0:00:02 > 0:00:05Welcome to the show. In the world of property, timing is critical.
0:00:05 > 0:00:08The buyer, the seller, even the market
0:00:08 > 0:00:11all have different opinions on when the right time to buy is.
0:00:11 > 0:00:14Yes, but if the clock is ticking and time is not on your side,
0:00:14 > 0:00:16why not head down to your property auction?
0:00:16 > 0:00:19Yes, sometimes just 28 days after that hammer falls,
0:00:19 > 0:00:21you could have the keys to your new property.
0:00:21 > 0:00:24So, do you fancy buying your next home at auction?
0:00:50 > 0:00:53On this show, we meet people who buy at auction for all kinds of reasons.
0:00:53 > 0:00:56Some might buy to make it their family home,
0:00:56 > 0:00:58some may buy as a source of income.
0:00:58 > 0:01:00Yes, for some, it's their very first property.
0:01:00 > 0:01:03And for others, it's the latest addition to their rental portfolio.
0:01:03 > 0:01:08Yes, the reasons can be manifold. There's a good word. However,
0:01:08 > 0:01:10there are some great stories and properties out there.
0:01:10 > 0:01:13What's coming up on today's show? Let's find out.
0:01:13 > 0:01:17I'm in Guildford to see a semidetached house that has
0:01:17 > 0:01:18an interesting open door policy.
0:01:18 > 0:01:22Oh, hello. There's two doors there, I quite like that, a wee bit quirky.
0:01:23 > 0:01:26I'm down by the seaside in Torquay,
0:01:26 > 0:01:29on a treasure hunt in a Grade II listed terrace.
0:01:29 > 0:01:30There's loads of original features
0:01:30 > 0:01:33just waiting for me to discover them.
0:01:33 > 0:01:35I'm also on the British coast,
0:01:35 > 0:01:38over in the Welsh town of Barry and I'm doing my best to drum up some
0:01:38 > 0:01:40interest in this house.
0:01:40 > 0:01:42RHYTHMIC TAPPING
0:01:44 > 0:01:48All these properties have been sold at auction and we'll find out
0:01:48 > 0:01:50who bought them and what they paid for them
0:01:50 > 0:01:52when they went under the hammer.
0:01:59 > 0:02:02This is picturesque Guildford in the county of Surrey.
0:02:02 > 0:02:06It has a pretty high street with an array of shops and restaurants.
0:02:06 > 0:02:09It also offers frequent train services into central London
0:02:09 > 0:02:12that only take 40 minutes. So, with all that going for it,
0:02:12 > 0:02:16don't expect property prices to come cheap.
0:02:17 > 0:02:23So, what do you get for a guide price of £230,000 plus?
0:02:23 > 0:02:26This three-bed semidetached house, that's what.
0:02:26 > 0:02:28Hello, it looks like work's already started.
0:02:28 > 0:02:30I spot a skip. Let's go inside.
0:02:33 > 0:02:35In the front door to...
0:02:35 > 0:02:37Well, it's definitely not a cosy living area.
0:02:37 > 0:02:39It's an outbuilding of some sort
0:02:39 > 0:02:41that's tagged on to the side of the house.
0:02:41 > 0:02:43Work has definitely commenced.
0:02:43 > 0:02:47You can see a wheelbarrow, ladders, it's in a bit of disarray.
0:02:47 > 0:02:51It's derelict. Through there you have a sink in a little room
0:02:51 > 0:02:54that was once a bathroom. It's not what you'd expect.
0:02:54 > 0:02:57You could think about incorporating this somehow into the house,
0:02:57 > 0:03:00so it doesn't feel like a draughty -
0:03:00 > 0:03:03that'll be because there's no roof - a draughty outhouse.
0:03:03 > 0:03:05Let's see if things are a bit warmer inside.
0:03:05 > 0:03:08You've got your stairs up to the right.
0:03:08 > 0:03:10On the left, it's quite a small room.
0:03:10 > 0:03:13Looks like it was possibly once a bigger room.
0:03:13 > 0:03:16But a partition wall has been put in there. That's pretty new.
0:03:16 > 0:03:18Through to... What would this have been...?
0:03:18 > 0:03:23Ah, a kitchen, is my bet, because it has lots of pipe works.
0:03:23 > 0:03:26Yes, there's another smaller room,
0:03:26 > 0:03:31so I'm guessing whoever has started work wants to make extra rooms.
0:03:31 > 0:03:34Through to our...
0:03:34 > 0:03:38I'd guess, reception room. Oh, hello. There's two doors there.
0:03:38 > 0:03:41I quite like that, a wee bit quirky.
0:03:41 > 0:03:44Everything needs done. There's air coming in.
0:03:44 > 0:03:46There's a brick wall here
0:03:46 > 0:03:50which makes me wonder if this was once the end of the house,
0:03:50 > 0:03:53this part's actually an extension.
0:03:53 > 0:03:57And... Ah, slightly worryingly,
0:03:57 > 0:04:00I don't know what this new wall is covering up.
0:04:00 > 0:04:05But there are bolts holding it to this wall and I do wonder if there's
0:04:05 > 0:04:07been some structural issue.
0:04:07 > 0:04:12This property really throws up a lot more questions than it does answers.
0:04:12 > 0:04:13It needs everything done.
0:04:13 > 0:04:17If you're looking on the plus side, it is a blank canvas.
0:04:17 > 0:04:19It's a bit quirky. It could work.
0:04:19 > 0:04:21# Seems like the more I look
0:04:23 > 0:04:26# Well, the less I seem to find
0:04:26 > 0:04:29# I get impossibly lost
0:04:29 > 0:04:31# I'm a work in progress
0:04:32 > 0:04:37# What you see ain't always what you get
0:04:37 > 0:04:41# Lovin' the process... #
0:04:41 > 0:04:45Upstairs, there are two smaller bedrooms to the front.
0:04:45 > 0:04:49Which, like the rest of the house, are still far from complete.
0:04:51 > 0:04:54And back off the hall to the side of the house is a small loo.
0:04:58 > 0:05:00Into the back bedroom, which is a decent size,
0:05:00 > 0:05:02but this is really worrying.
0:05:02 > 0:05:05Here you have something that's not yet been covered up and it's the
0:05:05 > 0:05:09roof, it's exposed. The plaster has been taken off.
0:05:09 > 0:05:11And it's definitely a damp issue.
0:05:11 > 0:05:14You can smell it slightly, you can see the damp.
0:05:14 > 0:05:16You can see the damp around the windowsill.
0:05:16 > 0:05:20This looks like it could be quite extensive and definitely needs
0:05:20 > 0:05:21a thorough investigation.
0:05:23 > 0:05:26# Take a look
0:05:26 > 0:05:28# Above you
0:05:28 > 0:05:30# Can you feel it?
0:05:30 > 0:05:32# I can, everywhere... #
0:05:35 > 0:05:38The worn roof and guttering looks to be the source of the damp.
0:05:38 > 0:05:42So it will need to be repaired and factored into your costs, but, hey,
0:05:42 > 0:05:46it's in better nick than the one on the garden shed.
0:05:46 > 0:05:50To shed light on if it's worth continuing with all the repairs,
0:05:50 > 0:05:54we've asked a local estate agent along to get her opinion on this
0:05:54 > 0:05:58property, guided at £230,000 plus.
0:05:58 > 0:06:01The property itself,
0:06:01 > 0:06:06I can see good potential in turning it into perhaps a four-bedroom
0:06:06 > 0:06:12property. With potentially letting it out to sharers or students
0:06:12 > 0:06:16because your return would be a lot higher than I think it would be if
0:06:16 > 0:06:18you were to resell it on.
0:06:18 > 0:06:24As a four-bed, the agent thinks a £350,000 sales figure is only
0:06:24 > 0:06:26five grand more than if it was a three-bed.
0:06:26 > 0:06:30So with all the work to be done here, maybe rental is the way to go,
0:06:30 > 0:06:32if the numbers add up.
0:06:32 > 0:06:35If you were to take it as a sharers,
0:06:35 > 0:06:37you could potentially rent this as
0:06:37 > 0:06:41a four-bedroom at £1,500 per calendar month.
0:06:41 > 0:06:43If the rooms were to be rented separately to sharers,
0:06:43 > 0:06:48HMO or house of multiple occupancy, regulations might apply.
0:06:48 > 0:06:52These rules generally cover amenities like toilets and kitchens,
0:06:52 > 0:06:55as well as fire and other safety aspects,
0:06:55 > 0:06:57so that's something to keep in mind.
0:06:59 > 0:07:02Work's already started on this property but there's still an awful
0:07:02 > 0:07:06lot to do. And it's hard to see what the end result will be.
0:07:06 > 0:07:07Let's find out who had the vision
0:07:07 > 0:07:10to turn it round when it went under the hammer.
0:07:14 > 0:07:17Where would you like to start off on this?
0:07:17 > 0:07:19I don't know... 240?
0:07:19 > 0:07:22Not going to go below 240. House in Guildford.
0:07:24 > 0:07:28With you, 240. 245.
0:07:28 > 0:07:30At the back, sir, 250. Standing up.
0:07:30 > 0:07:34That bidder may have been out but two others were vying for this lot,
0:07:34 > 0:07:39so we rejoin the bidding at £284,000.
0:07:39 > 0:07:42284. 286.
0:07:42 > 0:07:46288. 290. 292.
0:07:46 > 0:07:49Oh, please, don't stop on the round figures.
