Episode 29 Homes Under the Hammer


Episode 29

A two-bed detached house in Bilston near Wolverhampton, a cosy cottage in Nettlestead Green, Kent, and a terraced house in Etruria in Stoke-on-Trent are all sold under the hammer.


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Transcript


LineFromTo

Hello, and welcome to the show.

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Now, wherever you live, London, Livingston, Liverpool,

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bagging a property bargain can be tricky,

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but that's not to say they can't be found.

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Now, one thing we learn week after week on this show is the importance

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of doing local property research before you buy.

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Yes, so where should you start that search?

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How about your local property auction?

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Whether you've got ?1,000 to spend on a project,

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or hundreds of thousands of pounds,

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people are always looking to add value to their property.

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By making the right decisions and putting in some hard graft,

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sometimes you can do just that.

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Yes, so what happened with today's properties?

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Well, here's what coming up on today's show.

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I'm in Bilston in the West Midlands

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to see a house with surfaces that have an interesting feel to them.

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There's another texture to add to our walls - this time bubbles!

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Whilst Lucy is in Kent to see a cute cottage,

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but will it be all she can wish for?

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Wish me well.

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Well, I wish the penny would drop for me in this house in Stoke-on-Trent,

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because I can't find the bathroom anywhere.

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And I'll tell you why... I'll tell you why I can't find it...

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All these properties have been sold at auction,

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and we'll find out who bought them and what they paid when they went

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under the hammer.

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You bought it, well done.

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I'm in Bilston, a small market town on the periphery of Wolverhampton.

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It has its own Metro station as well as good bus links

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and access to the M5 and the M6.

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So, it's well placed for commuting to nearby Birmingham

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and further afield.

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Along this fairly busy road, we have a detached two bedroom property

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with a guide price of ?29,000 to ?34,000.

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Now, this is good.

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It has off-street parking

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and the size of this garden is fantastic because

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it takes it back from that busy road.

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Now, the best bit in the auction catalogue is it describes the

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property as having development potential, which really excites me,

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and I can't wait to have a look inside.

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So, what have we got here? A pretty tired looking house.

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So, you have the polystyrene tiles, which definitely need to come down.

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And here we have a reception room which is good proportions, small.

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Fireplace - not to everyone's taste,

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and it's not central heating, which is an issue you would have to resolve.

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It's very dated.

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So, this carpet is flowery, won't have been changed for decades,

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and on the walls, well,

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there's all sorts of interesting textures going on,

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from woodchip to rainbows.

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Here, a glass door, I've never seen the likes of it..

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Could be a feature, I guess.

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And another very small reception room.

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Many textures on the walls again.

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Another fireplace which would probably have to come out.

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You have double glazing, which is good,

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and may well not need to be replaced.

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And here, we have a kitchen which has a cheek at calling itself

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a kitchen, because really it's only a sink and a cooker.

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So, that would need to come out, be ripped out.

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You also have a little toilet, which is good news on the ground floor.

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So far, loads of work to be done, but not a bad start.

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I think I see a pattern emerging with these wall and floor coverings,

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and as much as I love vintage style, vintage health and safety?

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Definitely not a good look.

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Old polystyrene tiles can be a fire hazard,

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and even more dangerous when they're painted.

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It's also unlikely the patterned glass door's made of safety glass.

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Time for them to go!

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# Patterns all around you

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# Patterns everywhere... #

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So, upstairs...

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OK, that's the bathroom and it is actually just a bathroom,

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there's no toilet, so you would really need to get a toilet in here,

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but you are squished for space.

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You have a small bedroom here.

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It won't surprise you to learn there's polystyrene tiles on the

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roof, which will have to come down,

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and there's another texture to add to our walls, this time bubbles!

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Going through... Ah, this is a better proportioned-sized bedroom,

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but I see there's a floorboard missing.

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Now, closer inspection shows there are signs of woodworm,

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so you would have to check that's been treated properly.

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Definitely needs investigating.

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I like this. This little feature fireplace could stay in some shape

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or form. It's a blank canvas, which is great,

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and you don't have the polystyrene tiles up there.

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You don't hear much because of the double glazing,

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so that's a great sign.

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Do you know what? If it wasn't for the fact it didn't have an actual

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toilet, this would be a really good layout upstairs.

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There's loads to be done, but good potential.

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# Something's missing from my life... #

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An upstairs toilet would be a little handier for a midnight trip to the

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loo and installing one shouldn't cause too much of a splash,

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as there's already plumbing.

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The issue here is lack of space.

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You could nab a bit from one of the bedrooms unless

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there's another solution.

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Heading out to the back garden, well, that's some piece of land.

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It's bigger than I expected.

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So, not only do you have a really decent sized front garden,

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you've got loads of room out here.

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And somehow, having a two-bed house on this big plot doesn't do it

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justice, don't you think?

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And this brings me back to the earlier point of development potential.

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You could extend a little bit to the side, you could go up,

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and you could come out here to make this into a larger family house.

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All, of course, dependant on planning permission.

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But it's definitely an option worth exploring.

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Let's get some local knowledge from an agent from the auction house

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that's sold the property.

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What does he think of the house, guided at between 29 to 34 grand?

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The property requires works doing from what I would say top to bottom,

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but I would imagine that in the right hands it could be made quite nice.

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It's got a nice, big garden.

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You've got room to extend the property without detracting from

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any facility of garden with it.

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You've also got off-road parking in a garage to the side,

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so it's quite, sort of, a good basic start.

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Extending seems like the obvious option here, but before embarking on

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any development you should always take into account what the demand

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is and what the ceiling price is in the area.

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If you spend too much,

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you might never make your money back should you need to sell.

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Still, with such a low guide price of ?29,000 to ?34,000,

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there could be profit to be made.

