0:00:02 > 0:00:03Welcome to the programme.
0:00:03 > 0:00:05Now, if investing in property tickles your fancy,
0:00:05 > 0:00:08then you really need to know what's going on in the property market.
0:00:08 > 0:00:11Yes, doing your homework and brushing up on your local knowledge
0:00:11 > 0:00:14- is a must.- Yes, and when you've done that and you're up to speed,
0:00:14 > 0:00:16why not pop along to your local property auction
0:00:16 > 0:00:17and see what's on offer?
0:00:44 > 0:00:48Well, it goes without saying that everyone's looking for good value
0:00:48 > 0:00:51and property auctions can certainly provide that.
0:00:51 > 0:00:52Yes, they certainly can, Martin.
0:00:52 > 0:00:54But don't take that for granted
0:00:54 > 0:00:56because you can get carried away in that auction room.
0:00:56 > 0:00:58Did that happen to anyone on today's show?
0:00:58 > 0:01:00Hopefully not, but let's find out.
0:01:02 > 0:01:03I'm in Hertfordshire.
0:01:03 > 0:01:06That's where I turn my back on this three-bed semi.
0:01:06 > 0:01:09I'm going to turn around and do the safe thing.
0:01:12 > 0:01:14I'm past the point of no return
0:01:14 > 0:01:17at this spooky three-bed house in Dover.
0:01:17 > 0:01:19You should see the cobwebs up there.
0:01:19 > 0:01:21It's like something from a movie set.
0:01:22 > 0:01:25Forget leaving, I can hardly get into this two-bed mid-terrace
0:01:25 > 0:01:26in the city of Derby.
0:01:27 > 0:01:29Let's have a look.
0:01:30 > 0:01:31Or maybe not. Ugh!
0:01:34 > 0:01:37All these properties have been sold at auction and we'll find out
0:01:37 > 0:01:40who bought them and what they paid when they went under the hammer.
0:01:40 > 0:01:41Sold. It's yours.
0:01:45 > 0:01:47This is New Barnet in Hertfordshire.
0:01:47 > 0:01:51New Barnet didn't actually exist until 1850,
0:01:51 > 0:01:54when land was needed to build a new railway.
0:01:54 > 0:01:58Once complete, the remaining land was sold by the train company
0:01:58 > 0:02:01for new housing and New Barnet was born.
0:02:01 > 0:02:04# Choo-choo, choo-choo, ch'boogie!
0:02:04 > 0:02:07# Woo-woo, ooh-ooh, ch'boogie!
0:02:07 > 0:02:08# Choo-choo... #
0:02:08 > 0:02:11New Barnet is quite an affluent area.
0:02:11 > 0:02:14A three-bedroom property in this location
0:02:14 > 0:02:17would cost you around about £600,000.
0:02:17 > 0:02:21Now, our property has got three bedrooms, it's a semidetached,
0:02:21 > 0:02:26but it was guided at £475,000.
0:02:26 > 0:02:28Now I'm excited.
0:02:28 > 0:02:30- # I'm special - Special
0:02:30 > 0:02:32- # So special - Special
0:02:32 > 0:02:37# I gotta have some of your attention, give it to me! #
0:02:39 > 0:02:42The front exterior to this property looks really nice
0:02:42 > 0:02:44with some lovely character.
0:02:44 > 0:02:45But why the low guide price?
0:02:45 > 0:02:48Fingers crossed for no hidden nasties.
0:02:53 > 0:02:56Nice little reception hall as you come in and it takes you both ways.
0:02:56 > 0:03:01I'm going to go this way first into this front reception room.
0:03:01 > 0:03:03Nice and light in here.
0:03:03 > 0:03:07Bit of an oversized fireplace, but it's nice.
0:03:07 > 0:03:12Apart from this down here, which is classic rising damp.
0:03:12 > 0:03:16Now, don't panic. I've never seen it so obvious.
0:03:16 > 0:03:19If you put a chemical injection in here, you should be fine.
0:03:19 > 0:03:23But it's not a bad start for a first reception room.
0:03:23 > 0:03:24Let's explore a bit further.
0:03:27 > 0:03:30And across the hallway to the second reception room
0:03:30 > 0:03:32and not so bright in here.
0:03:32 > 0:03:34It's kind of dark and dingy.
0:03:34 > 0:03:37Dated, again, you've got textured wallpaper.
0:03:37 > 0:03:39I'm not sure what you'd use that room for.
0:03:39 > 0:03:42And then, into the kitchen, which...
0:03:42 > 0:03:45The dark and dingy theme continues in here.
0:03:45 > 0:03:47It's absolutely...
0:03:47 > 0:03:50I don't know what to say about this. I've never seen a kitchen like this.
0:03:50 > 0:03:51It's a strange configuration.
0:03:51 > 0:03:54And at the end here, you've got a family bathroom with the toilet
0:03:54 > 0:03:56just being behind the door.
0:03:56 > 0:03:59Out the kitchen there, you've got a lean-to.
0:03:59 > 0:04:01Looks like it needs to be rebuilt again.
0:04:01 > 0:04:03It doesn't look as safe as I'd like it to.
0:04:03 > 0:04:06Now, I don't know what I'm going to find upstairs.
0:04:06 > 0:04:09If I don't find the bathroom, I want that upstairs.
0:04:09 > 0:04:14And why not use all this space and that lean-to space as inside space,
0:04:14 > 0:04:18create a nice kitchen/dining area?
0:04:18 > 0:04:20It'd look so much better.
0:04:21 > 0:04:23A house of this size is crying out
0:04:23 > 0:04:25for a modern and spacious kitchen/diner.
0:04:25 > 0:04:28And there's space to do it as well.
0:04:28 > 0:04:31But is there space to move the bathroom upstairs?
0:04:35 > 0:04:38Right, upstairs, there's three bedrooms.
0:04:38 > 0:04:41This one's right at the front of the house.
0:04:41 > 0:04:45The wallpaper's just like downstairs, dated.
0:04:45 > 0:04:47But a good-sized double room.
0:04:47 > 0:04:51Round here there should be two more bedrooms around this tight corner.
0:04:51 > 0:04:54And there is. There's another one right at the end of the corridor
0:04:54 > 0:04:55and this one here again.
0:04:55 > 0:04:59It needs decorating throughout, carpets and wallpaper.
0:04:59 > 0:05:03Everything needs to be changed but they're good-size bedrooms.
0:05:03 > 0:05:04But no bathroom.
0:05:04 > 0:05:06There's a lot of space up here to play with.
0:05:06 > 0:05:10Even on the landing here, could you squeeze a bathroom,
0:05:10 > 0:05:13a family bathroom up here, upstairs?
0:05:13 > 0:05:16I think it would add value and I think it would be worth the work.
0:05:17 > 0:05:20And that's because this basically is a nice house.
0:05:21 > 0:05:26Yes, it needs updating and a bit of a reconfigure for modern living
0:05:26 > 0:05:28but any good builder or architect
0:05:28 > 0:05:31can show you the potential of this house inside and out.
0:05:33 > 0:05:37Now, there's one bonus with this very nice house.
0:05:37 > 0:05:41It's this absolutely massive back garden.
0:05:41 > 0:05:43Have a look at the size of that.
0:05:43 > 0:05:46And I'm going to find out exactly how big it is.
0:05:47 > 0:05:49# Whoa, on and on and on and on
0:05:49 > 0:05:53# My cipher keeps moving like a rolling stone
0:05:53 > 0:05:54# Well, on and on... #
0:05:54 > 0:05:56Right, that's 50 foot.
0:05:58 > 0:05:59And counting.
0:05:59 > 0:06:02# Oh, on and on and on and on
0:06:02 > 0:06:05# My cipher keeps moving like a rolling stone
0:06:05 > 0:06:07# Ooh, on and on and on... #
0:06:07 > 0:06:12Right, I'm at about 70 foot right now
0:06:12 > 0:06:14but it's got thick and it's got dense.
0:06:14 > 0:06:18And what I do know, there's another 90 foot to go that way,
0:06:18 > 0:06:21so I'm going to turn around and do the safe thing.
0:06:22 > 0:06:26# Oh, on and on and on and on... #
0:06:26 > 0:06:30The end of the garden has become a bit of a dumping ground,
0:06:30 > 0:06:34so I think the wisest course of action is to retreat, Mr Dublin.
0:06:34 > 0:06:37However, if you don't mind a few wheelbarrow journeys
0:06:37 > 0:06:39to get this place cleared out,
0:06:39 > 0:06:41you could have a really nice back garden.
0:06:41 > 0:06:43# On and on and on... #
0:06:43 > 0:06:45We asked a local estate agent to come along and tell us
0:06:45 > 0:06:49what they thought of this house, guided at £475,000.
0:06:51 > 0:06:53Nice property, nice footprint.
0:06:53 > 0:06:55I would suggest that the bathroom, for example,
0:06:55 > 0:06:58that is located downstairs, should really go upstairs.
0:06:58 > 0:07:01The kitchen is in need of a lot of work.
0:07:01 > 0:07:04Potentially, I think you've got a lot of room to expand.
0:07:04 > 0:07:07Keep the three bedrooms upstairs. Good-sized double bedrooms.
0:07:07 > 0:07:10Turn the stairs around, create a bigger landing at the top
0:07:10 > 0:07:13and then you'd be able to create a space, not for a huge bathroom,
0:07:13 > 0:07:15but it would definitely give you a nice size bathroom,
0:07:15 > 0:07:17giving you an upstairs bathroom,
0:07:17 > 0:07:19which is clearly, you know, one of the key points.
0:07:19 > 0:07:21To have a bathroom downstairs as it is,
0:07:21 > 0:07:24off the kitchen and living room area, is really not convenient.
0:07:24 > 0:07:26Interesting idea,
0:07:26 > 0:07:30but will spending the money to move the bathroom and stairs
0:07:30 > 0:07:31make financial sense?
0:07:32 > 0:07:35Once it's finished, and with the bathroom upstairs,
0:07:35 > 0:07:40you would market this property around £650,000-£675,000
0:07:40 > 0:07:42with the bathroom upstairs.
0:07:42 > 0:07:44If you leave the bathroom downstairs,
0:07:44 > 0:07:47you're looking more at around the 600,000 mark.
