 0:45:31I'm pleased to see those grimy green units are gone,
0:45:31 > 0:45:33replaced with wood-effect cabinets,
0:45:33 > 0:45:36marble style tiles and a smart new worktop.
0:45:39 > 0:45:44Phil and Kev have upgraded the windows and doors to UPVC which is
0:45:44 > 0:45:47much more energy efficient and secure.
0:45:51 > 0:45:56The front living area is looking fab, having been re-skimmed and painted.
0:45:56 > 0:46:01Charming as it was, the coal-fired heating system is no more.
0:46:01 > 0:46:04It's been replaced by a contemporary electric fire.
0:46:04 > 0:46:08A heating engineer installed the boiler so the bungalow now has
0:46:08 > 0:46:09central heating.
0:46:12 > 0:46:15The wallpaper in the master bedroom is gone
0:46:15 > 0:46:17and it's now a blank canvas.
0:46:17 > 0:46:18Like the rest of the property,
0:46:18 > 0:46:22the second bedroom benefits from new floor coverings.
0:46:26 > 0:46:31The specially adapted bathroom is now better suited to family use.
0:46:31 > 0:46:35The disabled access shower has been replaced with a shiny new bath and
0:46:35 > 0:46:39shower unit and the new bathroom door isn't for golfers.
0:46:39 > 0:46:40There's no hole-in-one! Ha-ha!
0:46:43 > 0:46:46Phil and Kev have done a brilliant job.
0:46:46 > 0:46:52They must be on a bungle high, but were there any bungle lows?
0:46:52 > 0:46:56A couple of days after I purchased the property, we secured quite a few
0:46:56 > 0:47:03projects that are quite local, all local historical or listed properties...
0:47:04 > 0:47:08..which meant that we had to kind of juggle things round a little bit.
0:47:08 > 0:47:11It meant a couple of late evenings and a couple of weekends,
0:47:11 > 0:47:13but we got there.
0:47:13 > 0:47:16Kev might have a different answer to that because he's done most of it!
0:47:16 > 0:47:18The 11th hour called!
0:47:19 > 0:47:23It called and Kev answered and with the help of their team,
0:47:23 > 0:47:26they only went four days over their four to five week timescale.
0:47:28 > 0:47:31We've had Richard doing the tiling element, Alan laying floors,
0:47:31 > 0:47:33fitting kitchens.
0:47:33 > 0:47:37Sean and Jake and so forth doing some decorating.
0:47:37 > 0:47:42We've just drafted the guys in as and where we can and fitting around
0:47:42 > 0:47:44our other very busy projects.
0:47:44 > 0:47:49Phil and Kev also pretty much stuck to the 7,500 to 9,000 budget,
0:47:49 > 0:47:54spending 9,500 grand, just a £500 overspend.
0:47:54 > 0:47:57They could have done with an extra pair of hands.
0:47:57 > 0:48:00My mother-in-law was originally very interested when she knew
0:48:00 > 0:48:02the TV might be coming.
0:48:03 > 0:48:07She was up for that. But no, in between holidays and it getting
0:48:07 > 0:48:12really cold and other things on, then she's not paid too much
0:48:12 > 0:48:14attention to what we're doing.
0:48:14 > 0:48:17But she'll always keep a watchful eye on what we're on with and where
0:48:17 > 0:48:20we're going. She's always interested, so that's always nice.
0:48:20 > 0:48:24Well, maybe she could help out with one of the castles instead?
0:48:24 > 0:48:26It's all property, right?
0:48:26 > 0:48:31It is completely different to our work that we normally do on a
0:48:31 > 0:48:34day-to-day. We have done a lot of new build in the past
0:48:34 > 0:48:38but in terms of what we do as a core business,
0:48:38 > 0:48:43it's very different to carving faces on the animal wall in Cardiff,
0:48:43 > 0:48:46or fixing stone crenelated walls at Bolsover Castle.
0:48:46 > 0:48:47It's very, very different!
0:48:48 > 0:48:53Let's see if they can carve a profit from their £62,000 investment.
0:48:53 > 0:48:58We invited two local estate agents to give us their opinion on the changes,
0:48:58 > 0:49:00starting with the agent who saw it first.
0:49:00 > 0:49:03I'm really impressed with the makeover this property has had.
0:49:03 > 0:49:07It's been fully redecorated, new flooring throughout, new kitchen,
0:49:07 > 0:49:10new bathroom. And, of course, gas central heating.
0:49:10 > 0:49:12The overall standard is reasonable.
0:49:12 > 0:49:14It's very neutral.
0:49:14 > 0:49:17It's not really inspiring, but it's good enough for everyday needs,
0:49:17 > 0:49:22so new kitchen, new bathroom and gas central heating and UPVC
0:49:22 > 0:49:24double glazing, which is essential.
0:49:24 > 0:49:29The agents valued the property at between 75 and £80,000.
0:49:29 > 0:49:33That's a potential pre-tax profit of £18,000.
