0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Now, on a day like today, you can get everything from sunshine,
0:00:06 > 0:00:08bit of rain, and even ominous clouds.
0:00:08 > 0:00:10Yes, a bit like the property market.
0:00:10 > 0:00:12It has its highs, it has its lows,
0:00:12 > 0:00:14sometimes you don't know what's going on,
0:00:14 > 0:00:17which is why it's really important to know where to buy,
0:00:17 > 0:00:19what to pay for, what you're looking for,
0:00:19 > 0:00:21and then you could find your home maybe under the hammer.
0:00:48 > 0:00:49When it comes to buying at auction,
0:00:49 > 0:00:51a lot of people rely on luck
0:00:51 > 0:00:54when it comes to nabbing themselves a winner.
0:00:54 > 0:00:56Yes, but luck will only go so far.
0:00:56 > 0:00:59What really pays is doing your homework.
0:00:59 > 0:01:02So, were the buyers on today's show prepared
0:01:02 > 0:01:05when they went into the auction rooms? Here's what they bought.
0:01:07 > 0:01:11Whoever buys this two-bed London property will be jumping in
0:01:11 > 0:01:12- at the deep end.- Oh...
0:01:12 > 0:01:16Ooh! There's something really, really pungent in here.
0:01:18 > 0:01:20And do you fancy a water feature?
0:01:20 > 0:01:23This Staffordshire house could be just what you're after.
0:01:23 > 0:01:26It's not every day I go over a stream to get to a property.
0:01:27 > 0:01:30And will this Plymouth Grade II-listed terrace property
0:01:30 > 0:01:33prove to be a springboard to property success?
0:01:33 > 0:01:36Floorboards are all rattly. Oh, my goodness me.
0:01:36 > 0:01:37That's not good.
0:01:39 > 0:01:41All these properties have been sold at auction,
0:01:41 > 0:01:43and we'll find out who bought them and what they paid
0:01:43 > 0:01:45when they went under the hammer.
0:01:45 > 0:01:47Yours, sir. Very well done.
0:01:50 > 0:01:53Lucy is in Forest Gate in East London.
0:01:53 > 0:01:58Rumour has it that Jimi Hendrix composed Purple Haze in the area.
0:01:58 > 0:02:00But something perhaps more certain
0:02:00 > 0:02:05is the new Crossrail station that will be opening in a few years.
0:02:05 > 0:02:09That means central London will be just 18 minutes away by train.
0:02:09 > 0:02:12And as you can imagine, it's had a serious impact on property,
0:02:12 > 0:02:17with prices rising nearly 38% in the past year.
0:02:17 > 0:02:20Sounds like a good place to invest - if you can do it quickly, that is.
0:02:21 > 0:02:23Well, I'm here to see a two-bed mid-terrace,
0:02:23 > 0:02:28and it had a guide price of £280,000-plus.
0:02:28 > 0:02:30So a positive start.
0:02:30 > 0:02:33But will it continue?
0:02:36 > 0:02:42Oh, no! So that's where the good start stops, right there.
0:02:42 > 0:02:44Really dated. I mean, look at this wallpaper!
0:02:44 > 0:02:46I haven't seen this in years!
0:02:46 > 0:02:49You've got all the external trunking up there.
0:02:49 > 0:02:54I mean, this really feels like this property is as it was 50 years ago.
0:02:54 > 0:02:56But you've got a really good-sized lounge,
0:02:56 > 0:02:58and you have got a few original features,
0:02:58 > 0:03:00some nice cornicing up there,
0:03:00 > 0:03:02an original wooden window, which is lovely.
0:03:02 > 0:03:05And through the back here, goodness,
0:03:05 > 0:03:09even the carpet and lino has just disintegrated.
0:03:09 > 0:03:13Into the back room, and again, not a bad size.
0:03:13 > 0:03:15And over here is a two-bar fire.
0:03:15 > 0:03:17Now, this sound...
0:03:17 > 0:03:21That really reminds me of my childhood,
0:03:21 > 0:03:25because my grandmother used to have a fire exactly the same as that.
0:03:25 > 0:03:27So it's clear to say there's no central heating in here.
0:03:27 > 0:03:30So over here, you can really see the condition of the house.
0:03:30 > 0:03:33I mean, look at the state of it. The wallpaper, the plaster...
0:03:33 > 0:03:36It's just falling away.
0:03:36 > 0:03:37Is that due to damp?
0:03:37 > 0:03:40There's something really, really pungent in here,
0:03:40 > 0:03:41and it certainly does smell like damp.
0:03:41 > 0:03:44So I think it's time to call the experts in
0:03:44 > 0:03:46and that's just for starters.
0:03:46 > 0:03:49So right at the back of the property,
0:03:49 > 0:03:53we've got some under-stairs storage here, and the back room.
0:03:53 > 0:03:54Goodness gracious!
0:03:54 > 0:03:57Look!
0:03:57 > 0:03:59Yeah, still in the same vein as next door.
0:03:59 > 0:04:02I mean, you know, I definitely want somebody to come in
0:04:02 > 0:04:04and look at this structurally. But what have we got?
0:04:04 > 0:04:08Well, right at the back here, we've got the kitchen,
0:04:08 > 0:04:12and also the bathroom, because I think underneath there is a bath,
0:04:12 > 0:04:17and a cooker here, the oldest cooker known to man...
0:04:17 > 0:04:20ever. And a tiny little window,
0:04:20 > 0:04:23but with a fantastic view of a lovely garden out there.
0:04:23 > 0:04:27Now, I'm straightaway wanting to rearrange this whole property,
0:04:27 > 0:04:32because I think you want to have the kitchen and dining area here
0:04:32 > 0:04:34with access straight out there.
0:04:34 > 0:04:36But you do need to think about a bathroom
0:04:36 > 0:04:38and where you can locate that.
0:04:38 > 0:04:40Can you move that little bathroom area and toilet,
0:04:40 > 0:04:42and bring it over the back here?
0:04:42 > 0:04:46Is there something you could do upstairs possibly?
0:04:46 > 0:04:47I don't know. I need to go and investigate.
0:04:50 > 0:04:53Upstairs, there are two bedrooms,
0:04:53 > 0:04:55and the front one is a really good size.
0:04:55 > 0:04:58You could try and fit a bathroom up here by pinching space
0:04:58 > 0:05:02from the bedrooms, but the bad news is that squeezing a bathroom in here
0:05:02 > 0:05:06is a compromise too far, making both rooms a bit small.
0:05:06 > 0:05:09Oh, well. Back to the drawing board.
0:05:09 > 0:05:11Now, coming outside into the garden,
0:05:11 > 0:05:15it's made me think, I wonder if it's worth a side extension here,
0:05:15 > 0:05:18potentially. Maybe you could go up and think about
0:05:18 > 0:05:19a double-storey extension.
0:05:19 > 0:05:23And the reason why I say that is because there's certainly
0:05:23 > 0:05:24enough room to extend.
0:05:24 > 0:05:27I mean, look at the size of this garden!
0:05:27 > 0:05:28It's fantastic!
0:05:28 > 0:05:30It goes right the way back to that wall.
0:05:30 > 0:05:33I do love to have lots of outside space in London.
0:05:33 > 0:05:35So, with that space, you could think about
0:05:35 > 0:05:39relocating the bathroom upstairs, which would be a real bonus.
0:05:39 > 0:05:43You could even think about squeezing in a third bedroom, potentially.
0:05:47 > 0:05:49But of course, extensions cost money,
0:05:49 > 0:05:52so would the extra space be worth the price?
0:05:52 > 0:05:56We asked a local estate agent along to get his opinion.
0:05:56 > 0:06:00Obviously, you could take the extension across the whole back side
0:06:00 > 0:06:02of it and move the kitchen and bathroom into the rear,
0:06:02 > 0:06:05more conveniently. Coming upstairs, with the fact that you're changing the roof,
0:06:05 > 0:06:07it's prime for putting a loft conversion on,
0:06:07 > 0:06:10because while you're doing that, you might as well put it up there.
0:06:10 > 0:06:12The hallway works well for transversing the staircase.
0:06:12 > 0:06:15So there's definitely potential there for doing that, definitely.
0:06:15 > 0:06:19There are lots of decisions to be made for whoever buys this property.
0:06:19 > 0:06:21So what could it be worth once renovated,
0:06:21 > 0:06:24keeping the house as a two-bed?
0:06:24 > 0:06:28You are looking at sale value of about £350,000 to £375,000.
0:06:28 > 0:06:29And as a rental valuation,
0:06:29 > 0:06:32you're looking at about £1,600 to £1,700 per calendar month.
0:06:32 > 0:06:35And if you were able to add a third bedroom,
0:06:35 > 0:06:37what would it be worth then?
0:06:37 > 0:06:41You're probably going to be looking at a sale price
0:06:41 > 0:06:43of around about £400,000.
0:06:43 > 0:06:46As a rental price, you're going to be looking around
0:06:46 > 0:06:49£1,800 to £1,900 per calendar month.
0:06:49 > 0:06:53Well, this house needs so much work, and the layout, well,
0:06:53 > 0:06:54it's just not right.
0:06:54 > 0:06:58Unless of course you want to make a cup of tea while having a bath.
0:06:58 > 0:07:01Still, I am going to remind you of one simple word,
0:07:01 > 0:07:03and that's Crossrail.
0:07:03 > 0:07:06That to me says there's plenty of potential here.
0:07:06 > 0:07:09So who agrees that this up-and-coming area
0:07:09 > 0:07:11is a good place to invest?
0:07:11 > 0:07:13Let's head to auction and find out.
0:07:19 > 0:07:22Two-bedroom mid-terrace house in need of modernisation.
0:07:22 > 0:07:24300 anywhere? Don't want to go too much lower than that.
0:07:24 > 0:07:26300? What's that, 290?
