0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Now, the property market can seem a bit like
0:00:05 > 0:00:06the good old British weather.
0:00:06 > 0:00:10It's tricky to predict, difficult to deal with, and somewhat changeable.
0:00:10 > 0:00:11Yes, that is true, Martel.
0:00:11 > 0:00:14But you can reduce the stress by being prepared.
0:00:14 > 0:00:17Yes. And heading down to your local property auction.
0:00:44 > 0:00:47Auctioned properties offer a wide variety,
0:00:47 > 0:00:49from flats to plots of land.
0:00:49 > 0:00:52From former public toilets to disused water towers.
0:00:52 > 0:00:54Yeah. We've seen them all here on Homes Under The Hammer.
0:00:54 > 0:00:57But what is on today's show? Let's find out.
0:00:58 > 0:01:01Bricks and mortar are our thing on the show.
0:01:01 > 0:01:04But in this West Midlands flat, I'm not so sure.
0:01:04 > 0:01:07This is a...monstrosity?
0:01:08 > 0:01:10While in Brentford, Essex,
0:01:10 > 0:01:13this fantastic building has thrown up some real gems.
0:01:13 > 0:01:16This brick fireplace will have to be renovated
0:01:16 > 0:01:17and restored to its former glory.
0:01:19 > 0:01:22And in Stoke, this end terrace gives me a bit of a wobble.
0:01:24 > 0:01:26As you can see, look at that.
0:01:26 > 0:01:28Look at the movement, that nearly came down!
0:01:29 > 0:01:30At 28, I'm bid...
0:01:30 > 0:01:33All of these properties are being sold at auction
0:01:33 > 0:01:35and we'll find out who bought them and what they paid for them
0:01:35 > 0:01:37when they went under the hammer.
0:01:37 > 0:01:38You got it, sir!
0:01:41 > 0:01:44Nine miles from Birmingham lies the West Midlands
0:01:44 > 0:01:45commuter town of Halesowen.
0:01:48 > 0:01:52Here, the 140-acre Leasowes Park
0:01:52 > 0:01:56was designed by 18th-century poet William Shenstone.
0:01:56 > 0:01:59But a more recent Halesowen alumni was Robert Plant,
0:01:59 > 0:02:01who spent part of his childhood here.
0:02:04 > 0:02:09- # Babe, babe - # Please come home... #
0:02:09 > 0:02:10The property I'm here to see
0:02:10 > 0:02:13is just a five-minute walk from Halesowen town centre.
0:02:13 > 0:02:16So, there's no shortage of shops and amenities.
0:02:16 > 0:02:18It's in this block here. It's a flat.
0:02:18 > 0:02:23It's got two bedrooms and had a guide price of £24,000-£29,000.
0:02:23 > 0:02:25Let's go find it.
0:02:25 > 0:02:30# Babe, babe, please come home! #
0:02:30 > 0:02:32There is a secure entry system
0:02:32 > 0:02:34and the communal areas are basic but clean.
0:02:36 > 0:02:38No lift, though. Poor postie!
0:02:39 > 0:02:41# Gone too long... #
0:02:41 > 0:02:43Inside, OK,
0:02:43 > 0:02:47the hall's pretty narrow here but I like how the layout looks
0:02:47 > 0:02:49pretty straightforward. All the rooms are off this hall.
0:02:49 > 0:02:51You have good storage space here.
0:02:51 > 0:02:53Right now, it's being used for a fridge-freezer
0:02:53 > 0:02:56but it's always handy to have storage in a flat this size.
0:02:56 > 0:02:59Through to the bedroom, yeah, it's a good size.
0:02:59 > 0:03:03You could easily get in your double bed, and a wardrobe.
0:03:03 > 0:03:04And over to the window.
0:03:05 > 0:03:06Well, that's single glaze,
0:03:06 > 0:03:09which can be a bit of a problem in a noisy area.
0:03:09 > 0:03:11The noise coming through.
0:03:11 > 0:03:15This is a storage heater, which you would definitely want to update.
0:03:15 > 0:03:18It would save a lot of headaches if the flat's connected to gas.
0:03:18 > 0:03:20Hopefully, it is. Fingers crossed.
0:03:20 > 0:03:22And through to the kitchen.
0:03:23 > 0:03:26It's not huge but plenty of room for everything you need.
0:03:26 > 0:03:28The kitchen really needs to come out.
0:03:28 > 0:03:31It looks like it's almost falling off the walls in parts.
0:03:31 > 0:03:34And...good news.
0:03:34 > 0:03:36There is a gas connection.
0:03:36 > 0:03:39Once upon a time, this flat has been connected to gas.
0:03:39 > 0:03:41So, that could save you a lot of money.
0:03:41 > 0:03:44It can be very costly to connect a flat like this
0:03:44 > 0:03:46to gas for the first time.
0:03:48 > 0:03:51Now, the bathroom's pretty small, very tired.
0:03:51 > 0:03:53The bath and shower together, you might want to reconfigure,
0:03:53 > 0:03:56put them separately, though it's pretty tight in there.
0:03:56 > 0:03:59I like the sunflowers that have been added in for a bit of sunshine.
0:03:59 > 0:04:02Into the bedroom. Do you know what? It's even bigger than the other one.
0:04:02 > 0:04:05So, there's plenty of space here.
0:04:05 > 0:04:07Nice light, big window.
0:04:07 > 0:04:10Do you know what? There's no damp. There's no cracks.
0:04:10 > 0:04:12Everything seems pretty solid. It's a blank canvas.
0:04:12 > 0:04:16You could make your mark quite easily and freshen it up.
0:04:16 > 0:04:17Not bad.
0:04:17 > 0:04:19# I wanna get fresh
0:04:19 > 0:04:20# Get a little closer
0:04:20 > 0:04:23# If it feels so right
0:04:23 > 0:04:26# How can it be wrong tonight? #
0:04:26 > 0:04:28This is a former local authority house
0:04:28 > 0:04:33and I know that not only because of its style and generous room sizes
0:04:33 > 0:04:36but because the paperwork tells me that the flat's lease
0:04:36 > 0:04:39is owned by the council and the communal areas
0:04:39 > 0:04:40are managed by them.
0:04:40 > 0:04:43Now, could that be the door that's missing for the cupboard
0:04:43 > 0:04:45where the freezer resides?
0:04:45 > 0:04:47# Oh, oh, oh-oh!
0:04:47 > 0:04:50Now, you don't have a garden, but...
0:04:51 > 0:04:53..you've got a little balcony. Perfect.
0:04:53 > 0:04:57Ah, this is a...monstrosity?
0:04:57 > 0:05:00It was very popular in the '70s and '80s.
0:05:00 > 0:05:02A fire surround. The problem...
0:05:02 > 0:05:04The real problem is it dominates the whole room.
0:05:04 > 0:05:06It actually takes up the whole wall.
0:05:06 > 0:05:10Look at this! All the way along, right over here.
0:05:10 > 0:05:13This is valuable storage space.
0:05:13 > 0:05:16In a flat this size, you need every inch you can get.
0:05:19 > 0:05:21# I think there's something you should know!
0:05:21 > 0:05:24- # If you don't use it - # Whoa!
0:05:24 > 0:05:26- # You'll lose it - # Lose it
0:05:26 > 0:05:29- # If you can't take it - # Can't take it!
0:05:29 > 0:05:31# Don't waste your time to fake it
0:05:32 > 0:05:34# Oh! #
0:05:34 > 0:05:37We asked an agent from the auction house who sold the flat
0:05:37 > 0:05:41along to tell us more about the property and the local area.
0:05:42 > 0:05:45It's a popular area that people strive to get to.
0:05:45 > 0:05:48Erm, the bit where we are at the moment
0:05:48 > 0:05:50is probably a little bit of
0:05:50 > 0:05:54the downside of Halesowen.
0:05:54 > 0:05:58But from the point of view of the property, it would make a good
0:05:58 > 0:06:01letting type, buy-to-let property.
0:06:03 > 0:06:05Or alternatively, they may make a small profit
0:06:05 > 0:06:08if anybody was to buy it, do it up and sell it.
0:06:08 > 0:06:11As the agent said, this area is popular
0:06:11 > 0:06:13but mostly for its nice semis.
0:06:13 > 0:06:15This flat has a lot going for it.
0:06:15 > 0:06:19These ex-local authority flats are good value for money
0:06:19 > 0:06:23and great starter homes, as well as buy-to-let opportunities.
0:06:23 > 0:06:27The other costs to look out for are ground rental and service charges.
0:06:27 > 0:06:31Here, they total around £700 per year.
0:06:31 > 0:06:35Factoring that into your cost, what rental could you achieve here?
0:06:35 > 0:06:38On the rental market on this property,
0:06:38 > 0:06:40if it's done to a reasonable standard,
0:06:40 > 0:06:45I would imagine that it would fetch somewhere between 450,
0:06:45 > 0:06:48maybe £500 per calendar month.
0:06:48 > 0:06:50And if you were doing it up to sell...
0:06:50 > 0:06:53Once renovated on the sales market,
0:06:53 > 0:06:56I would envisage the value to be in the region of,
0:06:56 > 0:07:00I say, somewhere between £60,000 and £70,000.
0:07:01 > 0:07:04So, a modest flat but with a modest guide price
0:07:04 > 0:07:08which might make the spending you'd need to do that bit more palatable.
0:07:08 > 0:07:10I'd be looking at replacing the heating system as well as
0:07:10 > 0:07:13taking out the kitchen and bathroom.
0:07:13 > 0:07:15But all in all, you've got a solid little flat.
0:07:15 > 0:07:18Let's find out who fancied it when it went under the hammer.
0:07:21 > 0:07:22Our final lot, then,
0:07:22 > 0:07:26which is a vacant leasehold apartment in Halesowen.
0:07:26 > 0:07:28It is your last chance, folks.