0:49:33 > 0:49:36But as Phil plans to let the bungalow long-term,
0:49:36 > 0:49:39what could it achieve on the rental market?
0:49:39 > 0:49:43This property will achieve on the rental market within the region of
0:49:43 > 0:49:46£450 to £475 per calendar month.
0:49:46 > 0:49:51This should be achieving in the region of £450 to £475 per calendar month.
0:49:51 > 0:49:52That's about right.
0:49:52 > 0:49:56The other properties are a little bit more than that, that I own,
0:49:56 > 0:50:01but they're three-bedroom, so I expected it being anywhere around
0:50:01 > 0:50:04the 450 mark, so 475 will be a bonus.
0:50:05 > 0:50:11That top 475 per calendar month could give them a great yield over 9%,
0:50:11 > 0:50:15so will they be swapping palaces for properties any time soon?
0:50:17 > 0:50:22We need to get back into doing what we do best, really
0:50:22 > 0:50:25and try and make short work of some of the larger contracts that we've
0:50:25 > 0:50:28got that are, that we've got on the table,
0:50:28 > 0:50:32so we're back to business as usual, really.
0:50:38 > 0:50:42Back to South Birmingham now, and the town of Longbridge.
0:50:42 > 0:50:46It was here I looked around this three bed end terrace property that
0:50:46 > 0:50:48had a guide price of 59 grand.
0:50:50 > 0:50:54Outside was overgrown and the inside was shabby,
0:50:54 > 0:50:58with no upstairs loo and a kitchen that wasn't exactly high spec.
0:50:59 > 0:51:01Things really came out in the wash round the back.
0:51:03 > 0:51:05Well, I've got to show you that.
0:51:05 > 0:51:09And it's not quite an extension, it's a lean-to.
0:51:09 > 0:51:14What I would do, is I'd completely get rid of that and I would build a
0:51:14 > 0:51:16proper brick extension.
0:51:16 > 0:51:18That's the way I would do it.
0:51:20 > 0:51:23Of course, property development is all about research,
0:51:23 > 0:51:25and if you'd done yours here,
0:51:25 > 0:51:27it would've revealed that this house is unusual.
0:51:29 > 0:51:31It had a lease with only 50 years.
0:51:31 > 0:51:35Extending that lease or buying the freehold would be expensive,
0:51:35 > 0:51:36but would add value.
0:51:40 > 0:51:43Two people who weren't put off by this property's issues
0:51:43 > 0:51:45were husband and wife team Martin and Wendy.
0:51:46 > 0:51:51They paid 41 grand over the guide price at auction to secure the
0:51:51 > 0:51:52property for 100 grand.
0:51:54 > 0:51:59With a budget of 20 to 25 grand and a timescale of ten to 12 weeks,
0:51:59 > 0:52:02they hoped to get the property ready for the rental market.
0:52:02 > 0:52:07And this experienced pair already knew where their talents lay.
0:52:07 > 0:52:08Sound like a very good team to me.
0:52:08 > 0:52:11- Thank you.- You've got the brains...
0:52:11 > 0:52:13- Yeah.- ..and you've got the brawn.
0:52:13 > 0:52:16- Definitely!- The brains and brawn. - Yeah, definitely.
0:52:16 > 0:52:18- Definitely the right way round, that, isn't it?- Yeah, that's true.
0:52:18 > 0:52:21We've returned nearly five months later,
0:52:21 > 0:52:24and the front of the property looks so much better,
0:52:24 > 0:52:26with ample room for two cars.
0:52:26 > 0:52:30Hopefully the inside will impress just as much.
0:52:30 > 0:52:33MUSIC PLAYS
0:52:40 > 0:52:43Now that's what I call a transformation.
0:52:43 > 0:52:45Over to you, Martin and Wendy.
0:52:45 > 0:52:49Yeah, we're now stood in what was considered to be the old
0:52:49 > 0:52:51lean-to in the property.
0:52:51 > 0:52:55And as you can see now, it's an absolute beautiful,
0:52:55 > 0:52:58fully fitted kitchen.
0:52:58 > 0:53:02And we're just completely over the moon with the whole transformation
0:53:02 > 0:53:05from a lean-to, to this end product.
0:53:06 > 0:53:11The small pantry is now a useful downstairs toilet.
0:53:11 > 0:53:15And the living room, well, take a look yourself.
0:53:15 > 0:53:17MUSIC PLAYS
0:53:22 > 0:53:26The clean lines and tasteful decoration continue upstairs into
0:53:26 > 0:53:28the bedrooms.
0:53:28 > 0:53:31MUSIC PLAYS
0:53:51 > 0:53:55And I'm happy to report that the stunning bathroom suite includes
0:53:55 > 0:53:57that all-important upstairs loo.
0:53:58 > 0:54:01Out the back, the jungle has been tamed.
0:54:01 > 0:54:04No grass has been laid yet, but it still looks so much better.
0:54:05 > 0:54:10Top to bottom, inside and out, this property is unrecognisable.