0:07:26 > 0:07:29I'll take that and start there. 290 I've got.
0:07:29 > 0:07:31295 anywhere?
0:07:31 > 0:07:34After an initial lack of interest, the bidding heats up,
0:07:34 > 0:07:38and we rejoined with the auctioneer looking for 310,000.
0:07:39 > 0:07:43310. 311. 312.
0:07:43 > 0:07:48313. 314. 315. 316.
0:07:48 > 0:07:53317. 318. 319. 320.
0:07:53 > 0:07:55321. 322.
0:07:56 > 0:08:00No? If not, 321 for the first.
0:08:00 > 0:08:02321 for the second.
0:08:02 > 0:08:05321 for the third and final time.
0:08:06 > 0:08:07Sold. 321.
0:08:07 > 0:08:12The successful bid of 321,000 went to retired diplomat Tony
0:08:12 > 0:08:14and his wife Nillifer.
0:08:14 > 0:08:17Lucy caught up with Tony to see what he had in store
0:08:17 > 0:08:20for this dilapidated two bed terrace.
0:08:20 > 0:08:25# Hey, I put some new shoes on and suddenly everything's right. #
0:08:25 > 0:08:27Tony, congratulations.
0:08:27 > 0:08:28- Thank you very much.- Well done.
0:08:28 > 0:08:31- Thanks.- So, I'm going to be nosy now,
0:08:31 > 0:08:33I want to know everything about why you wanted to buy
0:08:33 > 0:08:37- this particular property. - Mainly because of the location.
0:08:37 > 0:08:40- Yeah.- We believe Forest Gate is an up-and-coming area.
0:08:40 > 0:08:44It's close to Stratford, with Westfield mall,
0:08:44 > 0:08:46and Crossrail is coming to Forest Gate, as well,
0:08:46 > 0:08:50which is good transport links with the Central line into the city.
0:08:50 > 0:08:53So it sounds like you've really done your research.
0:08:53 > 0:08:56- Yeah.- And you've bought this for what reason,
0:08:56 > 0:08:57to rent out or to sell on?
0:08:57 > 0:08:58To rent out, yeah.
0:08:58 > 0:09:01So how much research into this actual house
0:09:01 > 0:09:02and the property did you do?
0:09:02 > 0:09:05I mean, did you read the legal pack, did you view it?
0:09:05 > 0:09:09Oh, yeah, yeah. We read the legal pack very carefully.
0:09:09 > 0:09:13We sent it to our solicitor, and got them to read it as well.
0:09:13 > 0:09:15We did two viewings.
0:09:15 > 0:09:18The second time we came here with the surveyor,
0:09:18 > 0:09:21and he gave us his verbal report on the condition of the property,
0:09:21 > 0:09:24so we very much have our eyes open.
0:09:24 > 0:09:27We know there's a lot needs doing here.
0:09:27 > 0:09:28Tony's really done his homework,
0:09:28 > 0:09:32which is good because this house has lots of nasty surprises,
0:09:32 > 0:09:37like rising and penetrating damp and no central heating.
0:09:37 > 0:09:40But Tony is already planning big changes.
0:09:40 > 0:09:44Currently the kitchen bathroom is in room four, and that's got to go,
0:09:44 > 0:09:47- because it's...- I've never seen anything like it.
0:09:47 > 0:09:50So where would you want your kitchen to be?
0:09:50 > 0:09:53Well, we were thinking about
0:09:53 > 0:09:55knocking the wall down between rooms one and two.
0:09:55 > 0:09:57So, these two rooms here?
0:09:57 > 0:09:58Taking this wall out?
0:09:58 > 0:10:01- Yeah.- And having the kitchen/diner in this room?
0:10:01 > 0:10:04- Yes.- I still think to have your kitchen right at the back
0:10:04 > 0:10:07of the property where it is now with the bathroom,
0:10:07 > 0:10:09that would make a much better kitchen/diner,
0:10:09 > 0:10:11because you could then have immediate access
0:10:11 > 0:10:13out into your garden.
0:10:13 > 0:10:16Yeah. I'm sort of envisaging bifold doors and a deck.
0:10:18 > 0:10:20I can see the budget going up now.
0:10:20 > 0:10:22From the kitchen into the garden.
0:10:22 > 0:10:24That could potentially be really nice.
0:10:24 > 0:10:26Bring the outside in, as they say.
0:10:26 > 0:10:28Absolutely, yeah.
0:10:28 > 0:10:31Lucy certainly has her persuading hat on today,
0:10:31 > 0:10:32but I do think she's right.
0:10:32 > 0:10:35Extending at this point might not be an option
0:10:35 > 0:10:38due to Tony's budget constraints.
0:10:38 > 0:10:41We haven't actually got any money to spend.
0:10:41 > 0:10:43What?! Can I just stop you there?
0:10:43 > 0:10:45That's not what I want to hear.
0:10:45 > 0:10:49No, well, we've spent all of our savings,
0:10:49 > 0:10:52and we've borrowed a little bit from the bank.
0:10:52 > 0:10:56So... But it's not as bad as it sounds, because we do own a house,
0:10:56 > 0:11:01and we're selling our house, so when that's sold,
0:11:01 > 0:11:05then the small amount of money that we borrowed from the bank,
0:11:05 > 0:11:08we'll then pay that load off, so we'll be all right, yeah,
0:11:08 > 0:11:11- we'll be all right.- OK, so roughly how much money
0:11:11 > 0:11:12do you think you might have?
0:11:12 > 0:11:16We're hoping that we won't need to spend more than 40.
0:11:18 > 0:11:21But I have discussed it with one agent,
0:11:21 > 0:11:23and he worried me a little bit,
0:11:23 > 0:11:27saying that he imagined it would be more like 60-70,000.
0:11:27 > 0:11:30I am going to agree.
0:11:30 > 0:11:32- Are you?- You've got a lot of work to do here.
0:11:32 > 0:11:36Tony is definitely being very optimistic.
0:11:36 > 0:11:38He needs to get the professionals in for the electrics,
0:11:38 > 0:11:40central heating and double glazing.
0:11:40 > 0:11:43But he'll be doing most of the other works himself,
0:11:43 > 0:11:45which sounds like it might take a while.
0:11:47 > 0:11:49We'd like to finish it in about three to six months.
0:11:49 > 0:11:53- What?!- Oh, you're shocking me all the way along this interview.
0:11:53 > 0:11:56Three to six months, you're going to do all of that work yourself,
0:11:56 > 0:11:57and you've got 40 grand?
0:11:57 > 0:12:00We need to have a serious chat, I think.
0:12:00 > 0:12:04Have you thought about maybe, you know, get a couple of guys with you,
0:12:04 > 0:12:06have a team of people so that you can all crack on?
0:12:06 > 0:12:09Because three to six months is going to go like that.
0:12:09 > 0:12:12The next-door neighbour actually is a bricklayer.
0:12:12 > 0:12:14Fantastic. Make him your best friend.
0:12:14 > 0:12:15Absolutely, yeah, he already is, yeah!
0:12:15 > 0:12:19What are you most worried about with having bought this at auction?
0:12:19 > 0:12:21I don't think I'm worried about anything in particular.
0:12:21 > 0:12:24I'm looking forward to coming here in my old clothes
0:12:24 > 0:12:30and clearing out all the rubbish to thoroughly assess what needs doing.
0:12:30 > 0:12:33I can't wait to see what you look like in your old clothes,
0:12:33 > 0:12:35because clearly you've got those fabulous shoes on for us today,
0:12:35 > 0:12:38so you won't be wearing those, will you?
0:12:38 > 0:12:39Definitely not, no.
0:12:39 > 0:12:42- No.- So, what does your wife think about this?
0:12:42 > 0:12:44Oh, she's very excited as well, yes.
0:12:44 > 0:12:46She'll definitely be here helping out,
0:12:46 > 0:12:48doing as much as she can as well,
0:12:48 > 0:12:53and I'm sure that the finished thing will be absolutely beautiful.
0:12:53 > 0:12:55I'm sure it will be.
0:12:55 > 0:12:57Well, I'm really excited to see the outcome of this.
0:12:57 > 0:12:59I want to know how much you're going to spend,
0:12:59 > 0:13:01I want to know what the configuration's going to be like.
0:13:01 > 0:13:05- Tony, congratulations.- Thank you very much.- Thank you.- Thank you.
0:13:06 > 0:13:10So, Tony has bought in Forest Gate at exactly the right time,
0:13:10 > 0:13:15but I'm not convinced that £40,000 is going to stretch to all the work
0:13:15 > 0:13:17that needs to be done here.
0:13:17 > 0:13:19I am a little nervous about that.
0:13:19 > 0:13:20Later on in the programme,
0:13:20 > 0:13:23you can find out how he does decide to change the layout.
0:13:28 > 0:13:30This is Handsacre in Staffordshire -
0:13:30 > 0:13:35a quiet, rural village that sits just 3½ miles north of Lichfield.
0:13:35 > 0:13:39It might be small, but it boasts a corner shop, newsagent's,
0:13:39 > 0:13:43fish and chip shop, Chinese takeaway and two pubs.
0:13:43 > 0:13:44What more could you ask for?
0:13:48 > 0:13:52On this plot, there's a four-bedroom detached house.
0:13:52 > 0:13:56It had a £100,000 guide price, and in the auction catalogue,
0:13:56 > 0:13:59it says it needs extensive work.
0:13:59 > 0:14:01And there it is.
0:14:01 > 0:14:05Never mind inside, outside there's already a lot of work to be done.
0:14:05 > 0:14:06Let's take a look.
0:14:08 > 0:14:11MUSIC: Country House by Blur
0:14:13 > 0:14:16It's not every day I go over a stream to get to a property.
0:14:18 > 0:14:20Before you get your fishing rod out,
0:14:20 > 0:14:23there's a couple of things you need to know.