0:07:28 > 0:07:30Start me if you will.
0:07:30 > 0:07:32I can't believe I'm saying this. £30,000?
0:07:35 > 0:07:36Can't go lower than that, can we?
0:07:38 > 0:07:3928?
0:07:39 > 0:07:43We're now in the guide price range of £24,000-£29,000.
0:07:43 > 0:07:45And I don't know about you,
0:07:45 > 0:07:48but this is the first backwards auction I've ever seen.
0:07:48 > 0:07:4926?
0:07:49 > 0:07:50Yay!
0:07:50 > 0:07:53What a buy this will be, sir, at 26.
0:07:53 > 0:07:5426,000, I'm bid.
0:07:54 > 0:07:56Is it 28 now?
0:07:56 > 0:07:5828, thank you, sir. What a buy this will be!
0:07:58 > 0:08:00At 28, I'm bid. Is it 30 now, sir?
0:08:03 > 0:08:0529, is that? 29.
0:08:05 > 0:08:07Is it 30? 30.
0:08:07 > 0:08:09It's hardly difficult for the pace to quicken
0:08:09 > 0:08:13but it does when we rejoin the bidding at £38,000.
0:08:13 > 0:08:1538.
0:08:15 > 0:08:1739.
0:08:17 > 0:08:1840.
0:08:18 > 0:08:2041?
0:08:20 > 0:08:24No? I am on sale to you for £40,000.
0:08:24 > 0:08:26Make no mistake.
0:08:26 > 0:08:30Are we all done? £40,000 for the last lot of the day.
0:08:30 > 0:08:32One, two, three.
0:08:32 > 0:08:34Congratulations. Well done.
0:08:34 > 0:08:39That successful bid of £40,000 was placed by James at the auction
0:08:39 > 0:08:42with wife Lena, who's originally from Russia.
0:08:42 > 0:08:46We met back at the flat to find out just what they had in mind
0:08:46 > 0:08:47for this property.
0:08:47 > 0:08:51- James, Lena, congratulations to you both.- Thank you.
0:08:51 > 0:08:53So, is this the first property you've bought?
0:08:53 > 0:08:55First at auction, yes.
0:08:55 > 0:08:57OK. So, you've bought other properties?
0:08:57 > 0:09:01Yeah, we bought a bank repossession property about four years ago.
0:09:01 > 0:09:03And we had it for about two weeks.
0:09:03 > 0:09:06We had to get the work done quickly because I was working abroad.
0:09:06 > 0:09:07OK. Did you do it in two weeks?
0:09:07 > 0:09:10Yeah, we got it all completed in two weeks
0:09:10 > 0:09:13and managed to make a little profit on it.
0:09:13 > 0:09:15This bodes well for a quick turnaround.
0:09:15 > 0:09:17- Hopefully!- You'd been to see it first?
0:09:17 > 0:09:21Yeah, been to see it first. Had a good look round.
0:09:21 > 0:09:23And then read the legal pack.
0:09:23 > 0:09:25Got all the information from there.
0:09:25 > 0:09:27I am liking your style, James.
0:09:28 > 0:09:32Reading the paperwork, viewing the property, quick turnaround.
0:09:32 > 0:09:33That's how it should be done.
0:09:34 > 0:09:38Unfortunately, James is not able to do a lot of the heavy work
0:09:38 > 0:09:41after he suffered a serious injury in a car accident
0:09:41 > 0:09:43a couple of years ago.
0:09:43 > 0:09:45But he will do what he can.
0:09:45 > 0:09:47I think the main things, like the kitchen,
0:09:47 > 0:09:48I will leave to the professionals.
0:09:48 > 0:09:52But other things, like tiling and things like that,
0:09:52 > 0:09:54and putting flooring down, I'll do all that.
0:09:54 > 0:09:57James has another rental property in the north of England
0:09:57 > 0:10:00and hopes that that and any gains from the property here
0:10:00 > 0:10:02will supplement his pension.
0:10:03 > 0:10:06But James and Lena haven't been back in the UK that long.
0:10:07 > 0:10:10For 15 years, I've been living in Saudi Arabia.
0:10:10 > 0:10:13- Ah!- Working out there with an aerospace company.
0:10:13 > 0:10:15Was quite different.
0:10:15 > 0:10:18Yeah, gets to about 50 degrees sometimes in the heat of summer.
0:10:18 > 0:10:21- 50 degrees? Almost too hot!- Yes.
0:10:21 > 0:10:25Are you trying to get your teeth into a project, now you're back
0:10:25 > 0:10:26- and getting busy?- We're trying!
0:10:26 > 0:10:28Do you want to play an active part, too?
0:10:28 > 0:10:31Yeah. I will paint it.
0:10:31 > 0:10:36Very interested, would be to choose colourful carpets,
0:10:36 > 0:10:39colourful, all decoration.
0:10:39 > 0:10:41Your budget for doing the place up?
0:10:41 > 0:10:44I reckon probably about 8,000-10,000.
0:10:44 > 0:10:498-10. And with that £8-10,000, what do you want to do?
0:10:49 > 0:10:51The kitchen, of course, that's got to be done.
0:10:51 > 0:10:53A new front door.
0:10:53 > 0:10:55Then the heating system.
0:10:55 > 0:10:57We're going to get that changed to gas.
0:10:57 > 0:11:01Do you have contacts, tradesmen that you've used before, to help you?
0:11:01 > 0:11:04Not in this area, no.
0:11:04 > 0:11:06The house I did up north, the other house,
0:11:06 > 0:11:08I had some contacts there.
0:11:08 > 0:11:09But here, no.
0:11:09 > 0:11:11So, erm, I've got an electrician, mind you,
0:11:11 > 0:11:14that I've got to contact. So, he's quite useful.
0:11:14 > 0:11:16How long do you think it will take to turn round?
0:11:16 > 0:11:18I think two to three months.
0:11:18 > 0:11:22Now, there is something that's going to take quite a bit of shifting
0:11:22 > 0:11:25and it's that big period fireplace.
0:11:25 > 0:11:29And by period, I mean the Dynasty and Dallas period.
0:11:29 > 0:11:33Big padded shoulders, big hair and big fireplaces.
0:11:33 > 0:11:35There are some interesting features in the flat,
0:11:35 > 0:11:37not least this behind us.
0:11:37 > 0:11:39Plans?
0:11:39 > 0:11:45Well, my plan is to keep it but we've had an argument already!
0:11:45 > 0:11:47Yes. Definitely!
0:11:47 > 0:11:51I'm maybe not meant to offer an opinion, but I'm with Lena.
0:11:51 > 0:11:52Oh!
0:11:52 > 0:11:54Lena, why do you think it should go?
0:11:55 > 0:11:58I think it looks old-fashioned. I don't like it.
0:11:58 > 0:11:59James, why do you think it should stay?
0:11:59 > 0:12:01I don't think it's that bad, actually.
0:12:01 > 0:12:03If it was just brickwork...
0:12:03 > 0:12:06It's white and I quite like it.
0:12:06 > 0:12:10Once you're finished decorating, doing the flat, what's the plan?
0:12:10 > 0:12:13We'll put it on the market and see how things are.
0:12:13 > 0:12:15If things don't work out, then we'll rent it.
0:12:15 > 0:12:17Well, good luck. Wish you all the best.
0:12:17 > 0:12:18- Can't wait to see what you do. - Thank you.
0:12:18 > 0:12:19- Thank you.- Thanks!
0:12:23 > 0:12:24They say that if you wait long enough,
0:12:24 > 0:12:27then everything comes back into fashion, eventually.
0:12:27 > 0:12:29However, I think we might have found the exception
0:12:29 > 0:12:32with that interesting fire surround.
0:12:32 > 0:12:34You can find out if it stays, if it goes,
0:12:34 > 0:12:36who wins that battle, later in the show.
0:12:42 > 0:12:45Brentford in Essex is an affluent commuter town
0:12:45 > 0:12:47about 20 miles from Central London.
0:12:47 > 0:12:51It's always been a popular place but the introduction of Crossrail
0:12:51 > 0:12:53could have an impact on property prices.
0:12:53 > 0:12:56That might not be great news for those struggling to buy.
0:12:58 > 0:13:01As ever, a decrease in travel times to London generally means
0:13:01 > 0:13:03only one thing for property prices.
0:13:04 > 0:13:06# The only way is up!
0:13:07 > 0:13:09# Baby!
0:13:09 > 0:13:13# For you and me now... #
0:13:13 > 0:13:15Well, slap bang in the centre of town,
0:13:15 > 0:13:17right by the side of this busy intersection
0:13:17 > 0:13:20is the property I'm here to see.
0:13:20 > 0:13:23And given its close proximity to the town,
0:13:23 > 0:13:26it's amazing that it has fallen clearly into such disrepair.
0:13:26 > 0:13:28Cos it is a simply magnificent building.
0:13:28 > 0:13:32Originally two properties that have been joined into one over time.
0:13:32 > 0:13:34£700,000-plus was the guide price.
0:13:34 > 0:13:36Can't wait to see inside.
0:13:41 > 0:13:42OK.
0:13:44 > 0:13:45Wow!
0:13:47 > 0:13:51It's not necessarily what you would hope for
0:13:51 > 0:13:54when you walk through the door.
0:13:54 > 0:13:58It obviously has been converted at some stage
0:13:58 > 0:14:01to provide office or community space.
0:14:01 > 0:14:07And so, we're into the realms of fire doors, stud partitions,
0:14:07 > 0:14:09argh...!
0:14:09 > 0:14:11HE SOBS
0:14:11 > 0:14:12OK.
0:14:14 > 0:14:17Hopefully, elsewhere, there will be stuff
0:14:17 > 0:14:22that takes me from this precipice of disappointment.