0:54:10 > 0:54:12But how has it been for Wendy and Martin?
0:54:14 > 0:54:17We decided to totally renovate.
0:54:17 > 0:54:20When we got into the property, a lot of the things were probably a
0:54:20 > 0:54:24little bit worse than what we originally thought, didn't we?
0:54:24 > 0:54:30- Yeah.- So we just made the decision we'd go right back to the bones and
0:54:30 > 0:54:35start afresh. So everything from wiring, plumbing, plastering...
0:54:35 > 0:54:37Ended up doing a bit more than we anticipated.
0:54:37 > 0:54:39But it was worth it.
0:54:39 > 0:54:44On the upstairs, we, we stripped all the plaster off
0:54:44 > 0:54:48and really put new studded walls.
0:54:48 > 0:54:52Everything was rewired, all new plumbing was done to the bathroom.
0:54:52 > 0:54:56In the bedrooms, we completely knocked all the walls down and
0:54:56 > 0:54:58pinched a bit off each room.
0:54:58 > 0:55:03Made the bathroom a bit bigger, made the box room slightly bigger.
0:55:03 > 0:55:08It's still possibly on the smaller side, but it's certainly a lot
0:55:08 > 0:55:12better now that we've got all the utilities in there, isn't it?
0:55:12 > 0:55:15- Got everything we wanted. - Very happy.
0:55:15 > 0:55:18Martin and Wendy have been very busy,
0:55:18 > 0:55:22but how has all this extra work affected their budget?
0:55:22 > 0:55:25The original budget was 20 to 25,
0:55:25 > 0:55:29and we actually spent 35, nearly. Almost.
0:55:31 > 0:55:36So... But we obviously originally, on that original budget of 20 to 25,
0:55:36 > 0:55:40- we actually didn't envisage doing... - Everything.
0:55:40 > 0:55:42..quite that amount of work.
0:55:42 > 0:55:44We done up the whole lot for that, though, haven't we?
0:55:44 > 0:55:47- Yeah, I mean, it's cost us a bit more...- Quite happy.
0:55:47 > 0:55:52..but I think the end result, you know, we're more than happy with
0:55:52 > 0:55:55what we've got now for the money.
0:55:55 > 0:55:59Along with the budget going up, the extra work also meant it took
0:55:59 > 0:56:01closer to 14 weeks than the planned 12.
0:56:03 > 0:56:07So far, they've invested a total of £135,000.
0:56:07 > 0:56:10However, they're also in the process of securing the lease,
0:56:10 > 0:56:13which they hope to get for around 25 grand.
0:56:16 > 0:56:18So with the couple planning to rent the property,
0:56:18 > 0:56:21will two local estate agents think it's been a worthwhile investment?
0:56:23 > 0:56:28First impressions of this property, bright, airy, very welcoming.
0:56:28 > 0:56:30Nicely extended.
0:56:30 > 0:56:31Yeah, superb.
0:56:31 > 0:56:34The selling points of this property, there's off-road parking, there is
0:56:34 > 0:56:37an extension with kitchen, and there's also a toilet downstairs.
0:56:37 > 0:56:40I think this property will be in very strong demand for the location
0:56:40 > 0:56:43and the finish that the property offers.
0:56:43 > 0:56:47Good news, but what kind of valuation would the estate agents
0:56:47 > 0:56:49- put on the property?- If this property was to go into the market,
0:56:49 > 0:56:51it would achieve around £150,000.
0:56:51 > 0:56:58I think the seller would be looking at offers over 145 to £150,000.
0:56:58 > 0:57:03That top valuation would mean a pre-tax profit of 15 grand.
0:57:03 > 0:57:06Of course, that doesn't take into consideration buying the lease.
0:57:08 > 0:57:12But it's rental, not sales, that Martin and Wendy are looking for.
0:57:14 > 0:57:19I think this property could easily achieve a per calendar month value of £750.
0:57:19 > 0:57:21If this property was going on the rental market,
0:57:21 > 0:57:23it would achieve 700 to £750 per calendar month.
0:57:23 > 0:57:28Definitely looking 100% at the rental, not the resale.
0:57:28 > 0:57:31So... And the resale can probably only get better over the next ten,
0:57:31 > 0:57:3315 years, hopefully anyway.
0:57:33 > 0:57:36- So...- House prices are always going up.
0:57:36 > 0:57:39- Exactly.- Doesn't matter, does it? - So, yeah.
0:57:39 > 0:57:43So that higher valuation would mean a healthy yield of 6.6% which the
0:57:43 > 0:57:48couple plan to enjoy, making this project a resounding success.
0:57:56 > 0:58:00There are always twists and turns when you buy a property at auction.
0:58:00 > 0:58:04You have to be flexible and ready for anything that comes your way.
0:58:04 > 0:58:07But there are large profits to be made if you get it right,
0:58:07 > 0:58:09and those are the stories we love.
0:58:09 > 0:58:12Indeed we do. So, join us next time for more tales from the auction room.