0:07:49 > 0:07:51292?
0:07:51 > 0:07:54He's going to... He's thinking 290.
0:07:54 > 0:07:56I can see it in his eyes.
0:07:56 > 0:07:58290. First time...
0:07:58 > 0:07:59Second time...
0:07:59 > 0:08:02Third and last time... If you are all done.
0:08:03 > 0:08:05Sold, 290. Good buy.
0:08:05 > 0:08:10The successful bid of £290,000 was made by Stuart.
0:08:10 > 0:08:12He's got a few rental properties
0:08:12 > 0:08:16in his portfolio in Birmingham and Guildford. So I was keen to find out
0:08:16 > 0:08:20why he made this property his latest acquisition.
0:08:23 > 0:08:25Stuart, hello. Congratulations.
0:08:25 > 0:08:28- Thank you.- Tell me about why you chose this house.
0:08:28 > 0:08:31I mean, the first thing is price. It's a fantastic price.
0:08:31 > 0:08:35It's a great location. There's just real fundamental value here.
0:08:35 > 0:08:37Have you always been in property?
0:08:37 > 0:08:40No, no, not at all. So, I was a trader.
0:08:40 > 0:08:43The best part of my working life was actually spent in Asia.
0:08:43 > 0:08:46I lived in Singapore until about two years ago.
0:08:46 > 0:08:49I was fortunate enough to retire early.
0:08:49 > 0:08:52So I moved back and needed something
0:08:52 > 0:08:55to do with my time, so I bought one,
0:08:55 > 0:08:59just for something to do. And got quite into it.
0:08:59 > 0:09:01It's quite good fun. And before I know it,
0:09:01 > 0:09:05I'm up to a number of properties. The hardest bit was actually doing
0:09:05 > 0:09:08the research around the properties and the areas themselves.
0:09:08 > 0:09:11So... You know, I got in my car,
0:09:11 > 0:09:14I must have gone to 20-25 cities in the UK and I really got under the
0:09:14 > 0:09:19bonnet of the fundamentals of the property market in those places.
0:09:19 > 0:09:21I went to see councils...
0:09:21 > 0:09:25lots of agents, hospitals... I looked at the demographics.
0:09:25 > 0:09:28- Absolutely everything. - So you really did your homework.
0:09:28 > 0:09:32In a way, you applied what you did as a trader to your new venture?
0:09:32 > 0:09:36Absolutely. I mean, I think to be successful in anything,
0:09:36 > 0:09:37research has to be meticulous.
0:09:37 > 0:09:41You have to give yourself the most favourable odds to succeed
0:09:41 > 0:09:43- as is possible.- OK.
0:09:43 > 0:09:47So you fancied this house, why? Had you been to see it?
0:09:47 > 0:09:50With every property I buy, I come in with my builder,
0:09:50 > 0:09:55so we can see what's possible. And he will give me an estimate of how
0:09:55 > 0:09:59much it's going to cost to turn it into, you know, the end product
0:09:59 > 0:10:02- that we want to see.- Talk me through what you've done already.
0:10:02 > 0:10:05Well, really, just the basic stuff. I mean, with this house,
0:10:05 > 0:10:08I'm doing something a little bit different, actually.
0:10:08 > 0:10:11Whereas you go in to most houses nowadays,
0:10:11 > 0:10:13and everyone wants the big open-plan,
0:10:13 > 0:10:16knock down walls and create these big, open spaces.
0:10:16 > 0:10:20Now, I'm going to do the opposite here. I don't do this on the others
0:10:20 > 0:10:25but for this one, I think there's a real lack of properties that can
0:10:25 > 0:10:31house families with three, four kids,
0:10:31 > 0:10:35and with a separate kind of living space for the kids, so Mum and Dad
0:10:35 > 0:10:39can, you know, relax without having loads of toys and whatnot around.
0:10:39 > 0:10:42So I'm actually going to create more rooms in this property.
0:10:42 > 0:10:45I'm not going to divide it up into lots of tiny rooms.
0:10:45 > 0:10:48But there's going to be a lot more rooms here.
0:10:48 > 0:10:52- So this area here would be your living area?- Living space. Yeah.
0:10:52 > 0:10:55- This would be the main reception room.- And you've got a kitchen
0:10:55 > 0:10:58in the middle and then you would have a kid's bedroom?
0:10:58 > 0:11:00Yes, so this is a three-bedroom house.
0:11:00 > 0:11:03Now, I want it to be a four-bedroom house. So there's a room at
0:11:03 > 0:11:06the front which I'm turning into a nice double bedroom. And then
0:11:06 > 0:11:09next to that and on the other side of the kitchen is
0:11:09 > 0:11:12going to be a kids' playroom.
0:11:12 > 0:11:16Stuart's already got a head start on the work to the layout and he's had
0:11:16 > 0:11:20his building team busy repairing and underpinning that back wall to the
0:11:20 > 0:11:23extension, which suffered from subsidence.
0:11:23 > 0:11:27They are also tackling the damp caused by the leaky roof.
0:11:27 > 0:11:30With all this work to be done, the costs must be mounting.
0:11:30 > 0:11:33So, how much of a budget have you reckoned for...?
0:11:33 > 0:11:37- 30,000.- 30,000?- Yeah. - OK, and timescale?
0:11:37 > 0:11:40About six weeks. My guys are pretty quick.
0:11:40 > 0:11:44- Six weeks?!- Yeah. They're young. They're young.
0:11:44 > 0:11:47They'll need to be more than young. They'll need to be super quick.
0:11:47 > 0:11:51What do you intend to do with the property? Rent it, sell it?
0:11:51 > 0:11:54Um... Do you know, I don't know at the moment, if I'm honest.
0:11:54 > 0:11:58There's so many options with this area cos it's such a strong market.
0:11:58 > 0:12:01You clearly know your stuff. You know the area inside out.
0:12:01 > 0:12:04- Yeah.- And you know there's a market for what you're doing.
0:12:04 > 0:12:08Which is invaluable. And you also speak like a man who maybe has
0:12:08 > 0:12:11- sympathy with people who have children.- Correct.
0:12:11 > 0:12:13You're talking about having a room so the toys can be
0:12:13 > 0:12:15in there and the parents can...
0:12:15 > 0:12:18- You're really sympathetic towards a family.- Absolutely.- Does this mean
0:12:18 > 0:12:21- you are a family man yourself? - I am, yeah. I've got three kids.
0:12:21 > 0:12:26A girl of 13, Isabella, a boy of 11, Felix,
0:12:26 > 0:12:30- and another little girl who is 1 tomorrow. Florence.- Lovely.
0:12:30 > 0:12:33- Big age gap.- So that must be really nice,
0:12:33 > 0:12:36giving up a full-time trading job to have a bit more time with them.
0:12:36 > 0:12:39Oh, it's amazing, yeah. Absolutely.
0:12:39 > 0:12:42They are obviously a very different stages of their lives but, yeah,
0:12:42 > 0:12:45it's pretty full-on but very enjoyable.
0:12:45 > 0:12:48Can't wait to see what you do with the place. Good luck.
0:12:48 > 0:12:50Thank you very much.
0:12:51 > 0:12:55Stuart seems to be taking the amount of work that needs to be done here
0:12:55 > 0:12:57in his stride. The former trader
0:12:57 > 0:13:00seems certain this is a great investment.
0:13:00 > 0:13:04Is he right to be so sure? You can find out later in the show.
0:13:16 > 0:13:19Beautiful Torquay, on Devon's southern coast.
0:13:19 > 0:13:24In Victorian times, this became THE place to have a holiday home
0:13:24 > 0:13:28and anyone who was anyone would come here.
0:13:28 > 0:13:31Hence it became known as the English Riviera.
0:13:33 > 0:13:35Those heady days have left Torquay
0:13:35 > 0:13:39with some glamorous looking villas and it's a shame their size and cost
0:13:39 > 0:13:42of maintaining them has meant many of them have been divided
0:13:42 > 0:13:46into flats. However, it sounds likely that today's property
0:13:46 > 0:13:49has more than a bit of substance.
0:13:51 > 0:13:55Well, just a short walk from Torquay town centre and that lovely seafront
0:13:55 > 0:13:57is the property I'm here to see.
0:13:57 > 0:14:01Grade II listed, six bedrooms,
0:14:01 > 0:14:03character period house.
0:14:05 > 0:14:07I already love it.
0:14:12 > 0:14:15I love the £50,000-£80,000 guide price, too.
0:14:15 > 0:14:19This is one of several houses in a Victorian terrace and the access
0:14:19 > 0:14:22is through this shared passage.
0:14:23 > 0:14:26This is all very exciting.
0:14:26 > 0:14:28What am I going to find?
0:14:28 > 0:14:33Nice big ceilings and, straightaway, oodles of character.
0:14:33 > 0:14:38Gosh. This is kind of just the reception room, I suppose.
0:14:38 > 0:14:42And I'm getting really excited because judging by things like this
0:14:42 > 0:14:46stained-glass window, and this strange bit underneath the stairs,
0:14:46 > 0:14:52we have a house here which has not been messed about with,
0:14:52 > 0:14:56so that means there's loads of original features just waiting for
0:14:56 > 0:14:58me to discover them.
0:14:58 > 0:15:02And this place is huge, so this will be a bit of a whirlwind tour.
0:15:02 > 0:15:04Or we'll be here all day.
0:15:05 > 0:15:09This lounge has a lovely window and fireplace.