0:14:23 > 0:14:26First off, this property sits within throwing distance, literally,
0:14:26 > 0:14:27of the railway line.
0:14:29 > 0:14:33The rail company actually own the property and the land it sits on,
0:14:33 > 0:14:35and have placed several important restrictions
0:14:35 > 0:14:37on what can and can't be done here.
0:14:37 > 0:14:40So, anyone buying this property will need to go through
0:14:40 > 0:14:44the legal pack with a fine-tooth comb so they are on the right...
0:14:44 > 0:14:46track.
0:14:46 > 0:14:49The other thing to be aware of is this property actually used to be
0:14:49 > 0:14:53two cottages, but now it's one large property, so, yes,
0:14:53 > 0:14:56this one sounds a little unique and complicated.
0:15:00 > 0:15:03I did expect a bit more of a front door there.
0:15:03 > 0:15:07I also expected this place to be a bit more of a building site.
0:15:07 > 0:15:10And, I've got to say, these stairs have got to come out as well.
0:15:10 > 0:15:13These will not pass building regs.
0:15:13 > 0:15:16But it's not a bad first reception room to come into.
0:15:16 > 0:15:17There's some exposed beams as well.
0:15:17 > 0:15:19Fireplace just here.
0:15:19 > 0:15:22A little bit dated, but it's not a bad-sized room.
0:15:22 > 0:15:24Now, this would have been two properties,
0:15:24 > 0:15:27so there would have been a wall here at some stage.
0:15:27 > 0:15:29But in here, you have got just a mirror image
0:15:29 > 0:15:31of what we've just seen on that side.
0:15:31 > 0:15:34There you've got your chimney breast with a fireplace this side,
0:15:34 > 0:15:36more exposed beams.
0:15:36 > 0:15:38Nice big window, though, I've got to say,
0:15:38 > 0:15:41and you've also got a bit of storage space just through there.
0:15:41 > 0:15:44OK, follow me in here, because we've got the kitchen.
0:15:44 > 0:15:45It's a galley kitchen.
0:15:45 > 0:15:47It's all a bit of a mess.
0:15:47 > 0:15:50I can see as well there's a pantry just there,
0:15:50 > 0:15:51and a door to go out back.
0:15:51 > 0:15:53Follow me through the galley kitchen,
0:15:53 > 0:15:55which completely needs changing,
0:15:55 > 0:15:57through into what I would imagine
0:15:57 > 0:15:59would have been a dining area of sorts.
0:15:59 > 0:16:02There's exposed beams all through downstairs.
0:16:02 > 0:16:07And you've got a downstairs toilet as well, which is always a bonus.
0:16:07 > 0:16:09You've got all this space down here,
0:16:09 > 0:16:11there's loads of space to do with what you want.
0:16:11 > 0:16:14But I think the configuration is completely wrong.
0:16:14 > 0:16:17Get it right, you could have yourself a nice downstairs.
0:16:17 > 0:16:22# Never stop, we can take it to the top
0:16:22 > 0:16:25# Take the time, get it right... #
0:16:25 > 0:16:30It doesn't work as it is, and it will take some imagination.
0:16:30 > 0:16:33My advice, get a couple of architects in.
0:16:33 > 0:16:37They will tell you exactly what can and can't be done.
0:16:37 > 0:16:40It's a shell at the moment, but it could be a lovely family home.
0:16:40 > 0:16:42OK, upstairs to the bedrooms,
0:16:42 > 0:16:44and there's more of what I was expecting.
0:16:44 > 0:16:47In here, we've got the family bathroom,
0:16:47 > 0:16:50and you can see it's in a bit of a state.
0:16:50 > 0:16:52A bedroom here with some signs of damp.
0:16:52 > 0:16:55I can see just in the crack of the door there,
0:16:55 > 0:16:59there's no floorboards in there, so I'm not venturing in that bedroom.
0:16:59 > 0:17:02And huge damp patch on that wall.
0:17:02 > 0:17:05But it's not... Well, it's not a bad-sized bedroom at all.
0:17:05 > 0:17:06Nice high ceilings.
0:17:06 > 0:17:09There's holes in the walls as well.
0:17:09 > 0:17:12So it's... This is definitely a start-from-the-beginning
0:17:12 > 0:17:17renovation project. Again, this is mirroring just as it would,
0:17:17 > 0:17:19or just as it was downstairs, should I say,
0:17:19 > 0:17:22so there would have been a wall here and these would have been
0:17:22 > 0:17:24separate properties. You have got to try
0:17:24 > 0:17:26and get some corridors up here somehow.
0:17:26 > 0:17:29And by the way, that is the chimney breast,
0:17:29 > 0:17:31so it's not going to be easy.
0:17:32 > 0:17:36Well, new bathroom, extra bathroom, corridors, new kitchen,
0:17:36 > 0:17:38a total renovation.
0:17:38 > 0:17:40Yes, this is a big job.
0:17:40 > 0:17:42And we haven't even been outside yet.
0:17:43 > 0:17:46So, if you thought the front of this property was big,
0:17:46 > 0:17:47we are now out the back.
0:17:47 > 0:17:50And look at the size of it. It's even bigger out the back here.
0:17:50 > 0:17:52Now, if you follow that wall all the way to the top,
0:17:52 > 0:17:55you'll see it hits a green fence.
0:17:55 > 0:17:59That green fence actually runs in behind these overgrown trees.
0:17:59 > 0:18:01Now, you're probably thinking,
0:18:01 > 0:18:04why not just knock it down and build a load of houses?
0:18:04 > 0:18:07I'll tell you why, and it's in my right hand.
0:18:07 > 0:18:09It's called the legal pack.
0:18:09 > 0:18:12There are so many rules, regulations and restrictions in here
0:18:12 > 0:18:16that you have to overcome before you do anything to this property.
0:18:16 > 0:18:19Little bit of bedtime reading, I think.
0:18:20 > 0:18:23Right, let me give you a few highlights.
0:18:23 > 0:18:27So, you can't build within three metres of the railway wall.
0:18:27 > 0:18:29No spotlights allowed.
0:18:29 > 0:18:32No hosepipes. No gas or oil tanks.
0:18:32 > 0:18:37But most of all, building anywhere near the house is prohibited.
0:18:37 > 0:18:40Wow. And that's just a few restrictions.
0:18:40 > 0:18:44I really hope whoever bought this house read the legal pack.
0:18:44 > 0:18:47Time to hear what a local estate agent thinks
0:18:47 > 0:18:50of this tricky property that was guided at £100,000.
0:18:50 > 0:18:52# Baby, don't you know
0:18:52 > 0:18:55# It looks like I'm never gonna lose the freight train blues... #
0:18:55 > 0:18:56If I was coming into this house,
0:18:56 > 0:18:59I would definitely bring a team of specialists in with me
0:18:59 > 0:19:02to look at the walls, to look at the flooring,
0:19:02 > 0:19:03to have a good look around
0:19:03 > 0:19:06and decide what the best plan for this property is going to be
0:19:06 > 0:19:09and get the most potential out of it.
0:19:09 > 0:19:13I would definitely strongly advise that they look through the legal pack.
0:19:13 > 0:19:15Sound advice.
0:19:15 > 0:19:18So, if you weren't scared off already, would the numbers help?
0:19:18 > 0:19:21As a four-bedroom renovated cottage,
0:19:21 > 0:19:26this could actually look to go onto the market for £320,000.
0:19:26 > 0:19:29If we were putting the property on the market to let,
0:19:29 > 0:19:32I would put the property on at £950 per calendar month.
0:19:34 > 0:19:37This is a property not for the faint-hearted.
0:19:37 > 0:19:39There's an awful lot of work that needs to be done here,
0:19:39 > 0:19:42and a load of restrictions to get over before you can start
0:19:42 > 0:19:45doing anything. But if you get it right,
0:19:45 > 0:19:46and with a bit of imagination,
0:19:46 > 0:19:48I think you could be onto something.
0:19:48 > 0:19:51Let's see who had that imagination when it went under the hammer.
0:19:57 > 0:19:58£100,000 to start,
0:19:58 > 0:20:01ladies and gentlemen, for lot 110. 100,000.
0:20:01 > 0:20:0380, then.
0:20:03 > 0:20:04Thank you, sir. 80 at the back.
0:20:04 > 0:20:0680,000. I'll take 90 now.
0:20:06 > 0:20:08On the phone if you wish.
0:20:08 > 0:20:11At £80,000. 90,000. 100,000.
0:20:11 > 0:20:13110, sir.
0:20:13 > 0:20:15110, no? 105, sir, thank you.
0:20:15 > 0:20:17110 at the back.
0:20:17 > 0:20:19110. 15, sir?
0:20:20 > 0:20:22OK, sir, I'll come to you, don't worry.
0:20:22 > 0:20:24115. 120.
0:20:24 > 0:20:27Have another one, sir? 125, 130, sir?
0:20:28 > 0:20:32With plenty of interest, the lot flew past its guide price.
0:20:32 > 0:20:35We rejoin at 150 grand.
0:20:35 > 0:20:37No, 150 there?
0:20:37 > 0:20:41152, 154, 156, 158.
0:20:41 > 0:20:44Have 157, sir.
0:20:44 > 0:20:47£156,000, sir, it's your bid at 156.
0:20:47 > 0:20:49Are you coming back in on the phone?
0:20:49 > 0:20:51At £156,000?
0:20:51 > 0:20:54No, your bid, sir, for the first time.
0:20:55 > 0:20:58Second time. Are you all done at 156?
0:20:58 > 0:20:59157, sir?
0:20:59 > 0:21:02158, sir? 159, sir.
0:21:02 > 0:21:04160, sir?
0:21:04 > 0:21:08160. 161? You've run a good race, and thank you.
0:21:08 > 0:21:11£160,000, then, for the first time.
0:21:11 > 0:21:15Going at the back. You're out here, you're out on the back right.