0:14:23 > 0:14:28# To say the least, I'm truly disappointed
0:14:30 > 0:14:34# Truly, truly, truly Oh! #
0:14:37 > 0:14:39On the first floor, an array of rooms
0:14:39 > 0:14:42I just can't get my head around.
0:14:42 > 0:14:44I remain truly disappointed.
0:14:45 > 0:14:48I was hoping to see some fantastic original features
0:14:48 > 0:14:50because this is a Grade II listed building after all.
0:14:53 > 0:14:55So, you could look round this property and say
0:14:55 > 0:14:58how come so much has been done to destroy and change
0:14:58 > 0:15:01the character of what was obviously an amazing building at some point?
0:15:01 > 0:15:05Well, this was all probably done before the building was listed,
0:15:05 > 0:15:06which would have been,
0:15:06 > 0:15:09relatively in the whole scheme of things, recently.
0:15:09 > 0:15:13But now it has been listed and everything that's in here is listed.
0:15:13 > 0:15:14Internal things, too.
0:15:14 > 0:15:16Case in point here.
0:15:16 > 0:15:19This has obviously been taken out and I guess it's been taken out
0:15:19 > 0:15:22by the people who are responsible for the listing status.
0:15:22 > 0:15:24And they've revealed this fireplace.
0:15:24 > 0:15:28Now, it's been covered up over time but whoever takes this place on
0:15:28 > 0:15:32is going to have to renovate this place to specifications
0:15:32 > 0:15:35that are laid down in terms of listed buildings.
0:15:35 > 0:15:37So, it will be in there, but this brick fireplace
0:15:37 > 0:15:41will have to be renovated and restored to its former glory.
0:15:41 > 0:15:45That's fine, but it is a minefield for the unwary,
0:15:45 > 0:15:49and with that kind of renovation, and this kind of restoration,
0:15:49 > 0:15:51comes a very big potential bill.
0:15:52 > 0:15:56# She's expensive She's expensive! #
0:16:00 > 0:16:02Well, here on the top floor,
0:16:02 > 0:16:06we really are delving into the building's history.
0:16:06 > 0:16:10This has been singled out by those people who know as the oldest part.
0:16:10 > 0:16:14It's absolutely part of history and quite extraordinary.
0:16:14 > 0:16:16They can tell things like these beams
0:16:16 > 0:16:18were all hacked around by axes.
0:16:18 > 0:16:22So, the reality of you ever being able to touch anything
0:16:22 > 0:16:25that's going on here and do things you'd quite like to do
0:16:25 > 0:16:29with this upper storey of the building, absolutely no chance.
0:16:30 > 0:16:33# Oh, no woman won't change me now
0:16:35 > 0:16:38# Won't change me now I won't change! #
0:16:39 > 0:16:42Round the back, you can see how over the centuries,
0:16:42 > 0:16:44a red, brick facade was tacked on,
0:16:44 > 0:16:48pretty much encasing the original 16th-century building.
0:16:48 > 0:16:51And then, even later additions in the 20th century
0:16:51 > 0:16:54made this place even more of a mishmash.
0:16:54 > 0:16:58Currently, the property is listed as D1 planning status.
0:16:58 > 0:17:01That covers non-residential institutions.
0:17:01 > 0:17:03So, it could be anything from a clinic to a creche.
0:17:05 > 0:17:07Time to ask a local estate agent what he thinks
0:17:07 > 0:17:10the future could be for this old building.
0:17:12 > 0:17:14Personally, I would go for full residential.
0:17:14 > 0:17:16I'd go for, like, a period conversion.
0:17:16 > 0:17:20Look to get as many units in as I can with the square footage
0:17:20 > 0:17:22that we have to work with on the top floor.
0:17:22 > 0:17:24Because of the restricted head height,
0:17:24 > 0:17:26I would go for two one-bedroom apartments.
0:17:26 > 0:17:28On the first floor,
0:17:28 > 0:17:31I'd look to two or three two-bedroom apartments.
0:17:31 > 0:17:32And then on the ground floor,
0:17:32 > 0:17:35certainly I could see three two-bedroom apartments.
0:17:35 > 0:17:37I would think that would be looked upon favourably,
0:17:37 > 0:17:40especially the fact it's got the off-road parking at the rear.
0:17:42 > 0:17:45The agent thinks if you were able to create those seven flats,
0:17:45 > 0:17:49you can have a combined resale value of, wait for it,
0:17:49 > 0:17:53just over £2.1 million.
0:17:53 > 0:17:56This would be by no means an easy project
0:17:56 > 0:17:58but it could be a profitable one.
0:17:59 > 0:18:02It's a project with a huge amount of challenges.
0:18:02 > 0:18:04Let's find out who was willing to take it on, though,
0:18:04 > 0:18:06when it went under the hammer.
0:18:06 > 0:18:10A really important, historic, three-storey building,
0:18:10 > 0:18:12around 7,000 square feet.
0:18:12 > 0:18:14Heaps of potential
0:18:14 > 0:18:16and good location.
0:18:16 > 0:18:17So, got a lot going for it.
0:18:19 > 0:18:20Fire your bids on this.
0:18:22 > 0:18:24- Sorry?- 700.- 700 with you.
0:18:24 > 0:18:26700.
0:18:26 > 0:18:28705? 705.
0:18:28 > 0:18:31710. 715...
0:18:31 > 0:18:34There were two determined bidders after this historic property.
0:18:34 > 0:18:38We rejoin the bidding at £860,000.
0:18:38 > 0:18:40860, back in.
0:18:40 > 0:18:41865.
0:18:41 > 0:18:44870, 875.
0:18:44 > 0:18:46880, 885.
0:18:46 > 0:18:49890, 895.
0:18:49 > 0:18:52900, 905, 910.
0:18:52 > 0:18:53915?
0:18:55 > 0:18:58910. Back to you. 915 elsewhere?
0:18:58 > 0:19:02If not, at £910,000,
0:19:02 > 0:19:06first time, second time,
0:19:06 > 0:19:07third and last time. Have you all done?
0:19:09 > 0:19:11Sold, 910.
0:19:11 > 0:19:15The successful bid of £910,000 was made by Prashant,
0:19:15 > 0:19:18who has developed a number of properties over the years.
0:19:18 > 0:19:22But his main profession is as a pharmacist.
0:19:22 > 0:19:25I met up with him to see what he prescribes
0:19:25 > 0:19:27to get this marvellous building on the mend again.
0:19:27 > 0:19:31# Don't we need a medicine man
0:19:31 > 0:19:36# His shake and his rattle and his helping hand... #
0:19:36 > 0:19:38Prashant, Lovely to see you.
0:19:38 > 0:19:39Lovely to see you, too.
0:19:39 > 0:19:41Congratulations.
0:19:41 > 0:19:44- Thank you.- Tell me why you wanted to buy this place.
0:19:44 > 0:19:48Well, I've had a look at this place for the last few years.
0:19:48 > 0:19:50To be truthful, I fell in love with it.
0:19:50 > 0:19:52- Uh-huh.- It's a beautiful building.
0:19:52 > 0:19:54A beautiful, old building.
0:19:54 > 0:19:56I thought it would be a very good project.
0:19:56 > 0:19:57No.
0:19:57 > 0:19:59I don't think there'll be
0:19:59 > 0:20:01much opportunity to make a lot of money here,
0:20:01 > 0:20:05- but it's just a very interesting project.- Right.
0:20:05 > 0:20:07With a view to what, then?
0:20:07 > 0:20:09What's it for? What have you bought it for?
0:20:09 > 0:20:12- We're going to convert part of it to community use...- OK.
0:20:12 > 0:20:15..and the other part to... for residential use.
0:20:16 > 0:20:20But we are hoping to get residential use with no parking.
0:20:20 > 0:20:23So we don't really want parking. It's in the centre of Brentwood,
0:20:23 > 0:20:26very near to public transport,
0:20:26 > 0:20:28- easy to get to London or other centres.- Sure.
0:20:28 > 0:20:32So there doesn't seem much point in having parking in this area.
0:20:32 > 0:20:34And explain the community bit of it -
0:20:34 > 0:20:36what do you mean by that exactly?
0:20:36 > 0:20:40At one time, I looked into the history, and this was...
0:20:40 > 0:20:42used as a art gallery.
0:20:42 > 0:20:45- Oh!- So we want to bring it back to an art gallery, possibly
0:20:45 > 0:20:48with some cafe and bar use as well.
0:20:48 > 0:20:52- Right.- And, then, open up the courtyard at the back
0:20:52 > 0:20:56so that people can have a look at the building from the other side.
0:20:56 > 0:20:58- Ah!- Looking into the building.
0:20:58 > 0:21:01And so, what, would you rent out that space for somebody else to look
0:21:01 > 0:21:04after, then, or are you going to run your own art gallery as well?
0:21:04 > 0:21:06- MARTIN LAUGHS - No, no, no. I'll not be running it.
0:21:06 > 0:21:10We'll be tendering it out for people
0:21:10 > 0:21:13to put bids in for running the...
0:21:13 > 0:21:16obviously, the community use part of the building.
0:21:16 > 0:21:18Oh, great. Early stages, obviously,
0:21:18 > 0:21:22but do you have some ideas of the residential opportunity here?
0:21:22 > 0:21:26How are you going to convert what is a massive amount of space into...
0:21:26 > 0:21:27into...into what?
0:21:27 > 0:21:31We'll try and get a few apartments, studios,
0:21:31 > 0:21:34one-bedroom flats in.
0:21:34 > 0:21:36How many?
0:21:36 > 0:21:39Um, possibly between four and six.
0:21:39 > 0:21:42- OK.- Yeah.- That all depends on planning, of course.
0:21:42 > 0:21:43It depends on planning.
0:21:43 > 0:21:46It also depends on whether we are allowed to raise the roof
0:21:46 > 0:21:49to create a bit of extra headroom.