0:07:49 > 0:07:52This place is dated and tired
0:07:52 > 0:07:55and I personally would want to get that bathroom upstairs.
0:07:55 > 0:07:58But there's a lot of space to play with in there and a lot of space
0:07:58 > 0:08:01to play with out the back as well.
0:08:01 > 0:08:03Let's see who wanted to take it on when it went under the hammer.
0:08:05 > 0:08:08Three-bedroom semidetached house in need of modernisation.
0:08:08 > 0:08:10What shall we say for this? 470 anywhere?
0:08:12 > 0:08:15470? About 450, then. I'll try and help.
0:08:15 > 0:08:19Should be cheap enough. Yeah? 450, thank you.
0:08:19 > 0:08:21452 anywhere? I've got 450 on my left.
0:08:21 > 0:08:24452, thank you. 454...
0:08:24 > 0:08:27The bidding for this lot got off to a bit of a slow start
0:08:27 > 0:08:29but eventually, the price stuttered back
0:08:29 > 0:08:33towards the original guide price of 470 grand.
0:08:33 > 0:08:38We rejoin when the auctioneer is looking for £470,000.
0:08:39 > 0:08:41One more? 470?
0:08:41 > 0:08:44If not, on my right, bid's £468,000.
0:08:44 > 0:08:47Against you on my left. Anybody else for lot 98?
0:08:47 > 0:08:50If not, 468 for the first.
0:08:50 > 0:08:52468 for the second.
0:08:53 > 0:08:56468 for the third and final time.
0:08:56 > 0:08:57All done.
0:08:57 > 0:08:59Sorry, little way off on that, I'm afraid.
0:09:01 > 0:09:02The hammer didn't fall,
0:09:02 > 0:09:06meaning the bidding hadn't reached the reserve price set by the seller.
0:09:06 > 0:09:09However, Peter and his daughter Maria,
0:09:09 > 0:09:11who were not part of the bidding on the day,
0:09:11 > 0:09:14did manage to do a deal after the auction,
0:09:14 > 0:09:17purchasing the property for 470 grand.
0:09:19 > 0:09:21- Peter, nice to meet you. - Nice to meet you too.
0:09:21 > 0:09:22- Nice to meet you, Maria, as well. - Hi.
0:09:22 > 0:09:24Congratulations to the both of you.
0:09:24 > 0:09:26- Thanks.- Thank you.- But let's start at the beginning.
0:09:26 > 0:09:28Tell us about the purchase of this house.
0:09:28 > 0:09:30You weren't in the auction room when it was...?
0:09:30 > 0:09:32When everybody was bidding for it, then?
0:09:32 > 0:09:36- No, I got there late as the lot went through.- Yeah?
0:09:36 > 0:09:38It was gone, so I didn't have a chance to bid.
0:09:38 > 0:09:41Yeah, I just went on to the side and said, "Can I have a chat with you?
0:09:41 > 0:09:43"What do you want for it?" And that was it, really.
0:09:43 > 0:09:45It just goes to show, doesn't it, Peter,
0:09:45 > 0:09:48you can still get your property even though you're not in the room,
0:09:48 > 0:09:50you might have missed it, if it doesn't reach the reserve.
0:09:50 > 0:09:52Absolutely, absolutely. It's meant to be.
0:09:52 > 0:09:54- So, I know it's father and daughter. - Correct.
0:09:54 > 0:09:57Is this going to be a business or...?
0:09:57 > 0:09:58- No.- No.- No?
0:09:58 > 0:09:59- No.- No.
0:09:59 > 0:10:02Erm, basically, my husband and I with our little boy,
0:10:02 > 0:10:04we've been looking for a house for ages in the area,
0:10:04 > 0:10:07wanted to stay close to Mum and Dad and my sister
0:10:07 > 0:10:09and couldn't find anywhere.
0:10:09 > 0:10:13And then Dad found this house and we stole it off him.
0:10:13 > 0:10:16Basically! Said we want the house.
0:10:16 > 0:10:19When you bought this house, what were your plans for it?
0:10:19 > 0:10:20Before your daughter stepped in.
0:10:20 > 0:10:22Well, it was depending on the price I got it for.
0:10:22 > 0:10:25- If I got it for the right price, I could have flipped it.- OK.
0:10:25 > 0:10:28If not, I was going to repair it,
0:10:28 > 0:10:32rent it out for five years and then take out the equity afterwards.
0:10:32 > 0:10:34And then, Maria steps in and then what happens, Maria?
0:10:34 > 0:10:36- You come to see the house? - I came and saw the house.
0:10:36 > 0:10:40Obviously, we live round the corner at the moment, know the area,
0:10:40 > 0:10:42brought up in the area, went to school in the area
0:10:42 > 0:10:44and loved the house.
0:10:44 > 0:10:47And Dad got it for such a good price,
0:10:47 > 0:10:49we thought we could do something with this.
0:10:49 > 0:10:51That's just...! THEY LAUGH
0:10:51 > 0:10:53The funny thing is I'm looking at Maria,
0:10:53 > 0:10:56she's got a beaming smile and I'm looking at Dad
0:10:56 > 0:10:57and Dad's going, "Oh, dear.
0:10:57 > 0:10:59"There was a business here somewhere."
0:10:59 > 0:11:01Yeah, there's a few bob in it, hopefully.
0:11:01 > 0:11:03- Exactly!- She's took it. But never mind, what can you do?
0:11:03 > 0:11:07- You've got kids.- So, what's the plan for the house now? Tell me.
0:11:07 > 0:11:08We're going to refurb the house.
0:11:08 > 0:11:11Maria's going to refurb the house with my help and my contacts.
0:11:11 > 0:11:13We're going to move the bathroom upstairs to the hall,
0:11:13 > 0:11:15move the staircase.
0:11:15 > 0:11:16We're going to move them round,
0:11:16 > 0:11:18so the bathroom goes on the top landing,
0:11:18 > 0:11:21where the window is, and basically strip the whole house out.
0:11:23 > 0:11:25Are you going to have a lot to say about this?
0:11:25 > 0:11:27- It's going to be your home. - It's going to be my home,
0:11:27 > 0:11:30so we'll design all the inside but Dad's been helping
0:11:30 > 0:11:32with the architect drawings and thinking about
0:11:32 > 0:11:34where everything's going to go, some good ideas.
0:11:34 > 0:11:36And, Maria, down here?
0:11:36 > 0:11:39Yeah, we're going to... The bathroom at the back of the kitchen,
0:11:39 > 0:11:42we're going to knock it through and open that wall up,
0:11:42 > 0:11:45- so we have a big dining area.- OK. - A playroom there.
0:11:45 > 0:11:47And then we're going to keep the outbuilding as well,
0:11:47 > 0:11:50but knock it down and redo it for a utility area.
0:11:50 > 0:11:52Oh, good on you. Has your partner been over to see the house?
0:11:52 > 0:11:55- He has. He loves it as well. He was a bit daunted...- Perfect.
0:11:55 > 0:11:58- Yeah.- ..by the garden. - Yes.- But my little boy loves it.
0:11:58 > 0:12:00He's chosen his bedroom already.
0:12:00 > 0:12:05- Has he really?- He has. He wants it green, but that's not happening.
0:12:05 > 0:12:07# My man
0:12:07 > 0:12:11# Is such a handyman... #
0:12:11 > 0:12:15For almost 40 years, Peter worked in the rag trade.
0:12:15 > 0:12:18He ran his family's clothing manufacturing business.
0:12:18 > 0:12:20He retired from that and for the last ten years,
0:12:20 > 0:12:23he's been developing and selling commercial property,
0:12:23 > 0:12:27which means he knows a thing or two about refurbishment.
0:12:27 > 0:12:29What kind of budget are you looking at?
0:12:29 > 0:12:32With these old houses, you never know what you're going to unearth.
0:12:32 > 0:12:36But we're thinking, just to move in and get it liveable,
0:12:36 > 0:12:37between 50,000 and 60,000.
0:12:37 > 0:12:40OK, so 50, 60 grand. How long's it going to take?
0:12:40 > 0:12:43How long's it going to be until she gets her new home?
0:12:43 > 0:12:46- Quicker...- And move out of your house.- The quicker, the better!
0:12:46 > 0:12:49If I have my way, they'll be in here quicker.
0:12:49 > 0:12:51No, we reckon six months.
0:12:51 > 0:12:53- You're a good dad. - Cheers.- You're a good dad.
0:12:53 > 0:12:55- I wish you all the best. - Cheers, thanks very much.
0:12:55 > 0:12:58- Good luck to you. Maria. - Thank you.- I wish you all the best.
0:12:58 > 0:12:59- Take care.- Thanks.- Pleasure.
0:12:59 > 0:13:01So, that's a first for me.
0:13:01 > 0:13:05Peter buys the house as an investment to rent it or sell it,
0:13:05 > 0:13:07but then his daughter Maria comes along and says,
0:13:07 > 0:13:11"Dad, can I have it as my family home?" And he says yes!
0:13:11 > 0:13:13I think there's an awful lot of work that needs to be done
0:13:13 > 0:13:16but they've got the budget to cover it.
0:13:16 > 0:13:19You can find out how she gets on and what her new family home's
0:13:19 > 0:13:20going to look like later in the show.
0:13:26 > 0:13:29I'm in the coastal town of Dover in the county of Kent.
0:13:29 > 0:13:32Dover is home to the iconic Dover Castle,
0:13:32 > 0:13:36which sits proudly on Castle Hill, overlooking the town.
0:13:38 > 0:13:40It's often referred to as the key to England,
0:13:40 > 0:13:44due to its southerly location and has been guarding England's shores
0:13:44 > 0:13:46since it was built in the 11th century.
0:13:47 > 0:13:51# Must be the reason why I'm king of my castle
0:13:51 > 0:13:54- # Must be the reason why I'm making examples of you...- #
0:13:54 > 0:13:58This street is a 15-minute walk from the centre of Dover,
0:13:58 > 0:14:02and it's set up so high, that you get magnificent views of the castle.
0:14:02 > 0:14:05Now, the property I'm here to see is not a castle.