0:21:15 > 0:21:19First time, second time, third and the very last time, sir.
0:21:19 > 0:21:21One more chance. Your bid, sir.
0:21:21 > 0:21:23£160,000.
0:21:23 > 0:21:25And your number, please? Well done.
0:21:25 > 0:21:27Oh, she's delighted!
0:21:27 > 0:21:29Oh, and he gets a big hug.
0:21:29 > 0:21:31# Well
0:21:31 > 0:21:34# Hold me, baby
0:21:34 > 0:21:35# Hold me, baby
0:21:35 > 0:21:38# Hold me, baby
0:21:38 > 0:21:39# Hold me, baby... #
0:21:39 > 0:21:44Those delighted bidders were husband and wife Alison and Kevin.
0:21:44 > 0:21:48With Kevin otherwise engaged, Alison has brought along their two sons,
0:21:48 > 0:21:49Michael and Philip.
0:21:49 > 0:21:52I can't wait to see what Alison's plans are
0:21:52 > 0:21:55for her 160-grand purchase.
0:21:55 > 0:21:56- Alison, nice to meet you.- And you.
0:21:56 > 0:21:57And congratulations.
0:21:57 > 0:21:59- Thank you.- This is a bit of a monster.
0:21:59 > 0:22:01It is. It's a big monster, yeah.
0:22:01 > 0:22:03What attracted you to this particular place?
0:22:03 > 0:22:05I'd seen it a couple of years ago in auction.
0:22:05 > 0:22:08It didn't go through. So I drove past and I'd seen the board,
0:22:08 > 0:22:10and I just decided, yes, it's what I want,
0:22:10 > 0:22:12I've been wanting it for ages, and that's what I've done,
0:22:12 > 0:22:14- went and bought it.- What was it? Was it the location?
0:22:14 > 0:22:17If you've seen it boarded up, it couldn't have been the way it looked!
0:22:17 > 0:22:19No, it's not the house, it's the actual land I like.
0:22:19 > 0:22:21- OK.- The brook through it, so, yeah.
0:22:21 > 0:22:25And what have you kept your eye on this property for?
0:22:25 > 0:22:26I've got...
0:22:26 > 0:22:28I want garages. I've no garages at my house.
0:22:28 > 0:22:31And I want a garage, a bit more land.
0:22:31 > 0:22:33I've got dogs a well, so, yes, a bit more...
0:22:33 > 0:22:35So are you looking to keep this as your own?
0:22:35 > 0:22:36Yes, I'm keeping it as my own.
0:22:36 > 0:22:38Oh, nice. That's why you've kept your eye on it
0:22:38 > 0:22:40- and you've been so interested, then? - Yes.
0:22:40 > 0:22:42Is it bigger than what you thought?
0:22:42 > 0:22:43Did you view it? Did you read the legal pack?
0:22:43 > 0:22:46- Yeah, I read the legal pack. - Yes, correct.- Yeah, I did view it.
0:22:46 > 0:22:48You could only view it one day, and it was for an hour.
0:22:48 > 0:22:50We came round and used our torches.
0:22:50 > 0:22:52That's all you could view it, because it's all boarded up.
0:22:52 > 0:22:54I still wanted it, no matter what,
0:22:54 > 0:22:57but I thought it would be a bit smaller, but obviously not.
0:22:57 > 0:22:58So, you know, it's yours.
0:22:58 > 0:23:00What are you going to do with this?
0:23:00 > 0:23:03Are you going to have to knock it about, change the configuration?
0:23:03 > 0:23:06Because it's a little bit... It's like a mirror image, isn't it?
0:23:06 > 0:23:08Yes. And it's not... Well, yeah.
0:23:08 > 0:23:10Upstairs I am, because there's no landing or anything,
0:23:10 > 0:23:13so I need to, like, make a landing. But not quite sure.
0:23:13 > 0:23:17I want to keep the chimneys, make it a feature, but otherwise than that,
0:23:17 > 0:23:19not quite sure where to start, really.
0:23:20 > 0:23:23Alison might not be sure about the configuration,
0:23:23 > 0:23:26but she has her heart set on a three-bedroom house
0:23:26 > 0:23:28with a wet room on the ground floor.
0:23:28 > 0:23:32She has lots of friends who are involved in the building trade
0:23:32 > 0:23:34who will help her with this project.
0:23:34 > 0:23:37She's hoping to have the work done within 12 months
0:23:37 > 0:23:39and for a cost of 70 grand,
0:23:39 > 0:23:44but she has wisely set aside an extra £30,000 just in case.
0:23:44 > 0:23:47How does she feel about that tricky legal pack?
0:23:47 > 0:23:49There's quite a lot in the legal pack I can't do
0:23:49 > 0:23:51because of the railway that runs beside it.
0:23:51 > 0:23:53I can't go three metres between it.
0:23:53 > 0:23:55Then it's 60 metres you can't build,
0:23:55 > 0:23:57so it means you could never build on the land,
0:23:57 > 0:24:00and you have to ask to build anything I do want, but no.
0:24:00 > 0:24:02A lot of people might have been put off by that,
0:24:02 > 0:24:04but they would have been turned on
0:24:04 > 0:24:06by that little stream you've got down there.
0:24:06 > 0:24:08- Yes.- Which is very pretty with this little bridge going over.
0:24:08 > 0:24:11Are you going to do anything? Are you going to make a feature of that?
0:24:11 > 0:24:13Yes, I'm going to take away the sleepers
0:24:13 > 0:24:15and make an arch feature of a bridge where you don't drive over it,
0:24:15 > 0:24:18you just have some nice lights and you just walk on,
0:24:18 > 0:24:20you can see it from the road, yes.
0:24:20 > 0:24:22So, are your boys going to get involved?
0:24:22 > 0:24:23Are they going to get their hands dirty?
0:24:23 > 0:24:25Definitely. I'm going to make sure they do.
0:24:25 > 0:24:28What are you expecting them to do, then?
0:24:28 > 0:24:29Hopefully a bit of the garden,
0:24:29 > 0:24:31and one comes to live with us occasionally,
0:24:31 > 0:24:34so do his room, but otherwise, just make sure they're doing
0:24:34 > 0:24:36a lot of the gardening and a lot of digging.
0:24:36 > 0:24:39I can't wait to see how this turns out.
0:24:39 > 0:24:41I think it's going to be an amazing adventure for you,
0:24:41 > 0:24:44and I hope it turns out to be your perfect family home.
0:24:44 > 0:24:45- Thank you.- Alison, good luck.
0:24:45 > 0:24:46- Thank you.- All the best.
0:24:48 > 0:24:51Alison is one ambitious lady.
0:24:51 > 0:24:54To take on a project of this size for a first venture
0:24:54 > 0:24:57is very, very brave, but I think if she can get
0:24:57 > 0:24:59the configuration just right,
0:24:59 > 0:25:03she could be onto achieving her perfect forever family home.
0:25:03 > 0:25:06You can find out how she gets on later in the programme.
0:25:08 > 0:25:12Still to come, there are hazards aplenty at this Plymouth property.
0:25:13 > 0:25:15The roof is asbestos.
0:25:15 > 0:25:18That's not going to be cheap to sort out, either.
0:25:19 > 0:25:23And in Staffordshire, we find out if Alison managed to clear the jungle.
0:25:23 > 0:25:27It was 18 lorry-loads to remove the trees.
0:25:32 > 0:25:33Earlier in the show,
0:25:33 > 0:25:38Lucy was in the increasingly popular area of Forest Gate in East London
0:25:38 > 0:25:42to see a two-bed mid-terraced property that had a raft of issues.
0:25:42 > 0:25:47Not least its baffling combination of bathroom and kitchen.
0:25:53 > 0:25:54Step forward, Tony.
0:25:54 > 0:25:58Having bought the property for 321,000,
0:25:58 > 0:26:02he needed to fix the problems that come with time passing.
0:26:02 > 0:26:06Rot, damp, a crumbling extension and no central heating.
0:26:06 > 0:26:10# I've got 21,000 things
0:26:10 > 0:26:15# That I gotta do today... #
0:26:15 > 0:26:18A bit of hyperbole there, methinks.
0:26:18 > 0:26:20But there certainly was a lot of problems
0:26:20 > 0:26:22and little money to fix them.
0:26:23 > 0:26:25We haven't actually got any money to spend.
0:26:25 > 0:26:28What?! Can I just stop you right there?
0:26:28 > 0:26:30That's not what I want to hear!
0:26:30 > 0:26:33No, well, we've spent all of our savings
0:26:33 > 0:26:35but it's not as bad as it sounds,
0:26:35 > 0:26:38because we do own our house and we're selling our house.
0:26:38 > 0:26:43We're hoping that we won't need to spend more than 40.
0:26:43 > 0:26:46We'd like to finish it in about 3-6 months.
0:26:46 > 0:26:49- What?!- Yes.- Oh, you are shocking me all the way along this interview.
0:26:49 > 0:26:523-6 months, you're going to do all that work yourself
0:26:52 > 0:26:56and you've got 40 grand? We need to have a serious chat, I think!
0:26:59 > 0:27:03Time has passed and we are here one year and eight months later.
0:27:03 > 0:27:07Has Tony fixed the age-old problems in this property
0:27:07 > 0:27:09and helped it move into the modern world?
0:27:12 > 0:27:14# 21st century life
0:27:14 > 0:27:17# I got swept away... #
0:27:20 > 0:27:22A resounding yes!
0:27:22 > 0:27:27This house is truly fit for the 21st-century property market,
0:27:27 > 0:27:30and it has a very futuristic layout.
0:27:30 > 0:27:33Upstairs, there is a bedroom and a glorious bathroom.
0:27:33 > 0:27:36Downstairs, there are two bedrooms.
0:27:36 > 0:27:41An unusual arrangement, but with a WC and shower room downstairs,
0:27:41 > 0:27:44it means the floors are effectively self-contained.
