0:00:02 > 0:00:04Hello, and welcome to the show. Who doesn't like a property bargain?
0:00:04 > 0:00:06I know we all do. But you know what they say -
0:00:06 > 0:00:09- if it seems too good to be true, it probably is.- Well, that is true,
0:00:09 > 0:00:11but there are bargains to be had at auction,
0:00:11 > 0:00:13and some of them are real bargains.
0:00:13 > 0:00:16Yes, if you head down to your local auction house,
0:00:16 > 0:00:18you might just get what you're after,
0:00:18 > 0:00:20and you might even find your next home under the hammer.
0:00:46 > 0:00:48Well, although every property development is different,
0:00:48 > 0:00:50there are certain rules you need to follow
0:00:50 > 0:00:54whether you're doing up a studio flat or a mansion.
0:00:54 > 0:00:57Yes, we say it over and over again on this show -
0:00:57 > 0:01:00do your homework and view the property before putting your hand up
0:01:00 > 0:01:01in the auction room.
0:01:01 > 0:01:03Well, let's see if the buyers on today's show
0:01:03 > 0:01:05stuck to those golden Hammer rules.
0:01:09 > 0:01:14In Dresden in Stoke, there's some room to lose in this bathroom.
0:01:14 > 0:01:16Seems a bit of a waste of space, to be honest.
0:01:17 > 0:01:22In Kincardine, Fife, these former public toilets scrub up well.
0:01:22 > 0:01:27As public toilets go, these are actually quite nice.
0:01:27 > 0:01:30And in Croydon, London, the facilities are a little too public.
0:01:31 > 0:01:35You can only access it by coming through this bedroom.
0:01:35 > 0:01:37Not great for privacy when you're lying in bed.
0:01:39 > 0:01:42All these properties have been sold at auction,
0:01:42 > 0:01:44and we'll find out who bought them and what they paid
0:01:44 > 0:01:45when they went under the hammer.
0:01:45 > 0:01:47Third and final time...
0:01:47 > 0:01:48GAVEL BANGS
0:01:51 > 0:01:53Dresden in Stoke-on-Trent
0:01:53 > 0:01:56is believed to have been named after the German city
0:01:56 > 0:02:00with which it shares its rich history in ceramic industries.
0:02:00 > 0:02:04It's where you'll find Queens Park, the oldest in the city.
0:02:04 > 0:02:08It was once described as the poshest district in Stoke-on-Trent,
0:02:08 > 0:02:12which is easy to believe when you see some of the magnificent
0:02:12 > 0:02:14Victorian buildings in the area...
0:02:14 > 0:02:15and it's one of those I'm here to see.
0:02:15 > 0:02:18Now, it's a little bit tight on the street right here,
0:02:18 > 0:02:22but the house itself looks incredibly grand.
0:02:22 > 0:02:24It's got three bedrooms, it's semidetached,
0:02:24 > 0:02:28and it's got a guide price of £123,000.
0:02:28 > 0:02:30Let's hope the grandness continues on the inside.
0:02:33 > 0:02:35'Let's keep our fingers crossed.'
0:02:37 > 0:02:39Yes.
0:02:39 > 0:02:42The grandness does continue on the inside, as well.
0:02:42 > 0:02:44Really wide hallway here,
0:02:44 > 0:02:46really high ceilings, as well.
0:02:46 > 0:02:49You've got this original dado rail.
0:02:49 > 0:02:51Look at those cornices, as well.
0:02:51 > 0:02:54First reception room is just to my left,
0:02:54 > 0:02:57and the detail on that ceiling is incredible,
0:02:57 > 0:02:59and in good condition, as well.
0:02:59 > 0:03:02There's your stairs going up to the bedrooms.
0:03:02 > 0:03:06Second reception room is a similar size to the front,
0:03:06 > 0:03:10with another original feature fireplace just over there.
0:03:10 > 0:03:13Very, very pretty, all these old features are.
0:03:13 > 0:03:14Down the hallway into
0:03:14 > 0:03:17what looks to be the dining room.
0:03:18 > 0:03:21Kind of a strange dining room, not huge.
0:03:21 > 0:03:25Got a big sort of chimney breast there with log burner.
0:03:25 > 0:03:27Quite small in here - and then, a little bit further on,
0:03:27 > 0:03:32we go into the kitchen, which is a good-sized kitchen. Lots of space.
0:03:32 > 0:03:36Doesn't look to be in too bad condition, either...
0:03:38 > 0:03:40..but the first thing for me is,
0:03:40 > 0:03:44could you knock that wall down to create a huge kitchen-dining area?
0:03:44 > 0:03:46Which would be good -
0:03:46 > 0:03:50and I can see that there's just a toilet right at the end, as well.
0:03:50 > 0:03:52So you've got everything you need down here,
0:03:52 > 0:03:56and I haven't seen anything that's worrying me at the moment.
0:03:57 > 0:04:00This place is full of period character,
0:04:00 > 0:04:02so let's have a song from the era
0:04:02 > 0:04:05just to get us in full Victorian swing.
0:04:07 > 0:04:11You might expect a grand garden to go along with this,
0:04:11 > 0:04:13but sadly it's not.
0:04:13 > 0:04:17# Come into the garden, Maud
0:04:17 > 0:04:20# I am here at the gate alone... #
0:04:20 > 0:04:23So the outside space, it's...
0:04:23 > 0:04:24it's not huge -
0:04:24 > 0:04:28and I would imagine, back in the day, it did go a lot farther back.
0:04:29 > 0:04:31These bushes, they're overgrown.
0:04:31 > 0:04:33I think you'll get another...
0:04:34 > 0:04:37..good two foot once these have been chopped down.
0:04:37 > 0:04:40I normally look at houses when I come out, and I think,
0:04:40 > 0:04:41"How could you extend?"
0:04:41 > 0:04:45But why would you want to when you've got all that space in there?
0:04:45 > 0:04:47And if you don't try and extend here,
0:04:47 > 0:04:49you'd have an even smaller garden,
0:04:49 > 0:04:52which wouldn't work for a family - it'd just be too small.
0:04:52 > 0:04:54Good thing you're close to Queens Park...
0:04:55 > 0:04:57..but there's plenty more space upstairs.
0:05:00 > 0:05:03So, you've got three good-size bedrooms upstairs, as well.
0:05:03 > 0:05:06All the space from downstairs continues up here.
0:05:06 > 0:05:09Nice, original fireplace, as well.
0:05:09 > 0:05:11All this space on the landing.
0:05:11 > 0:05:12What I have noticed,
0:05:12 > 0:05:14there's three or four different types of radiator
0:05:14 > 0:05:16through the whole of the house.
0:05:16 > 0:05:18What I would do, is I'd get a plumber round
0:05:18 > 0:05:20as soon as possible just to check out the
0:05:20 > 0:05:22central heating system.
0:05:22 > 0:05:27And then you walk into this huge family bathroom.
0:05:28 > 0:05:31Seems a bit of a waste of space, actually, if I'm to be honest.
0:05:31 > 0:05:35And maybe - I'm pretty sure - this was a bedroom back in the day.
0:05:35 > 0:05:38Now, depending on what you want to do with this property,
0:05:38 > 0:05:42what your plans are, could you change this back to a bedroom,
0:05:42 > 0:05:46and try and relocate the family bathroom elsewhere?
0:05:46 > 0:05:49I'm just saying, and I'm just giving you options.
0:05:49 > 0:05:54# I'm keepin' my options open
0:05:54 > 0:05:57# Cos now we're dancin' slow
0:05:57 > 0:06:01# And deep inside there's a voice
0:06:01 > 0:06:05# Tellin' me I better go
0:06:05 > 0:06:09# But you sure look good to me
0:06:09 > 0:06:12# I'm gonna stay awhile... #
0:06:14 > 0:06:16This is a very attractive house,
0:06:16 > 0:06:19and we've asked along a local property expert
0:06:19 > 0:06:21to see if they find it as enticing.
0:06:21 > 0:06:24It's a fantastic property.
0:06:24 > 0:06:25It's a really good size.
0:06:25 > 0:06:28The dimensions and room proportions are fantastic.
0:06:28 > 0:06:31I think there's definitely a certain type of buyer for period properties.
0:06:31 > 0:06:34There can sometimes be quite a lot of maintenance involved
0:06:34 > 0:06:35in the upkeep of them.
0:06:35 > 0:06:39So, yeah, definitely more of a select market, sometimes.
0:06:39 > 0:06:40It's a good point -
0:06:40 > 0:06:42and older properties of this size
0:06:42 > 0:06:45will also be harder and more expensive to heat
0:06:45 > 0:06:46on cold winter nights.
0:06:46 > 0:06:49Could an agent warm to the idea of an extension?
0:06:49 > 0:06:52'There is the potential to make it into a four-bedroom property,'
0:06:52 > 0:06:55but I think the lack of outside space
0:06:55 > 0:06:57would perhaps restrict the market.
0:06:57 > 0:07:00Fair enough. So what kind of sales figures could we expect?
0:07:01 > 0:07:06I think, once renovated, the property could achieve £175,000,
0:07:06 > 0:07:08but I don't feel that adding a fourth bedroom
0:07:08 > 0:07:10would elevate that price much.
0:07:12 > 0:07:14This is a charming Victorian property,
0:07:14 > 0:07:18and it has some of its original features intact, as well,
0:07:18 > 0:07:19which I would want to keep.
0:07:19 > 0:07:21Obviously, a house of this age
0:07:21 > 0:07:25will come with its own individual set of challenges,
0:07:25 > 0:07:29but from what I can see, this place just needs modernising.
0:07:29 > 0:07:32Let's see who hung in there when it went under the hammer.
0:07:32 > 0:07:34Good-looking property of character.
0:07:34 > 0:07:35120 to get it going.
0:07:37 > 0:07:38Lot number 22.
0:07:38 > 0:07:40120 bid, thank you.
0:07:40 > 0:07:42At 120. I'm going twos on this.
0:07:42 > 0:07:44Bid's at 120.
0:07:44 > 0:07:47122. 124? 124.
0:07:47 > 0:07:49126. 128.
0:07:49 > 0:07:51130.