0:15:09 > 0:15:12Towards the back of the house, there's another staircase,
0:15:12 > 0:15:14going up to the first floor.
0:15:18 > 0:15:21It's hard enough for me to get my head round the layout of this place,
0:15:21 > 0:15:25and I'm here. Basically, that second set of stairs at the back there
0:15:25 > 0:15:26leads through to this here,
0:15:26 > 0:15:29which might have been a servant's bedroom, I don't know.
0:15:29 > 0:15:34There's a bathroom there, separate loo here. And then up this little
0:15:34 > 0:15:39stairway into what I imagine is the main part of the house again.
0:15:39 > 0:15:42Stairs up there to, like, an attic room.
0:15:42 > 0:15:47This is sort of like a transition room area and it links off the top
0:15:47 > 0:15:51of those other stairs. And you come through to what I guess was the
0:15:51 > 0:15:56master bedroom. It's got this lovely window and a really nice feel to it.
0:15:56 > 0:16:02It also is dual aspect because through these doors into the front
0:16:02 > 0:16:05part of the bedroom, what is quite interesting when you look out
0:16:05 > 0:16:10the front there, you see that we are actually located above the driveway.
0:16:10 > 0:16:12So this will be a flying freehold,
0:16:12 > 0:16:15so you definitely have to have that checked out by your solicitor.
0:16:15 > 0:16:18And then through another doorway into...
0:16:18 > 0:16:20Are you sticking with me here?
0:16:20 > 0:16:22Through this doorway into this, which is, I guess,
0:16:22 > 0:16:25the second big double bedroom.
0:16:25 > 0:16:27Lovely fireplace. Lovely features.
0:16:27 > 0:16:31And then round again to the top of the stairs. You need a good
0:16:31 > 0:16:34architect to draw you some plans to figure out quite what you would do
0:16:34 > 0:16:37here cos it's not obvious.
0:16:37 > 0:16:39# And I got a problem and I
0:16:39 > 0:16:42# Don't know what to do about it... #
0:16:42 > 0:16:46One thing that is obvious is this old house has a few structural
0:16:46 > 0:16:48issues that need attention.
0:16:50 > 0:16:52# And I know this much is true... #
0:16:52 > 0:16:56There's a garden, outbuildings, and a courtyard out back.
0:16:56 > 0:16:58But some of this could be shared,
0:16:58 > 0:17:02so my advice would be to give that legal pack some decent scrutiny.
0:17:07 > 0:17:11So, a few issues to clarify out there,
0:17:11 > 0:17:13or get your solicitor to clarify it, for sure.
0:17:13 > 0:17:18But it brings you into the rear of the property and lots more space.
0:17:18 > 0:17:20A sort of like utility area here
0:17:20 > 0:17:24and then down into a sort of food storage area, I would guess.
0:17:24 > 0:17:28I would be interested to know how thick and how supporting these walls
0:17:28 > 0:17:31are because clearly in an ideal world, you would remove these
0:17:31 > 0:17:35to create one really nice big space. My guess is that this was the area
0:17:35 > 0:17:39where the servants in the house would have lived.
0:17:39 > 0:17:41And prepared the food and whatever...
0:17:41 > 0:17:46You almost expect to see one of those bell things on the wall.
0:17:46 > 0:17:50Ding, ding, ding. Tea required in the study kind of thing.
0:17:50 > 0:17:53Large fireplace.
0:17:53 > 0:17:56Now, I would love to know what's behind there, but to my mind,
0:17:56 > 0:17:59that is an asbestos panel. I'm not too keen to take that off.
0:17:59 > 0:18:02But let's just assume there's a really nice thing in there.
0:18:02 > 0:18:04And it just adds to the overall
0:18:04 > 0:18:06thing that this house is just amazing.
0:18:06 > 0:18:09# I think it's amazing
0:18:10 > 0:18:14# I think it's amazing... #
0:18:14 > 0:18:18We invited the auctioneer who sold it to come along and tell us about
0:18:18 > 0:18:20the house, guided at 50-80,000.
0:18:20 > 0:18:23It's an auction classic, in the sense that it needs everything
0:18:23 > 0:18:26doing to it, from top to bottom, it needs refurbishment.
0:18:26 > 0:18:28But of course it is a Grade II listed building,
0:18:28 > 0:18:30so whoever does the refurbishment needs to hold hands with the
0:18:30 > 0:18:32conservation officer.
0:18:32 > 0:18:35You can't come in and bulldoze it down and start rearranging and
0:18:35 > 0:18:38configuring walls, changing staircases, etc,
0:18:38 > 0:18:40you have to be absolutely very careful that what you do is in
0:18:40 > 0:18:43keeping with the aesthetics of the property and the era.
0:18:43 > 0:18:46Now, as I mentioned earlier,
0:18:46 > 0:18:50there are costs involved in running large houses like this.
0:18:50 > 0:18:55It's a real pity but it means they often get divided off and the room
0:18:55 > 0:18:58sizes here do offer the possibility of an HMO -
0:18:58 > 0:19:01six rooms for rent, which could be lucrative -
0:19:01 > 0:19:07with the auctioneer suggesting a total of £1,400 per calendar month.
0:19:07 > 0:19:10But what would he recommend?
0:19:10 > 0:19:13Personally, I think the best option for the buyer, the most viable
0:19:13 > 0:19:16option, would be to go along and lovingly restore this to a family
0:19:16 > 0:19:19period home and then put it on the open market for resale.
0:19:19 > 0:19:22I would expect to put this on the market somewhere in the region of
0:19:22 > 0:19:24£170,000.
0:19:24 > 0:19:27It's not going to be a simple renovation, it's listed, it's...
0:19:27 > 0:19:29You've seen it.
0:19:29 > 0:19:33However, it just needs somebody who loves it to take it on and turn it
0:19:33 > 0:19:37back into what it once was. I guess it's all down to whoever decided
0:19:37 > 0:19:40to buy it and there's only one way to find out who that was -
0:19:40 > 0:19:42by going to the auction.
0:19:45 > 0:19:47It's a six-bed period property.
0:19:47 > 0:19:51Won't muck around. 40. At 40. Who will give me? 40 And we're away.
0:19:51 > 0:19:53At 40 and we're away. At 40.
0:19:53 > 0:19:56And 2. And 4.
0:19:56 > 0:19:58And 6.
0:19:58 > 0:20:0152, he goes. 52. So, 4?
0:20:01 > 0:20:05The bidding continued both in the room and with the telephone bidder.
0:20:05 > 0:20:09The first telephone bidder may have dropped out, but another joined in,
0:20:09 > 0:20:13so let's go back to the bidding at 101,000.
0:20:13 > 0:20:17On my right on the telephone, at 101,000.
0:20:17 > 0:20:20And a half. Sorry.
0:20:20 > 0:20:22102.
0:20:22 > 0:20:27And a half, you are in. And 1, he goes. 103. At 103.
0:20:27 > 0:20:29At 103,000.
0:20:29 > 0:20:30At 103 and a half?
0:20:30 > 0:20:32103, we're in.
0:20:32 > 0:20:35At the first time... 103, for the second time.
0:20:35 > 0:20:37At 103,000.
0:20:37 > 0:20:41Selling, all and done at 103,000, on the phone.
0:20:41 > 0:20:42Sold.
0:20:42 > 0:20:46Well, the telephone bidder who made a final successful bid of 103,000
0:20:46 > 0:20:48was Greg.
0:20:49 > 0:20:52He runs a property letting company in Torquay.
0:20:52 > 0:20:56I met him back at the property to find out the plans.
0:20:56 > 0:20:59- Greg, great to meet you. - And you.- Congratulations.
0:20:59 > 0:21:02- Thank you very much.- Tell me why you wanted to buy it.
0:21:02 > 0:21:04Well, the main draw was the room sizes.
0:21:04 > 0:21:08- All of them were in excess of ten by ten.- Yeah.- So, there's a lot
0:21:08 > 0:21:10I can do with this property.
0:21:10 > 0:21:14I run a property letting company and I run a lot of HMOs,
0:21:14 > 0:21:16- house of multiple occupation.- Right.
0:21:16 > 0:21:20So, there could be, potentially, sort of six letting rooms here.
0:21:20 > 0:21:24Subject to acquiring local authority consents.
0:21:24 > 0:21:29Failing that, it could be split very easily into two houses.
0:21:29 > 0:21:32- Right.- Or it could be turned into maybe a number of flats.
0:21:32 > 0:21:35None of the things you mentioned are restoring it back to its former
0:21:35 > 0:21:37glory and having it as a single house, are they?
0:21:37 > 0:21:41No. That's going to be plan D, if none of the above...
0:21:41 > 0:21:45OK. Let's start with plan A.
0:21:45 > 0:21:47HMO... For, not students, professional lets?
0:21:47 > 0:21:50- Sort of thing?- Well, these days,
0:21:50 > 0:21:53there's quite a large demand for single people under the age of 35.
0:21:53 > 0:21:57For, like, a room only in a shared accommodation.
0:21:57 > 0:22:01- Right.- So that could be a way forward.
0:22:02 > 0:22:06Well, it could be, but only if the relevant authorities agree.
0:22:06 > 0:22:11If not, Greg's plan B would be to divide the property into two houses
0:22:11 > 0:22:13and either sell them or rent them out.
0:22:13 > 0:22:17Plan C would be to turn the place into four flats.
0:22:17 > 0:22:20Again, all the plans depend on getting the right consent from the
0:22:20 > 0:22:24planners and the listed buildings department.