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As a two-bedroom property in reasonable condition,

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I would imagine that the price you would achieve would be somewhere

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between ?110,000 and ?120,000.

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And if you were to extend to a three bed,

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what could it be worth then?

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It's difficult to put a value on a property that's theoretically going

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to be extended, but I would imagine a three-bedroom property would be in

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the region of ?140,000, maybe ?150,000.

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This really is a property with plenty of potential.

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A relatively small and tired two-bed on a sizeable plot of land,

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but it could be so much more.

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So, who had the vision to turn it round?

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Let's head to auction to find out.

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This next lot is a freehold detached house.

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So, who'll bid me, then? Start me if you will.

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I think at 50,000, but I'll make it easy for you, is it 40...?

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50, thank you, sir. Man after my own heart.

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At 50,000 I'm bid.

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Is it 60 now?

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Are we all done? Is it 60 anywhere?

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At 60, I'm bid, and thank you.

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At 60, I'm bid.. Is it 70 now, sir?

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Five, is that?

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Five. 65. Thank you. 65.

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Same for you, sir. Do you want 70?

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70 I'm bid. At 70.

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75?

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Are you sure?

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Is there 75 anywhere?

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Two, then, sir? 72?

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No? At ?70,000.

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Can I see your number, sir? Number 985.

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72, a new bid at 72.

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74, sir?

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No. At 72,000.

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Are we all done?

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At 72,000.

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One, two, three...

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That's yours, sir. Can I just check the number?

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Was it... 584.

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That is yours. Well done.

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The successful bid of ?72,000,

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at double the upper end of the guide price,

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came from property developer Jazz, who lives nearby.

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I went along for a chat with him about his latest project.

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# Just a little bit of jazz tonight

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# Makes you feel all right... #

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Jazz, congratulations.

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Thank you. Tell me, what was auction like?

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It was OK. Yeah, I've seen a few properties.

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This one came up.

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I looked at it externally and I got it at the right price.

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Oh, externally?

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So this as the first time you've been inside?

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Yes. That's a Hammer thing not to do, Jazz.

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Be honest with me, when you came inside, because it was the first time, what did you think?

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Did you think I've made the right move?

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I did think, like, "Oh, gosh."

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But, yes, definitely, I love a project.

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The guide price was 29,000 to 34,000.

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You paid 72,000.

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Double the higher estimate of the guide price.

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Talk me through that decision.

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It was just, do the research and, like,

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finding out what prices two-bedroom detached prices

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are going for at that time. They were going for, with the condition of the property, 80, 85,

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but I put a budget on there at 75, which I got it for 72.

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I was more than happy.

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Jazz may not have viewed the property,

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but at least he's done his homework,

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and he was determined to get this place,

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as he has lots of plans for the land itself.

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I want to extend it, like, the back.

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Extend the back out, extend the side it.

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Put a garage, a couple of bedrooms upstairs, one with ensuite.

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Extend the kitchen out.

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And the front garden, back garden, tidy that up a bit.

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OK. And have you looked into that? Have you looked into the planning?

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I've looked into it, and we've got planning in process, which will take six to eight weeks,

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and then, step-by-step, go from there.

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But, Jazz, just what if they say no?

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We'll have to go back to the basics and just as it is, you know,

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to extend the bathroom out and to put a new kitchen in,

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and then just have it out as it is.

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You've got a plan B? Yeah, we've got a plan B.

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And what's your overall budget?

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Budget to extend it? 60?

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60,000 to extend to a four-bed?

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Have you done your research in the local market to see if there's demand for four-bed houses.

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There is indeed, yeah.

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There's schools, local shops, a lot of population, yeah.

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A lot of three, four beds, and they're going for, like, decent prices.

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What's your feeling for what you could get for a four-bed?

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I feel that I could get for a four-bed about 199,

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near enough to 200,000.

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So, with your 72 paid price, and your 60,000 budget?

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60. OK, you're looking at a healthy profit.

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I hope so.

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Well, Jazz, I hope so, too.

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And as long as he can stick to the budget and six-month timescale,

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turning a decent profit should be feasible.

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Although he's keeping his options open when it comes to this the finished article.

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When the time comes I will consider like renting or, like, yeah, selling.

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Whatever suits me.

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OK, so you've got an open mind?

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Yes, I have. So, you didn't look inside, but you did lots of things right.

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Thank you.

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I did my research. I read all the pack.

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And do you have the right people, you think?

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You have the experience. Yeah, I've got a few people.

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I've got a few builders in mind.

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And how much of a role will you play in the development?

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Not much. Not much at all!

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Jazz, best of luck, I can't wait to see what to do with the place.

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Thank you.

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So, Jazz has some pretty big plans to turn this property around,

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but right now his ideas lie in the hands of planners,

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and of course getting that all-important permission.

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How will he get on? Join us later in the programme to find out.

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Lucy is in the county nicknamed the Garden of England.

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Yes, Kent.

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She's five miles from Maidstone, surrounded by lovely countryside.

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This is the characterful village of Nettlestead Green.

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Now, the cars do hurtle along this road,

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but this is a lovely semirural spot,

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and it's a stone's throw from the local pub.

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Now, the property I'm here to see is a two-bed semi.

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It had a guide price of ?185,000 to ?195,000.

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It's so lovely looking from the outside.

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It's got yellow roses around the door.

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I'm really happy!

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Now, just before I go through the front door, look what I found.

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It's a well! I am going to make a quick wish.

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Wish me well.

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# By the wishing well

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# By the wishing well... #

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Well, the character features aren't jumping out at me

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but you do get that very cottagey, homely feeling

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as soon as you walk in.

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Quite low ceilings.

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Good news is here we've got double glazing,

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which is great because it's quite a noisy road out there.

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And this little inglenook fireplace here, with some marble on the top.