0:07:51 > 0:07:53What are you saying? 131.
0:07:53 > 0:07:56No, at 131, standing right, then, at £131,000.
0:07:56 > 0:07:59132 anywhere else?
0:07:59 > 0:08:00132.
0:08:00 > 0:08:03133.
0:08:03 > 0:08:06No? At 133, standing again, then,
0:08:06 > 0:08:09at £133,000. All done?
0:08:09 > 0:08:11134 anywhere else?
0:08:11 > 0:08:14If not, £133,000 once...
0:08:14 > 0:08:17£133,000 twice.
0:08:17 > 0:08:22Third and final time, then, at £133,000.
0:08:22 > 0:08:23It's not quite enough.
0:08:23 > 0:08:25If the bidders would like to come and talk to us.
0:08:28 > 0:08:30That's just what Xander did.
0:08:30 > 0:08:32It didn't reach the reserve price at auction,
0:08:32 > 0:08:34but Xander secured the property behind the scenes
0:08:34 > 0:08:37for his maximum bid of 132 grand.
0:08:37 > 0:08:42He came along to tell us more about his plans for his charming house.
0:08:42 > 0:08:43Xander, nice to meet you.
0:08:43 > 0:08:45- Nice to meet you, too. - Congratulations, pal.
0:08:45 > 0:08:46- Thanks very much. - So is this what you do?
0:08:46 > 0:08:48Do you go around finding property?
0:08:48 > 0:08:50- Property developer?- Well, first one.
0:08:50 > 0:08:53- First one. - This is your very first project?
0:08:53 > 0:08:54Yeah.
0:08:54 > 0:08:56A big unit like this?
0:08:56 > 0:08:57- Yeah. - DION LAUGHS
0:08:57 > 0:09:00We normally get people that start with a flat,
0:09:00 > 0:09:01or a two-up, two-down,
0:09:01 > 0:09:03but you've gone in at the deep end, slightly, with this.
0:09:03 > 0:09:06Yeah, two feet in. just thought I'd see what happens, and...
0:09:06 > 0:09:09And why was that? What made you go for this particular house, then?
0:09:09 > 0:09:11I mean, I looked at smaller houses,
0:09:11 > 0:09:13but it was just, when I saw...
0:09:13 > 0:09:15I looked at all the properties at the auction
0:09:15 > 0:09:19and, when I saw this one, I loved it. You know, it's just so big,
0:09:19 > 0:09:20and all the traditional features.
0:09:20 > 0:09:23- Couldn't resist it.- So, Xander, you've chose very wisely.
0:09:23 > 0:09:27You've got all this detail, high ceilings, huge rooms.
0:09:27 > 0:09:31So, if this is your first project, has it not frightened you at all,
0:09:31 > 0:09:34- the size of it?- Yeah. When I got the keys and I got in it,
0:09:34 > 0:09:37there was a few moments of panic in there.
0:09:37 > 0:09:39I'm just going to have to...
0:09:39 > 0:09:41I'm committed, now, so I've got to suffer through.
0:09:41 > 0:09:43- Just kick on and get on with it? - See what happens, yeah.
0:09:43 > 0:09:44Tell us - why property, then?
0:09:44 > 0:09:47If this is your first one, what were you doing beforehand?
0:09:47 > 0:09:48What was your job before?
0:09:48 > 0:09:51- I worked in accountancy before... - OK.
0:09:51 > 0:09:54..but I've always fancied getting into property,
0:09:54 > 0:09:59and I just thought, "Why not jump in two feet and see what happens?"
0:09:59 > 0:10:01Good on you. So what was the turning point for you?
0:10:01 > 0:10:02What made you actually say,
0:10:02 > 0:10:07"I want to go from that to that and make it full-time?"
0:10:07 > 0:10:09I think I'd just been putting it off,
0:10:09 > 0:10:12and...I'd always fancied it, I've always thought about it,
0:10:12 > 0:10:14but never actually dared to jump in -
0:10:14 > 0:10:18and then, come the New Year, I just thought, "Why not now?"
0:10:18 > 0:10:22There was no real event, I just thought, "Go for it."
0:10:22 > 0:10:26Good man. This particular house - what was it about it that you liked,
0:10:26 > 0:10:27and what are you going to do with it?
0:10:27 > 0:10:29It's not been maximised, the potential,
0:10:29 > 0:10:34- so, at the minute, it's a three-bed with a huge bathroom...- Yes.
0:10:34 > 0:10:36..so I'd look to make it into a four-bed
0:10:36 > 0:10:38with an upstairs bathroom still.
0:10:38 > 0:10:41The middle bedroom, we'll call it,
0:10:41 > 0:10:43it's big enough that you can split that in two,
0:10:43 > 0:10:47so, make that a bedroom and a family bathroom,
0:10:47 > 0:10:50turn the current bathroom back into a bedroom...
0:10:50 > 0:10:52OK.
0:10:52 > 0:10:54..and, then, maybe open up the kitchen and the dining room,
0:10:54 > 0:10:56so a big open-plan kitchen-diner.
0:10:56 > 0:11:00- Nice.- See, I think it's not reached its potential, so...- OK.
0:11:00 > 0:11:03Does anything frighten you about going into it?
0:11:03 > 0:11:05Yeah, yeah, a little bit. Just, as I go round,
0:11:05 > 0:11:07I keep seeing stuff that needs to be done, and thinking,
0:11:07 > 0:11:10"I don't know how to do that."
0:11:10 > 0:11:13But that's why I'm going to have to get tradesmen in
0:11:13 > 0:11:15- and trust them to do a good job. - Yeah, yeah, yeah.
0:11:15 > 0:11:18As long as I... Hopefully, I'll be all right!
0:11:18 > 0:11:19- Fingers crossed.- Exactly.
0:11:21 > 0:11:25I do hope Xander has looked at the maths of creating a fourth bedroom,
0:11:25 > 0:11:27because moving that bathroom will cost a fair bit,
0:11:27 > 0:11:30and the agent didn't think it would add value.
0:11:31 > 0:11:33What's your budget going to be to turn this round?
0:11:33 > 0:11:36My budget is 27,500.
0:11:36 > 0:11:40- OK.- Just because that's all the money I have left...- Oh, really?
0:11:40 > 0:11:42..after buying the property, yeah.
0:11:42 > 0:11:45And how long's the work going to take you?
0:11:45 > 0:11:48Well, I'm saying three to six months, just because, obviously,
0:11:48 > 0:11:50my first one, I don't really know how long it's going to take.
0:11:50 > 0:11:52- Yeah.- If it's three months, it'd be great.
0:11:52 > 0:11:54If it's six months, it wouldn't be the end of the world.
0:11:54 > 0:11:57No, not at all. I think six months is...is a lot of time.
0:11:57 > 0:12:00It gives you time to get it right, and get things in place,
0:12:00 > 0:12:03- how you want them.- Yeah.- When you were looking for a property,
0:12:03 > 0:12:05when you left your accountancy life
0:12:05 > 0:12:09and you've now gone into the property world, what was your plan?
0:12:09 > 0:12:11Was it to buy and to rent, to buy to sell?
0:12:11 > 0:12:14- I think it was always to buy to sell...- OK.
0:12:14 > 0:12:17..but, potentially, if this went well,
0:12:17 > 0:12:20maybe, if it was in a good yield area,
0:12:20 > 0:12:22I'd rent one, maybe I'd then sell one, you know?
0:12:22 > 0:12:26So I'm open to letting but, for the first one, I just want to...
0:12:26 > 0:12:28- Flip it?- ..get it gone. Yeah.
0:12:28 > 0:12:31It's more, obviously, because I've quit my job,
0:12:31 > 0:12:33it's a living, it's a pension. It's everything, really.
0:12:33 > 0:12:35- Well done. Good luck to you. - Thanks a lot.
0:12:35 > 0:12:38- I wish you all the best.- Cheers. Pleased to meet you.
0:12:38 > 0:12:40So Xander is obviously an ambitious guy.
0:12:40 > 0:12:42He's given up his accountancy job
0:12:42 > 0:12:45to get involved in the property developing world -
0:12:45 > 0:12:47but he hasn't started with a small house,
0:12:47 > 0:12:50but he has started with a good house, in my opinion.
0:12:50 > 0:12:53All he's got to do now is find the right workforce
0:12:53 > 0:12:54to carry out his big plans.
0:12:54 > 0:12:57You can find out how he gets on later in the programme.
0:13:01 > 0:13:05Situated between the Firth of Tay and the Firth of Forth
0:13:05 > 0:13:08in the area known locally as the Kingdom of Fife
0:13:08 > 0:13:12is the pretty town of Kincardine.
0:13:12 > 0:13:15With a population of around 3,000, it's a quiet place,
0:13:15 > 0:13:17but it has a real sense of history
0:13:17 > 0:13:20in its architecture, with the stepped gable ends
0:13:20 > 0:13:22being a typical feature
0:13:22 > 0:13:25of 17th and 18th century houses in the area.
0:13:27 > 0:13:30Well, right in the centre of Kincardine
0:13:30 > 0:13:32is the property I'm here to see -
0:13:32 > 0:13:36and it's one of those really unusual types of property
0:13:36 > 0:13:41that probably only really makes it into the auction catalogues.
0:13:41 > 0:13:43It is a former public toilet,
0:13:43 > 0:13:46but you wouldn't guess it from the outside.
0:13:46 > 0:13:47Look at that!
0:13:47 > 0:13:52£35,000-plus was the guide price, which is a lot for a loo.
0:13:53 > 0:13:54Let's take a look inside.
0:13:55 > 0:13:57As I said, it's a lot for a loo,
0:13:57 > 0:14:00but it also looks like a lot of loo for the loot.
0:14:00 > 0:14:03There's the gents and ladies at the front,
0:14:03 > 0:14:06and what used to be a disabled facility out back.
0:14:06 > 0:14:10That could be regarded as the upper floor, but clearly not safe enough
0:14:10 > 0:14:12to stand on, even if you could get there.
0:14:12 > 0:14:16A bizarre thing to say, but, as public toilets go...
0:14:16 > 0:14:17HE LAUGHS
0:14:17 > 0:14:19..these are actually quite nice.