0:14:05 > 0:14:08Though they do say that a gentleman's home is his castle,
0:14:08 > 0:14:11it's actually a three-bedroom semidetached house
0:14:11 > 0:14:15with a guide price of £100,000-105,000.
0:14:16 > 0:14:18OK, so far, so not regal.
0:14:18 > 0:14:21It's got a few panes missing from the door.
0:14:21 > 0:14:22Let's find out what's inside.
0:14:22 > 0:14:26# Must be the reason why I'm king of my castle
0:14:26 > 0:14:28# Must be the reason... #
0:14:28 > 0:14:31Ah. I can see this place...
0:14:31 > 0:14:33Nothing's happened here for a long time.
0:14:33 > 0:14:35It's not been touched for years.
0:14:35 > 0:14:38Everything's been stripped out. The carpets...
0:14:38 > 0:14:41On the plus side, you wouldn't need to decorate for Halloween.
0:14:41 > 0:14:43There's loads of cobwebs.
0:14:43 > 0:14:47You have your first door into a reception room there.
0:14:47 > 0:14:51Walking along the hall, very typical of a 1930s style house,
0:14:51 > 0:14:53a very small kitchen.
0:14:53 > 0:14:57Needs to come out. Second room through to your reception room.
0:14:57 > 0:14:59Actually, it's all one big reception room.
0:14:59 > 0:15:01Somebody has opened it up.
0:15:01 > 0:15:04You would have the option as a buyer of closing it again with doors,
0:15:04 > 0:15:05or maybe a partition wall.
0:15:05 > 0:15:10I do like the proportions, I like the feeling of space.
0:15:10 > 0:15:12Over to, well, another plus side!
0:15:12 > 0:15:15You'd never need to buy a darts board or notice board.
0:15:15 > 0:15:18You have a whole wall covered in cork.
0:15:18 > 0:15:21Maybe dating back to the 1980s.
0:15:22 > 0:15:26I don't mind the doors, they add a bit of character, in 1930s.
0:15:26 > 0:15:28The windows would need to be replaced.
0:15:28 > 0:15:31Central heating needs to go in.
0:15:31 > 0:15:33An awful lot needs to be done.
0:15:33 > 0:15:36But hopefully, it's not structural and just cosmetic.
0:15:37 > 0:15:40It might not be one for the arachnophobic,
0:15:40 > 0:15:42but at least it's got web access!
0:15:42 > 0:15:45But really, it's not that scary a project,
0:15:45 > 0:15:48and the good thing is it's already stripped back
0:15:48 > 0:15:51for updating the electrics and plumbing.
0:15:51 > 0:15:52Just bring your feather duster!
0:15:54 > 0:15:57# Who knows what I'll find
0:15:58 > 0:16:01# In the cobwebs of my mind? #
0:16:02 > 0:16:06I've been thinking of ways to improve this small kitchen,
0:16:06 > 0:16:08and often in this kind of property,
0:16:08 > 0:16:11people will extend out towards the garden.
0:16:11 > 0:16:13But it looks like a very big job.
0:16:13 > 0:16:17You've got a big drop into the garden, which is so overgrown.
0:16:17 > 0:16:18So, other things you could do,
0:16:18 > 0:16:21potentially knock down this wall into the reception room
0:16:21 > 0:16:24and make it a really nice, open living space.
0:16:24 > 0:16:26Then the kitchen wouldn't feel as poky,
0:16:26 > 0:16:28and it would be a nice, family-friendly feel.
0:16:28 > 0:16:32# In the cobwebs of my mind. #
0:16:32 > 0:16:35Outside the kitchen door and down to the garden,
0:16:35 > 0:16:38there's some rather rickety metal framework,
0:16:38 > 0:16:41which was probably used as a balcony at some point.
0:16:41 > 0:16:44A nice idea, but if you were going to reinstate it,
0:16:44 > 0:16:45you'd need to start again.
0:16:45 > 0:16:47It doesn't look very safe.
0:16:49 > 0:16:51Upstairs to a bathroom.
0:16:51 > 0:16:53I don't know where to start with that.
0:16:53 > 0:16:55You've got what looks like mould on the ceilings,
0:16:55 > 0:16:57perhaps on the walls, too.
0:16:57 > 0:17:00You don't even have a loo in there, so that needs addressed.
0:17:00 > 0:17:05A really good-sized bedroom in here, well proportioned.
0:17:05 > 0:17:09It's not half grimy, and you should see the cobwebs up there.
0:17:09 > 0:17:11It's like something from a movie set.
0:17:11 > 0:17:13You wouldn't want to spend the night here.
0:17:13 > 0:17:17But you see past the grime, if you can see past that grime,
0:17:17 > 0:17:19it's actually a really good layout.
0:17:19 > 0:17:22Because here, OK, you've got a small bedroom,
0:17:22 > 0:17:24might be ideal with a single bed, for a kid's bedroom,
0:17:24 > 0:17:26or a little office room.
0:17:26 > 0:17:30And another really well-proportioned room.
0:17:30 > 0:17:34Plenty of light coming through for this bedroom from a bay window.
0:17:34 > 0:17:37The wallpaper's falling off the walls.
0:17:37 > 0:17:41Up on the ceiling, you've definitely got some signs of a leak,
0:17:41 > 0:17:45or it could just be those giant spiders trying to come through.
0:17:45 > 0:17:47# And all of this from a girl
0:17:47 > 0:17:51# Who's scared of the spiders and she's scared of the dark
0:17:51 > 0:17:55# She's scared of the bogeyman in the park... #
0:17:55 > 0:17:59I'll have you know, I'm not actually afraid of spiders.
0:17:59 > 0:18:02And let's hope the local estate agent isn't, either,
0:18:02 > 0:18:04as we asked him along to give us his opinion
0:18:04 > 0:18:06on this dusty dwelling,
0:18:06 > 0:18:10guided at between £100,000 and £105,000.
0:18:11 > 0:18:14It needs total renovation work.
0:18:14 > 0:18:16From top to bottom, really.
0:18:16 > 0:18:19I can see that the electrics need looking at.
0:18:19 > 0:18:21There's no central heating.
0:18:21 > 0:18:25But the beauty of this period '30s home
0:18:25 > 0:18:29is that you can create something really special, you know,
0:18:29 > 0:18:31and if you've got good vision,
0:18:31 > 0:18:34I think you would make it look amazing.
0:18:35 > 0:18:39Once that vision is realised, what could the house be worth?
0:18:39 > 0:18:45Once renovated, I anticipate an asking price of around £160,000,
0:18:45 > 0:18:51and a rental value of 600, possibly £650 per calendar month.
0:18:53 > 0:18:58On the surface, this property needs an awful lot of work done.
0:18:58 > 0:19:02But it has great potential, and most of the rooms are a really good size.
0:19:02 > 0:19:05You just need to see past that grime.
0:19:05 > 0:19:07Let's find out who did when it went to auction.
0:19:10 > 0:19:14An elliptical bay-fronted house for improvement and refurbishment.
0:19:14 > 0:19:16Start me straight in, 100,000.
0:19:16 > 0:19:18You wouldn't be wasting your time.
0:19:18 > 0:19:21£100,000, I'm bid. Thank you, sir. At £100,000, I have.
0:19:21 > 0:19:24105, do I see?
0:19:24 > 0:19:26At 105, and 10.
0:19:26 > 0:19:29And 10 is bid. 115?
0:19:29 > 0:19:32There was immediate interest, and the bidding started to climb.
0:19:32 > 0:19:36We rejoin with the hammer about to fall at £130,000.
0:19:37 > 0:19:40130,000 then, for the first time.
0:19:41 > 0:19:43130,000.
0:19:43 > 0:19:46132. 134.
0:19:47 > 0:19:48No, lady's bid.
0:19:48 > 0:19:53One-bid wonder. At 132, 134, do I see?
0:19:53 > 0:19:56132 for the first time.
0:19:56 > 0:19:58132 for the second time.
0:19:59 > 0:20:04132, lady's bid on my right-hand side at 132,000,
0:20:04 > 0:20:06then, are you all done?
0:20:06 > 0:20:09Sold at 132,000.
0:20:10 > 0:20:13That one-bid wonder getting the house for 132 grand
0:20:13 > 0:20:15was Kerry and partner, Kenny.
0:20:17 > 0:20:19They were both on holiday when I hoped to meet them,
0:20:19 > 0:20:23so they sent along their son-in-law Roberto to fill me in on the plan.
0:20:25 > 0:20:27Roberto, congratulations.
0:20:27 > 0:20:30- Thank you.- What made you want this property?
0:20:30 > 0:20:32We've bought other properties before,
0:20:32 > 0:20:34and it's a bit of a family thing.
0:20:35 > 0:20:39It's me and my wife, mother-in-law, brothers and sisters,
0:20:39 > 0:20:43and we all sort of get involved and help do up the property
0:20:43 > 0:20:45and try and make a profit.
0:20:45 > 0:20:48It's a brave man, they say, who works with his mother-in-law.
0:20:48 > 0:20:51She can be hard work sometimes, but on the whole...
0:20:53 > 0:20:55..we get on pretty well.
0:20:55 > 0:20:58How many properties have you renovated together?
0:20:58 > 0:21:00I think it's about three now.
0:21:00 > 0:21:02We've got one ongoing in France at the moment.
0:21:03 > 0:21:07So, my mother-in-law's sold her property in London,
0:21:07 > 0:21:09and sort of bought this.
0:21:09 > 0:21:13And they're planning to sort of live here as the work is ongoing.
0:21:13 > 0:21:16- Live here?- Yeah, it's a bit grim, but...
0:21:16 > 0:21:18She really can't move in here as it is.
0:21:18 > 0:21:20There isn't even a toilet in the bathroom, is there?
0:21:20 > 0:21:22No, no, there isn't at the moment.
0:21:22 > 0:21:24And obviously, it's in quite a state.
0:21:24 > 0:21:26But you know, it'll have a complete rip out and start again.
0:21:26 > 0:21:29And they're on holiday somewhere nice just now?
0:21:29 > 0:21:31Yes, so they're in Burma at the moment, so...
0:21:31 > 0:21:33So, they're in Burma, they've got this nice house in France,
0:21:33 > 0:21:36and then they're coming here to live.