0:22:24 > 0:22:28How do you think the listings people are going to view it? Flats?
0:22:28 > 0:22:31- HMOs?- Yeah, I know.
0:22:31 > 0:22:33But we can only try.
0:22:33 > 0:22:36No matter which consent he gets, Greg plans to have the project
0:22:36 > 0:22:39finished within six months from that point.
0:22:39 > 0:22:42And he's set a budget of around £45,000
0:22:42 > 0:22:44for each of his four options.
0:22:44 > 0:22:48He does have plenty of property developing experience,
0:22:48 > 0:22:50but can he handle this project?
0:22:51 > 0:22:54I haven't been involved in a Grade II listed before,
0:22:54 > 0:22:57so it's going to be a bit of a learning curve. I understand that
0:22:57 > 0:23:00they've only got a listing for the front of the building at the moment.
0:23:00 > 0:23:03Whether they come in and list everything else, I don't know.
0:23:03 > 0:23:07There are some lovely features which are hidden behind years of paintwork
0:23:07 > 0:23:11- and stuff. What are you going to do with those?- It really depends. If we
0:23:11 > 0:23:14are going to go down the HMO route, then just sort of preserve them
0:23:14 > 0:23:18but not sort of bring the full beauty out.
0:23:18 > 0:23:22But if we are going to go for the former glory of a home, then
0:23:22 > 0:23:25definitely sort of bring out all the features as much as possible.
0:23:25 > 0:23:27Right. And in the kitchen, there is
0:23:27 > 0:23:31a tantalising bit of plywood in front of what I hope
0:23:31 > 0:23:36would be a range or some kind of amazing cooking thing.
0:23:36 > 0:23:40We've yet to use a screwdriver to remove the panelling to see
0:23:40 > 0:23:42- what's behind there.- How can you control yourself?
0:23:42 > 0:23:45You own the house now. I'd be there with an electric screwdriver,
0:23:45 > 0:23:47taking it off, the moment I'd got it.
0:23:47 > 0:23:48As soon as you guys have gone.
0:23:48 > 0:23:54- OK. Maybe do it before we go so we can see.- Possibly, OK.
0:23:54 > 0:23:58# Please, please, tell me now... #
0:23:58 > 0:24:00OK, I'll just have to wait.
0:24:00 > 0:24:05Taking the asbestos panel off needs to be done safely.
0:24:05 > 0:24:08- And then what's next for you? - Again, another project. Yeah.
0:24:08 > 0:24:11- Listen, congratulations.- Thank you. - Good luck with it and we look
0:24:11 > 0:24:14- forward to seeing how you get on. - Thank you.
0:24:15 > 0:24:19Well, there are those who would have hoped this house would find somebody
0:24:19 > 0:24:22who would take it on and restore it to its former glory,
0:24:22 > 0:24:26as a single property. But these are tough times in the world of property
0:24:26 > 0:24:29and Greg is taking a very business-like approach.
0:24:29 > 0:24:33Will it be an HMO, will it be a flat or two?
0:24:33 > 0:24:37Will it be two properties? It all comes down to planning and the fact
0:24:37 > 0:24:40it's listed, I think he could have a few hurdles to cross before we find
0:24:40 > 0:24:44out what happens to this beautiful old house.
0:24:44 > 0:24:47You can find out later in the show.
0:24:47 > 0:24:49Coming up, I'm in the Welsh coastal town of Barry to see
0:24:49 > 0:24:54a terraced house. I'm only just in the door and it's got me hooked.
0:24:54 > 0:24:57I've just found some hooks. Perfect.
0:24:57 > 0:25:01And find out if Greg has completed the work in his Grade II
0:25:01 > 0:25:04listed terrace, or will he leave us hanging?
0:25:04 > 0:25:06It hasn't had my full attention.
0:25:10 > 0:25:13Back now to the county town of Guildford in Surrey,
0:25:13 > 0:25:19where I visited this three-bed semi with a guide price of £230,000 plus.
0:25:19 > 0:25:23It was clear that someone had made a start on the work and it was a case
0:25:23 > 0:25:27of looking worse before it got better. A stud partition had been
0:25:27 > 0:25:30put up to divide a large room into smaller rooms
0:25:30 > 0:25:34and there was evidence of a kitchen in the centre of the house.
0:25:34 > 0:25:36But it was the rear reception room
0:25:36 > 0:25:40that led me to my diagnosis of this property.
0:25:40 > 0:25:42Everything needs done.
0:25:42 > 0:25:45There's air coming in, don't know what this new wall is covering up.
0:25:45 > 0:25:50But there are bolts holding it to this wall and I do wonder if there's
0:25:50 > 0:25:52been some structural issue.
0:25:52 > 0:25:58This property really throws up a lot more questions than it does answers.
0:25:58 > 0:26:02Luckily, there was someone who could answer a few of those questions.
0:26:02 > 0:26:06The person responsible on the start of the work was purchaser Stuart,
0:26:06 > 0:26:11a former city trader in Asia and now an enthusiastic developer.
0:26:11 > 0:26:13He bought the house for £290,000
0:26:13 > 0:26:17and he was approaching the project like he would any other investment.
0:26:17 > 0:26:19You know, I got in my car,
0:26:19 > 0:26:23I must have gone to 20-25 cities in the UK and I really got under
0:26:23 > 0:26:28the bonnet of the fundamentals of the property market in those places.
0:26:28 > 0:26:30I went to see councils,
0:26:30 > 0:26:32lots of agents, hospitals, you know...
0:26:32 > 0:26:35I looked at the demographics, absolutely everything.
0:26:35 > 0:26:37So you really did your homework.
0:26:37 > 0:26:40In a way, you applied what you did as a trader to your new venture?
0:26:40 > 0:26:44Absolutely. I mean, I think to be successful in anything,
0:26:44 > 0:26:47research has to be meticulous. You have to give yourself the most
0:26:47 > 0:26:50favourable odds to succeed as is possible.
0:26:53 > 0:26:56Stuart seemed to have developed a recipe for success
0:26:56 > 0:27:01and had a fine-tuned budget of 30 grand and timescale of six weeks.
0:27:01 > 0:27:05But did his winning formula work a treat or come crashing down?
0:27:05 > 0:27:07Eight weeks later, we're back.
0:27:12 > 0:27:15There have definitely been some improvements out here
0:27:15 > 0:27:17but what about inside?
0:27:19 > 0:27:24The old entrance is now a welcoming hallway and utility space
0:27:24 > 0:27:29and the shabby outbuilding is now a handy downstairs shower room.
0:27:29 > 0:27:32Stuart decided that this was not just going to be
0:27:32 > 0:27:33another open-plan home.
0:27:36 > 0:27:40He wanted to create a home where a family could have kiddie space
0:27:40 > 0:27:44and kid-free space when needed. The kitchen is now stylish and bright.
0:27:46 > 0:27:50Leading off is the grown-up relaxing area Stuart promised.
0:27:53 > 0:27:56At the front of the house is also a kids' playroom and a double bedroom
0:27:56 > 0:27:59which makes bedroom number one.
0:28:01 > 0:28:04So, what will we find upstairs? Let's see.
0:28:06 > 0:28:08Bedroom two,
0:28:08 > 0:28:13bedroom three, and what is now bedroom four, and it's damp free.
0:28:13 > 0:28:15I wonder how Stuart dealt with that?
0:28:17 > 0:28:21I think there was a problem with the guttering. I'm not the most erudite
0:28:21 > 0:28:25when it comes to talking about building problems. But the builder
0:28:25 > 0:28:28that works for me pretty much full time, who is an absolute genius,
0:28:28 > 0:28:32I might add, he resolved the damp issue down there.
0:28:32 > 0:28:33There were other problems.
0:28:33 > 0:28:37I think in this reception room there was subsidence where we had to
0:28:37 > 0:28:40underpin the floor. Everything was wrong with this house.
0:28:40 > 0:28:43It needed to be rewired, replumbed, re-everything.
0:28:43 > 0:28:48Stuart's genius builder and equally brilliant team have even managed to
0:28:48 > 0:28:51squeeze a second shower room upstairs.
0:28:51 > 0:28:53With all these bright sparks on board,
0:28:53 > 0:28:57it doesn't sound like Stuart had to get too stuck in.
0:28:57 > 0:29:01I wasn't hands-on at all. In fact, I couldn't have been more hands-off.
0:29:01 > 0:29:04I would come down every now and again and, you know,
0:29:04 > 0:29:07bring pizzas to the lads working on-site. That was about it.
0:29:07 > 0:29:11No shame in leaving it to the professionals and even with that
0:29:11 > 0:29:15pizza bill, he still came in right on budget at 30 grand.
0:29:15 > 0:29:18So, now that it's all done and dusted,
0:29:18 > 0:29:20what is Stuart going to do with the property?
0:29:22 > 0:29:25I'm going to sell it.
0:29:25 > 0:29:29I would like to sell it to a family because it's a nice family house.
0:29:29 > 0:29:33A family with three kids, let's say, could very happily live here.
0:29:33 > 0:29:37However, you know, if an investor does want to come in and buy it
0:29:37 > 0:29:41then obviously I'd be very happy to sell to them as well.
0:29:41 > 0:29:44Right on schedule, here's a local estate agent
0:29:44 > 0:29:46to help with that quandary.
0:29:46 > 0:29:49First, let's see what he thought of the renovation,
0:29:49 > 0:29:55which has cost Stuart a total investment of £320,000.