0:14:19 > 0:14:22Very lofty. Lots of space.
0:14:22 > 0:14:24You don't feel sort of claustrophobic.
0:14:24 > 0:14:27Interestingly, you can see the sash windows up there.
0:14:27 > 0:14:29What have we got? Well, as you might have expected,
0:14:29 > 0:14:32I think I'm actually in the ladies side here.
0:14:32 > 0:14:35A sinky thing there.
0:14:35 > 0:14:38We've got these cubicles with the original toilets there.
0:14:38 > 0:14:42One thing you're certainly not going to have to install
0:14:42 > 0:14:45is any kind of sewerage system, is it?
0:14:45 > 0:14:47It's definitely here.
0:14:47 > 0:14:50Um...but, in terms of space, well...
0:14:50 > 0:14:55if you start imagining converting this somehow into two floors...
0:14:57 > 0:14:59..I've seen smaller houses.
0:15:02 > 0:15:05And when you look at it in the context
0:15:05 > 0:15:08of the surrounding buildings, you can see what I mean.
0:15:08 > 0:15:09It's not a glorified garden shed,
0:15:09 > 0:15:11like most modern public conveniences.
0:15:11 > 0:15:15In fact, it's even got a little bit of outdoor space.
0:15:17 > 0:15:21Well, what an intriguing property this is turning out to be!
0:15:21 > 0:15:24Yes, slightly more than you might expect
0:15:24 > 0:15:26from a former public convenience.
0:15:26 > 0:15:29Yes. Loo-ds and loo-ds of space.
0:15:30 > 0:15:33Actually, surprisingly, at the back here, you've also got this area,
0:15:33 > 0:15:36which is suddenly opening all sorts of possibilities.
0:15:36 > 0:15:39The one thing you'd want, if that was a house, is a garden.
0:15:39 > 0:15:41So, this could be the garden.
0:15:41 > 0:15:44There's a narrow strip of land down the side, as well,
0:15:44 > 0:15:46which means you could think about getting access there.
0:15:46 > 0:15:50Ideally, though, you'd want to get some kind of access
0:15:50 > 0:15:51over this bit of land.
0:15:51 > 0:15:55So, some negotiations might be done with the neighbours.
0:15:55 > 0:15:58Either way, it's a really useful extra space -
0:15:58 > 0:16:01and these are the loos that just keep on giving.
0:16:01 > 0:16:04So, over to the gents side -
0:16:04 > 0:16:08and ignoring the obvious signs of the loo, things like the urinals,
0:16:08 > 0:16:11what could we do? First thing, planning permission.
0:16:11 > 0:16:12At the moment, it's a toilet,
0:16:12 > 0:16:15so you're going to have to get planning permission for conversion
0:16:15 > 0:16:17into either a residential unit - probably the preferred option -
0:16:17 > 0:16:20or possibly commercial premises.
0:16:20 > 0:16:21Not so sure that would work.
0:16:21 > 0:16:24Next, once you've done that, you've got to look at the numbers.
0:16:24 > 0:16:27Is it going to be, well, financially viable?
0:16:27 > 0:16:30Get this around the £35,000 guide price
0:16:30 > 0:16:33and how much leeway have we got?
0:16:37 > 0:16:40So, to find out how much leeway we have,
0:16:40 > 0:16:43we invited along the auctioneer who sold the property
0:16:43 > 0:16:44to ask him what he'd do with it.
0:16:48 > 0:16:50Well, it's an interesting opportunity.
0:16:50 > 0:16:52If I owned this property,
0:16:52 > 0:16:54I think I'd look at a residential conversion.
0:16:54 > 0:16:58I think that's the best option for the property.
0:16:58 > 0:17:01It's the one that's most likely to go through with the planners.
0:17:01 > 0:17:03There's some ground to the rear of the property
0:17:03 > 0:17:07which you could create a small garden or drying green.
0:17:07 > 0:17:12I think one issue that potentially anybody has to get over is parking.
0:17:12 > 0:17:14There is on-street parking available,
0:17:14 > 0:17:16but it would be difficult to create
0:17:16 > 0:17:18some dedicated parking for the property.
0:17:23 > 0:17:24With the parking issues in mind,
0:17:24 > 0:17:28the agent believes that flats would be the best solution here.
0:17:28 > 0:17:31So what kind of values would he give those?
0:17:32 > 0:17:35If the building was converted into, say, two flats,
0:17:35 > 0:17:40I would think probably the valuation of the flats would be between
0:17:40 > 0:17:43£50,000 and £60,000 for each unit.
0:17:43 > 0:17:46Rental values for flats here
0:17:46 > 0:17:49are around about £500 per calendar month.
0:17:51 > 0:17:54Well, I'm sure quite a few people would have been put off
0:17:54 > 0:17:56when they first saw this in the auction catalogue -
0:17:56 > 0:17:57but the more you look into it,
0:17:57 > 0:18:01the more you realise this could actually
0:18:01 > 0:18:03make someone a bit of money.
0:18:03 > 0:18:05Let's see who wasn't put off when it went under the hammer.
0:18:08 > 0:18:13Being the last lot of the day, only the die-hards remained.
0:18:13 > 0:18:17Can somebody start me off at £30,000 for lot 34?
0:18:17 > 0:18:19Have we got 30,000 anywhere?
0:18:19 > 0:18:21In the room for lot 34. 30 anywhere?
0:18:23 > 0:18:2520 to get us started.
0:18:25 > 0:18:2620 anywhere?
0:18:27 > 0:18:2910, just to get me started.
0:18:29 > 0:18:30Lot 34. Thank you, sir.
0:18:30 > 0:18:32Standing up in the middle at the back.
0:18:32 > 0:18:34£10,000. Have I got 12 anywhere?
0:18:34 > 0:18:3612 from a proxy bidder.
0:18:36 > 0:18:3814, sir. 14.
0:18:38 > 0:18:4016. 18.
0:18:40 > 0:18:4320. 22.
0:18:43 > 0:18:47That low opening price must have got the bargain hunters excited,
0:18:47 > 0:18:51but some brisk bidding soon flushed away any hopes of a cheap sale.
0:18:51 > 0:18:55We rejoin the auction with the price standing at £37,000.
0:18:55 > 0:18:59Are we all done at 37,000?
0:18:59 > 0:19:01Going once...
0:19:01 > 0:19:03twice... Back in again.
0:19:03 > 0:19:0537.5. 38?
0:19:05 > 0:19:08Shaking his head. I think that might have done it, actually.
0:19:08 > 0:19:09At 37.5.
0:19:09 > 0:19:11Down the front at 37.5.
0:19:11 > 0:19:13Going once, twice,
0:19:13 > 0:19:15- third and final time. - GAVEL BANGS
0:19:15 > 0:19:17Gentleman down at the front here.
0:19:22 > 0:19:24The property was bought for £37,500
0:19:24 > 0:19:27by local residents Lisa and Michael,
0:19:27 > 0:19:31who had spotted the property before it went to auction.
0:19:31 > 0:19:33Why were they so keen to spend a penny
0:19:33 > 0:19:35on these former public toilets?
0:19:35 > 0:19:38I met up with them to find out.
0:19:38 > 0:19:40Michael, Lisa, great to meet you both.
0:19:40 > 0:19:42- Hello.- Congratulations!
0:19:43 > 0:19:44Yeah. Raised eyebrows, indeed.
0:19:44 > 0:19:48Tell me why you wanted to buy this place?
0:19:48 > 0:19:50It was because it was going so cheap.
0:19:50 > 0:19:53It was initially up for 70,000.
0:19:53 > 0:19:54When we went to the auction,
0:19:54 > 0:19:57it was barely getting over 30 before I started bidding.
0:19:57 > 0:20:01Then, I managed to pick it up at 37,500,
0:20:01 > 0:20:03so I was quite pleased at that.
0:20:03 > 0:20:05Do you know of the toilet block?
0:20:05 > 0:20:07I knew it used to be a house.
0:20:07 > 0:20:10- Oh!- It was a house for approximately 200 years.
0:20:10 > 0:20:14- Right.- Then, it became a wet fish shop.
0:20:14 > 0:20:16- Oh!- Then a fish and chip shop.
0:20:16 > 0:20:21Then, in 1976, I think, they changed it into a public convenience.
0:20:21 > 0:20:24- Right.- Then it was closed about ten years ago.
0:20:24 > 0:20:26So what do you do in the town?
0:20:26 > 0:20:27- I'm a publican.- Oh, great.
0:20:27 > 0:20:29- You own a pub? - The two of us are publicans now.
0:20:29 > 0:20:32I initially came to Kincardine just to stay for a year,
0:20:32 > 0:20:34get the pub up and running, but it's such a nice place,
0:20:34 > 0:20:36I've decided to stay.
0:20:36 > 0:20:40Yeah, and now you're investing in even more property in the area.
0:20:40 > 0:20:42So it's a really interesting building, isn't it?
0:20:42 > 0:20:45It's a wee bit narrower than what I thought it was going to be.
0:20:45 > 0:20:49- I thought it would have been bigger inside.- Right.
0:20:49 > 0:20:51But we had the architect have a look at it,
0:20:51 > 0:20:54and he's advising us to make it into two flats.
0:20:54 > 0:20:58- Two flats? - Yes, an upstairs and downstairs.
0:20:58 > 0:21:00- Ah!- So that's a possibility.
0:21:00 > 0:21:02Right.
0:21:02 > 0:21:05Just depending on planning - if we get the planning permission for it.
0:21:05 > 0:21:09We have to go through the mines if we want to put an extension
0:21:09 > 0:21:11because of the old mine works
0:21:11 > 0:21:15- that the monks used to do round about Kincardine.- Monks?!
0:21:15 > 0:21:17- Yes, aye.- Mining monks?
0:21:17 > 0:21:20Yes, there was mining monks in Kincardine at one time.
0:21:20 > 0:21:22- MARTIN LAUGHS - What were they mining for?
0:21:22 > 0:21:26Coal, I would imagine. Anyone that's building anything in Kincardine...
0:21:26 > 0:21:29- LISA:- Has to have permission. - Needs a monk mining survey?- Yes.