0:21:36 > 0:21:38Yeah, it's a bit of a downgrade,
0:21:38 > 0:21:40but I'm sure it'll be worth it in the end.
0:21:40 > 0:21:42So, you hadn't seen the property.
0:21:42 > 0:21:45What was your first impression when you walked through the door?
0:21:45 > 0:21:48Er, I was hoping there'd be a little less electrics involved,
0:21:48 > 0:21:50as I'm an electrician,
0:21:50 > 0:21:53but it looks like it's going to need a full rewire.
0:21:53 > 0:21:58New fuse board, basically taking it back and starting again, really.
0:21:59 > 0:22:02Hard luck, Roberto, this is a pretty big job.
0:22:02 > 0:22:06But it turns out this family chip in on the talents and skill front.
0:22:06 > 0:22:08So, Roberto won't be alone.
0:22:10 > 0:22:13My mother-in-law's partner is a carpenter as well.
0:22:13 > 0:22:15My brother-in-law's a plasterer.
0:22:15 > 0:22:17And my partner, she also does painting.
0:22:17 > 0:22:19So, we sort of keep it all in house
0:22:19 > 0:22:21and keep the costs as low as possible.
0:22:21 > 0:22:23You've got a lot of trades covered there.
0:22:23 > 0:22:26What does your mother-in-law do? Just tell everyone what to do?
0:22:26 > 0:22:28Yeah, she's good at being the boss, so...
0:22:28 > 0:22:30And her negotiating the work, really,
0:22:30 > 0:22:33and sort of keeping people moving, really.
0:22:34 > 0:22:37It's like the property developing von Trapp family!
0:22:37 > 0:22:40That will certainly keep costs down, though.
0:22:40 > 0:22:43At this point, they're unsure of the budget.
0:22:43 > 0:22:47They'll need to wait for the boss to come back from the holidays.
0:22:47 > 0:22:50But they'll be sticking to a five-month timescale,
0:22:50 > 0:22:52fitting the renovation around working full-time.
0:22:54 > 0:22:57What are the main things that need done?
0:22:57 > 0:23:00Cost wise, it's the bathroom and kitchen.
0:23:00 > 0:23:01I think they cost the most.
0:23:01 > 0:23:04The rest is sort of more labour-intensive, really.
0:23:04 > 0:23:06The kitchen's very small.
0:23:06 > 0:23:08Have you thought of any ways to improve that?
0:23:08 > 0:23:12We did sort of consider sort of opening it up, but really,
0:23:12 > 0:23:15we don't want to do too much sort of structurally.
0:23:15 > 0:23:17It's more about sort of turning it around quickly.
0:23:17 > 0:23:20So, we're probably going to keep it as is.
0:23:20 > 0:23:23What about windows, doors...?
0:23:23 > 0:23:25We're not really sure. I've just had a look around,
0:23:25 > 0:23:28there is some double glazing, but it's damaged in places and so on.
0:23:28 > 0:23:32So, we're sort of open to what we're going to do.
0:23:32 > 0:23:34You're man who is waiting for your mother-in-law
0:23:34 > 0:23:36- to come back from holiday to make sure that...- Yeah!
0:23:36 > 0:23:39To make sure she's OK with some of the stuff you've got planned.
0:23:39 > 0:23:43Yeah. I'm sure she's got her own plans already, so...
0:23:43 > 0:23:45You know, I'll just go with it, really.
0:23:45 > 0:23:49So, the in-laws buy the property with quite a lot to do,
0:23:49 > 0:23:51they go on holiday somewhere tropical?
0:23:51 > 0:23:53- Yeah.- And leave you to rewire?
0:23:53 > 0:23:57Yeah, that's about it, really, yeah!
0:23:57 > 0:23:59You sound like you're pretty upbeat about it.
0:23:59 > 0:24:04And I guess the difference that you can make is substantial.
0:24:04 > 0:24:07I think my job, really, is pretty straightforward.
0:24:07 > 0:24:11So, it's more the labouring side, that's in the garden.
0:24:11 > 0:24:14But my stepson will be getting involved in that.
0:24:14 > 0:24:16You've got a stepson involved as well.
0:24:16 > 0:24:18Yeah, well, he doesn't know it yet, so...
0:24:18 > 0:24:20it'll be a nice surprise for him.
0:24:20 > 0:24:23Yeah, surprise is one word for it. Have you seen the garden?
0:24:23 > 0:24:25It's... It's overgrown.
0:24:25 > 0:24:27There's a lot of work there.
0:24:27 > 0:24:29Yeah, there is. Luckily, he's not scared of hard work,
0:24:29 > 0:24:31so it'll keep him out of trouble.
0:24:31 > 0:24:34Well, I hope that you're all friends by the end of it.
0:24:34 > 0:24:37- Yeah.- And I can't wait to see what you do with the place.
0:24:37 > 0:24:38You could make such a difference.
0:24:38 > 0:24:40- Good luck and congratulations again. - Thank you.
0:24:42 > 0:24:46On paper, Roberto and his family seem like the perfect team,
0:24:46 > 0:24:49with so many skills between them.
0:24:49 > 0:24:52But to pull this project off, they'll need to work together.
0:24:52 > 0:24:54Hopefully, there's not too much family bickering.
0:24:54 > 0:24:57You can find out how they get on later in the show.
0:24:58 > 0:25:01- MARTIN:- Still to come, it's a veritable love-in
0:25:01 > 0:25:03at this two-bed in Derby...
0:25:03 > 0:25:05But you know, I'm not seeing anything that frightens me.
0:25:05 > 0:25:08In fact, I'm seeing a lot of things that I really like!
0:25:10 > 0:25:14But was there any love lost between Kerry and Kenny in Dover?
0:25:14 > 0:25:17Sometimes it did get a little bit fraught.
0:25:23 > 0:25:26We are heading back to the affluent area of New Barnet
0:25:26 > 0:25:29in London, where I saw a rather grand
0:25:29 > 0:25:31but very tired semidetached property.
0:25:32 > 0:25:35To the front, you had a reception room
0:25:35 > 0:25:37and a second reception room was to the back.
0:25:37 > 0:25:39And off that was the kitchen.
0:25:39 > 0:25:41Never seen a kitchen like this. It's a strange configuration.
0:25:41 > 0:25:45And at the end here, you've got a family bathroom with the toilet
0:25:45 > 0:25:47just being behind the door.
0:25:47 > 0:25:49Out the kitchen there, you've got a lean-to.
0:25:50 > 0:25:52Looks like it needs to be rebuilt again.
0:25:52 > 0:25:54Doesn't look as safe as I'd like it to.
0:25:54 > 0:25:57Now, I don't know what I'm going to find upstairs.
0:25:57 > 0:26:00If I don't find a bathroom, I want that upstairs.
0:26:00 > 0:26:03And guess what? Up here, there were three bedrooms.
0:26:04 > 0:26:06But no bathroom.
0:26:06 > 0:26:08Of course there wasn't.
0:26:08 > 0:26:10Someone who did find what they were looking for
0:26:10 > 0:26:12was Peter and daughter Maria.
0:26:12 > 0:26:15Peter paid 470 grand for the house
0:26:15 > 0:26:18after it failed to reach the reserve at auction.
0:26:19 > 0:26:24He planned to renovate and sell on, but daughter Maria had other plans.
0:26:25 > 0:26:27Basically, my husband and I, with our little boy,
0:26:27 > 0:26:30we've been looking for a house for ages in the area
0:26:30 > 0:26:31and couldn't find anywhere.
0:26:31 > 0:26:37Then, Dad found this house and we stole it off him, basically!
0:26:37 > 0:26:38Said we want the house.
0:26:40 > 0:26:43The funny thing is, I'm looking at Maria, she's got a beaming smile.
0:26:43 > 0:26:45Looking at Dad, Dad's going...
0:26:45 > 0:26:47"Oh, dear! There was a business here somewhere."
0:26:47 > 0:26:50Yes. There's a few bob in it, hopefully.
0:26:50 > 0:26:52She's took it. But never mind. What can you do?
0:26:52 > 0:26:55Oh, well, Peter. Family does come first.
0:26:55 > 0:26:59Plus, having daughter Maria and grandson Nicolas close by
0:26:59 > 0:27:01has got to be worth a lot more than the potential profit
0:27:01 > 0:27:04he could have made selling to a stranger.
0:27:04 > 0:27:06They plan to reconfigure the whole house
0:27:06 > 0:27:09and for their work to be done in six months.
0:27:09 > 0:27:12So, we've returned seven months later, but how have they got on?
0:27:22 > 0:27:26This is a much better layout for a family home.
0:27:26 > 0:27:30The kitchen has been extended into where the old bathroom was
0:27:30 > 0:27:34and it leads off nicely into a new side-extension utility area.
0:27:37 > 0:27:41And towards the front of the house, the transformation is just as sleek.
0:27:44 > 0:27:47It's all very nice but the biggest change
0:27:47 > 0:27:49has been down the spine of the house.
0:27:49 > 0:27:51The stairs have been turned around,
0:27:51 > 0:27:55which means they can fit in a small toilet underneath.
0:27:55 > 0:27:58And upstairs, the whole layout has changed.
0:27:58 > 0:28:01Now, the landing branches off in two directions.
0:28:01 > 0:28:04Down one path, a new family bathroom has been created
0:28:04 > 0:28:07in the middle of the two smaller bedrooms.
0:28:07 > 0:28:10But they had to sacrifice some floor space.
0:28:13 > 0:28:17Time to have a peek at Nicolas's room now.
0:28:17 > 0:28:20Mum Maria's decision on the colour scheme has won the day.
0:28:20 > 0:28:21It's not green.
0:28:22 > 0:28:26However, she has given Nicolas the best room so far.
0:28:26 > 0:28:28But there's going to be another bedroom.
0:28:30 > 0:28:32Though it's not complete,
0:28:32 > 0:28:35planning has been passed to create a master ensuite
0:28:35 > 0:28:37for Maria and her husband.
0:28:39 > 0:28:43Seeing as it's her dream home, did Maria actually get her hands dirty?
0:28:45 > 0:28:46Not a lot.
0:28:47 > 0:28:52- Bossing everyone around. - She became like, "If Maria's coming,
0:28:52 > 0:28:54- "we're leaving site."- Yeah.