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It all needs decorating, you can see.

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A bit dated here,

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and the room has been split up into two separate little areas.

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There's obviously the lounge area and then the kitchen.

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But again, it is really, really small.

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You could do with having new units.

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So, unless you extend, you are stuck with quite a small cottage.

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But if that's the sort of thing you like,

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then this could be a really nice, homely home for you.

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Off the kitchen is a lean-to conservatory,

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which doesn't look in too bad condition even though

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it's single glazed.

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And at the back of the house is a narrow staircase.

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Seriously, the treads are like...

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Well, look! This big!

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And I've only got a size four and half a foot

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and I'm finding that I'm having to turn to the side

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to get up the stairs.

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It's not jolly well easy, you know.

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Excuse me.

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On this level is a family bathroom and a large double bedroom

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with wardrobe space.

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There's a narrow corridor in front of the bathroom

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which leads to another narrow stairway to the attic level.

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Here, there's another large bedroom with disappointing views.

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There are also signs of damp at the apex.

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Time to look at the garden.

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So, outside into this pretty little courtyard garden.

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Little outbuilding here.

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Really ideal for the morning sun

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and table and chairs, a bit of breakfast.

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You can hear the wildlife.

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It's really, really lovely.

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But that's not it, because there's more.

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This way.

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# I walked across

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# An empty land

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# I knew the pathway like the back of my hand... #

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CHUCKLES This is crazy!

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This is the garden that just keeps on giving.

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Look at this!

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It's another secret little garden.

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Who would ever know this is here?

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How fantastic!

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I mean, this is a plot of land in itself.

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You've got a lovely little pond. Well, it's not lovely.

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You could do something with that and it could look spectacular.

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And not only that, you've got all of this through here.

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There's so much space!

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And what do I love is that you can just smell the log fires burning

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in the air.

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Oh, I love the countryside.

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And the countryside is a very different market to the city.

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So, I invited along a local estate agent to get his views on the property,

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its prospects and potential values.

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Nettlestead Green is a nice location.

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Obviously you have good links into the local towns as well.

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You're quite close by to West Malling, Maidstone

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and then obviously the links to London and the motorways.

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What changes to the property would the agent make?

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In terms of reconfiguration,

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I think you'd potentially like to put a third bedroom here to maximise

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the revenue potential.

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I think that having a third bedroom will increase the asking price of this house.

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And what about the potential in the garden?

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I mean, my thoughts of the garden first of all, it just keeps going and going.

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You sort of walk round the corner and there's more of it.

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So, utilising that space is a necessity in my opinion.

0:17:510:17:55

There's so much that you could do potentially towards the rear of the

0:17:550:17:58

garden, with maybe an outbuilding

0:17:580:18:00

or something along the lines of that.

0:18:000:18:03

Guided at ?185,000 to ?195,000 what could the property fetch after

0:18:030:18:10

refurbishment to a higher standard?

0:18:100:18:12

As a two-bed dwelling I believe this property would sell somewhere in the

0:18:120:18:15

region of ?280,000 to ?300,000.

0:18:150:18:18

If you were to extend this property I feel it would be worth somewhere

0:18:180:18:21

in the region of ?350,000.

0:18:210:18:24

Potentially pushing that figure depending on the renovation works.

0:18:240:18:28

I really like this cottage with all its character and the added bonus of

0:18:280:18:32

this lovely garden.

0:18:320:18:34

Yes, it's small and it does need updating and ideally it could do

0:18:340:18:38

with an extension but I think it could be a really pretty home for someone.

0:18:380:18:42

So, who's ready to dip their toe in the water and turn this place around?

0:18:420:18:46

Let's head to auction and find out.

0:18:460:18:48

I've got a guide of 185, 195.

0:18:510:18:53

Start me where you will. 185 to start me.

0:18:530:18:56

180, then.

0:18:560:18:58

180 I have, thank you.

0:18:580:18:59

?180,000 is bid.

0:18:590:19:02

At ?180,000 I have, take five to keep moving.

0:19:020:19:06

185.

0:19:060:19:07

And 190. 190. 195. 195.

0:19:070:19:11

And 200. 200 is bid.

0:19:110:19:13

And 205.

0:19:130:19:15

Unfortunately, as big as that smile is, you're still out.

0:19:150:19:18

At ?200,000 on my left-hand side, gentleman's bid.

0:19:180:19:22

The bidding continued at a pace to where we rejoin at 228,000.

0:19:220:19:28

228. 230 is bid.

0:19:280:19:31

232. At 230 then, for the first time.

0:19:310:19:35

At 230. 230

0:19:350:19:38

for the second time.

0:19:380:19:39

230, third and final time.

0:19:390:19:42

Gentleman's bid, are you all done?

0:19:420:19:44

Sold at 230.

0:19:440:19:46

The successful bid of 230,000 came from retired refrigerator engineer

0:19:460:19:51

Peter at the auction with his wife, Jackie.

0:19:510:19:55

This is their third development project.

0:19:570:19:59

The first proved a steep learning curve but they got into their stride

0:20:010:20:05

with the second, which they've sold on.

0:20:050:20:07

They live about 15 miles away from this, their third purchase.

0:20:070:20:11

And Lucy met them at the house to find out more.

0:20:110:20:14

Jackie and Peter, congratulations.

0:20:140:20:16

Thank you. Thank you. Jackie, what do you like?

0:20:160:20:18

When you walk in through the front door, how does it make you feel?

0:20:180:20:21

It was cosy, it's welcoming.

0:20:210:20:24

Yeah, I think the only problem I have with the stairs, I think.

0:20:240:20:27

The stairs? OK, I've got to say I struggled getting up and down those stairs.

0:20:270:20:31

Yes. They're very tight. But there's nothing I don't think you can do about that.