0:21:49 > 0:21:53- Right.- Obviously, being a Grade II-star listed building,
0:21:53 > 0:21:57we'll have to negotiate with English Heritage and the council to see what
0:21:57 > 0:21:59we can do and what we can't do.
0:21:59 > 0:22:03It's one of those properties that will most definitely, I'm sure,
0:22:03 > 0:22:06be worth it. However, something tells me, in the process,
0:22:06 > 0:22:08it's going to cost quite a lot of money.
0:22:08 > 0:22:10I've made allowances for it, hopefully.
0:22:11 > 0:22:15So how much have you got set aside for sorting it out?
0:22:15 > 0:22:18Shall I just say,
0:22:18 > 0:22:21more than half a million, approaching £1 million?
0:22:21 > 0:22:24Oh, wow! So you are...? You're going into this with your eyes open?
0:22:24 > 0:22:27- That's right, yeah.- You said before,
0:22:27 > 0:22:30you don't think you're going to make any money out of this, then?
0:22:30 > 0:22:35- Mm-hm.- So...are you doing it for the good of the building, or what?
0:22:35 > 0:22:38I'm doing it for interest.
0:22:39 > 0:22:42It is such a brilliant project to actually finish.
0:22:42 > 0:22:44I'm hoping not to lose money.
0:22:44 > 0:22:46- Well, yeah.- I don't think I'll lose any money.
0:22:46 > 0:22:49As long as...
0:22:49 > 0:22:52- it's even stevens...- Yeah. - ..then I'll be very happy.
0:22:52 > 0:22:55So what's the timescale for this project?
0:22:55 > 0:22:57Hopefully...
0:22:57 > 0:22:59we should be finished within the year.
0:22:59 > 0:23:02- Within a year?- Yeah. - You are kidding me!
0:23:02 > 0:23:04- MARTIN LAUGHS - No, no. Not at all.
0:23:04 > 0:23:06You've got to apply for planning permission,
0:23:06 > 0:23:08you've got to get listed building people involved,
0:23:08 > 0:23:10you've got to turn the place around -
0:23:10 > 0:23:14- how are you going to do that in a year?- Well, you know, let's see.
0:23:14 > 0:23:15- MARTIN LAUGHS - Well, yeah, for sure!
0:23:15 > 0:23:18That's exciting. And then... After this, then, what?
0:23:18 > 0:23:20Cos...how do you top this?
0:23:20 > 0:23:23Well, then, we'll have to look for something else.
0:23:23 > 0:23:24MARTIN LAUGHS
0:23:24 > 0:23:26- A castle?- I-I don't know.
0:23:26 > 0:23:28I might fall in love with something else.
0:23:28 > 0:23:30- Is that what it's like? - That's what it's like.
0:23:30 > 0:23:31You look at a building, and I say...
0:23:31 > 0:23:33You think to yourself,
0:23:33 > 0:23:36- "Yes, this is the one for me." - Oh, wow.
0:23:36 > 0:23:38And then, you have to wait, like all good things.
0:23:38 > 0:23:40Oh, that's great. Well, listen, congratulations.
0:23:40 > 0:23:42I'm delighted the building found you.
0:23:42 > 0:23:44- Thank you, Martin. - Good luck with it.
0:23:44 > 0:23:46- I'm really looking forward to seeing how you get on.- All right.
0:23:46 > 0:23:50Well, it is an amazing building,
0:23:50 > 0:23:52but one that needed somebody with,
0:23:52 > 0:23:55potentially, amazingly big pockets.
0:23:55 > 0:23:58So, hopefully, it has found that in Prashant.
0:23:58 > 0:24:00But he's got the passion for the building, and that's exactly
0:24:00 > 0:24:03what it needed. Exciting times ahead.
0:24:03 > 0:24:06You can find out what happens later in the show.
0:24:06 > 0:24:08Coming up, at this end terrace in Stoke,
0:24:08 > 0:24:11I'm about to give you the run-around.
0:24:11 > 0:24:14Why don't you go that way, and I'll meet you there?
0:24:16 > 0:24:17And here we are.
0:24:18 > 0:24:22And, in Essex, we discover that £1 million isn't enough.
0:24:22 > 0:24:26The original budget has just been blown away.
0:24:30 > 0:24:33Time to stop in again at Halesowen, where I saw a two-bed,
0:24:33 > 0:24:37ex-local authority flat that was in generally OK condition,
0:24:37 > 0:24:39if not a bit tired and dated.
0:24:39 > 0:24:41The kitchen was in need of a refit,
0:24:41 > 0:24:43as it showed real signs of its age.
0:24:47 > 0:24:50Now, the bathroom's pretty small, very tired.
0:24:50 > 0:24:51Definitely needs to come out.
0:24:51 > 0:24:54The bath and shower together, you might want to reconfigure,
0:24:54 > 0:24:56put them separately, though it's pretty tight in there.
0:24:56 > 0:25:00I like the sunflowers that have been added in for a bit of sunshine.
0:25:00 > 0:25:03Sadly, there wasn't much else to leave me feeling warm
0:25:03 > 0:25:06in the rest of the flat, as there was no central heating system.
0:25:06 > 0:25:09That didn't stop James and his wife, Lena,
0:25:09 > 0:25:12from spending 40 grand on this at auction.
0:25:12 > 0:25:15James met his wife, Lena, who's from Russia,
0:25:15 > 0:25:17whilst working abroad in Saudi Arabia.
0:25:17 > 0:25:20But they had both recently moved back to the UK.
0:25:20 > 0:25:23Safe to say that the cultures might clash a bit.
0:25:23 > 0:25:26But so, too, of course, can people's tastes,
0:25:26 > 0:25:30especially when it comes to that humongous fireplace!
0:25:30 > 0:25:33Well, my plan is to keep it,
0:25:33 > 0:25:36but we've had an argument already.
0:25:36 > 0:25:38Yes.
0:25:38 > 0:25:40James, why do you think it should stay?
0:25:40 > 0:25:42I don't think it's that bad, actually.
0:25:42 > 0:25:43If it was just brickwork...
0:25:43 > 0:25:46But it's white, and I quite like it.
0:25:46 > 0:25:49- I'm maybe not meant to offer an opinion, but I'm with Lena.- Oh.
0:25:51 > 0:25:54I'd like to think that I had the deciding vote.
0:25:54 > 0:25:58But there's only one way to find out what happened at the flat.
0:25:58 > 0:26:03Yes, it's time to head back and see how it looks, five months on.
0:26:08 > 0:26:11This brand-new kitchen looks fantastic.
0:26:14 > 0:26:17And now, of course, includes central heating.
0:26:19 > 0:26:21Out in the hall,
0:26:21 > 0:26:23a new open-planned cupboard might not be for everyone...
0:26:26 > 0:26:29..but it's a handy space for shoes and jackets.
0:26:31 > 0:26:34Is there now more living space in the living room?
0:26:34 > 0:26:36# So tell me right now
0:26:36 > 0:26:38# You think you're ready for it
0:26:38 > 0:26:41# I wanna know why you got me going
0:26:41 > 0:26:43# So let's go
0:26:43 > 0:26:45# We'll take it out of here
0:26:45 > 0:26:48I think I'm ready to leap, I'm ready to live
0:26:48 > 0:26:51# I'm ready to go
0:26:51 > 0:26:53# Get me out of my mind
0:26:53 > 0:26:56# Get me out of my mind... #
0:26:56 > 0:27:02Hooray! The horrible fireplace has gone. Oh, did I say that out loud?
0:27:02 > 0:27:03Sorry, James.
0:27:05 > 0:27:07I asked various people,
0:27:07 > 0:27:09they either loved it or hated it.
0:27:09 > 0:27:12- In the end, we decided... - Instigations.
0:27:12 > 0:27:15My wife got her way, and I took
0:27:15 > 0:27:18a sledgehammer to it and removed it.
0:27:18 > 0:27:20And, I must say, I think she was right.
0:27:20 > 0:27:22- I was.- She was right.
0:27:26 > 0:27:31Sometimes, you have to say "goodbye to the old and in with the new,"
0:27:31 > 0:27:34which is what I'll have to do with those sunflowers
0:27:34 > 0:27:35I was so keen on in the bathroom.
0:27:37 > 0:27:41Everything here is brand-new, sleek and modern.
0:27:45 > 0:27:46It's made such a difference.
0:27:48 > 0:27:51Back along the hall now to see the two bedrooms,
0:27:51 > 0:27:53which have been given a sympathetic redecoration
0:27:53 > 0:27:56to match the rest of the flat.
0:27:59 > 0:28:02James and Lena, they should be proud of their work here.
0:28:03 > 0:28:05I've done all the plumbing in the bathroom.
0:28:06 > 0:28:09Did everything in the bathroom, really.
0:28:09 > 0:28:11Living room...
0:28:11 > 0:28:15we destroyed... Well, I destroyed the, um...fireplace.
0:28:15 > 0:28:17Together destroyed.
0:28:17 > 0:28:20All right, together we destroyed the fireplace.
0:28:20 > 0:28:23We've done all the redecoration.
0:28:23 > 0:28:25We're learning...
0:28:25 > 0:28:27We learnt all the time about different things
0:28:27 > 0:28:28and how to do things.
0:28:28 > 0:28:30- There are mistakes.- Yeah.
0:28:30 > 0:28:32You make plenty of mistakes.
0:28:32 > 0:28:34- I can say that.- Yeah! - Well, we did, anyway.
0:28:36 > 0:28:38But we...pushed through that,
0:28:38 > 0:28:41and I'm pleased with the results.
0:28:41 > 0:28:42So I'm happy with that.
0:28:42 > 0:28:46I'd say James is becoming a dab hand at the old tiling.
0:28:46 > 0:28:49But they did, of course, get in professionals for the heating
0:28:49 > 0:28:53and electrics. Various family commitments have meant, all in all,
0:28:53 > 0:28:55it's taken them five months,
0:28:55 > 0:28:59rather than their ideal two-to-three month timescale.