0:21:30 > 0:21:35# In nomine Christi, Amen. #
0:21:37 > 0:21:40I reckon mining monks is a first for Homes Under The Hammer -
0:21:40 > 0:21:44and one thing's for sure, after a day down the mines,
0:21:44 > 0:21:48those monks would come back with some right filthy habits. Ho-ho-ho!
0:21:48 > 0:21:52So talk me through the process from this point on, then.
0:21:52 > 0:21:54- The first thing is to get planning permission, is it?- Yes.
0:21:54 > 0:21:59Yes, and after the planning I've got a builder coming to see it tomorrow
0:21:59 > 0:22:03to give me an estimate on how much it will cost me.
0:22:03 > 0:22:07So we're hoping to keep to keep the two of them...
0:22:07 > 0:22:10Approximately 80 grand, we've got to spend on the two of them.
0:22:10 > 0:22:15Right, OK. 80 grand plus the 37,500 you spent?
0:22:15 > 0:22:19- Yes.- That puts you tantalisingly close to around about 120,000.- Yes.
0:22:19 > 0:22:22How much do you think the flats could sell for?
0:22:22 > 0:22:24- Not much more than that.- Right.
0:22:24 > 0:22:26But we plan on keeping them for a wee while
0:22:26 > 0:22:29- and renting them out...- Ah. - ..up until the market...
0:22:29 > 0:22:31- Picks up a bit. - ..picks up a wee bit.
0:22:31 > 0:22:33I'd hope you would be able to make them for...
0:22:33 > 0:22:35Do the whole conversion for less than 80.
0:22:35 > 0:22:37Yes, I would think so, as well,
0:22:37 > 0:22:39but if we are having to put an extension on the back,
0:22:39 > 0:22:41it's going to cost us a few bob.
0:22:41 > 0:22:43Right. What would the extension be for?
0:22:43 > 0:22:45Just to increase the overall size?
0:22:45 > 0:22:48- Well, we need to make an extension here...- Stairs.
0:22:48 > 0:22:51..for the staircase going upstairs to the upper flat.
0:22:51 > 0:22:55- Right.- And that's going to be the expensive bit of it.- Right.
0:22:55 > 0:22:57So how involved are you going to get, actually,
0:22:57 > 0:22:58- with the building and stuff? - Hands on.
0:22:58 > 0:23:01- Really?- Hands on, yeah. - Hands on, the two of us.
0:23:01 > 0:23:02What will you be doing?
0:23:03 > 0:23:07- Labouring.- Right. - We will be the demolition squad.
0:23:07 > 0:23:10Michael and Lisa are also hoping to use their contacts
0:23:10 > 0:23:13in the local trades to get the work done,
0:23:13 > 0:23:15and they're hoping that, once the flats are completed
0:23:15 > 0:23:20in six to nine months, there will be a steady stream of potential renters
0:23:20 > 0:23:23from contractors working in the area.
0:23:23 > 0:23:26So, much experience of sort of renovation and stuff?
0:23:26 > 0:23:29- MICHAEL LAUGHS - Aye.
0:23:29 > 0:23:32On a previous property, I thought I had nothing better to do
0:23:32 > 0:23:35than knock down a wall.
0:23:35 > 0:23:40So I took a sledgehammer, me and my friend, and knocked doon this wall.
0:23:40 > 0:23:43Well, when I went upstairs to get into the bathroom,
0:23:43 > 0:23:45couldn't open the door.
0:23:45 > 0:23:48Couldn't open the door for the bedroom or the kitchen
0:23:48 > 0:23:51because the floor had started caving in.
0:23:51 > 0:23:52It wasn't a load-bearing wall?
0:23:52 > 0:23:54It was a load-bearing wall.
0:23:54 > 0:23:55MARTIN LAUGHS
0:23:55 > 0:23:57- LISA:- Just in the way(!)- Oh, dear.
0:23:57 > 0:24:00So I had to get my uncles out to prop it up.
0:24:00 > 0:24:03So we managed with a couple of doughty props to prop it up,
0:24:03 > 0:24:06- and we got some steel girders. - MARTIN LAUGHS
0:24:06 > 0:24:08So you've learnt your lesson, I hope?
0:24:08 > 0:24:10I've learned the lesson - leave it to the professionals.
0:24:10 > 0:24:12MARTIN LAUGHS
0:24:12 > 0:24:14Well, congratulations.
0:24:14 > 0:24:17- Thank you.- Good luck with it. And really excited
0:24:17 > 0:24:18- to see how it turns out.- Thanks.
0:24:18 > 0:24:20- MARTIN CACKLES - Right, thanks very much.
0:24:23 > 0:24:26Well, it seems that, under Michael and Lisa's ownership,
0:24:26 > 0:24:29the old toilets are going to end up as two flats.
0:24:29 > 0:24:32Initially, I thought maybe a pair of semis,
0:24:32 > 0:24:35but it's all going to come down to the numbers -
0:24:35 > 0:24:37which makes more sense.
0:24:37 > 0:24:41You can find out what they do later in the show.
0:24:41 > 0:24:44Coming up - I hope you've brought your hiking boots
0:24:44 > 0:24:47for this two-bed semi in Croydon, London.
0:24:47 > 0:24:50- Wow!- Now that's a steep stair.
0:24:50 > 0:24:51Oh, I'm dizzy just looking at them.
0:24:53 > 0:24:57And Michael needs mountains of money in Kincardine, Fife.
0:24:57 > 0:25:01When I got quotes, the lowest quote I got was 28 grand.
0:25:06 > 0:25:10They call the city of Dresden in Germany "The Jewel Box",
0:25:10 > 0:25:13and earlier, in its namesake area in Stoke,
0:25:13 > 0:25:16I saw a real diamond of a Victorian property.
0:25:17 > 0:25:19Encrusted with original features everywhere,
0:25:19 > 0:25:22it just needed a little bit more space downstairs.
0:25:24 > 0:25:28The first thing, for me, is, could you knock that wall down
0:25:28 > 0:25:31to create a huge kitchen-dining area? Which would be good...
0:25:33 > 0:25:36..but upstairs, the opposite problem.
0:25:36 > 0:25:39It's a bit of a waste of space, actually, if I'm to be honest,
0:25:39 > 0:25:44and maybe - I'm pretty sure - this was a bedroom back in the day.
0:25:44 > 0:25:46Now, depending on what you want to do with this property,
0:25:46 > 0:25:49what your plans are, could you change this back
0:25:49 > 0:25:54to a bedroom and try and relocate the family bathroom elsewhere?
0:25:56 > 0:25:59Xander paid 132 grand for it at auction...
0:26:00 > 0:26:03..and it was his first ever development.
0:26:03 > 0:26:07Like me, he thought an extra bedroom and a kitchen-diner
0:26:07 > 0:26:10would improve this place dramatically -
0:26:10 > 0:26:12and, like me, again, he had fallen in love with it.
0:26:13 > 0:26:15When I saw this one, I just loved it.
0:26:15 > 0:26:19It's so big, and all the traditional features. Couldn't resist it.
0:26:19 > 0:26:21So, Xander, you have chose very wisely.
0:26:21 > 0:26:25You've got all this detail - high ceilings, huge rooms.
0:26:25 > 0:26:28If this is your first project, has it not frightened you at all,
0:26:28 > 0:26:29the size of it?
0:26:29 > 0:26:31Yeah, I mean, when I got the keys and I got in it,
0:26:31 > 0:26:34- there was a few moments of panic in there! - DION LAUGHS
0:26:36 > 0:26:39We are back, seven months on - one month over his timescale -
0:26:39 > 0:26:44and I can see Xander has added much-needed off-street parking -
0:26:44 > 0:26:47not something the Victorians had to worry about...
0:26:47 > 0:26:53# Bring me to life... #
0:26:53 > 0:26:55..but what about the Victorian interior?
0:26:55 > 0:26:57Has he brought this house to life?
0:26:58 > 0:27:04# Bring me to life
0:27:04 > 0:27:06# Ooh
0:27:06 > 0:27:11# Bring me to life... #
0:27:11 > 0:27:13Wow, I do like this place.
0:27:13 > 0:27:15I absolutely love the finish here.
0:27:15 > 0:27:17I love the layout, too.
0:27:18 > 0:27:21Downstairs, there's a huge kitchen-diner
0:27:21 > 0:27:22and I like that Xander
0:27:22 > 0:27:26has kept references to the period of the house.
0:27:26 > 0:27:28In that very ornate lounge,
0:27:28 > 0:27:31he's gone with restoring the period features
0:27:31 > 0:27:35and the grey colour scheme is authentically Victorian,
0:27:35 > 0:27:37but also very now.
0:27:37 > 0:27:40Upstairs, he's created a fourth bedroom,
0:27:40 > 0:27:42placing it where the bathroom was -
0:27:42 > 0:27:44and by splitting the largest bedroom,
0:27:44 > 0:27:47he retains the glorious upstairs bathroom.
0:27:49 > 0:27:50And in the other bedroom,
0:27:50 > 0:27:53he's thrown in an en-suite just for good measure.
0:27:53 > 0:27:59# Bring me to life... #
0:28:01 > 0:28:03Out back, he's made the best of what was here,
0:28:03 > 0:28:06and that sums up the house, doesn't it?
0:28:06 > 0:28:10By rolling back the years and building on the original features,
0:28:10 > 0:28:13he's taken this house forward as a very grand family home.
0:28:15 > 0:28:16It's got a few wow factors.
0:28:16 > 0:28:20The ceiling in the front lounge turned out really well.
0:28:20 > 0:28:23The kitchen, obviously, has got the wow factor.
0:28:23 > 0:28:25It looked better than I pictured.
0:28:25 > 0:28:28The kitchen was more work than we originally planned.
0:28:28 > 0:28:31Kitchen ceiling was quite wonky,
0:28:31 > 0:28:33so we had to replace the kitchen ceiling,
0:28:33 > 0:28:36lower the dining room ceiling here
0:28:36 > 0:28:38so that it looks flush.
0:28:38 > 0:28:39And we also had to level the floor,
0:28:39 > 0:28:41cos the floors were different heights.