0:20:310:20:34

Well, if I get a little extension and all this wall comes out here,

0:20:340:20:39

then we could maybe put a new staircase in, for this level anyway.

0:20:390:20:43

I don't think the other stairs are as tight.

0:20:430:20:45

So Peter, you've just told me that you're planning on an extension here.

0:20:450:20:49

I'd really love to put a double extension on it...

0:20:490:20:52

Yeah. To give me a third bedroom.

0:20:520:20:53

Yeah.

0:20:530:20:55

And extend the roof out from the top bedroom, make it an en-suite.

0:20:550:20:59

Wow. It'll be lovely. Is this going to be a home for yourselves?

0:20:590:21:02

We'd love to in the end but I think,

0:21:020:21:05

won't know that until halfway through.

0:21:050:21:07

But you've got that surprise plot of land just around the corner.

0:21:070:21:11

Now, what are you going to do with that? What can you do with that?

0:21:110:21:14

I think it'll be a nice log cabin.

0:21:140:21:16

Yes. A big log cabin, to caravan standards.

0:21:160:21:19

Yeah. When I say that,

0:21:190:21:20

you don't have to have so much planning permission for that.

0:21:200:21:23

If somebody bought this and they had kids still at home,

0:21:230:21:27

30-year-olds or whatever, that couldn't afford to get mortgage,

0:21:270:21:30

it might be a granny annexe...

0:21:300:21:32

Yeah. Or for a son or a daughter or the pair of them to actually get

0:21:320:21:36

away from mum and dad. That's the ideas that I've got.

0:21:360:21:38

Whether that'll come to fruition's another thing, so.

0:21:380:21:41

I'm sure there are lots of families out there thinking exactly that.

0:21:410:21:44

That'll be an ideal situation for us. Yeah.

0:21:440:21:47

What sort of budget have you guys got? Have you thought about it?

0:21:470:21:50

Just under 60. OK, ?60,000 to do the complete works here.

0:21:500:21:53

Yeah, here. To change everything... Yeah, yeah. To expand, to go up.

0:21:530:21:57

What about the wishing well? Have you made your wish yet?

0:21:570:21:59

No. Not yet. I've got to make a bit of an issue of that.

0:21:590:22:02

I think that... Keep that, I'd like to keep that and make something of it. I mean, how lovely is that?

0:22:020:22:06

You can't wipe the smile off your face, actually,

0:22:060:22:09

I've got to say you do look so delighted that you've got this.

0:22:090:22:12

Yeah, absolutely.

0:22:120:22:14

A big drawback for me though, and I'm going to be honest here, is the road out the front.

0:22:140:22:17

Yeah, yeah. Because that is quite busy.

0:22:170:22:19

I mean, you know, the cars literally whizz past.

0:22:190:22:22

A bit of triple glazing.

0:22:220:22:24

As far as the speed that the cars go,

0:22:240:22:27

I think something will be done about that in the future.

0:22:270:22:30

But saying that, haven't you got amazing views out there?

0:22:300:22:32

Yeah, it's lovely. Beautiful countryside.

0:22:320:22:34

So, if you look above the cars, you can just see, you know, fields and beyond, can't you?

0:22:340:22:38

That's it, absolutely. That's obviously a main reason for

0:22:380:22:41

buying it as well. So, and it quietens down at night.

0:22:410:22:45

It's a lovely house.

0:22:450:22:47

Are you prepared to be losing your husband to a lot of time spent here?

0:22:470:22:51

I think it's going to be a few...

0:22:510:22:53

A few, "Surely you haven't got to go back down there today."

0:22:530:22:57

Yeah. So, he does put his heart and soul into it?

0:22:570:22:59

Absolutely he does. He's brilliant.

0:22:590:23:01

I can't sit about for too long.

0:23:010:23:03

Well you've certainly got a project here.

0:23:030:23:05

Yeah. You've got to turn this place around.

0:23:050:23:07

You've got to get permission, you've got to decorate it, you've got to build it. Yeah.

0:23:070:23:11

Think of something amazing to do with that little plot out the back.

0:23:110:23:14

Yeah. And what timescale have you given yourself?

0:23:140:23:16

I'm looking at a year.

0:23:160:23:17

A year, so. I think it's going to take two to three months

0:23:170:23:20

for planning permission, and that could be refused anyway.

0:23:200:23:23

So, how well do you two know this area?

0:23:230:23:25

Well, I met Jackie down this way.

0:23:250:23:27

Oh! She had a boat and I bought a boat a couple years after,

0:23:270:23:32

and that's how we got to know each other.

0:23:320:23:34

Jackie was down one end, and I was up at the other end.

0:23:340:23:38

So... So, there's a romantic link.

0:23:380:23:40

Yeah. I love it! It gets even better!

0:23:400:23:43

That's why you've got the wishing well and the roses around the door!

0:23:430:23:45

Absolutely. The romantic story ends here!

0:23:450:23:48

We're married now, aren't we dear? Oh, yeah. Married now. We are.

0:23:480:23:51

It's coming up about two years of marriage now, so...

0:23:510:23:53

Two years. So, it's quite a recent... Oh, absolutely, yeah.

0:23:530:23:56

..affair of lovely, happiness... Yeah. Two years, wow!

0:23:560:23:59

That is such a lovely story.

0:23:590:24:00

Look, guys, you've got so much to be thinking about,

0:24:000:24:03

so much to be getting on with, good luck with this.

0:24:030:24:05

Thank you. Thank you very much, Lucy. Lovely to meet you.

0:24:050:24:08

Thank you. Jackie, lovely to meet you.

0:24:080:24:10

Well, it certainly seems like Peter and Jackie's wishes have come true.

0:24:120:24:16

They seem thrilled about buying this little cottage,

0:24:160:24:19

but now all the hard work starts and what will we return to see?