0:29:55 > 0:29:56I think the finish is very good.
0:29:56 > 0:30:00It's very contemporary. It's a blank canvas. So whatever furniture
0:30:00 > 0:30:04or styles or colours the eventual people that move in want, they can
0:30:04 > 0:30:07add their own stamp, their own personality to the house.
0:30:07 > 0:30:08But the quality seems very good,
0:30:08 > 0:30:11so all the basics have been done to a very good standard.
0:30:11 > 0:30:15What does he think of Stuart's choice to buck the trend and keep
0:30:15 > 0:30:18the layout as individual rooms?
0:30:18 > 0:30:22I think the owner's decision to not make it into an open-plan house is
0:30:22 > 0:30:26a good one. The location of this house is so close to the university,
0:30:26 > 0:30:28the hospital, and a large research park,
0:30:28 > 0:30:32and there is a huge number of sharing
0:30:32 > 0:30:36rental applicants at the moment, who would relish getting hold of
0:30:36 > 0:30:38a house like this with so many bedrooms.
0:30:38 > 0:30:41So I think the layout is perfect for a rental investor.
0:30:41 > 0:30:45So, Stuart has given himself a very wide market indeed -
0:30:45 > 0:30:50a family home or a rental vehicle for an investor. So, what kind of
0:30:50 > 0:30:53valuation figures could either of these options achieve?
0:30:53 > 0:30:56I think if the owner wanted to sell to a family, we'd describe it as a
0:30:56 > 0:30:59three-bedroom house with a potential fourth bedroom,
0:30:59 > 0:31:02using one of the rooms downstairs. In the current market,
0:31:02 > 0:31:07the value would be somewhere in the region of £400,000 to £425,000.
0:31:07 > 0:31:09If we were to market this property to investment buyers, I think it
0:31:09 > 0:31:12would actually be more valuable because of the layout and the
0:31:12 > 0:31:15phenomenal demand for rental accommodation in this area.
0:31:15 > 0:31:19We would market the property with a guide price of between £450,000
0:31:19 > 0:31:21and £475,000.
0:31:21 > 0:31:24It's about as I would have expected.
0:31:24 > 0:31:29The rental demand in this area is so strong that there will always be a
0:31:29 > 0:31:33demand for these properties from investors because the rental returns
0:31:33 > 0:31:36are so high. So I'm not surprised by that at all.
0:31:36 > 0:31:40Well, he's a meticulous researcher and it seems to have paid off,
0:31:40 > 0:31:46with a top potential profit of £155,000, minus taxes and fees.
0:31:46 > 0:31:50He really has nailed that recipe for success.
0:31:50 > 0:31:54When you find something that works, why not keep going with it?
0:31:54 > 0:31:58It's not going to be a full-time occupation for me because actually
0:31:58 > 0:32:00I'm moving back to Asia in about four weeks.
0:32:00 > 0:32:04But I will definitely keep investing in this area, absolutely.
0:32:08 > 0:32:12Barry is South Wales' largest town.
0:32:12 > 0:32:15While it might be best known these days for its fictional residents,
0:32:15 > 0:32:20Gavin and Stacey, the main draw to Barry for almost 150 years has been
0:32:20 > 0:32:23its beach-side amusements.
0:32:23 > 0:32:27With Cardiff just 30 minutes' drive away, there is a mixture of locals
0:32:27 > 0:32:31and commuters seeking property in this area.
0:32:31 > 0:32:34Even though we are a good ten minute drive away from the hustle
0:32:34 > 0:32:38and bustle of Barry town centre and all the fun of the fair,
0:32:38 > 0:32:42the hustle and bustle continues on this very busy main road,
0:32:42 > 0:32:44where we find our property.
0:32:44 > 0:32:51This is a three bed terraced house with a guide price of £65,000 plus.
0:32:51 > 0:32:54It's going to need double glazing.
0:32:54 > 0:32:57So noisy on the outside but is it sound on the inside?
0:32:59 > 0:33:00Right.
0:33:02 > 0:33:05I'll get to that floor in a second. Let's close this door.
0:33:07 > 0:33:10Right. Somebody has definitely tampered with that door.
0:33:10 > 0:33:15It's really difficult to close. And there's pizza boxes on the floor.
0:33:15 > 0:33:20That tells me somebody may have been in here or tried to come in here.
0:33:20 > 0:33:22Look at this floor as well. As soon as you come in through the door,
0:33:22 > 0:33:27first step, that is all over the place.
0:33:27 > 0:33:29Not the prettiest sight.
0:33:29 > 0:33:32That will have to get sorted out. I've just found some hooks.
0:33:32 > 0:33:35Perfect. Right. Where do we start?
0:33:35 > 0:33:40You've got stairs going up to your bedrooms and into the first
0:33:40 > 0:33:44two reception rooms in this property, which is now one big room.
0:33:44 > 0:33:49And a nice-size room it is. But as soon as you come into this place,
0:33:49 > 0:33:53it feels like it's not had very much love over the last few years.
0:33:53 > 0:33:57You've got a gas fire there. There's no flooring in here.
0:33:57 > 0:34:00There's no flooring in the second reception room as well.
0:34:00 > 0:34:02And these wood panels...
0:34:02 > 0:34:06Look - everywhere. And these panels have got to go.
0:34:06 > 0:34:08But they don't sound too bad.
0:34:08 > 0:34:09HE TAPS RHYTHMICALLY
0:34:12 > 0:34:15Sorry. I'll have a look at the rest of the property.
0:34:16 > 0:34:20Down the hallway, under the stairs there is a bit of storage there.
0:34:20 > 0:34:23And then through into the kitchen and, yes,
0:34:23 > 0:34:26there's a little bit more wood panelling as well.
0:34:26 > 0:34:29And that very old boiler.
0:34:29 > 0:34:32That would need to be ripped out, put a brand-new one in there.
0:34:32 > 0:34:35I'm thinking, if you were to take all of this out,
0:34:35 > 0:34:37you would have a decent-size kitchen here.
0:34:37 > 0:34:41Nice brand-new, bright kitchen as well.
0:34:41 > 0:34:43And just for the record,
0:34:43 > 0:34:47these are not real.
0:34:47 > 0:34:49It's not a cottage.
0:34:49 > 0:34:51Get rid of them, they don't work.
0:34:51 > 0:34:54And round the corner, let's have a look around the corner,
0:34:54 > 0:34:59see what we've got. In here, OK, right at the back of the property,
0:34:59 > 0:35:02you've got the family bathroom and, yes, you've guessed it,
0:35:02 > 0:35:04more wood panelling.
0:35:04 > 0:35:08Get rid of it, start again, freshen it up, brighten it up.
0:35:08 > 0:35:13But there is one thing I'd keep - it's that chocolate bidet.
0:35:13 > 0:35:14Only joking.
0:35:14 > 0:35:17# They gotta take it all away
0:35:17 > 0:35:20# They gotta take it all away... #
0:35:20 > 0:35:24Like a lot of this house, it needs to be taken away and fast.
0:35:24 > 0:35:29Let's hope upstairs delivers something a bit more my taste.
0:35:29 > 0:35:32OK, upstairs to the three bedrooms...
0:35:32 > 0:35:35Starting off with this one at the back of the property.
0:35:35 > 0:35:39There is a bit of damp around the window itself and what looks like a
0:35:39 > 0:35:44bit of mould underneath the window, but not too bad.
0:35:44 > 0:35:45Good size to start off with.
0:35:45 > 0:35:50Up a couple of stairs to the landing, a bit of storage here.
0:35:50 > 0:35:54Which has seen better days. Good idea, but seen better days.
0:35:54 > 0:35:57Bedroom number two, again, it's in a bit of a mess.
0:35:57 > 0:36:00Some of the plaster work needs to be sorted, too.
0:36:00 > 0:36:04And then into an even bigger first bedroom,
0:36:04 > 0:36:07which leads me to believe you could actually get a family bathroom up
0:36:07 > 0:36:10here, maybe put it in the first bedroom I showed you,
0:36:10 > 0:36:13maybe split it in two, have one side
0:36:13 > 0:36:17as a single bedroom and the other side as a family bathroom.
0:36:17 > 0:36:19I'm happy with upstairs.
0:36:19 > 0:36:22There is less work up here than there is down there.
0:36:23 > 0:36:26Not that these rooms couldn't do with some attention.
0:36:26 > 0:36:29But when I mean more work down there,
0:36:29 > 0:36:32it isn't just inside the house I was thinking about.
0:36:34 > 0:36:37So, I'm out the back in the back garden.
0:36:37 > 0:36:39As you can see, it's overgrown.
0:36:39 > 0:36:41I normally come out the back and think to myself,
0:36:41 > 0:36:46can you increase the inside space by having an extension?
0:36:46 > 0:36:50It's not the largest back garden and I wouldn't really want to make it
0:36:50 > 0:36:54any smaller. Plus I'm not sure it's going to help with the price of the
0:36:54 > 0:36:57house because there is a ceiling price in this area,
0:36:57 > 0:36:59so I don't think you'd gain from it anyway.
0:36:59 > 0:37:03The back garden itself, clear it up, get some slabs down,
0:37:03 > 0:37:05but some grass down, whatever you want,
0:37:05 > 0:37:08it's outside space and it's always a bit of a bonus.
0:37:08 > 0:37:11And it's practical, too.