0:28:47 > 0:28:48As a first development project,
0:28:48 > 0:28:52I worried Xander might have bitten off more than he could chew.
0:28:52 > 0:28:54Luckily, he had some help.
0:28:55 > 0:28:57I don't have any building skills,
0:28:57 > 0:29:00so I ended up having three builders
0:29:00 > 0:29:03doing all the skill stuff, big, heavy stuff,
0:29:03 > 0:29:06and myself, I did all the labour and all the decorating,
0:29:06 > 0:29:10but I also had my dad - he did a huge amount of labour on the house.
0:29:10 > 0:29:13My mum helped with the painting.
0:29:13 > 0:29:16I even had my brother-in-law and sister pitch in a bit.
0:29:19 > 0:29:21He went one month over his six month timescale
0:29:21 > 0:29:24due to some delays getting started,
0:29:24 > 0:29:26but the main challenge was an unexpected one
0:29:26 > 0:29:28for the former accountant.
0:29:28 > 0:29:32I think the biggest challenge was just managing the finances, really.
0:29:32 > 0:29:34It was quite easy to...
0:29:35 > 0:29:39..just go crazy and spend and, you know,
0:29:39 > 0:29:41I had to do a lot of research, getting the best price
0:29:41 > 0:29:44and haggling with suppliers and whatnot.
0:29:44 > 0:29:47Yeah, so the budget went out the window pretty...
0:29:47 > 0:29:49pretty sharpish after the builders started.
0:29:49 > 0:29:53And, yeah, I originally I said about 25, 27.5, something like that.
0:29:53 > 0:29:55Ended up being more like 40 -
0:29:55 > 0:29:59and the reason for that is I did a little more work to the yard
0:29:59 > 0:30:03and kitchen and one or two ceilings I wasn't planning on replacing -
0:30:03 > 0:30:05but, other than that, it's just...
0:30:05 > 0:30:07It's a classic beginner's mistake.
0:30:07 > 0:30:10Just a few things cost more than I expected...
0:30:10 > 0:30:12but I think it's OK.
0:30:12 > 0:30:14I don't think I've gone too...too crazy.
0:30:16 > 0:30:18Xander plans to sell,
0:30:18 > 0:30:22so to find out how this spectacular property might fare on the market,
0:30:22 > 0:30:25we've called in two local property experts.
0:30:25 > 0:30:28Are they going to be as impressed as I am?
0:30:28 > 0:30:30Renovated properties don't come much better than this one.
0:30:30 > 0:30:34I'm particularly pleased at the size of the property,
0:30:34 > 0:30:37and also that many of the original features
0:30:37 > 0:30:41have been retained whilst it is a modern home,
0:30:41 > 0:30:43ready to move straight into.
0:30:43 > 0:30:45Now, with how the property has been knocked about,
0:30:45 > 0:30:47there's an abundance of space
0:30:47 > 0:30:49and the off-road parking's now been added,
0:30:49 > 0:30:51and that is a big bonus.
0:30:51 > 0:30:54Really stunning from an architecture point of view,
0:30:54 > 0:30:58because of the skirting board, shape of some of the windows.
0:30:58 > 0:31:01It's important not only to look at the positives,
0:31:01 > 0:31:05which here there are many, but also to look at the negatives.
0:31:05 > 0:31:10The only slight concerns I have here are,
0:31:10 > 0:31:13yes, there is off-street parking but it is limited,
0:31:13 > 0:31:15and the lack of outside space.
0:31:15 > 0:31:17It's a good patio.
0:31:17 > 0:31:19Very, very usable.
0:31:19 > 0:31:21But for anybody looking for a garden,
0:31:21 > 0:31:23this property isn't going to tick the box.
0:31:24 > 0:31:30Xander's first development has cost him 172 grand to buy and renovate.
0:31:30 > 0:31:33Will it be a profitable first venture?
0:31:33 > 0:31:35If we were to sell the property,
0:31:35 > 0:31:38I would recommend a figure
0:31:38 > 0:31:41in the region of £235,000.
0:31:41 > 0:31:43Looking at the sales market for this property,
0:31:43 > 0:31:46I would advise an asking price
0:31:46 > 0:31:48of £225,000.
0:31:49 > 0:31:50Yeah, not too bad.
0:31:52 > 0:31:55A little low. I've actually got it on the market, now, for 250,
0:31:55 > 0:31:57and given what my estate agent has said
0:31:57 > 0:31:59and kind of the interest we've had,
0:31:59 > 0:32:02we're expecting around about 240 to be achieved.
0:32:02 > 0:32:05So, yeah, not too bad.
0:32:05 > 0:32:09Well, if he gets his estimated price of 240 grand,
0:32:09 > 0:32:13that would mean a whopping 68 grand pre-tax profit.
0:32:15 > 0:32:18A hugely successful first step into the property world -
0:32:18 > 0:32:20but was it enjoyable?
0:32:20 > 0:32:24My first property, I'd say, has been quite an adventure.
0:32:24 > 0:32:26It's been fun. It is hard.
0:32:26 > 0:32:28It's harder than it looks when you watch the show.
0:32:28 > 0:32:31Yeah, really, really pleased.
0:32:31 > 0:32:34Really chuffed with how it's gone and how it's turned out, yeah.
0:32:37 > 0:32:39- MARTEL:- A small market town called Croydon
0:32:39 > 0:32:41is mentioned in the Domesday Book.
0:32:41 > 0:32:44Well, things have moved on from the 11th century
0:32:44 > 0:32:47and, now, Croydon's one of London's biggest boroughs
0:32:47 > 0:32:51by population - and increasingly expanding, at that.
0:32:51 > 0:32:55Regeneration has long been a buzzword here,
0:32:55 > 0:32:57and that says one thing to me -
0:32:57 > 0:33:00plenty of potential to invest in property.
0:33:01 > 0:33:05This street is just a five-minute drive from the centre of Croydon,
0:33:05 > 0:33:08so it's really convenient for lots of shops and facilities.
0:33:08 > 0:33:09Not so convenient,
0:33:09 > 0:33:12you've got a school just across the road, which means it could get
0:33:12 > 0:33:15very busy at certain times of the day.
0:33:15 > 0:33:19I do like this open space, which is good, cos it's right next to...
0:33:21 > 0:33:22..the property I'm here to see.
0:33:22 > 0:33:26A two-bedroom semidetached with the guide price of £250,000.
0:33:26 > 0:33:29So, what do you get for your money? Let's find out.
0:33:33 > 0:33:37Entering in our first reception room.
0:33:37 > 0:33:40Do you know what? It really hits you as you come in, that smell of damp.
0:33:40 > 0:33:43Maybe no-one's lived here for a while.
0:33:43 > 0:33:45Good proportions, albeit quite small.
0:33:45 > 0:33:47Love this fireplace surround.
0:33:47 > 0:33:52It's really pretty, and it's got a fireplace, too!
0:33:52 > 0:33:55Personally, I'd keep that. It adds a bit of character.
0:33:56 > 0:34:00It seems a bit unloved, but it does have double glazing
0:34:00 > 0:34:03and central heating. Definitely a good thing.
0:34:03 > 0:34:05Through to second reception room, but...
0:34:05 > 0:34:08Wow! Now, that's a steep stair.
0:34:08 > 0:34:10Oh, I'm dizzy just looking at them.
0:34:10 > 0:34:12Through to the second reception room.
0:34:12 > 0:34:14Again, pretty good space.
0:34:16 > 0:34:18It needs a bit of attention, and that's putting it mildly.
0:34:18 > 0:34:21Look at this! The wallpaper is coming off.
0:34:21 > 0:34:24That felt good. It came down pretty easily -
0:34:24 > 0:34:25and it's no wonder,
0:34:25 > 0:34:29because it's actually held up with sticky tape. Hm.
0:34:29 > 0:34:32Through to the kitchen.
0:34:32 > 0:34:34Small, needs ripping out.
0:34:34 > 0:34:36Really needs modernised.
0:34:36 > 0:34:37But it's doable.
0:34:37 > 0:34:40You know what? It's pretty typical of an auction property
0:34:40 > 0:34:42where everything needs done.
0:34:42 > 0:34:45But the good thing is you can add a bit of value to it.
0:34:45 > 0:34:48Now, let's go to the stairs.
0:34:50 > 0:34:54Hey, they might be steep, but with every footstep...
0:34:54 > 0:34:57# We could be
0:34:57 > 0:35:01# One step closer
0:35:01 > 0:35:04# Closer than we are... #
0:35:10 > 0:35:12Whoof!
0:35:12 > 0:35:15These are some seriously steep stairs.
0:35:15 > 0:35:17Need to do something about them.
0:35:17 > 0:35:20Our front bedroom is an OK size - enough room for a double bed,
0:35:20 > 0:35:23maybe a wardrobe. Through to our second bedroom.
0:35:23 > 0:35:25Now, I was beginning to wonder where the bathroom is.
0:35:25 > 0:35:27Here it is at the back of this bedroom,
0:35:27 > 0:35:30which means that you can only access
0:35:30 > 0:35:32it by coming through this bedroom,
0:35:32 > 0:35:35which is not great for privacy when you're lying in bed.
0:35:35 > 0:35:36So, we need to think of solutions.
0:35:36 > 0:35:40Potentially, this chimney breast could be taken away
0:35:40 > 0:35:43so you create an independent corridor hall
0:35:43 > 0:35:45along to your bathroom.
0:35:45 > 0:35:49It is a big job, but I reckon it's worth doing.
0:35:56 > 0:35:58A change here would be a big improvement,
0:35:58 > 0:36:01although a bathroom off a bedroom is certainly better
0:36:01 > 0:36:04than the old alternative - out the back garden!
0:36:07 > 0:36:09Wow, it's like a jungle out here.
0:36:10 > 0:36:12What a thin, long garden!
0:36:12 > 0:36:14It goes back such a long way!
0:36:14 > 0:36:18Now, maybe if you cut this back a bit, it'd make more width,
0:36:18 > 0:36:21but it's great that you have so much outdoor space, albeit so narrow.
0:36:21 > 0:36:23Now, this takes me back.