0:24:190:24:24

A single or a double storey extension?

0:24:240:24:26

Who knows! Maybe even a log cabin out the back.

0:24:260:24:29

Careful what you wish for, Lucy.

0:24:310:24:33

Coming up, I'm afraid I've got some bad news

0:24:360:24:38

at this house in Stoke-on-Trent.

0:24:380:24:41

You are not going to get a high street mortgage for this property.

0:24:410:24:44

No chance.

0:24:440:24:46

And find out if everything went well for Peter and Jackie

0:24:480:24:51

at their cottage renovation.

0:24:510:24:53

Time now to head back to Bilston,

0:24:580:25:01

where I saw a detached house that was chock-full

0:25:010:25:04

of many dated ceiling coverings.

0:25:040:25:06

And here, well you have a kitchen which has a cheek at calling itself a kitchen

0:25:060:25:10

because, really, it's only a sink and a cooker.

0:25:100:25:13

So, that would need to come out.

0:25:130:25:15

You also have a little toilet, which is good news on the ground floor.

0:25:150:25:19

But that good news soon turned bad once I got upstairs.

0:25:190:25:24

OK. That's the bathroom and it is actually a bathroom.

0:25:240:25:27

There's no toilet in there and it's pretty cramped.

0:25:270:25:30

You could think about getting rid of the bunker to put in a toilet,

0:25:300:25:33

but you are squished for space.

0:25:330:25:35

The kitchen and bathroom are supposed to be practical spaces,

0:25:350:25:39

but in this house what was on offer was practically a joke,

0:25:390:25:42

or a practical joke.

0:25:420:25:44

So, there was a lot to think about.

0:25:440:25:46

Donning his thinking cap was property developer Jazz,

0:25:460:25:50

who paid ?72,000 for the house.

0:25:500:25:52

And he reckoned he had a solution to the house's quirky proportions.

0:25:520:25:57

I want to extend it, like the back.

0:25:570:26:00

So, extend the back out, extend the side out, put a garage.

0:26:000:26:03

Couple of bedrooms upstairs, one with an en-suite.

0:26:030:26:05

OK, and have you looked into that? Have you looked into the planning?

0:26:050:26:08

I've looked into it, and we've got planning in process which will take six to eight weeks.

0:26:080:26:12

And then step-by-step go from there.

0:26:120:26:15

But Jazz... Yeah. Just what if they say no?

0:26:150:26:18

We'll have to go back to the basics.

0:26:180:26:20

So, it's time to see if Jazz managed to get that planning permission for

0:26:200:26:24

the extension because we're heading back eight months later.

0:26:240:26:27

Although the exterior and garden are looking much better,

0:26:270:26:31

the planned extension didn't go ahead as Jazz was quoted

0:26:310:26:35

up to his entire 60 grand budget for the extension alone.

0:26:350:26:39

Rightly, he didn't feel like it was worth the risk of spending more and

0:26:390:26:43

extending himself financially.

0:26:430:26:45

However, don't be too disappointed because plan B is pretty good.

0:26:450:26:50

He may have simplified the plan and gone back to basics

0:26:520:26:56

but it's still stylish and modern.

0:26:560:26:58

# Bring it back to basics

0:26:580:27:01

# You and I, I, I will make it right

0:27:010:27:05

# Let's get back to basics

0:27:050:27:09

# Bring it back, back to basics... #

0:27:090:27:14

Yes, the whole property has been gutted and taken back to the brick

0:27:140:27:18

before having a new central heating system and electrics put in.

0:27:180:27:22

The entire house has been refloored, which sorted that woodworm issue,

0:27:220:27:26

and has been carpeted, or tiled, where appropriate.

0:27:260:27:29

Upstairs, that poky little bathroom without a loo has seen big changes.

0:27:330:27:38

It's had part of the wall removed to gain that extra bit of room needed here.

0:27:430:27:48

And although Jazz might not have got the extra two bedrooms he wanted up

0:27:480:27:53

here, the two he has are bright, fresh and ready to move into.

0:27:530:27:58

Well, almost, as one does need a slight touch-up,

0:27:580:28:03

as despite not extending, not everything here has been straightforward.

0:28:030:28:07

After the complete refurb we started to get leaks around the chimney

0:28:100:28:13

breasts, the ceiling started to get damp patches.

0:28:130:28:16

It was a bit of a nightmare to be honest.

0:28:160:28:18

It was like banging my head against the wall to tell you the truth.

0:28:180:28:21

Once he was done banging his head off the wall,

0:28:250:28:28

Jazz got some professionals in to do a bang up job.

0:28:280:28:32

So, we got the roofer involved, we had all the ridge tiles brand-new,

0:28:320:28:35

replaced. With the chimneys as well, they was in a right state,

0:28:350:28:39

we had to have them repointed.

0:28:390:28:41

We had the broken tiles replaced, we had the roof checked inside.

0:28:410:28:45

We had the replastering done again and a couple of the bedrooms,

0:28:450:28:49

we had them painted back to the original.

0:28:490:28:51

But it's all A1 now, it's all good to go.

0:28:510:28:54

Jazz and his team of regular tradesmen were finished within five months,

0:28:550:28:59

but the leaky roof delay has meant that it's taken a further three months to be ready to move into.

0:28:590:29:05

With all the delays, who can really say if Jazz would have been better

0:29:050:29:09

off going for the full four-bed double storey extension?

0:29:090:29:13

Maybe we'd still have been waiting to see the finished product.

0:29:130:29:16

I have changed my mind for the property extension.

0:29:180:29:20

So, it's like, either gamble my money or the way I thought was just,

0:29:200:29:26

refurb the house, get what I can out.

0:29:260:29:29

Because I did at the time think, "Oh, I'm going to make nothing."