0:27:47 > 0:27:51Gone is the old extension and its kitchen-bathroom hybrid
0:27:51 > 0:27:54and the new structure has been built under permitted development.
0:27:55 > 0:27:57It's bathed in natural light
0:27:57 > 0:28:00and with a modern galley kitchen leading out
0:28:00 > 0:28:02onto the landscaped garden.
0:28:04 > 0:28:07Tony has not left an inch of this property unrenovated.
0:28:08 > 0:28:14What has changed since you were last here is pretty much everything.
0:28:14 > 0:28:19From top to bottom, inside out, it's been completely redone.
0:28:19 > 0:28:21I think we started with the roof
0:28:21 > 0:28:23because we wanted the place to be watertight.
0:28:23 > 0:28:26I completely levelled the garden.
0:28:26 > 0:28:30Inside, we had to have the whole place replastered,
0:28:30 > 0:28:32the windows replaced,
0:28:32 > 0:28:36rewired, replumbed, central heating,
0:28:36 > 0:28:40new boiler, and the big change,
0:28:40 > 0:28:42I suppose, structurally, was at the back,
0:28:42 > 0:28:46where we demolished the existing extension
0:28:46 > 0:28:48and replaced it with a larger extension
0:28:48 > 0:28:52which is now the kitchen, dining room and lounge,
0:28:52 > 0:28:55and there's also a toilet and shower.
0:28:55 > 0:28:57It's such a wonderful space.
0:28:57 > 0:29:01With so many skylights, even on a dull day, it's bright in there.
0:29:01 > 0:29:06So it's a very uplifting, pleasant space to relax in.
0:29:09 > 0:29:13That extension with its living, dining, bathroom and kitchen areas
0:29:13 > 0:29:16really is the centrepiece
0:29:16 > 0:29:18and it's so good, one family just had to
0:29:18 > 0:29:21be this property's new residents.
0:29:24 > 0:29:27After buying this house, subsequently,
0:29:27 > 0:29:28I sold our house in Surrey,
0:29:28 > 0:29:30so we moved into rented accommodation
0:29:30 > 0:29:32until this house was completed.
0:29:32 > 0:29:36It made sense for us to move in and it just seemed like
0:29:36 > 0:29:38the sensible thing to actually stay here.
0:29:40 > 0:29:44It's taken one year to complete - double Tony's timescale -
0:29:44 > 0:29:47and this quality finish doesn't come cheap.
0:29:47 > 0:29:50Tony has spent £112,000.
0:29:50 > 0:29:54I originally said the budget was £40,000.
0:29:54 > 0:29:57I'm really not sure where that figure came from
0:29:57 > 0:30:00because we didn't really have a very firm idea
0:30:00 > 0:30:03about what we were going to do to the property.
0:30:03 > 0:30:07But hopefully there's still some profit in there.
0:30:07 > 0:30:09We shall see.
0:30:12 > 0:30:15That's a question two local estate agents can answer.
0:30:15 > 0:30:18Let's start with the impressions of the agent
0:30:18 > 0:30:21who saw it before this wonderful transformation.
0:30:22 > 0:30:25Lovely property. Done a great job of refurbishment from when I saw it
0:30:25 > 0:30:28the first time. Love the amount of natural light we've got coming in
0:30:28 > 0:30:31from the extension, especially through the skylights, as well.
0:30:31 > 0:30:33I think it's a stunning property. They've done a great job.
0:30:33 > 0:30:36It's beautiful, absolutely gorgeous.
0:30:36 > 0:30:38I haven't seen a house like this for a long, long time.
0:30:38 > 0:30:43However, they have configured it quite unusual.
0:30:43 > 0:30:47Having one bedroom upstairs with a glorious luxury bathroom,
0:30:47 > 0:30:49the bedrooms are downstairs,
0:30:49 > 0:30:51which is really unusual for this area.
0:30:51 > 0:30:53I can understand why the owners have done it,
0:30:53 > 0:30:55to use the dining area as a lounge.
0:30:55 > 0:30:57It depends on the buyer at the time,
0:30:57 > 0:31:00because of the upside-down style of the house.
0:31:02 > 0:31:05Tony and his family plan to live here for another year,
0:31:05 > 0:31:07and then decide on selling or renting.
0:31:07 > 0:31:12But having spent 432 grand in total, can they make any profit?
0:31:14 > 0:31:17The resale value of this particular property
0:31:17 > 0:31:21would achieve in the region of £480,000.
0:31:21 > 0:31:24And from a rental point of view,
0:31:24 > 0:31:29the property should achieve in the region of £1,400 per calendar month.
0:31:29 > 0:31:31In terms of valuation for the property, you're looking
0:31:31 > 0:31:34at £450-475,000 for the resale value,
0:31:34 > 0:31:36and in terms of rental value you're looking at
0:31:36 > 0:31:38between £1,600-1,700 per calendar month.
0:31:38 > 0:31:40Gosh, that's a shock.
0:31:40 > 0:31:43I thought it was going to be quite a bit higher than that.
0:31:43 > 0:31:46You're joking. Is it a joke?
0:31:47 > 0:31:50Well, Tony, we don't generally make jokes about property prices
0:31:50 > 0:31:53although those valuations could mean a £47,000 profit
0:31:53 > 0:31:57before fees and taxes, though, and around a 5% yield.
0:31:57 > 0:32:00But, since filming, Tony has had valuations
0:32:00 > 0:32:02of around the £600,000 mark,
0:32:02 > 0:32:05and it's probable that the Crossrail factor
0:32:05 > 0:32:07will help things even further.
0:32:07 > 0:32:10Some experts have said that property valuations
0:32:10 > 0:32:11could go up by as much as 40%.
0:32:11 > 0:32:13I think we would buy again at auction
0:32:13 > 0:32:17because we had a good experience this time around. Who knows?
0:32:17 > 0:32:19We might meet Homes Under The Hammer there, again!
0:32:31 > 0:32:34With its commanding position on the English Channel,
0:32:34 > 0:32:39the city of Plymouth boasts a long and proud maritime history.
0:32:39 > 0:32:42It was from here in 1588 that Francis Drake
0:32:42 > 0:32:47launched a mortal attack on the advancing Spanish Armada
0:32:47 > 0:32:50earning him the respect and adoration of a grateful nation
0:32:50 > 0:32:55and a knighthood from his grateful Queen, Elizabeth I.
0:32:55 > 0:32:58And it's said he never let the start of a battle interrupt
0:32:58 > 0:33:02a good game of bowls. Well, will today's property bowl me over?
0:33:04 > 0:33:08Well, about a mile from the city centre on this fairly busy main road,
0:33:08 > 0:33:12but also a very active bus route, is the property I'm here to see.
0:33:12 > 0:33:15£100-125,000 was the guide price
0:33:15 > 0:33:19for a three-storey four-bedroom mid-terrace.
0:33:19 > 0:33:23This is it. Looks a bit ropey from the outside.
0:33:23 > 0:33:25Let's have a look inside.
0:33:25 > 0:33:27It may be hard to believe,
0:33:27 > 0:33:30but this property is actually Grade II listed.
0:33:30 > 0:33:33Not something immediately obvious from the outside,
0:33:33 > 0:33:35and, to be honest, not from the inside, either.
0:33:37 > 0:33:39Right, then, so...
0:33:42 > 0:33:44It's not looking that brilliant, I have to say.
0:33:44 > 0:33:48The outside is bad. The inside is looking almost worse.
0:33:48 > 0:33:53Straightaway, you get that feeling the house is on a bit of a slant.
0:33:53 > 0:33:54I mean, it could just be the floorboards.
0:33:54 > 0:33:56I hope it's just the floorboards.
0:33:56 > 0:33:58But the size is good. I like the high ceilings.
0:33:58 > 0:34:00That's the front sitting room, there.
0:34:00 > 0:34:01It's a bit of a mess but it's a good size.
0:34:01 > 0:34:04Again, lots of original features which you could keep.
0:34:04 > 0:34:08I love this staircase, that sort of sweeping staircase that bends round.
0:34:08 > 0:34:11That's such a lovely feature. It goes all the way up there.
0:34:11 > 0:34:13Wow, like that.
0:34:13 > 0:34:15A rear sitting room and then...
0:34:15 > 0:34:18if it could get worse, it starts to get worse.
0:34:18 > 0:34:21Look at this. Obviously had serious problems
0:34:21 > 0:34:24of water ingress at some point.
0:34:24 > 0:34:28I don't know how much it's been looked after over the years.
0:34:28 > 0:34:33It just sort of just says a house that hasn't had money spent on it
0:34:33 > 0:34:36for quite a long time. But I'm liking the size.
0:34:36 > 0:34:38I'm liking this area here. It's the kitchen area.
0:34:38 > 0:34:40Completely needs gutted.
0:34:40 > 0:34:42If you like, the floorboards are all rattly, oh, my goodness me.
0:34:42 > 0:34:46Ah, that's not good.
0:34:46 > 0:34:48Bathroom here.
0:34:48 > 0:34:50So, lots of space.
0:34:50 > 0:34:52If you just gut the whole thing, you start to see what you've got.
0:34:52 > 0:34:55You've got a big house that needs a lot of money spent on it.
0:34:55 > 0:35:00# Spend your money, honey
0:35:00 > 0:35:03# You know it's not that bad. #
0:35:03 > 0:35:05I know it's difficult,
0:35:05 > 0:35:09but forget the mess and feel the size of this place.
0:35:09 > 0:35:12Beneath my feet lies a very spacious cellar.
0:35:12 > 0:35:15Not terribly appealing right at the moment, I admit,
0:35:15 > 0:35:17but throw a bit of cash down there,
0:35:17 > 0:35:20let in some natural light, and it could turn into
0:35:20 > 0:35:22something quite pleasant.