0:36:23 > 0:36:27This reminds me of being a kid, going to see the neighbours -
0:36:27 > 0:36:28an outdoor toilet.
0:36:28 > 0:36:31Yes, but I don't think it'll be for everyone's taste,
0:36:31 > 0:36:33so you might want to completely get rid of it,
0:36:33 > 0:36:36or you could make the most of the footprint
0:36:36 > 0:36:38and extend - use it to extend out for the kitchen.
0:36:38 > 0:36:40Certainly plenty of options.
0:36:41 > 0:36:45# Goodbye my friend
0:36:45 > 0:36:47# I know you're gone you said you're gone
0:36:47 > 0:36:49# But I can still feel you here... #
0:36:49 > 0:36:52Well, I'm in favour of saying toodle-oo
0:36:52 > 0:36:53to that outside loo.
0:36:53 > 0:36:57It's now time to say hello to a local estate agent.
0:36:57 > 0:37:00What does he make of this rather tired house?
0:37:01 > 0:37:03This property needs quite a bit of renovation.
0:37:03 > 0:37:06So all the walls thing to be looked at, possibly re-skimmed.
0:37:06 > 0:37:08The floors in some areas are sloping,
0:37:08 > 0:37:11so I'm wondering if there's a problem with either foundations
0:37:11 > 0:37:13or just rotten joists.
0:37:13 > 0:37:15Bathroom, kitchen are standard.
0:37:15 > 0:37:18There's a fair amount of work to be done here, then,
0:37:18 > 0:37:20but would it be worth taking on
0:37:20 > 0:37:24if you could get it near that £250,000 guide price?
0:37:24 > 0:37:26This property, once renovated, will sell for approximately
0:37:26 > 0:37:28£375,000.
0:37:30 > 0:37:32This semi needs complete modernisation.
0:37:32 > 0:37:34The upstairs layer has to be addressed,
0:37:34 > 0:37:36as well as the steepness of those stairs.
0:37:36 > 0:37:40The plus side of all that is that value can be added.
0:37:40 > 0:37:43So let's find out who saw that potential when it went to auction.
0:37:44 > 0:37:45Two-bed semidetached house.
0:37:45 > 0:37:48Draw your attention to the announcement sheet.
0:37:48 > 0:37:50Take that as read.
0:37:51 > 0:37:53Start at, I don't know, 260 on this.
0:37:53 > 0:37:56260 straight ahead, 260.
0:37:56 > 0:37:59Thank you. 265 anywhere?
0:37:59 > 0:38:02265. I was looking back there, and you were here.
0:38:02 > 0:38:04265. 270.
0:38:05 > 0:38:08270. 275.
0:38:08 > 0:38:12280. 285.
0:38:13 > 0:38:16Yeah? 290.
0:38:16 > 0:38:17291 at the back.
0:38:17 > 0:38:20Looking for 293.
0:38:20 > 0:38:23If not, 291 first time...
0:38:24 > 0:38:25..second time...
0:38:26 > 0:38:29..third and last time, If you're all done...
0:38:29 > 0:38:31You're very close on that.
0:38:31 > 0:38:34# So close
0:38:34 > 0:38:38# Yet so far away... #
0:38:38 > 0:38:42The lot didn't meet the reserve, but one of the bidders, Larry,
0:38:42 > 0:38:45was able to strike a deal afterwards,
0:38:45 > 0:38:46paying £290,000 -
0:38:46 > 0:38:49a grand less than the bid in the room.
0:38:49 > 0:38:51Larry is a lettings consultant
0:38:51 > 0:38:53and I was keen to hear his plans.
0:38:54 > 0:38:56Larry, congratulations.
0:38:56 > 0:38:59- Thank you.- Talk me through your buy.
0:38:59 > 0:39:03I've been to auction a few times but this is one that, um...
0:39:04 > 0:39:06- ..I wasn't prepared for, really, in a way.- OK.
0:39:06 > 0:39:10- Yeah.- You didn't intend on buying this one?
0:39:10 > 0:39:12Not initially...
0:39:13 > 0:39:17..but it came up, and I just made a decision very quickly...
0:39:17 > 0:39:19and, then, that was it, really.
0:39:19 > 0:39:21Now, you didn't see the property beforehand.
0:39:21 > 0:39:24Did you see the addendum added on the day
0:39:24 > 0:39:26that said it's a two, not three-bedroom property?
0:39:26 > 0:39:29- No, I didn't, no.- Ah.
0:39:29 > 0:39:31There's a lesson for us all.
0:39:31 > 0:39:34So you thought coming into this, it was three?
0:39:34 > 0:39:36Initially, three, um...
0:39:36 > 0:39:40So that's why, for me, it was very cheap for three.
0:39:40 > 0:39:43Very, very cheap. Probably too cheap for three...
0:39:43 > 0:39:46but possibly OK for a two.
0:39:46 > 0:39:50So it's a case of, it just reduces your profit.
0:39:50 > 0:39:53When I came in, there's a smell of damp.
0:39:53 > 0:39:56- Yeah.- Have you looked into that, how much of a problem that is?
0:39:56 > 0:39:58There's not much of a problem.
0:39:58 > 0:40:03The few key things are how long the place has been empty.
0:40:03 > 0:40:07It is quite a tight house
0:40:07 > 0:40:09in terms of there's no ventilation that comes in.
0:40:09 > 0:40:12So if it's been empty for over a year, you will get that.
0:40:12 > 0:40:15So it's... Actually, it's not that bad.
0:40:15 > 0:40:19To be honest, only the stairs was the main issue.
0:40:19 > 0:40:21You know, the stairs is a bit steep.
0:40:21 > 0:40:23- They're very steep. - Yeah, very steep -
0:40:23 > 0:40:25but I've got solutions for that.
0:40:25 > 0:40:28One of the things is to have a 90 degree
0:40:28 > 0:40:32would come into the second reception room, and then turn left,
0:40:32 > 0:40:34and then up the stairs.
0:40:34 > 0:40:37What that does is just to reduce the angle...
0:40:38 > 0:40:40- ..downwards.- I see.
0:40:40 > 0:40:44So, giving more length to the stairs means you have more room
0:40:44 > 0:40:46- to have less of a slope?- Exactly.
0:40:46 > 0:40:48So, therefore, you decrease the angle.
0:40:48 > 0:40:50Is that the kind of thing when you -
0:40:50 > 0:40:51because you bought the property blind -
0:40:51 > 0:40:54when you come in and you think, "Oh, no, it's a bit of a headache."
0:40:54 > 0:40:57It's going to take a chunk out your budget, isn't it, things like that?
0:40:57 > 0:40:58Absolutely, but it's a solution.
0:40:58 > 0:41:00You know, tomorrow's another day.
0:41:00 > 0:41:02Let's worry about today.
0:41:02 > 0:41:07So, for us, we've got solutions for it, for all the quirks.
0:41:08 > 0:41:11Not reading the addendum and not viewing the property -
0:41:11 > 0:41:12tut, tut, tut.
0:41:12 > 0:41:14Please pay attention to the paperwork,
0:41:14 > 0:41:16or it could cost you dear.
0:41:16 > 0:41:20Anyway, I do like Larry's solution-focused approach.
0:41:20 > 0:41:21I like his plans for the stairs
0:41:21 > 0:41:25and he's going to create a corridor to the bathroom -
0:41:25 > 0:41:28and that pokey kitchen is going to be extended.
0:41:28 > 0:41:30- Now, I know you're a lettings consultant.- Yes.
0:41:30 > 0:41:33How does developing your own property fit alongside that?
0:41:33 > 0:41:37It's more satisfying then the letting side.
0:41:37 > 0:41:40So, yeah, I do...I do enjoy it,
0:41:40 > 0:41:42and it just keeps me motivated.
0:41:42 > 0:41:44Yeah, a huge sense of achievement -
0:41:44 > 0:41:46and does part of you, you know,
0:41:46 > 0:41:49care about the end result for whoever's going live here?
0:41:49 > 0:41:51Absolutely. Because then my...
0:41:51 > 0:41:53my lettings side comes in.
0:41:53 > 0:41:56Because, no matter what happens,
0:41:56 > 0:41:57whether it be letting
0:41:57 > 0:42:00or whether someone has actually bought the property,
0:42:00 > 0:42:02I see things that I imagine
0:42:02 > 0:42:06that if I was going to be living here, what would I want?
0:42:06 > 0:42:10If I'm satisfied, I'm sure everyone who lives here will be satisfied.
0:42:10 > 0:42:12- What's your budget for turning it around?- 30.
0:42:12 > 0:42:13- 30?- Yeah.
0:42:13 > 0:42:15How long do you think it'll take you?
0:42:17 > 0:42:18About 12 weeks.
0:42:18 > 0:42:2112 weeks - reasonably quick turnaround.
0:42:21 > 0:42:23You've got to have confidence.
0:42:23 > 0:42:24When you're in this industry,
0:42:24 > 0:42:26you have to have confidence,
0:42:26 > 0:42:30even though initially it may look not the best option
0:42:30 > 0:42:34or best decision you've made, but then you got to turn it round.
0:42:34 > 0:42:35- That's how it is.- Right.
0:42:35 > 0:42:36I can't wait to see the finished results.
0:42:36 > 0:42:40- Thank you.- Congratulations again... - Thank you very much.
0:42:40 > 0:42:42- ..and best of luck.- Thank you.
0:42:42 > 0:42:45Well, Larry's well and truly broken
0:42:45 > 0:42:47that golden Homes Under The Hammer rule -
0:42:47 > 0:42:50look inside the property first -
0:42:50 > 0:42:52and what do you get when you don't do your homework?
0:42:52 > 0:42:55You get a two-bedroom instead of a three.
0:42:55 > 0:42:57But Larry still seems very positive
0:42:57 > 0:42:59and certain he can still make a profit.
0:42:59 > 0:43:02You can find out how he gets on later in the show.
0:43:06 > 0:43:08Well, earlier on, we saw one completed renovation -
0:43:08 > 0:43:10but what about the other two?
0:43:10 > 0:43:13Was it all plane sailing, or did they encounter choppy waters?