0:29:290:29:32

But luckily I'm very, very happy with it.

0:29:320:29:35

I've done everything to, like, you know, A-spec, and, yeah,

0:29:350:29:39

very happy indeed.

0:29:390:29:41

That A1-spec Jazz is pleased with cost him ?30,000 to achieve.

0:29:410:29:46

Adding that and nine grand worth of legal and auction fees

0:29:460:29:50

to his ?72,000 purchase price brings his total spend here to ?111,000.

0:29:500:29:57

Let's find out if two local estate agents think it's all been worth it.

0:29:570:30:01

First impressions of the property, it's been done to a high standard.

0:30:010:30:05

It's nice and clean and neutral, ready for someone to move into it.

0:30:050:30:08

The layout works. You've got a good-sized driveway.

0:30:080:30:11

You come into the property, you've got the entrance lobby,

0:30:110:30:14

the lounge, the kitchen area, so it flows through.

0:30:140:30:17

The layout then for the property on the outside,

0:30:170:30:19

you've got further parking, potential for a garage,

0:30:190:30:22

and possibly potential certainly for conservatory or extension like that.

0:30:220:30:27

So the layout is good.

0:30:270:30:29

But what about getting the lay of the land when it comes to those sales figures?

0:30:290:30:34

The sales valuation as it is would be for ?130,000.

0:30:340:30:37

For a sales valuations going on the market,

0:30:370:30:40

I'd put this on at an asking price of ?135,000.

0:30:400:30:43

The top value there would give Jazz a pre-tax profit of ?24,000.

0:30:430:30:49

So, how does he feel about that?

0:30:490:30:51

Gutted.

0:30:510:30:53

Gutted? Why?

0:30:550:30:58

When I originally added value they was saying put it on the market

0:30:580:31:01

like 125. And 130, 135, if I'd known that,

0:31:010:31:05

I would have put it a bit more. Yeah. That's why I'm gutted.

0:31:050:31:08

Ah, yes, Jazz has had the house on the market already,

0:31:100:31:14

and has actually accepted an offer of ?129,000 for it.

0:31:140:31:19

So, maybe he could have squeezed a little bit more out of the house.

0:31:190:31:23

But would he have gotten more had he gambled on that extension,

0:31:230:31:27

which could have taken his total spend here to upwards of ?171,000?

0:31:270:31:33

As a four-bedroom property, it would be around ?160,000 to ?165,000.

0:31:330:31:38

As a four-bedroom property,

0:31:380:31:40

I'd expect the property to be an asking price in the region of ?170,000.

0:31:400:31:45

Yeah, I'm happy that I went with option B

0:31:450:31:48

If I went with option A, I would have made a huge loss.

0:31:480:31:51

Jazz did a sensible thing here by not extending the house,

0:31:510:31:55

and he didn't extend himself too much either.

0:31:550:31:58

With an 18 grand pre-tax profit on its way

0:31:580:32:02

he's got every reason to feel chaffed.

0:32:020:32:04

If I drive past the house in the future,

0:32:040:32:07

I will definitely drive past with a big smile.

0:32:070:32:09

We are in Etruria, an area of Stoke-on-Trent

0:32:150:32:18

that started life as a purpose-built factory village.

0:32:180:32:22

It was created by famous potter Josiah Wedgwood in the 1770s as

0:32:220:32:27

home for his specialist workforce.

0:32:270:32:30

Wedgwood's mill may be long gone,

0:32:300:32:32

but his village has become a residential suburb of Stoke,

0:32:320:32:36

consisting of mainly terrace houses.

0:32:360:32:38

So we are half a mile away from Wedgwood's old house,

0:32:400:32:43

and not far from a modern retail park as well.

0:32:430:32:47

The property I'm here to see is a terrace house, it's got two bedrooms,

0:32:470:32:50

and a guide price of 39,500.

0:32:500:32:53

Let's get inside and take a look.

0:32:530:32:55

Right.

0:32:580:33:00

Off the street, straight into the first reception room

0:33:010:33:03

and you've got this over here.

0:33:030:33:06

It is...

0:33:060:33:07

It looks new but it's pretty old-fashioned and dated,

0:33:070:33:10

and you've got a gas fire as well.

0:33:100:33:12

I do like sash windows.

0:33:130:33:15

They're quite cool nowadays, but you need some double glazing,

0:33:150:33:18

keep that heat in, keep the noise out.

0:33:180:33:21

Through into the second reception room,

0:33:210:33:23

as you're coming you see these quarry tiles, original quarry tiles.

0:33:230:33:27

And just above my head, you've got an old-fashioned drying rack,

0:33:270:33:31

where you'd wash your clothes and you stick 'em on the drying rack to get dry.

0:33:310:33:35

A little fireplace here. Again, not really in keeping.

0:33:350:33:38

Get rid of that. You want to modernize this place,

0:33:380:33:41

make it look a little bit cool now.

0:33:410:33:43

Into the kitchen.

0:33:430:33:45

And...

0:33:450:33:47

OK, no kitchen in here at all.

0:33:470:33:49

And I'm surprised, cos normally,

0:33:490:33:51

in a house of this style and this period,

0:33:510:33:53

there's normally a bathroom or toilet beyond the kitchen.

0:33:530:33:57

I haven't found one yet.

0:33:570:34:01

# Searching...

0:34:010:34:03

# For that something that I'll never find... #

0:34:030:34:07

If you are not a cash buyer,

0:34:070:34:09

you'll also have to search around for a mortgage for this property before you can say...

0:34:090:34:13

# You're mine... #

0:34:130:34:18

Right now, with no usable kitchen,

0:34:190:34:21

it will make it very difficult to get a standard mortgage.