0:28:54 > 0:28:55No-one would answer my text messages.
0:28:55 > 0:28:57No-one would answer my phone calls.
0:28:57 > 0:28:59It was always, "I'll talk to your dad."
0:29:02 > 0:29:05Just because her dad and his team were doing all the grunt work,
0:29:05 > 0:29:08it doesn't mean that Maria's had it all easy.
0:29:08 > 0:29:11Having a young family can be challenging enough.
0:29:11 > 0:29:13For me, personally,
0:29:13 > 0:29:17the biggest challenge was actually beginning the work, in a way.
0:29:17 > 0:29:21It took a long time to sell our house, so, until we sold our house,
0:29:21 > 0:29:24we couldn't really get going with this house.
0:29:24 > 0:29:26And so, yeah...
0:29:26 > 0:29:30Basically, I started the building works for her until they got ready,
0:29:30 > 0:29:33so we sort of got all the building work going.
0:29:33 > 0:29:36The biggest challenge for me, and it still remains the biggest challenge,
0:29:36 > 0:29:39- is the garden.- Us living with you? - Yeah. And that! Is the garden.
0:29:39 > 0:29:41The garden is...
0:29:41 > 0:29:44You could weave through a lot of money in that garden,
0:29:44 > 0:29:46even to get it to what it is now
0:29:46 > 0:29:50and it still needs money to be poured into that garden.
0:29:51 > 0:29:55The costs of labour and skips can certainly mount up.
0:29:55 > 0:29:57So, how has all that affected the budget?
0:29:59 > 0:30:03Well, the original budget was between 50,000 and 60,000.
0:30:03 > 0:30:06And we've spent 70,000 up till now
0:30:06 > 0:30:10because we've already added onto the loft and added onto the house.
0:30:10 > 0:30:13So, that's what put the budget up.
0:30:13 > 0:30:16But we are pleased with the outcome and the cost of it.
0:30:18 > 0:30:20It certainly looks the part.
0:30:20 > 0:30:22But I've noticed one thing is missing.
0:30:22 > 0:30:24Furniture.
0:30:24 > 0:30:26Well, my husband's moving in tomorrow
0:30:26 > 0:30:28and he's going to unpack the boxes for a week
0:30:28 > 0:30:31and then, my son and I are going to move in the following week.
0:30:32 > 0:30:35I'd say son Nicolas has already got a head start
0:30:35 > 0:30:37unpacking some essentials.
0:30:38 > 0:30:42# Open the door, get on the floor Everybody walk the dinosaur! #
0:30:43 > 0:30:45So, before the family gets settled in,
0:30:45 > 0:30:49let's see what two local estate agents make of this house.
0:30:49 > 0:30:52Let's hear from the agent who saw it last time.
0:30:52 > 0:30:54Do you think he "tyrannosaurus"?
0:30:54 > 0:30:55Apologies. Bad joke.
0:30:55 > 0:30:58Coming back for the second time, the changes are phenomenal.
0:30:58 > 0:31:01They've done a great job in terms of design.
0:31:01 > 0:31:03The extension at the back of the property is great.
0:31:03 > 0:31:06To go up into the roof is fantastic.
0:31:06 > 0:31:07I like very much the finish of it.
0:31:07 > 0:31:10Looks modern, fresh.
0:31:10 > 0:31:13And almost perfect for a family.
0:31:15 > 0:31:18Although they won't be selling any time soon,
0:31:18 > 0:31:20was their 540 grand investment worth it?
0:31:22 > 0:31:23Once the fourth bedroom is complete,
0:31:23 > 0:31:29we'd market this property around £720,000 to £740,000
0:31:29 > 0:31:34to achieve somewhere in the middle, around £730,000.
0:31:34 > 0:31:37Once this property would be completed as a four-bedroom house,
0:31:37 > 0:31:42it could achieve a price between £720,000
0:31:42 > 0:31:45up to £750,000.
0:31:45 > 0:31:48When I first saw the house, I had a feeling that,
0:31:48 > 0:31:49once the money was spent,
0:31:49 > 0:31:52it would be a good investment and I'm pleased for my daughter.
0:31:54 > 0:31:58That top figure would mean a potential profit of 210 grand
0:31:58 > 0:32:00before any taxes and fees were deducted.
0:32:00 > 0:32:04However, I don't think Peter will have any chance
0:32:04 > 0:32:06of stealing this back from his daughter
0:32:06 > 0:32:09because, you know what, Pete, it's all about family.
0:32:09 > 0:32:13Dad never really wanted me to go far when we were looking for a house,
0:32:13 > 0:32:15so I think this is his way of keeping us very nearby.
0:32:15 > 0:32:16Exactly.
0:32:17 > 0:32:22We're Greek Cypriot and we like our family to be here locally,
0:32:22 > 0:32:26so we can all eat together and be together all the time.
0:32:26 > 0:32:28- So, obviously, we needed a big house.- Yeah.
0:32:32 > 0:32:35MARTIN: Off to the Midlands now and the city of Derby
0:32:35 > 0:32:36where, just like Londoners,
0:32:36 > 0:32:41the citizens can express their opinions in Speakers' Corner.
0:32:41 > 0:32:44Located in the marketplace since 2012,
0:32:44 > 0:32:47not only is it a platform for making speeches,
0:32:47 > 0:32:50performers and singers are also free to use it.
0:32:50 > 0:32:54So, I'm off to the nearby suburb of Breadsall Hilltop
0:32:54 > 0:32:57to broadcast my opinion on today's property.
0:32:59 > 0:33:01Under a mile from Derby city centre
0:33:01 > 0:33:04with a guide price of just 50,000 quid
0:33:04 > 0:33:06was the property I'm here to see.
0:33:06 > 0:33:09It's this two bed mid-terrace. Let's have a look.
0:33:10 > 0:33:12Or maybe not. Ugh!
0:33:12 > 0:33:14Failed at the first hurdle. Oh, dear!
0:33:14 > 0:33:18# I've been locked out, I've been locked in
0:33:18 > 0:33:21# But I always seem to come back again... #
0:33:22 > 0:33:24Nice double-glazed entrance door.
0:33:24 > 0:33:26That looks to be in pretty nice condition.
0:33:26 > 0:33:29In fact, I feel just drawn straightaway to the windows.
0:33:29 > 0:33:33They look relatively new. Again, nice double-glazing in those.
0:33:33 > 0:33:34So, that's a good start.
0:33:34 > 0:33:38The whole house actually feels pretty dry.
0:33:38 > 0:33:41Looks to be in reasonable condition. I mean, it's a little bit dated.
0:33:41 > 0:33:45Wallpaper on the ceiling and this embossed wallpaper on the walls
0:33:45 > 0:33:47but it's not difficult to change.
0:33:47 > 0:33:50It's a bit of a pain to get it off but actually
0:33:50 > 0:33:52you can make a big difference there.
0:33:52 > 0:33:54Somebody's tried to modernise the fireplace.
0:33:54 > 0:33:57Probably rather see something a bit more traditional in there
0:33:57 > 0:33:59but that's just a personal taste thing.
0:33:59 > 0:34:01In terms of layout, you've got this big front room
0:34:01 > 0:34:03and then through to the kitchen.
0:34:03 > 0:34:05It's a good size.
0:34:05 > 0:34:08Obviously, it hasn't had much work done on it
0:34:08 > 0:34:12and the units could do with a little bit of work, but one good thing.
0:34:12 > 0:34:14Look at that!
0:34:14 > 0:34:17An absolutely massive pantry.
0:34:17 > 0:34:20Huge! But do you really need this?
0:34:20 > 0:34:22It could be a utility room, I suppose.
0:34:22 > 0:34:25Actually, why don't you just think about taking these walls down
0:34:25 > 0:34:27to open up the kitchen even more,
0:34:27 > 0:34:32to create yourself a really nice kitchen/dining area?
0:34:32 > 0:34:34But you know what? I've not seen anything that frightens me.
0:34:34 > 0:34:37In fact, I'm seeing a lot of things that I really like.
0:34:38 > 0:34:43# Keep it in your pantry Keep it in your pantry
0:34:43 > 0:34:47# Keep it in your pantry Keep it in your pantry... #
0:34:49 > 0:34:51OK, so I might be overexcited about a pantry
0:34:51 > 0:34:53but I am excited about this house.
0:34:55 > 0:34:57Its garden is good, too.
0:34:57 > 0:35:01A manageable size and fairly private, and with a shed.
0:35:01 > 0:35:02What more could you ask for?
0:35:06 > 0:35:09So, upstairs, I'm not expecting any great surprises.
0:35:09 > 0:35:13And by a quick glance around, I don't think I'm going to find any.
0:35:13 > 0:35:16You got a separate loo and bathroom. You know, age-old question.
0:35:16 > 0:35:19Most people probably would knock those into one,
0:35:19 > 0:35:22although the jury's out on that, from my point of view.
0:35:22 > 0:35:24It's something you might want to consider.
0:35:24 > 0:35:25You've got a storage cupboard there.
0:35:25 > 0:35:27Actually, it is storage.
0:35:27 > 0:35:30It would have been where the hot water cylinder was
0:35:30 > 0:35:31but now we've got a combi boiler downstairs,
0:35:31 > 0:35:33so that's a bit of extra space.
0:35:33 > 0:35:35Nice-sized bedroom towards the back
0:35:35 > 0:35:38and then a really good-sized master bedroom at the front here.
0:35:39 > 0:35:42Yeah, it's great. It's the full width of the property.
0:35:42 > 0:35:44More storage there.
0:35:44 > 0:35:46Again, it just needs a bit of titillation.
0:35:46 > 0:35:49It just needs wallpaper, a new carpet, all that kind of stuff.
0:35:49 > 0:35:52But nothing that isn't really in the realms of
0:35:52 > 0:35:55what an average DIY person could take on.
0:35:55 > 0:35:57So, a really good starter project.
0:35:57 > 0:36:00Maybe if it's your first auction property, or something like that.
0:36:00 > 0:36:01Yeah, great one. Love it.
0:36:03 > 0:36:05Time to hear from a local property expert.