0:37:11 > 0:37:14With no space out front, you are going to need this area to move all
0:37:14 > 0:37:19the stuff that needs to be ripped out. But with all the work that is
0:37:19 > 0:37:24needed, will there be enough left in the house to make a hot property?
0:37:28 > 0:37:31So, what does a local estate agent think?
0:37:31 > 0:37:33What can she tell us about the area?
0:37:33 > 0:37:39Where we are situated, it's 19th-century period properties,
0:37:39 > 0:37:43mostly tenanted with a mix of homeowners.
0:37:43 > 0:37:46The property needs complete renovation -
0:37:46 > 0:37:49new kitchen, new bathroom, new central heating system,
0:37:49 > 0:37:51probably the wiring...
0:37:51 > 0:37:54Most people, you have a downstairs bathroom,
0:37:54 > 0:37:57you probably would put it to the first floor.
0:37:57 > 0:38:00I know then you would lose a bedroom but it would be more saleable.
0:38:00 > 0:38:04People looking for a home to live in would possibly appreciate the
0:38:04 > 0:38:06bathroom being upstairs.
0:38:06 > 0:38:09But while saleability can mean a quick sale for the investor,
0:38:09 > 0:38:11the numbers have to stack up.
0:38:11 > 0:38:14So bear in mind that 65 grand-plus guide price.
0:38:14 > 0:38:18Interestingly, the agent thinks the resale value would be pretty much
0:38:18 > 0:38:21the same, whether you move the bathroom or not.
0:38:21 > 0:38:24You'd be looking in the region of £120,000.
0:38:24 > 0:38:26What would the rentals be?
0:38:26 > 0:38:30If it was a two-bedroom, by taking the bathroom to the first floor,
0:38:30 > 0:38:34you'd be looking in the region of £550 per calendar month.
0:38:34 > 0:38:37If you left it as it is and kept it the three bedrooms,
0:38:37 > 0:38:40it would be £600 per calendar month.
0:38:45 > 0:38:48Normally, you don't have to tick every box when it comes to doing
0:38:48 > 0:38:51a refurb, but with this one I think you do.
0:38:51 > 0:38:54There's an awful lot of work that needs to be done here.
0:38:54 > 0:38:57This is a job for somebody who doesn't mind getting stuck in
0:38:57 > 0:38:59and getting their hands dirty.
0:38:59 > 0:39:01But please get rid of that wood panelling.
0:39:01 > 0:39:05Let's find out who wasn't work-shy when it went under the hammer.
0:39:07 > 0:39:10OK, we've got a three-bedroom mid-terraced house,
0:39:10 > 0:39:11needs a refurbishment throughout.
0:39:11 > 0:39:14Looking to open the bidding at 65,000.
0:39:14 > 0:39:16Do I have 65,000? 65, thank you.
0:39:16 > 0:39:1965. Looking for 66.
0:39:19 > 0:39:20Do I see 66?
0:39:20 > 0:39:24Thank you. 67? 67. 68?
0:39:24 > 0:39:2768, thank you. 69,000? 69.
0:39:27 > 0:39:3070 now I'm looking for. Looking for 70. 70 is bid there.
0:39:30 > 0:39:33Looking for... We've got 70,000. 71?
0:39:33 > 0:39:3571 at all?
0:39:35 > 0:39:38There's nobody else here for it. Going to sell at 70,000.
0:39:38 > 0:39:41Sold to you, sir, 70,000.
0:39:41 > 0:39:43So, the hammer fell at 70 grand
0:39:43 > 0:39:47and the person there at the back was local man Chris.
0:39:47 > 0:39:51# I'm right behind you... #
0:39:51 > 0:39:56He bought the Barry house as a joint project with his brother Scott.
0:39:56 > 0:40:00# I'll be beside you
0:40:00 > 0:40:03# On that dusty road... #
0:40:03 > 0:40:07I met them both back at their new project to find out their plans.
0:40:09 > 0:40:12- Scott, nice to meet you.- Dion. - Chris.- Nice to meet you, all right?
0:40:12 > 0:40:15Nice to meet you too, chaps. Congratulations. Are you happy?
0:40:15 > 0:40:18- Really happy, yeah.- What was it about this place that you liked?
0:40:18 > 0:40:20Well... I can't lie to you,
0:40:20 > 0:40:24- we didn't see it before the auction, so...- So bought blind a little bit.
0:40:24 > 0:40:26That's not a great start. You didn't view the property.
0:40:26 > 0:40:29- No.- No. Went in blind.
0:40:29 > 0:40:31- Chaps...- Well, I've got a couple of properties in Barry.
0:40:31 > 0:40:34I know the area. So we thought it was a good buy, didn't we?
0:40:34 > 0:40:36- Yeah, yeah.- So when you are not in the auction house,
0:40:36 > 0:40:39not looking for properties, what do you do? What's your day jobs?
0:40:39 > 0:40:42- We've got a building company. - Ah.- So...
0:40:42 > 0:40:46Yeah, it lends itself to this sort of work.
0:40:46 > 0:40:48I'm in the Fire Service as well.
0:40:48 > 0:40:51So obviously on my days off, I do it with Scott, the building side.
0:40:51 > 0:40:54Despite not seeing the house beforehand,
0:40:54 > 0:40:57Scott and Chris clearly aren't fazed.
0:40:57 > 0:41:01And why should they be? They are experienced builders.
0:41:01 > 0:41:05They're hoping in two or three months and with a ten grand budget
0:41:05 > 0:41:08they'll have this place up for sale in no time.
0:41:08 > 0:41:12Let's get to the nitty-gritty of it. Ten grand you've got to spend.
0:41:12 > 0:41:14What are you going to do with this place?
0:41:14 > 0:41:16I think a lot of it is going to be a complete rip out, isn't it?
0:41:16 > 0:41:18- Yeah.- And, yeah...
0:41:18 > 0:41:21Just taking it back to a shell and putting it back together, basically.
0:41:21 > 0:41:23New bathroom, new kitchen.
0:41:23 > 0:41:25- Replaster.- Plumbing throughout.
0:41:25 > 0:41:27What about this beautiful finish?
0:41:27 > 0:41:29I think that's going to have to go, I think.
0:41:29 > 0:41:32We were thinking about putting a log burner in, weren't we?
0:41:32 > 0:41:35- Yeah.- Talking about it. Some sort of feature.- Exactly.
0:41:35 > 0:41:39- And that's modern living, isn't it? - And we can burn the wood as well.
0:41:39 > 0:41:42- There's a lot of it, let me tell you. Isn't there?- Yeah.
0:41:42 > 0:41:44There's a bit of damp about, isn't there?
0:41:44 > 0:41:47Yeah, yeah. We'll have a look at that. In the corner there.
0:41:47 > 0:41:51But it's all stuff that we've come across before.
0:41:51 > 0:41:53We feel fairly confident that we can deal with it.
0:41:53 > 0:41:57- No probs.- Yeah.- What about the back of the building where you've got
0:41:57 > 0:41:59your kitchen and bathroom downstairs?
0:41:59 > 0:42:01- Yeah.- Is that staying where it is?
0:42:01 > 0:42:04Potentially, we might move it up to the back bedroom.
0:42:04 > 0:42:06There's three bedrooms upstairs at the moment.
0:42:06 > 0:42:08So we might turn the back bedroom...
0:42:08 > 0:42:12Either split it down the middle so you have a bathroom on one side and
0:42:12 > 0:42:15then a small, like, a nursery room.
0:42:15 > 0:42:16A kid's room.
0:42:16 > 0:42:18And out the back?
0:42:18 > 0:42:22Just clear it up and see what we are dealing with.
0:42:22 > 0:42:25- I don't know. Possibly pave it. I don't know.- I think so, yeah.
0:42:25 > 0:42:29So, the brothers have worked on properties within the Glamorgan and
0:42:29 > 0:42:33Cardiff areas. Most of them have been sold on but Chris has chosen
0:42:33 > 0:42:35to rent a couple in the past.
0:42:35 > 0:42:37So, is the aim to build a portfolio?
0:42:37 > 0:42:39I think that's the long-term plan.
0:42:39 > 0:42:42Long-term, I would say for now it's just turning them over, isn't it?
0:42:42 > 0:42:46- Yeah, for now.- A quick turnaround. Sell them. And then obviously...
0:42:46 > 0:42:47When we get the cash in place...
0:42:47 > 0:42:50Just build up a portfolio then, hopefully.
0:42:50 > 0:42:53- OK. Good luck.- Cheers. - Good luck.- Cheers.
0:42:54 > 0:42:57Even though the boys didn't view this property before the auction,
0:42:57 > 0:43:01I'm pretty sure they will be fine. They are experienced builders,
0:43:01 > 0:43:05so I'm confident they'll turn this place around no problem at all.
0:43:05 > 0:43:07But there's an awful lot that needs to be done -
0:43:07 > 0:43:12windows, doors, floors, electrics, plumbing, the whole lot.
0:43:12 > 0:43:15But the big question for me is, when we come back,
0:43:15 > 0:43:19will we see a bathroom upstairs or will it still be downstairs?
0:43:19 > 0:43:22You can find out how they get on later in the programme.
0:43:25 > 0:43:28Well, we are one property down but we've still got two to go.
0:43:28 > 0:43:31Yes, did they keep a cool head or did things get a little bit heated
0:43:31 > 0:43:34- along the way?- Let's find out.
0:43:34 > 0:43:37Back now to Torquay on Devon's beautiful coastline,
0:43:37 > 0:43:43where I revelled in a fantastic property with lots of potential.