0:35:22 > 0:35:25On the first floor are two large bedrooms and a family bathroom.
0:35:25 > 0:35:29On the second floor, there are two further bedrooms.
0:35:29 > 0:35:31All this space suggests to me
0:35:31 > 0:35:34a potentially lucrative avenue to explore.
0:35:36 > 0:35:38So, I'm up on the top floor and I'm thinking about
0:35:38 > 0:35:42another possibility for this property.
0:35:42 > 0:35:44Plymouth has got loads of students.
0:35:44 > 0:35:46It's a really great student town.
0:35:46 > 0:35:49So, how about the idea of converting this to a student let?
0:35:49 > 0:35:52A house of multiple occupation it would end up being.
0:35:52 > 0:35:55There's lots of licensing and things you've got to put in to such houses,
0:35:55 > 0:35:59but I think, financially, it would be a very interesting option,
0:35:59 > 0:36:03and, certainly, it's in the right location for that kind of stuff.
0:36:03 > 0:36:06So it's a house with lots of options but again it's a house
0:36:06 > 0:36:08that requires so much money poured into it to sort things out.
0:36:08 > 0:36:11Up here, there's one final thing I've noticed -
0:36:11 > 0:36:14the roof above one of the lower floors there...
0:36:14 > 0:36:18is asbestos. That's not going to be cheap to sort out, either.
0:36:19 > 0:36:24From the top floor back down to the cellar and that separate entrance,
0:36:24 > 0:36:27well, it's given me one final thought.
0:36:27 > 0:36:29Unfortunately, it's hidden underneath all this...
0:36:29 > 0:36:32basically garden shrubbery, etc,
0:36:32 > 0:36:34but there is a door down there which,
0:36:34 > 0:36:37yeah, or at least a window,
0:36:37 > 0:36:40so that's the cellar or that's the lower floor.
0:36:40 > 0:36:43So suddenly I'm thinking, mm, separate entrance,
0:36:43 > 0:36:46what does that throw up the possibility for?
0:36:46 > 0:36:47How about flats?
0:36:47 > 0:36:52Now, I reckon flats round here, very interesting option.
0:36:53 > 0:36:57The only caveat - and it's a big one - is that Grade II listing.
0:36:57 > 0:37:00Giving the local conservation officer a bell
0:37:00 > 0:37:04before you make any concrete plans would be my top priority.
0:37:04 > 0:37:06But what will local property experts think?
0:37:06 > 0:37:08It's time to get an estate agent in
0:37:08 > 0:37:10to get his opinion on the pros and cons
0:37:10 > 0:37:13of this four-bedroom Plymouth house.
0:37:14 > 0:37:18# You can ring my bell
0:37:18 > 0:37:21# Ring my bell... #
0:37:21 > 0:37:23My first impressions of the house,
0:37:23 > 0:37:25there's a lot of plastering work,
0:37:25 > 0:37:29there's a lot of damp ingress, so that needs to be dealt with.
0:37:29 > 0:37:32There's major decoration to be done throughout the property.
0:37:32 > 0:37:34Obviously, I think there's a rewire that needs to be done
0:37:34 > 0:37:37and I do believe there's some plumbing work to be done, also.
0:37:37 > 0:37:41The agent reckons that a refurbished family home could fetch
0:37:41 > 0:37:43up to £210,000 on the sales market,
0:37:43 > 0:37:46but great minds think alike,
0:37:46 > 0:37:49and he feels that converting into four flats
0:37:49 > 0:37:51would be a more profitable option.
0:37:51 > 0:37:54The demand for family homes and for flats is very high.
0:37:54 > 0:37:58I think in this area, the demand for flats would be higher.
0:37:58 > 0:38:01I believe the configuration that I would choose
0:38:01 > 0:38:04would be two two-bed flats and two one-bed flats.
0:38:06 > 0:38:10He reckons that four flats could sell for a total of around 380,000,
0:38:10 > 0:38:14or bring in a combined monthly rental of 2,200.
0:38:17 > 0:38:18Well, in its heyday,
0:38:18 > 0:38:22this really would have been quite a spectacular house.
0:38:22 > 0:38:27But obviously, over the years, it has got into the state it's in now.
0:38:27 > 0:38:29Don't underestimate the amount of money it's going to cost
0:38:29 > 0:38:33to put this right, and your decision is, really, do you go for the flat,
0:38:33 > 0:38:37the student lets, or do you reconvert it pretty much as it is?
0:38:37 > 0:38:38Decisions, decisions.
0:38:38 > 0:38:41Let's find out what the person who bought it decides
0:38:41 > 0:38:43when it went under the hammer.
0:38:45 > 0:38:49This is the three-storey four-bedroom house.
0:38:49 > 0:38:50It's Grade II listed.
0:38:50 > 0:38:53It does require modernisation and retains many period features.
0:38:53 > 0:38:55Let's start things off, if you like,
0:38:55 > 0:38:57at the top of the guide price, £125,000.
0:38:57 > 0:38:59125, if you like.
0:39:00 > 0:39:03Where do you want to start, then? You tell me, folks. 110?
0:39:03 > 0:39:05110.
0:39:05 > 0:39:06Yes, thought so. 110, I'll take.
0:39:06 > 0:39:07110, then. 112.
0:39:07 > 0:39:11112. 114, then.
0:39:11 > 0:39:14There was some tentative bidding going on at this auction,
0:39:14 > 0:39:19but after a few minutes of thumb twiddling the price started to rise.
0:39:19 > 0:39:21We rejoin the bidding at 124,000.
0:39:21 > 0:39:25124, yes?
0:39:25 > 0:39:26And a half? 124 and a half?
0:39:26 > 0:39:29125.
0:39:29 > 0:39:31And a half?
0:39:31 > 0:39:34A shake of the head. £125,000.
0:39:34 > 0:39:36Tenacious bidding, this.
0:39:36 > 0:39:38For the first time at 125.
0:39:38 > 0:39:40Second.
0:39:40 > 0:39:42Third and final time, we're done.
0:39:43 > 0:39:44Yours, sir. Very well done.
0:39:44 > 0:39:48Making that successful bid of 125,000 was David.
0:39:48 > 0:39:51But he's not alone in this venture.
0:39:52 > 0:39:54His wife, Theresa, here on the right,
0:39:54 > 0:39:56and friend Jackie and her husband Michael
0:39:56 > 0:39:59run a property developing business together.
0:39:59 > 0:40:02I met up with Jackie and Theresa to find out more.
0:40:03 > 0:40:06Theresa, Jackie, nice to meet you both.
0:40:06 > 0:40:08- Nice to meet you.- Congratulations.
0:40:08 > 0:40:10Tell me why you wanted to buy this house.
0:40:10 > 0:40:16Because our company is always looking for some potential houses
0:40:16 > 0:40:18and this one, when we see it,
0:40:18 > 0:40:22we saw it's a very good location
0:40:22 > 0:40:24and the house is quite big
0:40:24 > 0:40:29and we would like to change it into a lovely family house.
0:40:30 > 0:40:34Jackie's husband Michael works in property development in China
0:40:34 > 0:40:37and this inspired Theresa and David to join them
0:40:37 > 0:40:39in setting up a company here.
0:40:39 > 0:40:42They've been in business for a year and so far, so good.
0:40:44 > 0:40:46What roles do you play in the company and what do you do?
0:40:46 > 0:40:48Do you find the properties?
0:40:48 > 0:40:50Do you actually get your hands dirty?
0:40:50 > 0:40:55She and her husband do all the works, looking for properties.
0:40:55 > 0:40:57I pay the money!
0:40:57 > 0:40:58Oh, really?
0:40:58 > 0:41:02Well, you know. So, is it mostly round this area?
0:41:02 > 0:41:04At the moment, yes, in Plymouth.
0:41:04 > 0:41:06Why do you like Plymouth as a place to invest?
0:41:06 > 0:41:11I was studying here for about six years, in university.
0:41:11 > 0:41:16So, been living here for six years, so, yeah, this town, I love it.
0:41:19 > 0:41:22So far, the quartet plan to restore this building
0:41:22 > 0:41:24back to being a family home,
0:41:24 > 0:41:28but with Jackie being a former student at the university,
0:41:28 > 0:41:31did the option of turning this into lettings accommodation
0:41:31 > 0:41:32not cross their minds?
0:41:32 > 0:41:35Was that something you thought about?
0:41:35 > 0:41:37We thought about it, actually,
0:41:37 > 0:41:40because what we are doing with some of the houses we buy,
0:41:40 > 0:41:42we let out for students.
0:41:42 > 0:41:45- Right.- In a good location.- Yeah.
0:41:45 > 0:41:47But, first choice, we want to sell it. Yeah.
0:41:47 > 0:41:50It's a lot of property for the money.
0:41:50 > 0:41:51I think you'll do quite well.
0:41:51 > 0:41:54Why do you think the price was relatively low?
0:41:54 > 0:41:57Hmm, I think it's the work.
0:41:57 > 0:42:01- Right, yes.- You can see, it's lots of damp and leaks
0:42:01 > 0:42:04and it needs lots of work to be...
0:42:04 > 0:42:06But that doesn't bother you?
0:42:06 > 0:42:08- It's a challenge.- Challenge, Yeah!
0:42:08 > 0:42:10We are thinking it's a challenge.
0:42:10 > 0:42:12So tell me, Jackie, what are you going to do to it?
0:42:12 > 0:42:16I think we will take all the...
0:42:16 > 0:42:20Everything, really.
0:42:20 > 0:42:22Walls, ceiling.
0:42:22 > 0:42:27New kitchen, new bathroom, the toilet.
0:42:27 > 0:42:29Pretty much everything.
0:42:29 > 0:42:30And also the basement,
0:42:30 > 0:42:33because there's a basement they're supposed to enter in
0:42:33 > 0:42:37from outside to inside. Because over the time, not looked after,
0:42:37 > 0:42:40you even can't see the entrance, where it is.