0:28:59 > 0:29:03And that £8-£10,000 budget was almost stuck to,
0:29:03 > 0:29:07but the purchase and installation of a new front door
0:29:07 > 0:29:11that matches fire safety codes cost £1,000,
0:29:11 > 0:29:14so it took the total spend to £11,000.
0:29:14 > 0:29:17All in, it's pretty much going to plan,
0:29:17 > 0:29:20so it seems that Lena and James work like a well-oiled machine...
0:29:20 > 0:29:24but it may be more like oil and vinegar.
0:29:24 > 0:29:26- JAMES:- 'We've had certain problems working
0:29:26 > 0:29:30'with each other because Lena's got different ideas than I have.
0:29:30 > 0:29:34'When we originally got the property,'
0:29:34 > 0:29:37my plan was to rent it.
0:29:37 > 0:29:40But Lena would like to sell.
0:29:40 > 0:29:43And I've come round to her way of thinking.
0:29:43 > 0:29:46Well, we're going to see what it would fetch.
0:29:46 > 0:29:48But we'll find out,
0:29:48 > 0:29:51and then we'll make our decision from there, really.
0:29:51 > 0:29:55It's a good thing, then, that we've asked along two local estate agents
0:29:55 > 0:29:57to give us their valuations.
0:29:57 > 0:30:01But, first, let's hear their thoughts on the flat itself.
0:30:01 > 0:30:04Well, it's been finished to a high standard,
0:30:04 > 0:30:06so I think presentation's important
0:30:06 > 0:30:09for first-time buyers and investors.
0:30:09 > 0:30:11And it's also very convenient
0:30:11 > 0:30:14for the local amenities of Halesowen centre.
0:30:14 > 0:30:16The kitchen's done to a particularly good standard.
0:30:16 > 0:30:20It's really modern, so it will appeal to the younger buyers.
0:30:20 > 0:30:23So it's an ideal starter flat that's ready to move into.
0:30:23 > 0:30:28But what should James and Lena do with their £51,000 investment?
0:30:30 > 0:30:34The agents both think that it would sell for around £65,000,
0:30:34 > 0:30:37which would be a tidy pre-tax profit
0:30:37 > 0:30:40of 14 grand. Which might tempt Lena,
0:30:40 > 0:30:41but what could it rent for?
0:30:43 > 0:30:47I would suggest an asking price of £500 per calendar month.
0:30:47 > 0:30:49If we were to rent this property out,
0:30:49 > 0:30:52we'd expect to achieve between £500 to £525 per calendar month.
0:30:52 > 0:30:55I think we'll discuss our options.
0:30:56 > 0:30:58We haven't decided yet.
0:30:58 > 0:31:00But the rental figure sounds very good.
0:31:00 > 0:31:04The valuation was about what I thought it would be.
0:31:04 > 0:31:06I wonder who will get their own way in the end.
0:31:06 > 0:31:11But I have a feeling the top-end figure of £525 from the agent -
0:31:11 > 0:31:16that would give a rental yield of a healthy 12% - might just win out.
0:31:16 > 0:31:21James and Lena haven't seen eye to eye on everything on this project,
0:31:21 > 0:31:25but its successful outcome must have them itching to do it again.
0:31:27 > 0:31:29- Oh...- Would we work together again? - ..no.- Yes. Well...
0:31:29 > 0:31:34only if she was the boss, then, yes, we'd work together.
0:31:34 > 0:31:37But when I'm the boss, no, it doesn't seem to work, really.
0:31:43 > 0:31:45I'm just outside Hanley,
0:31:45 > 0:31:49one of the six towns that make up the city of Stoke-on-Trent.
0:31:49 > 0:31:53The property I'm here to see is in the area of Northwood,
0:31:53 > 0:31:55home to Stoke Athletics Club,
0:31:55 > 0:31:58the only athletics centre in the area
0:31:58 > 0:32:02certified by the International Amateur Athletics Federation.
0:32:02 > 0:32:05So I'm going to be hitting the ground running with this one,
0:32:05 > 0:32:06even if it's to get out the rain.
0:32:08 > 0:32:11So ten minutes from Hanley town centre and Northwood Stadium
0:32:11 > 0:32:14is the property I'm here to see, and here it is.
0:32:14 > 0:32:18It's a three-bedroom end terrace property
0:32:18 > 0:32:21with a guide price of £50,000.
0:32:21 > 0:32:22And I like the look of this one.
0:32:22 > 0:32:24Let's take a look inside.
0:32:24 > 0:32:26# I just ran
0:32:26 > 0:32:30# I ran all night and day... #
0:32:30 > 0:32:33Nice. We are into a spacious hallway...
0:32:33 > 0:32:35just here, lots of room and light.
0:32:35 > 0:32:37Lovely front door.
0:32:37 > 0:32:41Very, very pretty, but not very secure.
0:32:41 > 0:32:43I'd look to get that changed.
0:32:43 > 0:32:46Right, you've got your stairs going up to the bedrooms,
0:32:46 > 0:32:48and here you've got a really nice-sized kitchen.
0:32:48 > 0:32:51Bit of a galley kitchen, but it's dated.
0:32:51 > 0:32:52You'd want to take all that out
0:32:52 > 0:32:55and put a nice, fresh, clean kitchen in here.
0:32:55 > 0:32:59And at the back, I can just see there's a toilet downstairs as well.
0:32:59 > 0:33:03OK. Why don't you go that way, and I'll meet you there?
0:33:05 > 0:33:09And here we are. Two decent-size reception rooms just here,
0:33:09 > 0:33:14and they are separated by this glass here - this clear glass.
0:33:14 > 0:33:16A couple of gas fires as well.
0:33:16 > 0:33:21But that big bay window is very, very pretty.
0:33:21 > 0:33:24You could restore that and keep it, if that's your style,
0:33:24 > 0:33:26but if you wanted to change it to double glazing,
0:33:26 > 0:33:28it might cost you a few quid,
0:33:28 > 0:33:31so you'd have to pop that in your budget.
0:33:31 > 0:33:32So far, so good.
0:33:32 > 0:33:35I'm going to check out upstairs.
0:33:38 > 0:33:41So far, so good, so optimistic.
0:33:42 > 0:33:44Yes, it's a nice, spacious house,
0:33:44 > 0:33:47but it's in desperate need of a clear-out.
0:33:47 > 0:33:48So, first things first,
0:33:48 > 0:33:51strip everything out and start from the very beginning.
0:33:51 > 0:33:55Just keep an eye on the budget, in case things get a little dear.
0:34:00 > 0:34:02OK, upstairs to the bedrooms. But before I do,
0:34:02 > 0:34:04this is a really solid banister.
0:34:04 > 0:34:07If you were to strip that back, that would be really pretty.
0:34:07 > 0:34:11Anyway, there are three bedrooms up here, and a family bathroom.
0:34:11 > 0:34:14Good-size family bathroom. Again, it's dated,
0:34:14 > 0:34:18and I can see a slight crack just in between some tiles
0:34:18 > 0:34:19at the side of the window.
0:34:19 > 0:34:22It's not alarming me,
0:34:22 > 0:34:24but that colour pink is slightly alarming.
0:34:24 > 0:34:27Get a new bathroom in there, really smarten it up.
0:34:27 > 0:34:29Nice, big bedroom just here.
0:34:29 > 0:34:33And I can see that there's a bit of damp just below that window just
0:34:33 > 0:34:35there. It looks like it's localised,
0:34:35 > 0:34:39cos I've not found it anywhere else in the house, so get that sorted.
0:34:39 > 0:34:41Two other bedrooms here.
0:34:41 > 0:34:44Small third bedroom just to my left.
0:34:44 > 0:34:46And this is the main bedroom.
0:34:49 > 0:34:53Some fitted wardrobes and drawers that I haven't seen for some time.
0:34:53 > 0:34:55I'm pretty sure I lived in a house -
0:34:55 > 0:34:57or several houses - that had these in.
0:34:57 > 0:35:00Get all this out and really tidy this place up.
0:35:00 > 0:35:02There's a lot that needs to be done, here -
0:35:02 > 0:35:04new bathroom, new kitchen.
0:35:04 > 0:35:06If you are going to change those windows,
0:35:06 > 0:35:08that's going to cost you a few quid as well.
0:35:08 > 0:35:11New carpets, paint, everything needs to be done in this house.
0:35:11 > 0:35:13And you've got to be careful of those profit margins,
0:35:13 > 0:35:15cos if you're going to spend a lot of money,
0:35:15 > 0:35:17that profit margin is going to get smaller.
0:35:19 > 0:35:22Of course, if you were to get this for anything like
0:35:22 > 0:35:23the 50 grand guide price...
0:35:23 > 0:35:25That's not a money spider, is it?
0:35:25 > 0:35:28I would suspect you would have plenty of wiggle room,
0:35:28 > 0:35:30providing that nothing more serious turns up.
0:35:33 > 0:35:36OK, out the back...I can see as I've walked up...
0:35:36 > 0:35:38There's a little bit of... Look at that.
0:35:38 > 0:35:41A little bit of cement. Doesn't look the safest wall at all.
0:35:42 > 0:35:45As you can see. Look at that. Look at the movement.
0:35:45 > 0:35:50That nearly came down. And into the back garden, backyard area.
0:35:50 > 0:35:53It is pretty small. And, as you can see,
0:35:53 > 0:35:57the pointing here definitely needs to be re-done as well.
0:35:57 > 0:36:01And around the corner here, we've got a little bit more space.
0:36:01 > 0:36:04But as I look back at the house,
0:36:04 > 0:36:07I can see that those windows definitely
0:36:07 > 0:36:09need to be replaced.
0:36:09 > 0:36:12I can safely say they've seen better days.
0:36:13 > 0:36:16The jobs are mounting up.