0:43:43 > 0:43:47Grade II listed, six bedrooms,
0:43:47 > 0:43:50character period house.
0:43:51 > 0:43:53I already love it.
0:43:55 > 0:43:58I may have been in love but it was clear that the property had lots of
0:43:58 > 0:44:00remedial work to be done.
0:44:02 > 0:44:06We have a house here which has not been
0:44:06 > 0:44:11messed about with, so that means there's loads of original features
0:44:11 > 0:44:14just waiting for me to discover them. It's fair to say that some of
0:44:14 > 0:44:17the hidden features were more appealing than others.
0:44:19 > 0:44:21There were additional staircases,
0:44:21 > 0:44:24probably remnants from the days of staff below stairs.
0:44:24 > 0:44:26Lovely fireplaces, lovely features,
0:44:26 > 0:44:30and then round again to the top of the stairs. You need a good
0:44:30 > 0:44:34architect to draw you some plans to figure out quite what
0:44:34 > 0:44:36you do here because it's not obvious.
0:44:36 > 0:44:39The man with the plan... Well, several plans, actually, was Greg,
0:44:39 > 0:44:43a full-time property developer who paid 103,000 for the privileged
0:44:43 > 0:44:46position of becoming the owner.
0:44:48 > 0:44:51There could be potentially sort of six letting rooms here.
0:44:51 > 0:44:56Failing that, it could be split very easily into two houses.
0:44:56 > 0:44:59- Right.- Or it could be turned into maybe a number of flats.
0:44:59 > 0:45:03None of the things you mentioned are restoring it back to its former
0:45:03 > 0:45:05glory and having it as a single house, are they?
0:45:05 > 0:45:07No, that's going to be plan D.
0:45:07 > 0:45:11We are back four years, five months and 18 days later
0:45:11 > 0:45:14to see the changes and I for one can't wait
0:45:14 > 0:45:16to see which plan worked out.
0:45:16 > 0:45:21Whichever it was, I think it will be a revelation on an epic scale.
0:45:25 > 0:45:28What? This isn't a revelation.
0:45:28 > 0:45:30It's more of a retrograde step.
0:45:30 > 0:45:33Are you sure the crew got the right address?
0:45:33 > 0:45:35Yep, looks like it.
0:45:35 > 0:45:39And they caught up with Greg for an explanation.
0:45:39 > 0:45:42The project itself was always going to be a back burner project
0:45:42 > 0:45:45for myself. I've got other properties and projects that I've
0:45:45 > 0:45:49been working on. So it hasn't had my full attention.
0:45:49 > 0:45:54And the building has been sort of stood still for maybe a year or two
0:45:54 > 0:45:56before we actually started work.
0:45:56 > 0:46:00Planning permission was troublesome and Greg dropped his initial idea of
0:46:00 > 0:46:05a house of multiple occupancy for a more favourable two dwelling option.
0:46:05 > 0:46:09A two-bed cottage to the rear and a three-bedroom to the front,
0:46:09 > 0:46:13but all work had to be sympathetic to the Grade II listing.
0:46:13 > 0:46:16We have to retain all the wooden windows
0:46:16 > 0:46:19and repair as much as possible.
0:46:19 > 0:46:22The ceilings are all lath and plaster.
0:46:22 > 0:46:25And we have to repair and keep them in situ.
0:46:25 > 0:46:28We can't put plasterboard up.
0:46:28 > 0:46:31And the rules apply to the outside fabric, too.
0:46:31 > 0:46:34It's lime render all the way around.
0:46:34 > 0:46:39And we can only replace that with like-for-like materials.
0:46:39 > 0:46:42But plans then had to be amended due to the structural sinking of the
0:46:42 > 0:46:44front wall.
0:46:44 > 0:46:48Where we are at today is that we are working on the rear
0:46:48 > 0:46:52section of the building to create a two-bedroom dwelling.
0:46:52 > 0:46:55We are working on that, full steam ahead.
0:46:55 > 0:46:58The front section is on standstill,
0:46:58 > 0:47:02while we are obtaining a variation on the planning permission.
0:47:02 > 0:47:07This is the second time an amendment to planning to increase the scope of
0:47:07 > 0:47:09the works has had to be applied for,
0:47:09 > 0:47:15all contributing to much delay on the original six months timescale.
0:47:15 > 0:47:19Start to finish, it's going to at least be double that time,
0:47:19 > 0:47:22with taking the breaks in between
0:47:22 > 0:47:25and condensing that work period, yes.
0:47:25 > 0:47:27One year, at least.
0:47:27 > 0:47:30But with two builders and two labourers working on the rear
0:47:30 > 0:47:34two-bedroom cottage, how long will that phase now take?
0:47:34 > 0:47:38We are looking at around about ten weeks to try and get everything sort
0:47:38 > 0:47:39of, like, wrapped up.
0:47:39 > 0:47:43Whether it's going to be ready for letting at that point, I don't know.
0:47:43 > 0:47:46Maybe a week or two more. Maybe.
0:47:46 > 0:47:51Originally, Greg hoped that budget would top out at 45 grand.
0:47:51 > 0:47:54I think I've already spent that already.
0:47:54 > 0:48:00And I'm going to be at least spending that again, if not more.
0:48:01 > 0:48:05We called on two local property experts to give us the benefit of
0:48:05 > 0:48:07their local expertise in both
0:48:07 > 0:48:11valuations and the potential audience for this property.
0:48:12 > 0:48:15It wouldn't make any sense to keep it as a six bed.
0:48:15 > 0:48:18There's just not enough demand for something of that size in the
0:48:18 > 0:48:20particular area the property is in the moment.
0:48:20 > 0:48:24Next up, the auctioneer who saw the property before the work commenced.
0:48:24 > 0:48:27There's a back-to-back split so you've got a three-bed cottage to
0:48:27 > 0:48:30the front and two-bed cottage to the back. That works perfectly well,
0:48:30 > 0:48:33particularly with the three-bedroom cottage.
0:48:33 > 0:48:35They've gone right up into the top floor to create an extra
0:48:35 > 0:48:38ensuite bedroom, so it ticks a lot of boxes.
0:48:38 > 0:48:42And Greg sorted the flying freehold issue by buying his neighbour's
0:48:42 > 0:48:44freehold land in the passageway,
0:48:44 > 0:48:47so no issues on that score.
0:48:47 > 0:48:50It's close to schools and local amenities and facilities.
0:48:50 > 0:48:53It will tick a lot of boxes I think for the wide marketplace.
0:48:53 > 0:48:55This kind of price bracket is very popular at the moment.
0:48:55 > 0:48:58In fact, to be honest, there's not enough for the amount of people that
0:48:58 > 0:49:00are out there at present.
0:49:00 > 0:49:04More info on that price range in a mo because Greg intends to let the
0:49:04 > 0:49:06properties.
0:49:06 > 0:49:10Greg's total spent so far is 148,000.
0:49:10 > 0:49:14And he thinks it will cost another 45,000 to finish the work,
0:49:14 > 0:49:18bringing his total spent to 193,000.
0:49:18 > 0:49:21So, taking the agents' top rental valuation
0:49:21 > 0:49:25of £625 per calendar month, for the two-bed
0:49:25 > 0:49:27and £700 per calendar month for the three-bed,
0:49:27 > 0:49:30gives a total yield of just over 9%.
0:49:34 > 0:49:37Yeah. Yeah, I would expect that. That's good.
0:49:37 > 0:49:40But what about the market valuation option?
0:49:40 > 0:49:44Looking at the two-bed at the rear and the resale value on this one
0:49:44 > 0:49:47would be somewhere between 180 and £190,000.
0:49:47 > 0:49:51The two-bedroom property should fetch somewhere in the region
0:49:51 > 0:49:52of £190,000 - £200,000.
0:49:52 > 0:49:56Wow! Really? Well, that is surprising.
0:49:56 > 0:49:58The three-bedroom house,
0:49:58 > 0:50:01if completed to a high specification and high standard,
0:50:01 > 0:50:05should fetch somewhere in the region of £239,000.
0:50:05 > 0:50:10I think maybe marketing it at 235,000 probably gives the vendor
0:50:10 > 0:50:11a bit of scope to manoeuvre on it.
0:50:11 > 0:50:14I'm really, really surprised.
0:50:14 > 0:50:16Yeah. Wow!
0:50:16 > 0:50:19Wow's right. If Greg were to sell for those top values
0:50:19 > 0:50:22and keep his budget at 90k,
0:50:22 > 0:50:27he could be looking at a potential profit of 246 grand,
0:50:27 > 0:50:31minus taxes and fees. Are you still going to rent them out, Greg?
0:50:31 > 0:50:34It is...
0:50:34 > 0:50:38a very viable option now to sell, yeah.
0:50:38 > 0:50:41So I'm going to reconsider.
0:50:41 > 0:50:43Something else Greg would reconsider
0:50:43 > 0:50:45is buying another Grade II property.
0:50:45 > 0:50:49This is going to be the longest project in my career.
0:50:49 > 0:50:53And I don't want to repeat that experience.
0:50:55 > 0:51:00We are heading back to the Welsh seaside town of Barry...
0:51:00 > 0:51:02# Don't hold me up cos I'm going down
0:51:02 > 0:51:05# Making my way towards Barry town... #
0:51:05 > 0:51:09..where I saw a three-bed terraced house on the main road that needed a
0:51:09 > 0:51:13lot of work, starting with some double glazing and it had a wonky
0:51:13 > 0:51:17floor with some joists as rotten as my dancing.