0:36:05 > 0:36:08We asked an agent from the auction house who sold it
0:36:08 > 0:36:10to give us his thoughts
0:36:10 > 0:36:12on this pretty neat little two-bed
0:36:12 > 0:36:15mid-terrace, guided at £50,000.
0:36:15 > 0:36:18The property's in generally tired appearance.
0:36:18 > 0:36:20Really needs a new kitchen, bathroom,
0:36:20 > 0:36:22general cosmetic improvement.
0:36:22 > 0:36:26A £10,000 budget should be feasible for a property like this.
0:36:27 > 0:36:31Renovation costs of £10,000, plus the guide of 50,000,
0:36:31 > 0:36:34could see you spending approximately 60 grand,
0:36:34 > 0:36:35not including taxes and fees.
0:36:35 > 0:36:39So, what kind of figure could it achieve on the sales market?
0:36:40 > 0:36:42Once the property is modernised,
0:36:42 > 0:36:45if the property is placed on the open market for selling purposes,
0:36:45 > 0:36:49it's likely to achieve in the region of £110,000 to £115,000.
0:36:49 > 0:36:52And what could it achieve on the rental market?
0:36:53 > 0:36:56When the property's been modernised to a decent standard,
0:36:56 > 0:36:59I would have thought if it's placed on the rental market,
0:36:59 > 0:37:03it's likely to achieve in the region of £525 per calendar month.
0:37:09 > 0:37:11Yeah, a good auction purchase.
0:37:11 > 0:37:13Let's see who agreed when it went under the hammer.
0:37:16 > 0:37:18A two double-bedroom mid-terraced house.
0:37:18 > 0:37:22I will start the bidding on a proxy at £50,000.
0:37:22 > 0:37:24On the guide price at 50.
0:37:24 > 0:37:26Where's 51? So, 51 here.
0:37:26 > 0:37:29And thank you. 52 with me.
0:37:29 > 0:37:3253, 54, 55.
0:37:32 > 0:37:35You'll be pleased to know the proxy is out.
0:37:35 > 0:37:3756 now. 56, I've taken here.
0:37:37 > 0:37:39- 57?- 60.
0:37:39 > 0:37:4160 is a spoken bid. 61, either.
0:37:41 > 0:37:44- 61, 62... - This lot has the bidders keen.
0:37:44 > 0:37:46We rejoin at 77,000.
0:37:48 > 0:37:4977.
0:37:51 > 0:37:54At £76,000 for the first time.
0:37:54 > 0:37:5677 in a new place, thank you.
0:37:56 > 0:37:5878. I'll take the half.
0:37:58 > 0:38:01At 77-and-a-half. I'll treat you the same, sir, at 78.
0:38:01 > 0:38:03And a half again. Half again.
0:38:03 > 0:38:0579. And a half again.
0:38:05 > 0:38:06No? Shakes her head.
0:38:06 > 0:38:08At £79,000.
0:38:08 > 0:38:11It's your bid, sir. At £79,000, for the first time.
0:38:11 > 0:38:14For the second time, at £79,000.
0:38:14 > 0:38:16It goes. The hammer's up.
0:38:16 > 0:38:19Sold. It's yours. Well bought, sir at 79,000 and thank you.
0:38:21 > 0:38:23The successful bid of 79,000 came from David.
0:38:25 > 0:38:28David and his friend, Lucy, have bought this property
0:38:28 > 0:38:32as their first venture into property developing.
0:38:32 > 0:38:35And I caught up with them to hear what they had in store
0:38:35 > 0:38:36for their first project together.
0:38:38 > 0:38:40# Oh, you're my best friend! #
0:38:42 > 0:38:45- Lucy, David, great to meet you both. - And you.- Congratulations.- Thank you.
0:38:45 > 0:38:47Tell me why you wanted to buy this place.
0:38:47 > 0:38:49It's an easy project for us to do.
0:38:49 > 0:38:51It's our first project, so it'll be an easy one for us.
0:38:51 > 0:38:53And why this area in particular?
0:38:54 > 0:38:57Erm, it's good value, good resale.
0:38:57 > 0:39:00And sort of looking at the auctions,
0:39:00 > 0:39:02Derby has got so much coming up on the market.
0:39:02 > 0:39:04- It was just an ideal opportunity. - Great.
0:39:04 > 0:39:07And property in general, what was the appeal?
0:39:07 > 0:39:09Probably about 15 to 20 years, I've been interested,
0:39:09 > 0:39:11watching the programme and then sort of
0:39:11 > 0:39:13buying and selling a couple of houses, just really wanted to then
0:39:13 > 0:39:16- sort of make a business of it. - Right, and the same for you?
0:39:16 > 0:39:17I've always wanted to go into property.
0:39:17 > 0:39:20Already got a rental and my own place,
0:39:20 > 0:39:22and so, I just wanted to expand it, really.
0:39:22 > 0:39:25And how did you discover that you both liked the idea of
0:39:25 > 0:39:27getting into property?
0:39:27 > 0:39:30We've been friends since last July.
0:39:30 > 0:39:32Erm... And so, as we've sort of developed that friendship,
0:39:32 > 0:39:34we've sort of got to know each other a bit more
0:39:34 > 0:39:36and understood more about what we want to do.
0:39:36 > 0:39:38Somebody dropped into the conversation at some point,
0:39:38 > 0:39:40"Ooh, I quite fancy being a property person"?
0:39:40 > 0:39:43- Yeah.- Yeah! Pretty much.- OK! - As you do.- And the result.
0:39:43 > 0:39:46So, what was it about this particular house that you liked?
0:39:46 > 0:39:48Well, it's quite local to where I live,
0:39:48 > 0:39:50so it would be easy to get over after work,
0:39:50 > 0:39:52because I work full-time.
0:39:52 > 0:39:56Yeah. So, just the ease of it, really.
0:39:56 > 0:39:59- Right.- When we looked around, we looked at what we needed to do to it
0:39:59 > 0:40:02and we thought there's enough for us to get our teeth into
0:40:02 > 0:40:04for us to learn, but not too much, where we've got floors
0:40:04 > 0:40:07having to be replaced, or plastering, et cetera.
0:40:07 > 0:40:10And do you have much experience in property renovation?
0:40:10 > 0:40:11- No. None whatsoever.- Oh, OK!
0:40:13 > 0:40:16David was in the police force and is now in business
0:40:16 > 0:40:18and Lucy works for a health care company,
0:40:18 > 0:40:21so they might not have renovation experience
0:40:21 > 0:40:25but they're ready to tackle the jobs ahead and learn.
0:40:25 > 0:40:29They plan to refit the bathroom and knock down the pantry wall.
0:40:29 > 0:40:31They're taking a sensible approach.
0:40:31 > 0:40:33It's really important not to get in over your head.
0:40:33 > 0:40:37And to that end, David is calling in favour from a friend
0:40:37 > 0:40:41who fits kitchens, who will provide labour pro bono,
0:40:41 > 0:40:43to keep that profit margin intact.
0:40:43 > 0:40:47We think we're going to achieve about 10,000 profit.
0:40:47 > 0:40:48And how does that work?
0:40:48 > 0:40:51So, we bought it at 79, then all the fees on top.
0:40:51 > 0:40:56We've given ourselves a budget of up to 3,000 for all the work.
0:40:56 > 0:40:58- OK.- And then we think with a resale,
0:40:58 > 0:41:02having had it valued at current market and after works market,
0:41:02 > 0:41:04we should make about 105.
0:41:04 > 0:41:05105, OK.
0:41:05 > 0:41:08Are you confident about the £3,000 budget? It's very tight.
0:41:08 > 0:41:11It's a very tight budget but I've always budgeted.
0:41:11 > 0:41:13- I'm good with that. - Her spreadsheet is amazing.
0:41:13 > 0:41:16- Is it? Really!- Yeah.- Tell me more.
0:41:18 > 0:41:20- Is it down to... Is it really, really lined up?- Everything.
0:41:20 > 0:41:22- Everything-everything? - Yeah, everything.
0:41:22 > 0:41:24- Glue?- Yes.- Wallpaper paste?- Yes!
0:41:24 > 0:41:28You're saying it like, "Of course I thought of that!"
0:41:28 > 0:41:31- Complete...- I don't want any surprises, so everything is on.
0:41:31 > 0:41:35We've currently priced it all up at £2,319.
0:41:35 > 0:41:36Have you? Approximately.
0:41:36 > 0:41:40We've allowed roughly £700 if it all goes wrong.
0:41:40 > 0:41:42Right, so, you've got it all lined up.
0:41:42 > 0:41:45You've bought the bits, or you're on the way of buying the bits.
0:41:45 > 0:41:48We've got a full basket on a website and we're ready to hit buy.
0:41:48 > 0:41:50Really? Oh, excellent.
0:41:50 > 0:41:55- So, if it isn't £2,000...? - 319.- £319 and no pence, or...?
0:41:55 > 0:41:57There is, but I didn't memorise that one.
0:41:59 > 0:42:01Oh, well. Good on you. No, it's very important.
0:42:01 > 0:42:03People often don't have a budget.
0:42:03 > 0:42:04And how long will it take?
0:42:06 > 0:42:08Well, we want it as quick as possible,
0:42:08 > 0:42:10- so at the most, two months.- OK.
0:42:10 > 0:42:13That's a very round amount there.
0:42:13 > 0:42:16I expected 17 days...
0:42:16 > 0:42:17Well, it was!
0:42:17 > 0:42:20- ..14 hours and 37 minutes. - Well, it is!
0:42:20 > 0:42:22- Eight weeks, five days. - Exactly.- Yeah.
0:42:22 > 0:42:25Well, I have planned it, day by day, what...
0:42:25 > 0:42:27Oh! THEY LAUGH
0:42:27 > 0:42:30- Really?- Yes. - I'm not taking the mickey here.
0:42:30 > 0:42:32It's great that you've got it all planned out.
0:42:32 > 0:42:34Whether or not you'll be able to stick to the plan is another matter.
0:42:34 > 0:42:38Well, if you're coming back in four years' time, you'll know we haven't.
0:42:38 > 0:42:41Hopefully, it'll be just, how long did you say again?
0:42:41 > 0:42:42- Eight to ten weeks. - Eight to ten weeks.
0:42:42 > 0:42:45- You just added another two weeks on. You know that?- I know.