0:42:40 > 0:42:44So, downstairs, we're probably thinking to change to be, like,
0:42:44 > 0:42:47an office or it could be a children's play area.
0:42:47 > 0:42:52And the kitchen, we're thinking to change a little bit,
0:42:52 > 0:42:54maybe move the kitchen further back
0:42:54 > 0:42:57and make a bigger dining area in the kitchen.
0:42:57 > 0:42:59And also, the roof.
0:42:59 > 0:43:02We've got some bad material.
0:43:02 > 0:43:04The asbestos?
0:43:04 > 0:43:05Yeah. Yes, yes.
0:43:05 > 0:43:10That's the one. And I know that is really bad for your body.
0:43:10 > 0:43:12- Yes, yeah.- So we're going to change that.
0:43:12 > 0:43:16Also, if we put the skylight windows on,
0:43:16 > 0:43:19we'll brighten up the house a lot better.
0:43:19 > 0:43:21So what's the budget for the work you've got planned?
0:43:21 > 0:43:25The budget is about £50,000.
0:43:25 > 0:43:2750. And what's the timescale?
0:43:27 > 0:43:30- 15?- 15, 18?
0:43:30 > 0:43:3315-18 weeks.
0:43:33 > 0:43:34And have you got builders lined up?
0:43:34 > 0:43:37Yes, we've got our own team of builders, yeah.
0:43:37 > 0:43:39Listen, congratulations, good luck with it.
0:43:39 > 0:43:42- Thank you very much.- Looking forward to seeing how you get on.
0:43:42 > 0:43:43- Thank you.- Thank you.
0:43:44 > 0:43:48Well, Theresa and Jackie have certainly got their work cut out
0:43:48 > 0:43:49to sort this place out.
0:43:49 > 0:43:5250 grand? That's not a lot of money
0:43:52 > 0:43:55for what is basically a total gut-and-start-again job.
0:43:55 > 0:43:58And have they made the right decision keeping it
0:43:58 > 0:44:01as one family house, rather than converting it to flats?
0:44:01 > 0:44:03Hmm, dunno.
0:44:03 > 0:44:06You can find out how it all turns out later in the show.
0:44:11 > 0:44:13Earlier, we saw what happened to the first property.
0:44:13 > 0:44:15But what about the other two?
0:44:15 > 0:44:17Yes, have there been major transformations
0:44:17 > 0:44:19or just a few minor tweaks?
0:44:19 > 0:44:21Let's go back and find out.
0:44:22 > 0:44:25Earlier in the show I visited this intriguing property
0:44:25 > 0:44:29in the Staffordshire village of Handsacre.
0:44:30 > 0:44:34In fact, you could say that it was RAILLY interesting!
0:44:34 > 0:44:37Running alongside the house was a section of the West Coast rail link
0:44:37 > 0:44:39between London and Birmingham.
0:44:39 > 0:44:43# I am a passenger... #
0:44:43 > 0:44:47The overgrown land the house stood on was owned by the rail company.
0:44:47 > 0:44:48And, to protect the railway,
0:44:48 > 0:44:52the property came with the biggest legal pack I've ever seen.
0:44:52 > 0:44:56There are so many rules, regulations and restrictions on here
0:44:56 > 0:45:00that you have to overcome before you can do anything to this property.
0:45:04 > 0:45:07The building itself was actually two railway cottages
0:45:07 > 0:45:09knocked into one, and had the potential
0:45:09 > 0:45:11to be a really good family home.
0:45:11 > 0:45:15This is definitely a start-from- the-beginning renovation project.
0:45:18 > 0:45:22Alison and Kevin were clearly overjoyed when their 160-grand bid
0:45:22 > 0:45:25came out on top at auction.
0:45:25 > 0:45:28It's been on Alison's radar for quite some time now.
0:45:28 > 0:45:30I'd seen it a couple of years ago in the auction.
0:45:30 > 0:45:33It didn't go through. So I drove past and I'd seen the board
0:45:33 > 0:45:37and I decided, yes, it's what I want, I've been wanting it for ages,
0:45:37 > 0:45:38so that's what I've done.
0:45:38 > 0:45:43# It's only a matter of time... #
0:45:43 > 0:45:46Setting aside a year and a budget of 70 grand,
0:45:46 > 0:45:49they plan to turn this place into their dream home.
0:45:50 > 0:45:53Exactly 365 days later,
0:45:53 > 0:45:56we are back to see how they've got on and, I've got to say,
0:45:56 > 0:45:59I don't think you'll believe what they've done.
0:45:59 > 0:46:04# Only a matter of time. #
0:46:07 > 0:46:10# I want the whole world to celebrate
0:46:17 > 0:46:20# I want to come home
0:46:20 > 0:46:24# To the only place I know
0:46:24 > 0:46:27# Where the trees I planted grow
0:46:27 > 0:46:31# I wanna come home... #
0:46:35 > 0:46:37I bet you weren't expecting this.
0:46:37 > 0:46:40Alison, Kevin and a whole host of friends
0:46:40 > 0:46:43have pulled this place apart and put it back together again.
0:46:45 > 0:46:49At the front of the house are the living room and dining room
0:46:49 > 0:46:52featuring a new multiburner stove.
0:46:52 > 0:46:55At the back, the galley kitchen has been extended
0:46:55 > 0:46:58to almost the entire length of the house.
0:46:58 > 0:47:01I didn't like the plain ones so I had it handmade as sage coloured,
0:47:01 > 0:47:04went and picked it, and the Belfast sink,
0:47:04 > 0:47:06I wanted to keep it just as it was.
0:47:06 > 0:47:07And I've made it neutral, really.
0:47:07 > 0:47:09I wanted it more like the old cottage one.
0:47:09 > 0:47:12So I've had dark wood in the living room
0:47:12 > 0:47:15and oak rest of it round the house, just the old cottage style,
0:47:15 > 0:47:17because I didn't want to make it modern,
0:47:17 > 0:47:20because it's not really a modern house from outside,
0:47:20 > 0:47:22so I wanted to keep the features.
0:47:24 > 0:47:28Upstairs, there has been a radical change to the layout.
0:47:28 > 0:47:31A bedroom has been lost to allow for a linking hallway
0:47:31 > 0:47:35and to add an en suite to the large master bedroom.
0:47:35 > 0:47:39And removing the second staircase has freed up even more space.
0:47:39 > 0:47:41We did two or three different ideas upstairs
0:47:41 > 0:47:44of how to make it three bedrooms, or four, or a landing,
0:47:44 > 0:47:46but I think we did the right one.
0:47:46 > 0:47:50We sat down and we thought, that looks the best.
0:47:50 > 0:47:52A wet room has been installed downstairs
0:47:52 > 0:47:55which is handy for washing Alison's dogs,
0:47:55 > 0:47:58and that's not the only alteration the pets have caused.
0:47:58 > 0:48:00We kept the original windows,
0:48:00 > 0:48:02apart from I've had to put child locks on them
0:48:02 > 0:48:06because the dog fell out the bedroom window, looking at the ducks.
0:48:07 > 0:48:10Thankfully, Alison's pooch has made a full recovery.
0:48:12 > 0:48:15Outside, there has been a fantastic landscaping effort
0:48:15 > 0:48:18and Alison was able to get permission from Network Rail
0:48:18 > 0:48:20to build a block of garages.
0:48:21 > 0:48:23I think it was 18 lorry-loads
0:48:23 > 0:48:26to remove the trees and all the rubbish.
0:48:26 > 0:48:28We had a dumper drop and a digger
0:48:28 > 0:48:32every weekend for at least three months,
0:48:32 > 0:48:34just to remove the wood.
0:48:36 > 0:48:39They have kept to their one-year timescale
0:48:39 > 0:48:42but what about that 70-grand budget?
0:48:42 > 0:48:45I've spent 70,000 with the garages,
0:48:45 > 0:48:47so I'm really pleased with that.
0:48:47 > 0:48:49It's perfect. It's what I wanted.
0:48:49 > 0:48:52Great land, got my garages,
0:48:52 > 0:48:54it's private and it's the best thing I've ever bought.
0:48:54 > 0:48:59# It's got to be
0:48:59 > 0:49:02# Perfect. #
0:49:05 > 0:49:08It's clear that Alison and Kevin won't be moving from here
0:49:08 > 0:49:12for a very long time, but just what has the work on this place
0:49:12 > 0:49:14done to its value?
0:49:14 > 0:49:17Time to hand over now to two local property experts
0:49:17 > 0:49:20who can give us their opinion on that very subject.
0:49:20 > 0:49:24I originally saw the property some time ago.
0:49:24 > 0:49:27I'm not quite sure what I was expecting until I sort of
0:49:27 > 0:49:29came in through the drive and in through the gates.
0:49:30 > 0:49:33It has a lot of wow factor.
0:49:33 > 0:49:35They really have gone to town with it.
0:49:35 > 0:49:38Brought it into the 21st century,
0:49:38 > 0:49:42but still kept its old-fashioned looks.
0:49:42 > 0:49:43It has fantastic kerb appeal.
0:49:43 > 0:49:45It looks very pretty.
0:49:45 > 0:49:48You cross over the brook to get here, which is always good.
0:49:48 > 0:49:52It's a good-sized plot and it sits very centrally within it.
0:49:52 > 0:49:54Lots of off-road parking.
0:49:54 > 0:49:57Possibly potential for development at the front, but obviously,
0:49:57 > 0:50:00the railway line is very close to the building.
0:50:02 > 0:50:05If Alison's house was placed on the resale market,
0:50:05 > 0:50:07how much could it achieve?
0:50:07 > 0:50:10In my opinion, I think we would be looking to achieve
0:50:10 > 0:50:14between 300 and £320,000.
0:50:14 > 0:50:20You would probably achieve somewhere between 300 and £350,000.