0:43:13 > 0:43:15Yeah, let's dive in and have a look.
0:43:17 > 0:43:21It's time to return to the pretty Fife town of Kincardine,
0:43:21 > 0:43:24where, earlier, I paid a visit to these former public toilets
0:43:24 > 0:43:28for sale at auction with a guide price of £35,000-plus.
0:43:28 > 0:43:31It's a bizarre thing to say
0:43:31 > 0:43:33but, as public toilets go,
0:43:33 > 0:43:35these are actually quite nice!
0:43:35 > 0:43:37Very lofty. Lots of space.
0:43:37 > 0:43:40You don't feel sort of claustrophobic.
0:43:40 > 0:43:42Although not much to look at in its current condition,
0:43:42 > 0:43:46the two-storey construction and space to the back of the property
0:43:46 > 0:43:50made me think that this place had good potential for redevelopment.
0:43:50 > 0:43:53Actually, surprisingly, at the back here,
0:43:53 > 0:43:55you've also got this area, which is suddenly opening up
0:43:55 > 0:43:57all sorts of possibilities.
0:43:57 > 0:43:59The one thing you'd want if that was a house is a garden,
0:43:59 > 0:44:01so this could be the garden.
0:44:03 > 0:44:07It was Michael and Lisa who splashed out £37,500
0:44:07 > 0:44:10to buy this place - and the reason for the purchase?
0:44:10 > 0:44:12It was because it was going so cheap.
0:44:12 > 0:44:14I managed to pick it up at 37.5,
0:44:14 > 0:44:16so I was quite pleased at that.
0:44:18 > 0:44:19Getting it cheap is one thing,
0:44:19 > 0:44:21but what were they planning to do with it?
0:44:21 > 0:44:24Their architect came up with an idea.
0:44:24 > 0:44:26'He's advising us to make it into two flats.'
0:44:26 > 0:44:29- Two flats? - Yes, an upstairs and downstairs.
0:44:32 > 0:44:34With a budget of £80,000,
0:44:34 > 0:44:36Michael reckoned it might take
0:44:36 > 0:44:38between six and nine months to complete...
0:44:41 > 0:44:43..that was almost three and a half years ago.
0:44:43 > 0:44:45So, how is the renovation looking?
0:44:45 > 0:44:48# Mama used to say
0:44:48 > 0:44:50# Take your time, young man
0:44:50 > 0:44:52# And Mama used to say
0:44:52 > 0:44:54# Don't you rush to get old
0:44:54 > 0:44:56# And Mama used to say
0:44:56 > 0:44:58# Take it in your stride
0:44:58 > 0:45:01# And Mama used to say
0:45:01 > 0:45:02# Live your life... #
0:45:04 > 0:45:07Oh, dear - it looks like Michael and Lisa's project
0:45:07 > 0:45:10has hit a few snags along the way.
0:45:10 > 0:45:13So, what's the story with the former public toilets...
0:45:13 > 0:45:16which are still former public toilets?
0:45:16 > 0:45:19Well, my plans were to make it into two flats -
0:45:19 > 0:45:21two two-bedroom flats -
0:45:21 > 0:45:24but when I submitted it, I was told I would have to
0:45:24 > 0:45:26put sash and case double glazed,
0:45:26 > 0:45:28toughened glass windows in it -
0:45:28 > 0:45:32and there's 22 windows going round the building, so...
0:45:32 > 0:45:33when I got quotes,
0:45:33 > 0:45:36the lowest quote I got was 28 grand,
0:45:36 > 0:45:39so I just scrapped the project.
0:45:39 > 0:45:40GLASS SHATTERS
0:45:41 > 0:45:46# Oh, nothing new sound of breaking glass... #
0:45:47 > 0:45:51Oh, no. It looks like those windows have shattered Michael's budget.
0:45:51 > 0:45:55So what has he been up to for the last three and a half years?
0:45:55 > 0:45:56I got a wee bit bored being a publican,
0:45:56 > 0:45:58so I've went into property development.
0:45:58 > 0:46:01For the last year, I've been down in Newton Stewart,
0:46:01 > 0:46:03doing a flood-damaged house down there.
0:46:03 > 0:46:06When I got there, there was nothing from four feet up,
0:46:06 > 0:46:08so I've had to do it from the bare bones,
0:46:08 > 0:46:10and I've been doing it all myself -
0:46:10 > 0:46:11and I'm almost completed.
0:46:11 > 0:46:14I would say, in the next three months,
0:46:14 > 0:46:16the house down there will be complete -
0:46:16 > 0:46:20and that will release some funds for me to start work on this.
0:46:22 > 0:46:25Aha, so it's not all over.
0:46:25 > 0:46:26Well, my plans for this place now
0:46:26 > 0:46:29is to make it into a house for me and Lisa to stay in.
0:46:29 > 0:46:33We're going to put an extension on the back for the kitchen,
0:46:33 > 0:46:36one up above for the toilet, four bedrooms.
0:46:36 > 0:46:38I'm trying to get a snooker table in!
0:46:38 > 0:46:40I'm no' saying nothing to Lisa,
0:46:40 > 0:46:43but I don't think she's going to agree to it!
0:46:44 > 0:46:46I think the game might be up
0:46:46 > 0:46:48once she sees the programme, Michael!
0:46:48 > 0:46:52Anyway, he still has a bit to do before he can chalk up his cue.
0:46:52 > 0:46:54He's renting his pub out just now,
0:46:54 > 0:46:56so that's one less thing to worry about -
0:46:56 > 0:46:59but not only has he the other property to complete,
0:46:59 > 0:47:02he still has to apply for planning permission
0:47:02 > 0:47:04for his new idea of turning this into his home...
0:47:08 > 0:47:11..but is his change of mind the best course?
0:47:11 > 0:47:14We've invited two local property experts to come down
0:47:14 > 0:47:17and, with their knowledge of the Kincardine housing market,
0:47:17 > 0:47:21see if we can find some figures that Michael will find interesting.
0:47:21 > 0:47:23First, the auctioneer who handled the original sale.
0:47:24 > 0:47:29'Whether you do two flats or a single detached house,
0:47:29 > 0:47:32'not totally sure.'
0:47:32 > 0:47:36It's got some space round the back for parking, off-street parking,
0:47:36 > 0:47:37but I think it might go better
0:47:37 > 0:47:39as a single house than two flats.
0:47:39 > 0:47:42In my opinion, the best course of action for this property
0:47:42 > 0:47:43would be to turn it into flats,
0:47:43 > 0:47:46actually have them do a buy-to-let opportunity on it,
0:47:46 > 0:47:49or buy them, renovate the property, and sell it on.
0:47:49 > 0:47:52In terms of its square footage, it would make a good family home.
0:47:52 > 0:47:55There's a few properties recently that have been modernised
0:47:55 > 0:47:59in this street, and they've been turned into good-sized properties.
0:48:00 > 0:48:03Well, the agents with some differing opinions, there,
0:48:03 > 0:48:06but not really a definite one way or the other.
0:48:06 > 0:48:08So could the figures help decide the best option?
0:48:08 > 0:48:11What could his new plan, the house, be worth?
0:48:13 > 0:48:14As a four-bedroom property,
0:48:14 > 0:48:16I would value this property around £200,000.
0:48:16 > 0:48:18The sale value of this property,
0:48:18 > 0:48:22converted to a four-bedroomed house with the car parking round the back,
0:48:22 > 0:48:26I would estimate to be somewhere
0:48:26 > 0:48:28between £180-190,000.
0:48:28 > 0:48:31I could do a lot of damage with 200 grand!
0:48:31 > 0:48:35I dare say you could, Michael - but let's do the maths.
0:48:35 > 0:48:38He's hoping his build costs for the house will be £80,000,
0:48:38 > 0:48:41on top of the 28,000 for the windows.
0:48:41 > 0:48:46If you add that on to his £37,500 purchase cost,
0:48:46 > 0:48:50that's £145,500.
0:48:50 > 0:48:54So he could make a potential profit of £54,500.
0:48:54 > 0:48:55That's not bad at all.
0:48:56 > 0:49:00Now, Michael has been given estimates along the same lines
0:49:00 > 0:49:02for windows and creating two flats,
0:49:02 > 0:49:05so that makes the numbers nice and easy.
0:49:05 > 0:49:07What could THEY sell for?
0:49:07 > 0:49:11Resale capital value for flats, if they were put on the open market,
0:49:11 > 0:49:14somewhere between £75-90,000 each.
0:49:14 > 0:49:16In terms of the resale value, two-bedroom flats
0:49:16 > 0:49:19have been doing roughly £80-85,000 just now.
0:49:21 > 0:49:25That could mean a potential pre-tax profit of £35,000 -
0:49:25 > 0:49:28but what if he chose to rent them out, as originally intended?
0:49:28 > 0:49:34I think that a reasonable rental valuation for two two-bed flats
0:49:34 > 0:49:38would be perhaps £500 per calendar month.
0:49:38 > 0:49:40A good quality flat in this area
0:49:40 > 0:49:44with two bedrooms will rent for £500 per calendar month.
0:49:44 > 0:49:46That would give a yield of 8%.
0:49:47 > 0:49:49So will Michael go back to plan A?
0:49:50 > 0:49:53I think I would go for the flats, if I'm being honest.
0:49:53 > 0:49:54By they prices, I would.
0:49:54 > 0:49:56I would see if I can do something with the windows.
0:49:56 > 0:49:59If I can do something with the windows,
0:49:59 > 0:50:01at they prices, yeah,
0:50:01 > 0:50:03I'd probably make it two flats.
0:50:05 > 0:50:07Well, I didn't see that one coming!
0:50:07 > 0:50:09Michael has weighed it all up, and he reckons,
0:50:09 > 0:50:11since he doesn't need parking for the flats,
0:50:11 > 0:50:15he can avoid planning issues and any further delays.
0:50:15 > 0:50:16By any reckoning,
0:50:16 > 0:50:19three and a half years is a long time to sit on a toilet...
0:50:19 > 0:50:20project.
0:50:20 > 0:50:24So, has this experience put him off property development?
0:50:25 > 0:50:27I've got a pub just round the corner there that was closed
0:50:27 > 0:50:29three years ago, so I bought that.