0:51:17 > 0:51:19First step,
0:51:19 > 0:51:21that is all over the place.
0:51:23 > 0:51:25The decor was a bit all over the place, too.
0:51:25 > 0:51:29If you weren't taken by the ski lodge wooden panelling,
0:51:29 > 0:51:31you could perhaps keep the beams in the kitchen.
0:51:31 > 0:51:33No? Me neither.
0:51:33 > 0:51:36Get rid of them. They don't work. And round the corner...
0:51:36 > 0:51:39Let's have a look around the corner, see what we've got.
0:51:39 > 0:51:41In here, the family bathroom.
0:51:41 > 0:51:46It's downstairs and, yes, you've guessed it, more wood panelling.
0:51:46 > 0:51:48# You better knock
0:51:48 > 0:51:50# Knock
0:51:50 > 0:51:52# On wood... #
0:51:52 > 0:51:56That must have been what brothers Chris and Scott did here because
0:51:56 > 0:52:00they didn't view the property before spending 70 grand at auction.
0:52:00 > 0:52:04Good thing they are builders because they weren't fazed by the amount of
0:52:04 > 0:52:07work here and were ready to roll their sleeves up.
0:52:07 > 0:52:11What about the back of the building? You've got your bathroom downstairs.
0:52:11 > 0:52:13Is that staying where it is?
0:52:13 > 0:52:16Potentially, we might move it up to the back bedroom.
0:52:16 > 0:52:18- Re-plaster.- Plumbing throughout.
0:52:18 > 0:52:22- What about this beautiful finish? - I think that's going to have to go.
0:52:22 > 0:52:26We were thinking about putting a log burner in, weren't we?
0:52:26 > 0:52:29- Yeah. Thinking about it. - Some sort of feature.- Exactly.
0:52:29 > 0:52:31And that's modern living, isn't it?
0:52:31 > 0:52:33And then we can burn the wood as well.
0:52:33 > 0:52:35There's a lot of it, let me tell you.
0:52:35 > 0:52:37These lads had their work cut out
0:52:37 > 0:52:40if they were to complete this job within 2-3 months.
0:52:40 > 0:52:45So, let's head back and see how it's turned out five months later.
0:52:45 > 0:52:50The new double glazing and freshly painted exterior looks brilliant.
0:52:50 > 0:52:55But inside, will anyone using the kitchen have to touch wood again?
0:52:55 > 0:52:59# I never had to knock on wood
0:52:59 > 0:53:02# But I know someone who has
0:53:02 > 0:53:04# Which makes me wonder if I could
0:53:04 > 0:53:06# It makes me wonder if I
0:53:06 > 0:53:10# Ever had to knock on wood
0:53:10 > 0:53:12# And I'm glad I haven't yet
0:53:12 > 0:53:16# Because I'm sure it isn't good
0:53:16 > 0:53:18# That's the impression that I get... #
0:53:18 > 0:53:20Wow! This is much better.
0:53:20 > 0:53:23The bathroom at the back has gone
0:53:23 > 0:53:26and now double doors lead to a lovely garden. But it does leave
0:53:26 > 0:53:28an important question.
0:53:28 > 0:53:33Did the lads rise to the challenge and fit a new bathroom upstairs?
0:53:33 > 0:53:35# Has it ever come down to do or die?
0:53:35 > 0:53:39# You got to rise above the rest... #
0:53:41 > 0:53:43They sure did.
0:53:43 > 0:53:48By pinching a precious few feet from each bedrooms either side,
0:53:48 > 0:53:50they have now managed to fit in a family bathroom
0:53:50 > 0:53:52right bang in the middle.
0:53:55 > 0:53:59The bath sits in an area from the old front bedroom and the rest of
0:53:59 > 0:54:03the space is from the back bedroom. That is very clever.
0:54:08 > 0:54:12The rest of the house looks just as smart.
0:54:12 > 0:54:15And they've managed to keep some nice period features.
0:54:17 > 0:54:21Oh, no, it's that wood panelling again. I'm almost scared to look.
0:54:21 > 0:54:24# Might be a coward, I'm afraid of what I might find out
0:54:24 > 0:54:27# Never had to knock on wood... #
0:54:27 > 0:54:30I'm glad to say the wood has gone.
0:54:30 > 0:54:32No, it's not been turned into kindling -
0:54:32 > 0:54:34that would have been unsafe.
0:54:34 > 0:54:36But I do like the wood burner.
0:54:36 > 0:54:40Do check with your local council that the fuel you intend to use is
0:54:40 > 0:54:43permitted if you are in a smoke controlled area
0:54:43 > 0:54:45or you could end up with a hefty fine.
0:54:45 > 0:54:50So the place looks great, but it must have taken a lot of work.
0:54:50 > 0:54:53There was a lot of initial labour to go into it.
0:54:53 > 0:54:57Once we took the rear chimney breast out in the kitchen and the wall into
0:54:57 > 0:55:00the back bathroom, we realised the floors were all over the place.
0:55:00 > 0:55:02A lot of damp coming through.
0:55:02 > 0:55:05So we had to put a new damp proof membrane right throughout and
0:55:05 > 0:55:09re-concrete and basically put a new floor in.
0:55:09 > 0:55:12This house was taken back to brick and with help from their mates
0:55:12 > 0:55:16in the trade, it has had new plumbing, wiring and plastering.
0:55:16 > 0:55:20So, why did it take too much longer than they thought?
0:55:21 > 0:55:24- Basically, it was trying to fit it in.- Yeah.
0:55:24 > 0:55:28We are on week 14 of the project and we're near enough there,
0:55:28 > 0:55:30what we have finished.
0:55:30 > 0:55:34So, yeah, we hit our target.
0:55:34 > 0:55:36And we are happy with that.
0:55:36 > 0:55:39No wonder. Chris and Scott have done a good job and should be pleased
0:55:39 > 0:55:42with the quality and finish they have achieved.
0:55:42 > 0:55:46But how has that affected the initial ten grand budget?
0:55:46 > 0:55:51Basically, we overspent by between 7,000 and 10,000
0:55:51 > 0:55:54but probably end up around 24, 25,
0:55:54 > 0:55:58I would imagine, with a few finishing bits to do.
0:55:58 > 0:56:01It was just for the unforeseen issues with the floor
0:56:01 > 0:56:05out the back there. We had to replace the roof with a rubber roof.
0:56:05 > 0:56:07And, yeah,
0:56:07 > 0:56:09it was just a couple of unforeseens and we did go a bit higher spec
0:56:09 > 0:56:11probably than we should have.
0:56:11 > 0:56:15But it's just what we wanted to do, basically.
0:56:16 > 0:56:20But will going for a high level of finish means they see a return in
0:56:20 > 0:56:22the sale price for this area?
0:56:22 > 0:56:26We've asked two local estate agents along to see what they think of the
0:56:26 > 0:56:30changes here. First, let's hear from the agent who saw it last.
0:56:30 > 0:56:32First impressions of this property, it's been done to a very,
0:56:32 > 0:56:34very high standard.
0:56:34 > 0:56:39When I first entered the property, it was in a derelict state.
0:56:39 > 0:56:40Not habitable.
0:56:40 > 0:56:45But now it's light and airy and it's an ideal property for somebody
0:56:45 > 0:56:47looking for maintenance free.
0:56:47 > 0:56:51The kitchen diner being all open-plan has impressed me the most.
0:56:51 > 0:56:53Especially the neutral colours chosen
0:56:53 > 0:56:56and with a nice outlook to the garden. It was essential for them
0:56:56 > 0:57:00to move the bathroom from the ground floor, as modern-day living
0:57:00 > 0:57:03really do need a bathroom on the bedrooms' floor.
0:57:03 > 0:57:06And I believe they haven't lost too much room in the bedrooms,
0:57:06 > 0:57:09so I don't think it'll impact the price, only improve it.
0:57:09 > 0:57:11That is good feedback.
0:57:11 > 0:57:14But will Chris and Scott's hard work
0:57:14 > 0:57:18and 95 grand spend be seen in the sales figures?
0:57:18 > 0:57:20If this property was put on the market for sale,
0:57:20 > 0:57:24it would achieve between £125,000 and £130,000.
0:57:24 > 0:57:30For this three-bedroom property, I would expect to achieve £130,000.
0:57:30 > 0:57:32- Really happy with it, isn't it?- Yeah. Yeah.
0:57:32 > 0:57:35It's a nice little profit there and
0:57:35 > 0:57:38hopefully put us in a good place for the next one.
0:57:40 > 0:57:45So, that's a potential profit of 35 grand, minus any taxes and fees,
0:57:45 > 0:57:48so it's all turned out well, then, despite them spending over twice
0:57:48 > 0:57:51their original budget and buying blind,
0:57:51 > 0:57:53which we would never recommend.
0:57:53 > 0:57:56So what do we do before buying at auction, guys?
0:57:58 > 0:58:02I would say probably a good idea to view before.
0:58:02 > 0:58:05We got lucky but next time I don't think we'll be doing that again.
0:58:09 > 0:58:12Three great stories from the auction house and maybe you've been inspired
0:58:12 > 0:58:15- to get involved, too.- Yes, I think I can hear a few cogs turning
0:58:15 > 0:58:19- and a few light bulbs pinging out there.- What, really?- Yes.
0:58:19 > 0:58:23- Join us next time for some more Homes Under The Hammer.- Bye-bye.