0:42:45 > 0:42:47You said two months, he said ten weeks.
0:42:47 > 0:42:50HE TUTS Recipe for your first argument!
0:42:50 > 0:42:52- I can see it.- Oh, no, it won't be our first.
0:42:53 > 0:42:56Is the plan then to work together in the future on other projects?
0:42:56 > 0:42:57Yes, yeah.
0:42:57 > 0:43:01Hopefully, use the profit to help buy another one.
0:43:01 > 0:43:02OK. Oh, great.
0:43:02 > 0:43:05- Well, congratulations.- Thank you. - And good luck with it.
0:43:05 > 0:43:07And we'll look forward to seeing how you get on
0:43:07 > 0:43:09and how you stick to your spreadsheet.
0:43:09 > 0:43:11- Thank you.- Good to meet you both.
0:43:12 > 0:43:15Aw, we love a good spreadsheet here on Homes Under The Hammer.
0:43:15 > 0:43:18And Lucy's certainly got that nailed, for sure.
0:43:18 > 0:43:20As for the timescale...
0:43:20 > 0:43:22Will there be friction? I'm not sure.
0:43:22 > 0:43:24Certainly, they've got a great project here.
0:43:24 > 0:43:25How will they get on?
0:43:25 > 0:43:28Will it be exactly that amount of money by the time they've finished?
0:43:28 > 0:43:30What do you think? No chance!
0:43:30 > 0:43:32You can find out later in the show.
0:43:36 > 0:43:38Now, don't go anywhere,
0:43:38 > 0:43:41- because we still have to see how two properties turned out.- Yes.
0:43:41 > 0:43:43Will the champagne corks be popping
0:43:43 > 0:43:46or will the fizz have gone out of everything?
0:43:46 > 0:43:47Let's not hang about. Let's find out.
0:43:50 > 0:43:53MARTEL: Time to return to the lovely coastal town of Dover,
0:43:53 > 0:43:56where I saw this three-bed semi that went to auction
0:43:56 > 0:44:01with a guide price of between £100,000 and £105,000.
0:44:01 > 0:44:06My spidey senses were tingling with this one as a family of spiders
0:44:06 > 0:44:09had been squatting here for quite some time.
0:44:09 > 0:44:11But if you saw past the grime,
0:44:11 > 0:44:16it was clear to see this 1930s family home had loads to offer,
0:44:16 > 0:44:20with a dual-aspect lounge and plenty of original features,
0:44:20 > 0:44:24one unfortunately being the small 1930s kitchen.
0:44:24 > 0:44:26Often in this kind of property,
0:44:26 > 0:44:29people will extend out towards the garden.
0:44:29 > 0:44:31But it looks like a very big job.
0:44:31 > 0:44:34You've got a big drop into the garden, which is so overgrown.
0:44:34 > 0:44:37So, other things you could do, potentially,
0:44:37 > 0:44:39knock down this wall into the reception room
0:44:39 > 0:44:41and make it a really nice, open living space.
0:44:41 > 0:44:46# The spiderman is having me for dinner tonight... #
0:44:48 > 0:44:50The bedrooms upstairs were all in need
0:44:50 > 0:44:54of general modernisation and the only bathroom was just that.
0:44:54 > 0:44:56There was no loo to speak of.
0:44:57 > 0:45:02But rescue was at hand when Kerry and Kenny made the final bid of
0:45:02 > 0:45:06£132,000 on auction day.
0:45:06 > 0:45:09They then popped off to Burma on holiday and it seemed
0:45:09 > 0:45:11electrician and son-in-law Roberto
0:45:11 > 0:45:13would be leading something of a family charge.
0:45:15 > 0:45:16It's a bit of a family thing.
0:45:16 > 0:45:19My mother-in-law's partner's a carpenter as well.
0:45:19 > 0:45:24My brother-in-law's a plasterer and my partner, she also does painting.
0:45:24 > 0:45:28We keep it all in-house and keep the costs as low as possible.
0:45:28 > 0:45:30What does your mother-in-law do? Just tell everyone what to do?
0:45:30 > 0:45:32Yeah, she's good at being the boss.
0:45:32 > 0:45:35# Baby, we were born to run... #
0:45:35 > 0:45:38The budget would depend on what the boss said
0:45:38 > 0:45:41but they hope to be done in five months.
0:45:43 > 0:45:44Bang on schedule, we're back.
0:45:56 > 0:46:00Kerry and the family team have certainly blown the cobwebs away
0:46:00 > 0:46:05but did they manage to transform that tiny, grimy kitchen?
0:46:07 > 0:46:12Yes, by moving the internal wall, they've maximised on space here.
0:46:14 > 0:46:18Kerry and Kenny have pulled out all the stops with good-quality fittings
0:46:18 > 0:46:20and attention to detail.
0:46:21 > 0:46:23Through a set of new French doors,
0:46:23 > 0:46:27the reinstated balcony overlooks the tidy garden.
0:46:29 > 0:46:33I'm really pleased to see so many of the original features have survived.
0:46:34 > 0:46:38Kenny's actually put back all of the picture rails.
0:46:39 > 0:46:41We actually like the banister.
0:46:41 > 0:46:43We were going to put spindles in,
0:46:43 > 0:46:46but we've had a look at it and they've all been rubbed down and repainted.
0:46:47 > 0:46:49We've sanded the floors,
0:46:49 > 0:46:52because when we took everything up from the floors we realised they are
0:46:52 > 0:46:54beautiful floorboards throughout.
0:46:54 > 0:46:58We nearly had a new front door put in,
0:46:58 > 0:47:01but once Kenny worked on it and rubbed it down,
0:47:01 > 0:47:04it was just too nice to take out.
0:47:04 > 0:47:06And we've also kept the doors as well.
0:47:08 > 0:47:11The attention to detail continues upstairs,
0:47:11 > 0:47:13where there is now a functioning bathroom.
0:47:13 > 0:47:17Kenny and his friend Steve have done most of the work themselves,
0:47:17 > 0:47:21getting in trades to fit in windows and a central heating system.
0:47:21 > 0:47:25And of course, son-in-law Roberto did the electrics.
0:47:26 > 0:47:30When Kenny and I and the family do do properties,
0:47:30 > 0:47:33we like to do them to the standard that we would like to live in.
0:47:33 > 0:47:37We've just done it how we would have had our house, really.
0:47:37 > 0:47:38But it's not our forever home.
0:47:38 > 0:47:41- You know that.- No.
0:47:41 > 0:47:43Yeah, we're going to go to another derelict place after this.
0:47:47 > 0:47:50Well, I take my hat off to them.
0:47:50 > 0:47:54They spent 26 grand and feel they've made some savings by living in the
0:47:54 > 0:47:56house while the work was going on.
0:47:56 > 0:47:59The first three weeks we couldn't,
0:47:59 > 0:48:01because there really was no electric,
0:48:01 > 0:48:04no water, and it took ages to try and get those on.
0:48:04 > 0:48:06But after that, we lived in it.
0:48:06 > 0:48:09- It's a bit dusty. - Mattress on the floor.
0:48:09 > 0:48:11Yeah, mattress on the floor.
0:48:11 > 0:48:15Sometimes it did get a little bit fraught...
0:48:15 > 0:48:17But each evening we were all right, weren't we?
0:48:17 > 0:48:19- We're still alive.- Yeah, of course,
0:48:19 > 0:48:21and we're still together and we're still smiling.
0:48:25 > 0:48:27Let's hope the gods of property development
0:48:27 > 0:48:28are smiling on them today,
0:48:28 > 0:48:30as we have invited two local
0:48:30 > 0:48:33estate agents to give us their opinions
0:48:33 > 0:48:37on Kerry and Kenny's £158,000 investment.
0:48:37 > 0:48:41It's a lovely finish on the property, it's very neutral,
0:48:41 > 0:48:45it's very bright and airy, there's nothing to be done.
0:48:45 > 0:48:47I like the natural flooring.
0:48:47 > 0:48:50It gives the property a really good feel.
0:48:50 > 0:48:53I've had a look around the property and I think that the owners have
0:48:53 > 0:48:55done a really good job. The new configuration,
0:48:55 > 0:48:58with the kitchen leading into the dining area, nice flow through
0:48:58 > 0:49:00out onto the balcony, good views.
0:49:00 > 0:49:02So, it's a really good layout, in my opinion.
0:49:02 > 0:49:06I think the only possible negative is the garden,
0:49:06 > 0:49:07it's on a tiered level,
0:49:07 > 0:49:11which might be a bit difficult for small children, but apart from that,
0:49:11 > 0:49:13no, it's a great property.
0:49:13 > 0:49:15I think that the current owners have
0:49:15 > 0:49:19done good work with the standard of finish.
0:49:19 > 0:49:23If it's done for their own purposes, then I think it's great.
0:49:23 > 0:49:26If they've done it just to sell on, perhaps they've overdone it,
0:49:26 > 0:49:29because the quality is pretty high.
0:49:29 > 0:49:33Could their appetite for attention to detail end up eating into that
0:49:33 > 0:49:35all-important profit margin?
0:49:35 > 0:49:39After all, as Kerry said herself, this isn't their forever home,
0:49:39 > 0:49:41so what could it be worth?
0:49:42 > 0:49:47I think as a re-sell this property would sell for around £170,000.
0:49:47 > 0:49:53We would put it up from between £165,000 and £175,000.
0:49:53 > 0:49:58Their highest value of £175,000 could give them a profit,
0:49:58 > 0:50:01minus taxes and fees, of 17 grand.
0:50:01 > 0:50:03So, are they happy with the result?
0:50:03 > 0:50:06I understand what they're saying about the value of the property,
0:50:06 > 0:50:09because they feel that there is probably a cap on this street,
0:50:09 > 0:50:13but we've actually looked inside other houses on the street
0:50:13 > 0:50:17and there's no way that they have anything like the spec in this house.
0:50:17 > 0:50:21So, I'm quite confident that we will get our higher offer.
0:50:21 > 0:50:23- And look at that view. - It's beautiful.
0:50:25 > 0:50:26I couldn't agree more.
0:50:26 > 0:50:29But what have they set their sights on next?
0:50:30 > 0:50:33We've actually put the property on the market.