0:50:29 > 0:50:32It's got upstairs, downstairs, quite a big building,
0:50:32 > 0:50:35so I'm going to be busy for the next few years.
0:50:35 > 0:50:38First, I've got this to do, roughly six months' time...
0:50:38 > 0:50:41Then, I'm across there straight after that.
0:50:41 > 0:50:44So I'm going to be a busy boy for the next few years.
0:50:48 > 0:50:50- MARTEL:- Time to take a trip back to Croydon, now,
0:50:50 > 0:50:53where I saw a two-bed semidetached
0:50:53 > 0:50:55house with its fair share of issues.
0:50:56 > 0:50:58Wow! Now, that's a steep stair.
0:50:58 > 0:51:01Oh, I'm dizzy just looking at them.
0:51:01 > 0:51:05Up those steep stairs, there were more issues to make your head spin.
0:51:05 > 0:51:07There was a first-floor bathroom at the back, which was good,
0:51:07 > 0:51:10but it was only accessible through the second bedroom,
0:51:10 > 0:51:12so the layout needed changed.
0:51:13 > 0:51:16Outside, there was a loo at the back, but for today's modern living,
0:51:16 > 0:51:17I thought it had to go,
0:51:17 > 0:51:21and maybe the kitchen could then be extended out in its place.
0:51:21 > 0:51:23So a lot of work -
0:51:23 > 0:51:26but this didn't put off lettings consultant Larry
0:51:26 > 0:51:29from spending 290 grand on it...
0:51:29 > 0:51:32because he didn't view it before buying it.
0:51:32 > 0:51:34Now, you didn't see the property beforehand.
0:51:34 > 0:51:37Did you see the addendum added on the day that said it's a two,
0:51:37 > 0:51:39not three-bedroom property?
0:51:39 > 0:51:40- No, I didn't, no.- Ah.
0:51:42 > 0:51:43There's a lesson for us all.
0:51:43 > 0:51:46So you thought, coming into this, it was three?
0:51:46 > 0:51:47Initially, three.
0:51:49 > 0:51:53So that's why, for me, it was very cheap for three.
0:51:53 > 0:51:56Very, very cheap. Probably too cheap for three,
0:51:56 > 0:51:58but possibly OK for a two.
0:51:59 > 0:52:02So it's a case of, it just reduces your profit.
0:52:02 > 0:52:05# It's a sad picture
0:52:05 > 0:52:07# The final blow hits you
0:52:07 > 0:52:11# Somebody else gets what you wanted again... #
0:52:12 > 0:52:15Larry might have been burned by the blind purchase,
0:52:15 > 0:52:18but he was still confident he could turn this around
0:52:18 > 0:52:19and make a profit in 12 weeks -
0:52:19 > 0:52:22and even though we're back seven weeks later than planned...
0:52:22 > 0:52:26# But I believe in whatever you do
0:52:26 > 0:52:30# And I'll do anything to see it through
0:52:30 > 0:52:33# Because these things will change
0:52:33 > 0:52:36# Can you feel it now?
0:52:36 > 0:52:39# These walls that they put up to hold us back... #
0:52:40 > 0:52:41Very nice.
0:52:41 > 0:52:44The stud wall has created a corridor to the much-improved
0:52:44 > 0:52:47bathroom. It's been at the expense of a bit of space
0:52:47 > 0:52:50in the second bedroom and involved moving a chimney breast,
0:52:50 > 0:52:52which I think is a big improvement...
0:52:54 > 0:52:57..and it's not the only room that's had its chimney breast removed.
0:52:59 > 0:53:01The main bedroom has gained more valuable space, too...
0:53:06 > 0:53:08..and I guess it's time to head downstairs -
0:53:08 > 0:53:11but will it be a treacherous trip down a steep set like before?
0:53:15 > 0:53:18Not at all. There is an L-shaped set of stairs
0:53:18 > 0:53:20leading into the second reception room,
0:53:20 > 0:53:21which have less of an incline -
0:53:21 > 0:53:25but it's meant a new way through the front room had to be created
0:53:25 > 0:53:27through the old cupboards.
0:53:27 > 0:53:31Right at the back of downstairs is the kitchen, which was a bit pokey.
0:53:31 > 0:53:33Not any more.
0:53:33 > 0:53:36# Cos these things will change... #
0:53:39 > 0:53:42It looks fantastic, and has been extended
0:53:42 > 0:53:45into the space where the old loo used to sit.
0:53:46 > 0:53:49The new window and layout means light can flow
0:53:49 > 0:53:52right through the house and offer nice views of the garden,
0:53:52 > 0:53:54which you couldn't really see before.
0:53:57 > 0:54:00A lovely, open space with easy maintenance in mind.
0:54:05 > 0:54:09The damp throughout the house came from the external walls,
0:54:09 > 0:54:12so they were dried out and have had a full damp course treatment.
0:54:16 > 0:54:18It wasn't Larry getting his hands dirty, though,
0:54:18 > 0:54:22as he project managed, and has a regular builder, Greg,
0:54:22 > 0:54:25and his team to thank for doing such an amazing job.
0:54:25 > 0:54:29One of the biggest challenges was the removal of five chimney breasts
0:54:29 > 0:54:32in total. It does give the rooms more space,
0:54:32 > 0:54:35but removing them reduces the stability of the building.
0:54:37 > 0:54:40So the walls and ceilings need strengthened
0:54:40 > 0:54:41to support the chimney,
0:54:41 > 0:54:44which sounds like a lot of work to me.
0:54:44 > 0:54:48Well, the actual job wasn't that bad in itself.
0:54:48 > 0:54:53It was the red tape of what's called a Party Wall Award,
0:54:53 > 0:54:58and what that does is, because you are removing a major structure
0:54:58 > 0:55:01within a building,
0:55:01 > 0:55:04that removal may impact the neighbouring property.
0:55:04 > 0:55:08Therefore, what happens is you have surveyors who come in,
0:55:08 > 0:55:12survey both properties before and after,
0:55:12 > 0:55:15and then, the award is given.
0:55:15 > 0:55:20So, if there's any defects after the works, then I'm liable -
0:55:20 > 0:55:25and that took probably about 4-5 weeks in order to get that award.
0:55:25 > 0:55:29That delay meant that rather than make his ideal
0:55:29 > 0:55:30three-month timescale,
0:55:30 > 0:55:34it's taken four and a half months to get the work complete.
0:55:35 > 0:55:38Looking at everything Larry has tackled,
0:55:38 > 0:55:42I'm wondering whether he's managed to stay on budget.
0:55:42 > 0:55:44Spending, in total,
0:55:44 > 0:55:4742, um...
0:55:47 > 0:55:52and that was mainly because of the chimney breast, the Party Award.
0:55:52 > 0:55:54So, that wasn't in our plans...
0:55:55 > 0:56:01..but it is what we had to do, and we incorporated it...
0:56:01 > 0:56:03but I am pleased with the result,
0:56:03 > 0:56:07more than looking at the figures of what we spent.
0:56:07 > 0:56:12That spends takes Larry's total here to £332,000.
0:56:12 > 0:56:15Time, then, to get the opinions of two local estate agents
0:56:15 > 0:56:19to see if they think it's been money well spent.
0:56:19 > 0:56:22I think it's a speculative refurb, but a really cute little cottage.
0:56:22 > 0:56:24I think they've done really well with the layout,
0:56:24 > 0:56:26especially changing the staircase position,
0:56:26 > 0:56:28which has made a world of difference to the practicality of use.
0:56:28 > 0:56:31I think the improvements have made a vast difference
0:56:31 > 0:56:32in terms of the corridor.
0:56:32 > 0:56:34Now, you don't have to go through there
0:56:34 > 0:56:35to get to the bathroom,
0:56:35 > 0:56:37so that would make a huge impact on the price,
0:56:37 > 0:56:38and rise that from there.
0:56:38 > 0:56:41The only thing I would have possibly changed is,
0:56:41 > 0:56:42I would have painted the exterior wall
0:56:42 > 0:56:44to the left-hand side of the property.
0:56:44 > 0:56:45I think first impressions count,
0:56:45 > 0:56:48and a lot of viewers would potentially drive past the property,
0:56:48 > 0:56:52and I think this would have made the difference to the saleability.
0:56:52 > 0:56:56What kind of a difference have Larry's improvements made
0:56:56 > 0:57:00on his £332,000 investment? Could he make some profit
0:57:00 > 0:57:02in this two-bed house he bought thinking was a three-bed?
0:57:04 > 0:57:08I think this property would sell for in the region of £390,000.
0:57:08 > 0:57:11In the current condition and current market, the property would be worth
0:57:11 > 0:57:13around about £400,000.
0:57:13 > 0:57:15That is surprisingly high,
0:57:15 > 0:57:17but obviously pleased with it.
0:57:17 > 0:57:22Um... Yeah, absolutely pleased. Absolutely pleased.
0:57:22 > 0:57:25I should say Larry has every right to be pleased -
0:57:25 > 0:57:28that is a potential profit of £68,000
0:57:28 > 0:57:30before taxes and fees are deducted.
0:57:30 > 0:57:33Larry and builder Greg have put in a lot of effort
0:57:33 > 0:57:36turning this round, but he must thank his lucky stars
0:57:36 > 0:57:39because it was very risky, buying this house blind.
0:57:40 > 0:57:45I did everything that you shouldn't have done.
0:57:45 > 0:57:48um...but there was confidence in there
0:57:48 > 0:57:51that we can turn it around and make it work.
0:57:51 > 0:57:55I think we've, you know, turned a sinking ship
0:57:55 > 0:57:57into a ship that anyone can want to sail on.
0:58:00 > 0:58:02Well, that's today's projects done and dusted -
0:58:02 > 0:58:04but there are plenty more out there.
0:58:04 > 0:58:07Yes, and we'll make sure that we are following them
0:58:07 > 0:58:08- just for you.- Indeed we will,
0:58:08 > 0:58:11so join us next time for more restoration stories
0:58:11 > 0:58:14- here on Homes Under The Hammer. - Bye-bye.- Bye-bye.- Goodbye.