0:36:16 > 0:36:19Still, I reckon the trick with this one is not to go too far
0:36:19 > 0:36:22over that guide price.
0:36:22 > 0:36:25An agent from the auction house who sold it came along to tell us
0:36:25 > 0:36:28how to get this place back up to scratch.
0:36:28 > 0:36:30Depending on who actually does the work,
0:36:30 > 0:36:3215,000 would probably go a long way
0:36:32 > 0:36:36to getting this property in a liveable condition.
0:36:37 > 0:36:41Assuming the house sells for the guide price of £50,000,
0:36:41 > 0:36:44that would bring your total spend to 65 grand.
0:36:44 > 0:36:47So is there scope for potential profit, here?
0:36:47 > 0:36:49After refurbishment,
0:36:49 > 0:36:51I would place this property on the market
0:36:51 > 0:36:55in the region of £100-105,000.
0:36:55 > 0:36:57OK, well, if you did get it for that guide price,
0:36:57 > 0:37:00that could mean a handsome return.
0:37:00 > 0:37:04But what if you kept the property long-term and let it out?
0:37:04 > 0:37:05On the rental market,
0:37:05 > 0:37:08I would expect to achieve in the region of £450-500
0:37:08 > 0:37:10per calendar month.
0:37:12 > 0:37:15This is a good, solid house, and it's well-proportioned.
0:37:15 > 0:37:18But you will need to get it to as close to that guide price
0:37:18 > 0:37:21as possible, though, cos you will need to spend a few quid on it.
0:37:21 > 0:37:24Let's see who went for it when it went under the hammer.
0:37:27 > 0:37:30Here's a spacious, three-bedroom
0:37:30 > 0:37:31end of terrace house.
0:37:31 > 0:37:33May I say 50 anywhere? Thank you.
0:37:33 > 0:37:3552 anywhere else?
0:37:35 > 0:37:3752. 54. 56. 58.
0:37:37 > 0:37:41There was a lot of interest as the bidding got off to a flying start.
0:37:41 > 0:37:45We rejoin the auction at £70,000.
0:37:45 > 0:37:4770.
0:37:47 > 0:37:4871, sir?
0:37:48 > 0:37:5072? 72?
0:37:50 > 0:37:5272?
0:37:52 > 0:37:5471, then, is our current winning bid.
0:37:54 > 0:37:56For the first time.
0:37:56 > 0:37:58I thought you were going to say that.
0:37:58 > 0:38:0071.5, I'm taking. 72, sir?
0:38:00 > 0:38:02And the half again, Madam? 72.5.
0:38:02 > 0:38:0473. 73.5?
0:38:04 > 0:38:0773 is your bid, sir.
0:38:07 > 0:38:09You're on the halves if you want to come back in.
0:38:09 > 0:38:12If not, here we are, then. At £73,000, then, for the first time.
0:38:12 > 0:38:14£73,000.
0:38:14 > 0:38:16Your bid is looking stronger by the second.
0:38:16 > 0:38:17For the second time.
0:38:17 > 0:38:20Are we all done, then, at £73,000?
0:38:20 > 0:38:24You got it, sir, at 73,000.
0:38:24 > 0:38:28The successful bid of 73 grand went to Geoff and wife Carolyn.
0:38:28 > 0:38:31Geoff is a fireman and has experience
0:38:31 > 0:38:33helping friends on similar projects.
0:38:35 > 0:38:40Carolyn is a netball coach at a local college.
0:38:42 > 0:38:45This project is all theirs, and I caught up with them
0:38:45 > 0:38:48to find out their plans.
0:38:50 > 0:38:52- Carolyn, nice to meet you. - Hello. Nice to meet you.
0:38:52 > 0:38:54- Geoff, nice to meet you too, sir. - Pleased to meet you.
0:38:54 > 0:38:58- Congratulations.- Thanks.- Thank you very much.- Got yourself a nice property here.- Yeah.
0:38:58 > 0:39:00- And it's your first one?- It is. - It is, yes.
0:39:00 > 0:39:02What made you look for a property like this?
0:39:02 > 0:39:05Oh, it's been a will of mine to do this sort of thing
0:39:05 > 0:39:09for a long time, and now's the time to do it. Been busy...
0:39:09 > 0:39:11He's very good. He is very good...
0:39:11 > 0:39:13Oh, don't tell him that!
0:39:13 > 0:39:15I have to give him a bit of praise, don't I, now and again?
0:39:15 > 0:39:18Yeah, no, he's pretty capable...
0:39:19 > 0:39:22..and all my trust is in him, really,
0:39:22 > 0:39:25cos I'm just the fetcher and carrier and, "Hand me this, go get me that."
0:39:25 > 0:39:28She'll be on the roof later today.
0:39:28 > 0:39:29Is that because she's angry with you, or...?
0:39:32 > 0:39:34What are you going to do with this place?
0:39:34 > 0:39:36I think it's a really nice pad that you've got.
0:39:36 > 0:39:39We're looking at blocking up that door that goes...
0:39:39 > 0:39:41The sliding door into the kitchen.
0:39:41 > 0:39:44So, now, we're giving us more wall space in the kitchen
0:39:44 > 0:39:48so we can have a set of units that come all the way across.
0:39:48 > 0:39:51That will free up the room in that utility area there as well,
0:39:51 > 0:39:54because it will mean things like the washer, the tumble dryer...
0:39:54 > 0:39:56- Yes.- You know, sort of, uh,
0:39:56 > 0:39:57we can look elsewhere to put them
0:39:57 > 0:40:00and create like a nice little downstairs bathroom.
0:40:00 > 0:40:02Yes, I've got you. Bit neater, a bit tidier?
0:40:02 > 0:40:04- Yes.- Yeah, make it... Yeah. Yeah.
0:40:04 > 0:40:06Carpets and everything else coming out?
0:40:06 > 0:40:08- Yes.- Yeah.- Fireplaces as well?
0:40:08 > 0:40:10- Definitely.- "Definitely". - Those have got to go.
0:40:10 > 0:40:11"Definitely got to go."
0:40:11 > 0:40:13Got to go - they're about 500 years old, I think.
0:40:13 > 0:40:14THEY LAUGH
0:40:14 > 0:40:17- I think you'll find they're 450, actually.- Oh!
0:40:17 > 0:40:20- To be precise!- Well, you'd be more of an expert than me, of course.
0:40:20 > 0:40:22We'll go with that one.
0:40:22 > 0:40:24Get me, the expert on fireplaces!
0:40:24 > 0:40:27Do you think I got away with that? Anyway, moving on.
0:40:27 > 0:40:31They plan to alter the layout a little bit and move the back door.
0:40:31 > 0:40:34And, of course, they are going to replace the bathroom and kitchen.
0:40:36 > 0:40:39I'm conscious they've paid quite a bit over the guide price -
0:40:39 > 0:40:4123 grand to be exact -
0:40:41 > 0:40:44so the budget will have to be spot on.
0:40:44 > 0:40:47We've been able to do a proper look-round.
0:40:47 > 0:40:49We're looking at £15,000, we think...
0:40:49 > 0:40:52- OK.- ..to do all of the work that we need to do.
0:40:52 > 0:40:55- That's all because the man that can...- Yeah.- ..is doing the work.
0:40:55 > 0:40:58- Oh, OK.- And the woman that can't is...
0:40:58 > 0:41:01- Helping.- ..watching.- "Is watching"!
0:41:01 > 0:41:05As well as being a firefighter, Geoff is a qualified electrician.
0:41:05 > 0:41:09So aside from plumbing in the boiler and fitting the new double glazing,
0:41:09 > 0:41:11he'll be doing everything himself -
0:41:11 > 0:41:14and that includes under-felting the roof -
0:41:14 > 0:41:18all hopefully within a timescale of four to six months.
0:41:18 > 0:41:21And ideally, when you've finished the house
0:41:21 > 0:41:24and you've got it exactly how Carolyn wants it...
0:41:24 > 0:41:27- Yes.- ..what would you like to do with it once it's all done?
0:41:27 > 0:41:30I'd say sell. We're going to do it to too high a spec...
0:41:30 > 0:41:32- OK.- ..to be on the rental market.
0:41:32 > 0:41:34That's MY personal thoughts.
0:41:34 > 0:41:37I might want to move myself.
0:41:37 > 0:41:39- Here's your new pad. - There you go, yeah.
0:41:39 > 0:41:42That could cost you a few more quid if you start doing it for yourself.
0:41:42 > 0:41:44Yeah. No, no, she's moving. I'm staying where I am!
0:41:46 > 0:41:48- Very good. Very good. - We are only joking.
0:41:48 > 0:41:49So is it something that you want
0:41:49 > 0:41:51to get into full-time, you know, property?
0:41:51 > 0:41:53Would you like to buy more properties
0:41:53 > 0:41:54- and do some more renovations?- Yeah.
0:41:54 > 0:41:56Well, we'll see how this one goes first,
0:41:56 > 0:41:58but I'm coming up to retirement soon.
0:42:00 > 0:42:01I know I don't look old enough...
0:42:01 > 0:42:04Yeah, yes, yeah, I was just about to say that. Beat me to it.
0:42:04 > 0:42:05..but I feel it!
0:42:05 > 0:42:08So, um...yeah, possibly.
0:42:08 > 0:42:11So is there anything that you've seen in this property in particular,
0:42:11 > 0:42:14as it's your first, that's surprised you or frightened you?
0:42:14 > 0:42:17Nothing's really surprised me and nothing's really frightened me.
0:42:17 > 0:42:20So, no, it doesn't scare me, this place.
0:42:20 > 0:42:22Well, on that note, I wish you all the best.
0:42:22 > 0:42:25I think you've got yourself a really good first property.
0:42:25 > 0:42:27And I think, with your leadership,
0:42:27 > 0:42:29and your brawn and skillset, I think you'll be OK.