0:50:33 > 0:50:36We're viewing for two weeks. We then hand over the keys
0:50:36 > 0:50:40because we're off to our property in France.
0:50:40 > 0:50:43We take the grandchildren with us for two weeks.
0:50:43 > 0:50:47- And the guinea pig.- Yes, the guinea pig comes with us.
0:50:47 > 0:50:51Well, the guinea pig will be getting extra hay, because since filming,
0:50:51 > 0:50:58they've sold for their full asking price of £189,500.
0:50:58 > 0:51:01Giving them a pre-tax profit of 31-and-a-half grand.
0:51:01 > 0:51:04So, au revoir, Kerry and Kenny.
0:51:07 > 0:51:10Back now to the city of Derby
0:51:10 > 0:51:14and the nearby suburb of Breadsall Hilltop.
0:51:14 > 0:51:20It was here that I saw this two-bed mid terrace guided at £50,000.
0:51:20 > 0:51:23I was pleasantly surprised, as the house was in rather good condition,
0:51:23 > 0:51:25and the windows were relatively new,
0:51:25 > 0:51:29though the floor to ceiling wallpaper might not be to everyone's taste.
0:51:31 > 0:51:36The kitchen at the back of the property was in need of an update, but...
0:51:36 > 0:51:41One good thing - look at that. An absolutely massive pantry.
0:51:41 > 0:51:43Huge!
0:51:43 > 0:51:45But do you really need this?
0:51:45 > 0:51:48Why don't you just think about taking these walls down to
0:51:48 > 0:51:49open up the kitchen even more,
0:51:49 > 0:51:53to create yourself a nice kitchen/dining area?
0:51:54 > 0:51:57The absence of nasty surprises continued upstairs,
0:51:57 > 0:51:59with two double bedrooms,
0:51:59 > 0:52:03and an outdated but clean and tidy WC and bathroom.
0:52:05 > 0:52:09There was even a generous back garden.
0:52:09 > 0:52:11I thought it was a good, solid purchase.
0:52:13 > 0:52:15Pals and first-time property developers
0:52:15 > 0:52:17David and Lucy thought so too,
0:52:17 > 0:52:22and they snapped the property up on auction day for £79,000.
0:52:22 > 0:52:26This was to be their first project of what would hopefully be many.
0:52:26 > 0:52:29So, with the help of Lucy's spreadsheet superpowers,
0:52:29 > 0:52:33they hope to stick to their very precise budget.
0:52:33 > 0:52:36We've currently priced it all up at £2,319.
0:52:36 > 0:52:37Have you? Approximately?
0:52:37 > 0:52:41And we've allowed roughly £700 if it all goes wrong.
0:52:41 > 0:52:44Right, so you've got it all lined up, you've bought the bits,
0:52:44 > 0:52:46or you're on the way of buying the bits.
0:52:46 > 0:52:49We've got a full basket on the website and we're ready to hit buy.
0:52:49 > 0:52:51Oh, really? Oh, excellent.
0:52:51 > 0:52:53With their purse strings firmly held,
0:52:53 > 0:52:56David and Lucy intended on doing most of the work themselves.
0:52:56 > 0:52:59And although the timescale was up for debate,
0:52:59 > 0:53:01eight to ten weeks was about right.
0:53:03 > 0:53:05So, nearly ten weeks later,
0:53:05 > 0:53:08it's time to find out if all those numbers added up.
0:53:13 > 0:53:17The dated living area is now fresh, cool, crisp and clean.
0:53:17 > 0:53:20A blank canvas for those potential buyers
0:53:20 > 0:53:22Lucy and David are keen to capture.
0:53:25 > 0:53:29The kitchen is worlds apart, with its modern, monochrome finish,
0:53:29 > 0:53:31with jazzy splashback tiles.
0:53:31 > 0:53:33And, yes, the pantry is gone,
0:53:33 > 0:53:35freeing up enough space to make this a kitchen/diner.
0:53:41 > 0:53:44Moving upstairs, the smaller bedroom looks fantastic with a new carpet
0:53:44 > 0:53:46and fresh paintwork
0:53:46 > 0:53:50while the larger front bedroom has had a similar treatment
0:53:50 > 0:53:54and now boasts a fantastic original wooden floor that David
0:53:54 > 0:53:56and Lucy uncovered while renovating.
0:53:58 > 0:53:59As for the bathroom...
0:54:00 > 0:54:02Well, that's still separate.
0:54:03 > 0:54:07But with a brand-new suite and new vinyl floor, it's looking smashing.
0:54:08 > 0:54:10And they have totally smashed their timescale,
0:54:10 > 0:54:12completing the work right on schedule.
0:54:14 > 0:54:19During their renovation, I've worked full-time on it,
0:54:19 > 0:54:22pretty much, on average, six days a week.
0:54:22 > 0:54:24Probably 11 or 12 hours a day.
0:54:25 > 0:54:26And Lucy's done a full day's work
0:54:26 > 0:54:29and then come over of an evening as well,
0:54:29 > 0:54:32so we both grafted literally six, sometimes seven days a week.
0:54:32 > 0:54:34I work for a health care company.
0:54:34 > 0:54:38Love the company, but I wanted to try something different,
0:54:38 > 0:54:43and this was such a good opportunity that we decided to take,
0:54:43 > 0:54:45so even though I've been working full-time,
0:54:45 > 0:54:48and then this on the evenings and weekends, I've loved the challenge.
0:54:48 > 0:54:50I've loved it.
0:54:51 > 0:54:53The friends have really tackled that challenge head-on,
0:54:53 > 0:54:54doing all the work themselves,
0:54:54 > 0:54:58with the exception of fitting the floor coverings.
0:54:58 > 0:55:00David's friend, who is a trained kitchen fitter,
0:55:00 > 0:55:02helped install the new kitchen
0:55:02 > 0:55:05and showed David what to do for the next project.
0:55:05 > 0:55:08If there is a next project...
0:55:08 > 0:55:12So, working together... It's been good fun in the main.
0:55:12 > 0:55:16I think we were great friends before we started and I think anyway,
0:55:16 > 0:55:18unless she's going to give me a nudge,
0:55:18 > 0:55:21that we're ending as great friends at the same time.
0:55:21 > 0:55:22But there's been challenges,
0:55:22 > 0:55:26and you can't do a project like this without having a disagreement.
0:55:26 > 0:55:28A couple of tiffs.
0:55:28 > 0:55:30We haven't thrown anything on the floor yet,
0:55:30 > 0:55:34and we haven't thrown anything at each other, so...
0:55:34 > 0:55:37I'm looking forward to the next project with Lucy.
0:55:37 > 0:55:39- Yeah.- Still pals, then.
0:55:39 > 0:55:45Even agreeing on that very specific £2,319 budget figure.
0:55:46 > 0:55:49The budget was tight and we wanted to keep it tight.
0:55:49 > 0:55:55We'd done a great spreadsheet which we thought was accurate,
0:55:55 > 0:55:58and then when we started buying and searching around,
0:55:58 > 0:56:01and then when we started painting and realising how much paint you
0:56:01 > 0:56:05actually need, we realised that in some areas we had gotten it right
0:56:05 > 0:56:07and in some areas we hadn't.
0:56:07 > 0:56:11So, the original budget I think was £2,319, jokingly.
0:56:11 > 0:56:13It was actually 3,000.
0:56:14 > 0:56:16And we've pretty much come in on budget.
0:56:16 > 0:56:19So, figures last night, £3,001.
0:56:22 > 0:56:25Well, I don't think that £1 overspend
0:56:25 > 0:56:27will eat into their profit too much,
0:56:27 > 0:56:31but let's see what two local estate agents make of all their hard work
0:56:31 > 0:56:35on their £82,001 investment.
0:56:37 > 0:56:39First impressions are it's fresh, modern, clean,
0:56:39 > 0:56:41good monochrome decor scheme.
0:56:41 > 0:56:46The kitchen's spacious, and taking out the pantry obviously opens it up to be a dining kitchen.
0:56:46 > 0:56:48First-time buyers, potential tenants,
0:56:48 > 0:56:51this will appeal rather than having a separate pantry.
0:56:51 > 0:56:53My first impressions of the property,
0:56:53 > 0:56:56it's a nice light and airy two-bedroom town house,
0:56:56 > 0:56:59well proportioned, ideal for the first-time buyer.
0:56:59 > 0:57:02First-timers David and Lucy have done a great job with the DIY,
0:57:02 > 0:57:06but will that be reflected in the property's value,
0:57:06 > 0:57:09considering their total spend of £82,001?
0:57:11 > 0:57:16I would anticipate the resale value of this property currently is £105,000.
0:57:16 > 0:57:21And the rental market I would achieve £525 per calendar month.
0:57:21 > 0:57:24The resell figure would be somewhere in the region of £105,000,
0:57:24 > 0:57:29and the rental figure would be £525 per calendar month.
0:57:29 > 0:57:32Yeah, 105 is exactly where we thought it would be,
0:57:32 > 0:57:35and we've had agents out who have said the same thing.
0:57:35 > 0:57:37- Yeah.- And that is the ceiling for a two-bed in this area.
0:57:37 > 0:57:40525 rental, it's more than we thought.
0:57:40 > 0:57:42- Yeah.- So, that's good.
0:57:44 > 0:57:47That rental yield of almost 8% hasn't swayed them,
0:57:47 > 0:57:53and the potential sales profit of £22,999, minus taxes and fees,
0:57:53 > 0:57:56will be going towards their next auction purchase.
0:57:56 > 0:57:59So, is this the start of a beautiful friendship with property?
0:58:00 > 0:58:04Yes, sure. We've learned our different ways of working,
0:58:04 > 0:58:08and I think going forward, it will get better and better.
0:58:08 > 0:58:11Lucy's a great leader, so I do as I'm told.
0:58:15 > 0:58:18Well, property developing is not always easy.
0:58:18 > 0:58:20The challenges are vast and varied.
0:58:20 > 0:58:23Yes, but the rewards can be rich, if you get it right, that is.
0:58:23 > 0:58:27So, join us next time for more ups and downs from the auction house
0:58:27 > 0:58:30- on Homes Under The Hammer. - Bye-bye, then.- Bye.- See you then.