0:50:20 > 0:50:22A bit of a wide gap,
0:50:22 > 0:50:26but I think a lot of it is going to depend on whether people
0:50:26 > 0:50:27will like the railway or not.
0:50:27 > 0:50:29If it's got everything else you want
0:50:29 > 0:50:33and you don't mind the railway, they would pay the £350,000.
0:50:33 > 0:50:38Well, Alison and Kevin certainly aren't bothered by the proximity
0:50:38 > 0:50:41of the railway. With a total spend of 230 grand,
0:50:41 > 0:50:47that top figure of £350,000 could give them a massive profit
0:50:47 > 0:50:50of 120 grand before taxes and fees.
0:50:50 > 0:50:52Oh, wow!
0:50:52 > 0:50:54That's good.
0:50:54 > 0:50:57It's nice to know that their investment has been worth it.
0:50:57 > 0:51:00But, for now, this is home sweet home.
0:51:00 > 0:51:04Has the experience tempted Alison to turn her hand to more property?
0:51:04 > 0:51:07I've enjoyed it, but, no, I wouldn't do it again.
0:51:07 > 0:51:08It's very stressful.
0:51:08 > 0:51:11But it was for myself, so it didn't matter, but, no,
0:51:11 > 0:51:14I wouldn't make a living out of it.
0:51:18 > 0:51:21It's time to pop back to Plymouth where, earlier,
0:51:21 > 0:51:25I took a look around this four-bed, three-storey terraced house,
0:51:25 > 0:51:29with an appealing guide price of £125,000.
0:51:29 > 0:51:31But believe me, the guide price
0:51:31 > 0:51:34was one of the few appealing things about it.
0:51:34 > 0:51:35Look at this.
0:51:35 > 0:51:41Obviously had serious problems of water ingress at some point.
0:51:41 > 0:51:44The floorboards are all rattly.
0:51:44 > 0:51:45Oh, my goodness, me.
0:51:45 > 0:51:46That's not good.
0:51:46 > 0:51:49# You ain't seen nothing yet... #
0:51:49 > 0:51:53And things didn't get any better the higher up I went.
0:51:53 > 0:51:57The roof above one of the lower floors, there...
0:51:57 > 0:52:00is asbestos. That's not going to be cheap to sort out, either.
0:52:00 > 0:52:05# You know, you know, you know, you just ain't seen nothing yet... #
0:52:05 > 0:52:08The cellar wasn't for the faint-hearted, either.
0:52:08 > 0:52:13Dark, damp and dusty, it had been left in really poor condition.
0:52:13 > 0:52:15But, for all its faults,
0:52:15 > 0:52:17this Grade II-listed building
0:52:17 > 0:52:21offered lots and lots of space, and space equals potential.
0:52:21 > 0:52:24So that's the cellar, or that's the lower floor.
0:52:24 > 0:52:28So, suddenly, I'm thinking... separate entrance?
0:52:28 > 0:52:30What does that throw up the possibilities for?
0:52:30 > 0:52:31How about flats?
0:52:33 > 0:52:37When the property came to auction, the successful bid of 125 grand
0:52:37 > 0:52:41was made by David, one quarter of a business group
0:52:41 > 0:52:43which includes his wife Theresa,
0:52:43 > 0:52:45friend Jackie and her husband, Michael.
0:52:47 > 0:52:50The amount of work required here didn't put them off.
0:52:50 > 0:52:51When we see it,
0:52:51 > 0:52:54we saw it's a very good location
0:52:54 > 0:52:59and the house is quite big and we would like to change it
0:52:59 > 0:53:01into a lovely family house.
0:53:03 > 0:53:06They estimated it would take £50,000
0:53:06 > 0:53:10and no longer than 18 weeks to turn this place around.
0:53:10 > 0:53:11How did they do?
0:53:11 > 0:53:15Well, eight months later we've come back to find out.
0:53:31 > 0:53:34There has been quite a transformation here.
0:53:34 > 0:53:38The interior has been completely gutted and reinstated
0:53:38 > 0:53:43and from the spectacular new kitchen to the opened-out living room,
0:53:43 > 0:53:46the ground floor has all the hallmarks of a bright,
0:53:46 > 0:53:48spacious and modern family home.
0:53:49 > 0:53:52The first floor layout has been remodelled.
0:53:52 > 0:53:54One bedroom stays as it was
0:53:54 > 0:53:56but what used to be the other bedroom is now
0:53:56 > 0:54:00the family bathroom, and the bathroom is now a bedroom.
0:54:01 > 0:54:04With plenty of room to play with on the second floor,
0:54:04 > 0:54:08bedrooms three and four have been joined by a second bathroom.
0:54:08 > 0:54:11Down in the cellar, things are looking much brighter now,
0:54:11 > 0:54:15although there is still a bit of work to be done.
0:54:15 > 0:54:18But the biggest structural change has taken place
0:54:18 > 0:54:19at the back of the property.
0:54:19 > 0:54:22David and Theresa are here to tell us more.
0:54:22 > 0:54:25The key change was knocking down the shower room
0:54:25 > 0:54:26and the toilet on the back,
0:54:26 > 0:54:32and we put two parking spaces on the back of the building,
0:54:32 > 0:54:35because here, the parking is a nightmare.
0:54:38 > 0:54:41Creating the two parking spaces is a great idea
0:54:41 > 0:54:43and they are still waiting to finalise planning consent.
0:54:46 > 0:54:49Really big challenge, doing this project.
0:54:49 > 0:54:53We changed the kitchen window after the council come here,
0:54:53 > 0:54:57so we knew they used timber for the single-glazing window,
0:54:57 > 0:55:00so we changed the kitchen one first.
0:55:00 > 0:55:03You need to know a lot of details.
0:55:03 > 0:55:05- We learned a lot. - We learned a lot, as well.
0:55:08 > 0:55:10Complying with listed building restrictions
0:55:10 > 0:55:13and having to get a specialist company to remove
0:55:13 > 0:55:17the asbestos roof in the extension mean their original budget of 50,000
0:55:17 > 0:55:19wasn't sufficient to complete the job.
0:55:21 > 0:55:27Actually, we spent roughly around between 75-80,000,
0:55:27 > 0:55:29because we change a lot.
0:55:31 > 0:55:34Despite being around £30,000 over budget,
0:55:34 > 0:55:36their team of builders managed to complete the job
0:55:36 > 0:55:40within their 18-week deadline, but it's been a tough journey.
0:55:40 > 0:55:42It's the worst one we picked.
0:55:42 > 0:55:45Yes, this is the worst one so far we have.
0:55:45 > 0:55:50When I first time come into this house, it was just, "Oh, my God,
0:55:50 > 0:55:52"how are we going to finish it?"
0:55:52 > 0:55:56But after all complete, I come in and look, I love it.
0:55:56 > 0:55:59It's a nice home, now.
0:55:59 > 0:56:00Yeah. It will be a lovely home.
0:56:03 > 0:56:04It's been quite a transformation
0:56:04 > 0:56:08but has the budget overspend dented the team's potential profits
0:56:08 > 0:56:09on this project?
0:56:09 > 0:56:13Let's get the opinions of two local property experts.
0:56:13 > 0:56:16So, the property overall's been finished to a very good standard.
0:56:16 > 0:56:18The layout of the property is very good.
0:56:18 > 0:56:20It's situated over three floors.
0:56:20 > 0:56:23There's also a cellar, and it works very well.
0:56:23 > 0:56:26It's a really nicely finished property.
0:56:26 > 0:56:30He hasn't cut any corners or spared any expenses.
0:56:30 > 0:56:32He's been very thorough in everything that he's done
0:56:32 > 0:56:35and I think it's very saleable.
0:56:36 > 0:56:39Positive feedback from both agents, then.
0:56:39 > 0:56:41But with the purchase price of 125,000
0:56:41 > 0:56:45added to the refurbishment costs of around 75,000,
0:56:45 > 0:56:49their total spend comes to approximately 200,000.
0:56:50 > 0:56:53Will the agents' valuations be good news or bad?
0:56:53 > 0:56:58The resell value, I'd estimate the property to be between
0:56:58 > 0:57:01£225-235,000.
0:57:01 > 0:57:05I think in the current market would be looking to put this to the market
0:57:05 > 0:57:08at an asking price of £250,000.
0:57:08 > 0:57:12Hmm, that could mean a potential profit of anything between
0:57:12 > 0:57:1525 and £55,000.
0:57:15 > 0:57:21Some agent said it was between 240-270.
0:57:23 > 0:57:25Their reactions suggest those valuations
0:57:25 > 0:57:28are a bit on the low side for their liking.
0:57:28 > 0:57:30What about rental figures?
0:57:30 > 0:57:32I'd estimate the property to be between
0:57:32 > 0:57:34£1,100-1,200 per calendar month.
0:57:34 > 0:57:39The rental value of this property per calendar month would be £1,200.
0:57:39 > 0:57:41That's a bit high, actually.
0:57:41 > 0:57:45- That's quite good.- That's more than what we thought.- Yes.
0:57:45 > 0:57:49A rental at £1,200 per month would mean an annual return
0:57:49 > 0:57:53on their £200,000 investment of 7.2%.
0:57:53 > 0:57:55So has that made them think twice about selling?
0:57:55 > 0:57:58The plan B will be to rent it out.
0:57:58 > 0:58:00Yeah, yeah.
0:58:00 > 0:58:02We will see how we get on.
0:58:02 > 0:58:05I think, first option, we still want to sell.
0:58:05 > 0:58:08Well, that's all we've got time for,
0:58:08 > 0:58:11but please join us again as we follow the ups and downs
0:58:11 > 0:58:14- of property development. - Yeah, hopefully not too many downs.
0:58:14 > 0:58:17Join us next time for more Homes Under The Hammer.
0:58:17 > 0:58:18- Bye-bye.- Goodbye.