0:34:210:34:25

You may have to get a specialist bridging loan or put up a higher

0:34:250:34:28

percentage of deposit with the proviso that you put one in.

0:34:280:34:31

So down here just needs to be completely gutted.

0:34:330:34:37

And I'll be pretty gutted if I don't find a bathroom upstairs.

0:34:370:34:41

Right. We have got two bedrooms up here.

0:34:430:34:46

Bedroom one

0:34:460:34:47

and bedroom two.

0:34:470:34:50

But I'm still on the search for that elusive bathroom,

0:34:500:34:55

or even a toilet will do.

0:34:550:34:58

I've looked everywhere for it inside, so it must be...

0:34:580:35:02

No, surely not.

0:35:020:35:04

# I'm a desperate man...

0:35:040:35:07

Desperation is setting in.

0:35:070:35:10

I need to find it!

0:35:100:35:12

# I got to do what I can... #

0:35:120:35:14

So, I've looked and I've looked and I can't find the bathroom or the

0:35:140:35:19

toilet anywhere.

0:35:190:35:21

I'll tell you why, tell you why I can't find it.

0:35:210:35:24

Because it's there.

0:35:240:35:26

Outside, at the bottom of the garden and it's just a toilet.

0:35:260:35:31

What that means is, you are not going to get a high street mortgage

0:35:310:35:34

for this property. No chance.

0:35:340:35:37

How can you solve it? Right, let's think about this.

0:35:370:35:40

Upstairs, you've got two bedrooms.

0:35:400:35:42

You could take a little bit of one of the bedrooms

0:35:420:35:46

and create a bathroom up there.

0:35:460:35:48

Or you could do what a lot of the neighbours have done and

0:35:480:35:52

extend out the back here.

0:35:520:35:54

So you could come off this...

0:35:540:35:57

This wall here, bring it out here, create a nice downstairs bathroom.

0:35:570:36:02

That would be the way I would go.

0:36:020:36:05

You've got to get that bathroom on the inside of the house.

0:36:050:36:08

# But I'm on the outside

0:36:100:36:13

# I'm looking in

0:36:130:36:16

# I can see through you

0:36:160:36:20

# See you, the real you... #

0:36:200:36:23

Time to see what an agent from the auction house that marketed the

0:36:250:36:28

property thinks of our bathroom conundrum.

0:36:280:36:31

Where would he like to see it added?

0:36:310:36:33

I think the best thing to do would be to extend the ground floor to the

0:36:330:36:37

rear to have a decent-sized bathroom.

0:36:370:36:40

There's only two bedrooms upstairs,

0:36:400:36:42

so you're kind of limited on the upstairs layout.

0:36:420:36:45

So we are agreed, then.

0:36:450:36:47

But all that work is not going to be cheap.

0:36:470:36:49

Assuming you could get it for around that 39,500 guide price,

0:36:490:36:53

what could it sell for?

0:36:530:36:55

Once you renovated, with the bathroom addition,

0:36:550:36:58

I would anticipate a resale value in the region of ?75,000.

0:36:580:37:02

And for long-term investors, would rental be a good idea?

0:37:020:37:06

The rental demand would be very strong in this area.

0:37:060:37:09

I would anticipate a rental income in the region of ?425 per calendar month.

0:37:090:37:14

So, no bathroom, no indoor toilet, no mortgage.

0:37:150:37:20

So who was the cash buyer when it went under the hammer?

0:37:200:37:23

Start the sale.

0:37:250:37:27

Two-bedroom mid-terraced house in need of modernizing.

0:37:270:37:31

35 will get it going.

0:37:310:37:33

It's all gone quiet. 34 can I say?

0:37:330:37:35

34 bid, thank you.

0:37:370:37:40

At 34,000. We're going once, bid's at 34.

0:37:400:37:42

35? 35.

0:37:420:37:43

You're in now. 35. 36. 37.

0:37:430:37:47

38.

0:37:470:37:49

At ?38,000.

0:37:490:37:50

39 anywhere else?

0:37:500:37:53

Are we all done then at ?38,000?

0:37:550:37:57

?38,000 once, then,

0:37:570:37:59

?38,000 twice, then.

0:37:590:38:02

Just in time, ?39,000.

0:38:020:38:05

At 39. 40?

0:38:050:38:08

Half, he's saying 39,500.

0:38:080:38:10

40? Yep, 40.

0:38:100:38:12

Another half?

0:38:120:38:14

No? At 40,000, right on the front row, no mistakes.

0:38:150:38:19

?40,000 once, then,

0:38:190:38:21

?40,000 twice.

0:38:210:38:23

Third and final time, ?40,000.

0:38:230:38:26

If the successful bidders look familiar, that's because they should.

0:38:260:38:29

# Oh, hello

0:38:290:38:31

# Remember me? #

0:38:310:38:33

Father and son team Tony and Dave have been on the show before.

0:38:330:38:37

They renovated another terrace house in Stoke in early 2017.

0:38:370:38:41

Tony's a joiner and his son, Dave, is a bricklayer.

0:38:410:38:45

So they are the right lads for this job.

0:38:450:38:48

I met up with them again to find out what they have planned for this

0:38:480:38:52

house they paid 40 grand for at auction.

0:38:520:38:55

Dave, good to see you again, pal.

0:38:550:38:56

You too. You too.

0:38:560:38:58

Tony, good to see you. We're like old mates now. Yeah.

0:38:580:39:01

Another house in Stoke, eh? Another one.

0:39:010:39:03

Let's start at the very beginning here. Yeah.

0:39:030:39:06

This place hasn't got a bathroom. What made you buy it?

0:39:060:39:09

Because it's in a good area near the town centre, all the facilities.

0:39:090:39:15

And we'll soon get a bathroom in.

0:39:150:39:17

See that's the thing, you see. Is being positive about it, isn't it?