0:42:29 > 0:42:31- BOTH:- Thanks very much. - I wish you all the best.
0:42:31 > 0:42:33- Good luck.- Thank you, Dion. - Geoff, all the best.
0:42:33 > 0:42:36- Thanks very much.- Good luck. Cheers.
0:42:36 > 0:42:38I think this is a good first project.
0:42:38 > 0:42:41They've given themselves a decent timescale
0:42:41 > 0:42:42and a realistic budget considering
0:42:42 > 0:42:45Geoff's going to be doing a lot of the work himself.
0:42:45 > 0:42:47I think they'll be fine on this one.
0:42:47 > 0:42:50With Carolyn coaching from the sidelines, no problem at all.
0:42:50 > 0:42:52Fireman Geoff to the rescue.
0:42:52 > 0:42:55You can find out how they get on later in the show.
0:42:58 > 0:43:00Well, we've seen how one property turned out,
0:43:00 > 0:43:03but there's still two more to come, so don't go anywhere.
0:43:03 > 0:43:06Yes, will our remaining renovators be quids in?
0:43:06 > 0:43:08Or will they wish they hadn't bothered bidding?
0:43:08 > 0:43:09Let's find out.
0:43:10 > 0:43:12Time to return to Brentwood in Essex,
0:43:12 > 0:43:16where I saw an absolutely stunning Grade II listed building.
0:43:17 > 0:43:21The auction catalogue said parts were believed to date back
0:43:21 > 0:43:22as far as the 16th century.
0:43:24 > 0:43:27I was very excited, but then I stepped inside.
0:43:29 > 0:43:32It obviously has been converted at some stage
0:43:32 > 0:43:35to provide office or community space.
0:43:35 > 0:43:40And so we're into the realms of fire doors, stud partitions.
0:43:42 > 0:43:43HE GROANS
0:43:43 > 0:43:44HE SOBS
0:43:44 > 0:43:50# Wipe your eyes cos there's no use crying... #
0:43:50 > 0:43:54It was a CRYING shame that this property had lost a lot of character
0:43:54 > 0:43:58internally. It was really CRYING out for someone to come along
0:43:58 > 0:44:00and put things right.
0:44:01 > 0:44:03That someone was hopefully Prashant,
0:44:03 > 0:44:07who paid a whopping £910,000 for this at auction.
0:44:07 > 0:44:09As a pharmacist and property developer,
0:44:09 > 0:44:13he had an interesting PRESCRIPTION for the property.
0:44:13 > 0:44:16The back area downstairs would remain a community space
0:44:16 > 0:44:20and the rest of the building would become four-to-six flats,
0:44:20 > 0:44:25which was certainly an ambitious plan in a Grade II listed building.
0:44:25 > 0:44:28Even though he and his building team had experience
0:44:28 > 0:44:32with period conversions, I was blown away by his timescale.
0:44:33 > 0:44:35We should be finished within the year.
0:44:35 > 0:44:36- Within a year?- Yeah.
0:44:36 > 0:44:37You are kidding me.
0:44:37 > 0:44:39- No, no. Not at all. - MARTIN LAUGHS
0:44:39 > 0:44:41- Not at all.- You've got to apply for planning permission,
0:44:41 > 0:44:44you've got to get listed building people involved,
0:44:44 > 0:44:45you've got to turn the place around.
0:44:45 > 0:44:49- How are you going to do that in a year?- Well, you know, let's see.
0:44:49 > 0:44:51Well, yeah, for sure.
0:44:51 > 0:44:54You had to admire Prashant's optimism in the face of all
0:44:54 > 0:44:55that planning red tape.
0:44:55 > 0:44:58So I guess there's only one thing for it -
0:44:58 > 0:45:01time for us to head back and see if the work is complete
0:45:01 > 0:45:03just 12 months later.
0:45:03 > 0:45:07# I've been living through some hard times
0:45:07 > 0:45:11# I've been seeing through some dark times
0:45:11 > 0:45:14# Everybody seems to know
0:45:14 > 0:45:18# Don't say I told you so... #
0:45:20 > 0:45:22Oh, me?
0:45:22 > 0:45:24I wouldn't dream of it, honestly I wouldn't.
0:45:24 > 0:45:27Listed developments like this are never simple,
0:45:27 > 0:45:30and I may have thought 12 months was too quick,
0:45:30 > 0:45:33but I did think the project would have made at least
0:45:33 > 0:45:35some kind of progress in the past year.
0:45:38 > 0:45:42Well, basically, what's happened is that we've been stuck in the
0:45:42 > 0:45:46planning system, because it is a Grade II-star listed building.
0:45:46 > 0:45:50Obviously, there are about 3,000 only in the United Kingdom.
0:45:50 > 0:45:54It's also become part of the Brentwood Development Scheme,
0:45:54 > 0:45:58so this is kind of like a focal point of the town centre.
0:45:58 > 0:46:02The building's Grade II-star listing means that it's a building
0:46:02 > 0:46:04of more than special interest
0:46:04 > 0:46:08and accounts for only 5.5% of all listed buildings.
0:46:08 > 0:46:12The local council have also had to have their say in how they would
0:46:12 > 0:46:15like the building to be used, which has thrown up its own issues.
0:46:17 > 0:46:22I think the major problem occurred in terms of community use.
0:46:22 > 0:46:26How would a building which was actually central to the community
0:46:26 > 0:46:29and a very popular building... going forward,
0:46:29 > 0:46:33how would the community have some part to play in it?
0:46:33 > 0:46:36Prashant had to work with his architect
0:46:36 > 0:46:39and all the various agencies in drawing up new plans
0:46:39 > 0:46:42which he feels will meet the requirements
0:46:42 > 0:46:43of all parties involved,
0:46:43 > 0:46:45and this is what they've come up with.
0:46:48 > 0:46:51There will be a community space on the ground floor,
0:46:51 > 0:46:54and the rest of the building will be split into living accommodation,
0:46:54 > 0:46:56comprising of five one-bedroom flats.
0:46:59 > 0:47:01This is similar to the original plan,
0:47:01 > 0:47:03but there could be an added bonus.
0:47:03 > 0:47:06The local planners have indicated that they may also allow
0:47:06 > 0:47:09the construction of a new build at the rear of the property,
0:47:09 > 0:47:13which would incorporate three ground-floor flats
0:47:13 > 0:47:16and three duplex apartments above
0:47:16 > 0:47:20in this rather stunning-looking modern building with a grass roof.
0:47:20 > 0:47:23But I don't think that Prashant will be able to achieve all this
0:47:23 > 0:47:27with his original top budget of £1 million.
0:47:31 > 0:47:33The budget is whatever it takes.
0:47:35 > 0:47:39But I think the kind of like original budget
0:47:39 > 0:47:41has just been blown away.
0:47:41 > 0:47:45We'll have to have a look at the finances and see whether
0:47:45 > 0:47:49it's viable to rent, or much more viable to sell.
0:47:49 > 0:47:52I mean, obviously, it would be very good if we could rent it,
0:47:52 > 0:47:54because then we can keep an eye on what's going on
0:47:54 > 0:47:56and make sure the building is maintained
0:47:56 > 0:47:59to the appropriate standards.
0:47:59 > 0:48:02It would be brilliant to see this building back to its best
0:48:02 > 0:48:06in the near future. But with the time it's taken already,
0:48:06 > 0:48:09I don't think there are any guarantees there.
0:48:13 > 0:48:15The biggest challenge has been for someone like me,
0:48:15 > 0:48:17who likes to get things done,
0:48:17 > 0:48:21I've had to become a lot more patient and a lot more understanding
0:48:21 > 0:48:23of the processes that happen in...
0:48:25 > 0:48:29..basically bringing alive a dying building,
0:48:29 > 0:48:31which is listed.
0:48:31 > 0:48:33So that has been a very major challenge,
0:48:33 > 0:48:35but I think I'm beginning to crack it now.
0:48:37 > 0:48:40Well, to see if this tough nut is worth cracking,
0:48:40 > 0:48:43we've asked along two local estate agents
0:48:43 > 0:48:46to see if they think it's a project worth sticking with.
0:48:46 > 0:48:48First, the agent who saw it before.
0:48:48 > 0:48:51What does he make of the slow progress on the project?
0:48:54 > 0:48:55Brentwood Council can be quite strict,
0:48:55 > 0:48:58especially when it comes to the high street
0:48:58 > 0:49:01and how the high street looks.
0:49:01 > 0:49:04So they will always probably take special caution on any planning
0:49:04 > 0:49:06permissions close to the Brentwood sort of town centre.
0:49:06 > 0:49:09So there's absolutely a huge amount
0:49:09 > 0:49:12of demand for luxury apartments
0:49:12 > 0:49:13in and around Brentwood.
0:49:13 > 0:49:16With the imminent arrival of Crossrail,
0:49:16 > 0:49:19I would say probably 70% of people that we're dealing with
0:49:19 > 0:49:22at the moment are coming in from London
0:49:22 > 0:49:26wanting luxury apartments, and especially period conversions.
0:49:27 > 0:49:30Prashant still plans on renting the properties out if and when they are
0:49:30 > 0:49:33complete, so what kind of figures could he be looking at?
0:49:34 > 0:49:37So for the one-bedroom conversion apartments,
0:49:37 > 0:49:42we would see in the region of £1,200-1,300 per calendar month.
0:49:42 > 0:49:47I would estimate something around £1,200 per calendar month.
0:49:47 > 0:49:52I think it might be a bit optimistic to get 1,200-1,300.
0:49:52 > 0:49:56I think about 1,000-1,100 sounds about right.
0:49:58 > 0:50:01Those figures, along with the new-build flats,
0:50:01 > 0:50:05would bring in approximately £155,000 per annum in income.
0:50:05 > 0:50:07However, if Prashant decided to sell,
0:50:07 > 0:50:11the agent valuations for all completed flats
0:50:11 > 0:50:13amount to roughly £3.5 million.
0:50:14 > 0:50:17So as long as his final build cost is under 2.5 million,
0:50:17 > 0:50:20he won't have lost money. However,
0:50:20 > 0:50:24I don't think money was ever Prashant's main motivating factor
0:50:24 > 0:50:25on this project.
0:50:27 > 0:50:30I'm kind of like - how do you call it -
0:50:30 > 0:50:32in love with older buildings now, suddenly.
0:50:41 > 0:50:44Time to jog back to Stoke where at the starting blocks
0:50:44 > 0:50:46was this three-bed house.
0:50:46 > 0:50:50It was pretty tired and had run out of puff.
0:50:50 > 0:50:53Downstairs needed a complete modernisation
0:50:53 > 0:50:57and, upstairs, there were three bedrooms.
0:50:57 > 0:51:00And a family bathroom -
0:51:00 > 0:51:02good-size family bathroom.
0:51:02 > 0:51:06Again, it's dated and I can see a slight crack just in between
0:51:06 > 0:51:08some tiles at the side of the window.
0:51:08 > 0:51:12It's not alarming me, but that colour pink is slightly alarming.
0:51:13 > 0:51:17Outside, in the pouring rain, you could see the windows and guttering
0:51:17 > 0:51:20looked like they were letting in a fair amount of water.
0:51:20 > 0:51:22Now, that DID set my alarm bells ringing.
0:51:24 > 0:51:28Luckily, the person who paid 73 grand for this at auction
0:51:28 > 0:51:31is used to alarms, because Geoff is a firefighter.
0:51:31 > 0:51:34And along with his wife, Carolyn, were prepared to tackle anything
0:51:34 > 0:51:36this house could throw at them,
0:51:36 > 0:51:39and he wanted to do most of the work himself.
0:51:39 > 0:51:43Oh, it's been a will of mine to do this sort of thing for a long time,
0:51:43 > 0:51:46and now's the time to do it.
0:51:46 > 0:51:48He's very good. He is very good.
0:51:48 > 0:51:49Oh, don't tell him that!
0:51:49 > 0:51:53I have to give him a bit of praise, don't I, now and again?
0:51:53 > 0:51:55Yeah, no, he's pretty capable,
0:51:55 > 0:51:57and all my trust is in him, really.
0:51:57 > 0:52:01I'd say the heat was on Geoff, but let's be honest -
0:52:01 > 0:52:05a property renovation is nothing like the day-to-day pressure
0:52:05 > 0:52:07of being a firefighter.
0:52:07 > 0:52:12He's also a qualified electrician and a dab hand at other trades,
0:52:12 > 0:52:16so I'm sure the house and Carolyn's trust were in safe hands.
0:52:18 > 0:52:20But we're heading back later
0:52:20 > 0:52:22than their planned four-to-six-month timescale.
0:52:22 > 0:52:25It's actually 13 months since we last saw the house,
0:52:25 > 0:52:28so I'm hoping everything has turned out OK.
0:52:32 > 0:52:34I'd say so.
0:52:34 > 0:52:37This fully-integrated kitchen is very smart.
0:52:38 > 0:52:41And the layout of the new utility is much better.
0:52:43 > 0:52:46By making the floor level and moving the door,
0:52:46 > 0:52:49there is now a space for white goods and a small toilet at the back.
0:52:52 > 0:52:57Although some original features have gone, others have emerged,
0:52:57 > 0:52:59like this Minton tile floor.
0:53:03 > 0:53:06And the dated living space has been completely modernised.
0:53:10 > 0:53:12The new heating system,
0:53:12 > 0:53:16double glazed windows and losing the kitchen door to the back room
0:53:16 > 0:53:17has made such a difference.
0:53:20 > 0:53:22The addition of double doors to the garden
0:53:22 > 0:53:26lets light pour in from both sides.
0:53:26 > 0:53:29Upstairs, the modern makeover continues.
0:53:34 > 0:53:38Removing the airing cupboard meant there's now space for a four-piece
0:53:38 > 0:53:42suite, so the bathroom is as modern as the rest of the house.
0:53:47 > 0:53:50All the rooms have been fully redecorated with a splash of colour
0:53:50 > 0:53:53to give it a bit of warmth for potential buyers.
0:54:03 > 0:54:06Outside has seen big changes, too.
0:54:06 > 0:54:08Geoff has re-felted the roof
0:54:08 > 0:54:10and replaced the windows and gutters
0:54:10 > 0:54:13to sort out that issue of the damp.
0:54:13 > 0:54:15But it didn't stop there.
0:54:15 > 0:54:19When we also looked at the ground levels outside, they were actually
0:54:19 > 0:54:20breaching the damp course,
0:54:20 > 0:54:23so it was no wonder that there was some damp
0:54:23 > 0:54:25on the inside of the property.
0:54:25 > 0:54:28So the first thing that we did
0:54:28 > 0:54:31was started to re-point outside...
0:54:32 > 0:54:35- ..and unblock... - And I did some pointing.
0:54:35 > 0:54:38Unblock the drains. Carolyn was excellent at pointing.
0:54:38 > 0:54:41- New skill. - It's a fantastic skill to learn!
0:54:41 > 0:54:43Can I just say that, you know,
0:54:43 > 0:54:47he's lived and breathed this property for 12 months.
0:54:47 > 0:54:50The little help that I've given, or anybody else has given, you know,
0:54:50 > 0:54:53just falls into insignificance in terms of, you know,
0:54:53 > 0:54:56trying to compare it to what Geoff's done.
0:54:56 > 0:54:59How he's managed to move... Carry things.
0:54:59 > 0:55:00I-I don't know.
0:55:00 > 0:55:04I really don't. I'm so proud of him, it's untrue.
0:55:04 > 0:55:06Being in the Fire Service,
0:55:06 > 0:55:10Geoff always puts safety first, so he had all the professionals
0:55:10 > 0:55:13in for the gas and the windows as required.
0:55:13 > 0:55:16Geoff also improved the fire safety in the kitchen
0:55:16 > 0:55:19by replacing the glass doors with timber.
0:55:19 > 0:55:22Geoff may be safety conscious,
0:55:22 > 0:55:25but does that mean they were able to stay
0:55:25 > 0:55:27within safe limits of their budget of 15 grand?
0:55:30 > 0:55:33When we sort of decided on the finish,
0:55:33 > 0:55:38we decided it isn't worth spoiling the finish.
0:55:38 > 0:55:42So now the budget's sort of spiralled out of control, really.
0:55:42 > 0:55:47Sort of pushed the expenditure now to about the £20,000 mark.
0:55:47 > 0:55:49But I still think it's been money well spent.
0:55:51 > 0:55:53But will two local estate agents agree?
0:55:53 > 0:55:56We've asked them along to find out what they think
0:55:56 > 0:55:59of that total outlay of 93 grand.
0:55:59 > 0:56:00Will it be money well spent?
0:56:01 > 0:56:04It looks great from the outside and then, when you get inside,
0:56:04 > 0:56:06it's even better.
0:56:06 > 0:56:09It's not what you'd expect to come into in this area,
0:56:09 > 0:56:11to be done to this high a level.
0:56:11 > 0:56:13The layout of the property works really well,
0:56:13 > 0:56:16especially with the French doors off the back
0:56:16 > 0:56:17leading out into the garden.
0:56:17 > 0:56:20The kitchen and utility room and the downstairs loo are really good,
0:56:20 > 0:56:23especially if it's a family that buy the property.
0:56:24 > 0:56:27Sounds like Geoff and Carolyn won't have any problems
0:56:27 > 0:56:28selling this property.
0:56:28 > 0:56:33But will their 93 grand investment yield a good profit?
0:56:34 > 0:56:37To look to resell the property, we're looking
0:56:37 > 0:56:39between £105-110,000.
0:56:39 > 0:56:42I think, on the open market, I'd put this property on the market
0:56:42 > 0:56:45between £110-115,000.
0:56:45 > 0:56:47We always did it as an investment,
0:56:47 > 0:56:50you know, because interest rates are so low.
0:56:50 > 0:56:53So anything along the lines of what's been quoted
0:56:53 > 0:56:57would still give us, you know, the...
0:56:57 > 0:57:00- A good return.- ..the good return that we were after.
0:57:00 > 0:57:03But we have still got all the tax implications
0:57:03 > 0:57:07and everything else to figure out.
0:57:07 > 0:57:09Carolyn is spot on.
0:57:09 > 0:57:11The top figure of 115,000
0:57:11 > 0:57:14would mean a profit of £22,000.
0:57:14 > 0:57:18However, developers always have to think about taxes and fees
0:57:18 > 0:57:20and factor them in.
0:57:20 > 0:57:24The couple are keen to sell on and get onto the next project.
0:57:24 > 0:57:26As this has been a real success,
0:57:26 > 0:57:30what tips have the first-time developers picked up?
0:57:30 > 0:57:32If you're not so savvy, let's say,
0:57:32 > 0:57:35take somebody with you that does know,
0:57:35 > 0:57:37otherwise you could get your fingers burnt.
0:57:37 > 0:57:40Geoff comes...not free of charge -
0:57:40 > 0:57:44if you want his services, then it's me you have to speak to.
0:57:48 > 0:57:51Hopefully, you've enjoyed today's stories and maybe even learned some
0:57:51 > 0:57:52lessons along the way.
0:57:52 > 0:57:55Yes, I'm hoping we've given you a bit of inspiration
0:57:55 > 0:57:57to get involved in property yourself.
0:57:57 > 0:57:59Or, perhaps... scared you off forever.
0:57:59 > 0:58:01Either way, make sure you watch next time
0:58:01 > 0:58:03for more Homes Under The Hammer.
0:58:03 > 0:58:05- Bye-bye.- Bye-bye.- Goodbye.