0:39:170:39:21

Yeah. You've got to be positive. Were you looking for a house like this, a little two up, two down?

0:39:210:39:25

I said something we can improve.

0:39:250:39:26

Who's going to... Who's going to oversee that?

0:39:260:39:28

Who's going to be... Who's going to be site foreman?

0:39:280:39:32

Well... Is that you?

0:39:320:39:34

Well, both, really, but he's big boss.

0:39:340:39:35

Oh, I see. I do not know a lot, but I know of blokes who do.

0:39:350:39:39

And they'll just come in and do the work for you. That's it.

0:39:390:39:42

OK, so tell us about this place, then.

0:39:420:39:45

What are you going to do to it?

0:39:450:39:47

It's got no bathroom, we don't really intend building on.

0:39:470:39:50

OK. So you're not doing... We're not building extension. OK.

0:39:500:39:53

We improve what's here.

0:39:530:39:55

Tell us where the bathroom's going. In there. Where the kitchen is now.

0:39:550:39:59

OK, so... And then we'll turn this into a kitchen. Kitchen-diner.

0:39:590:40:02

OK. OK, so...

0:40:020:40:04

OK, so the kitchen's coming in here.

0:40:040:40:06

Yeah. Kitchen-diner in here. Yeah.

0:40:060:40:08

And there's going to be your bathroom.

0:40:080:40:10

The bathroom. Bathroom utility room.

0:40:100:40:12

What made you not want to extend? Was it money, or...?

0:40:120:40:15

It's cost, really.

0:40:150:40:17

And time, as well. It all takes time.

0:40:170:40:20

More a quick turnaround. Yeah, yeah, of course.

0:40:200:40:24

The less we make. Exactly.

0:40:240:40:26

See that's why he's the boss, you see?

0:40:260:40:28

That's why he's the boss. He makes sensible decisions. Yeah.

0:40:280:40:31

Anything else in here that you want to change?

0:40:310:40:34

Anything else surprised you?

0:40:340:40:35

Anything you're worried about?

0:40:350:40:37

The windows will have to be changed.

0:40:370:40:39

The floors seem pretty good.

0:40:400:40:42

But decorator concerns...

0:40:420:40:45

You know, a lot of people do their own decorating. Yeah.

0:40:450:40:47

Big mistake. Yeah. Yeah, that's it. Yes. Get the crows in.

0:40:470:40:50

Get the crows in, get it done. Well, it's what you see, isn't it?

0:40:500:40:52

Exactly, exactly. You know, it's then product.

0:40:520:40:56

They make a good job and then somebody comes in and bodges the paintwork. Changes it again.

0:40:560:41:00

How long's it going to take you, then, to turn this around?

0:41:000:41:03

Well, I should reckon about three, four months. OK.

0:41:030:41:05

Cos, you know, lads, sometimes they're tied up on a job.

0:41:050:41:10

And we'll just have to wait, same as everybody else. OK.

0:41:100:41:13

Or if we find something unexpected that we didn't notice in the first

0:41:130:41:16

viewing. So... There's always something.

0:41:160:41:19

Gotcha. And what about the budget?

0:41:190:41:22

Give or take, about 12 to 15,000.

0:41:220:41:25

OK. Should be... Should do it. It should be enough, shouldn't it?

0:41:250:41:28

Yeah.

0:41:280:41:29

Tony and son Dave have plenty of experience,

0:41:290:41:32

and like the last property of theirs we featured on the show,

0:41:320:41:35

they seem to have found a formula of using the existing footprint and

0:41:350:41:39

saving themselves a fortune by not extending.

0:41:390:41:43

Still, that 15 grand budget is going to have to do a lot.

0:41:430:41:47

And what made you come together to get into property?

0:41:470:41:50

We got a bit of ground to the house, and I said to him,

0:41:500:41:53

"Well, this is going to build two houses on that."

0:41:530:41:57

He lived with us, he stays at home still. OK.

0:41:570:42:00

And he built the two houses, and it just come from that, really.

0:42:000:42:04

Really? We've just done jobs on people's houses and stuff,

0:42:040:42:07

but it's only the last four or five years we've started doing...

0:42:070:42:10

Working on just on our own property.

0:42:100:42:11

So you can sort of work at your own pace?

0:42:110:42:14

That's it. Yeah. No pressure.

0:42:140:42:15

No. Are you going to continue to buy more properties,

0:42:150:42:18

add to your portfolio? Oh, yeah.

0:42:180:42:20

Is that the plan? That's the plan.

0:42:200:42:22

OK, so, when you buy your properties, are you buying to rent,

0:42:220:42:25

are you buying to sell, are you buying to...

0:42:250:42:27

For the family? What are you buying for? Mainly to sell.

0:42:270:42:30

But we won't rule out renting either.

0:42:300:42:33

They rent if we cannot sell.

0:42:330:42:35

Yeah. If we cannot sell this, we'll rent it.

0:42:350:42:37

OK. Ultimately want to...

0:42:370:42:39

I do want a portfolio of rental properties but... OK.

0:42:390:42:42

That something to just build over time. Yeah, yeah.

0:42:420:42:45

And then that's it.

0:42:450:42:47

So I can do it without taking on too much borrowing and stuff.

0:42:470:42:50

Slowly, slowly wins the race. That's the one.

0:42:500:42:52

Slowly, slowly wins the race, isn't it? That's it.

0:42:520:42:55

So, wish you all the best. I'm pretty sure it's going to work out.

0:42:550:42:58

Good luck, Dave. Yeah, thank you. Tony, good luck. Take it easy.

0:42:580:43:01

So, Tony and Dave's biggest hurdle is getting that bathroom

0:43:030:43:06

inside the house.

0:43:060:43:08

They're going to turn the kitchen into the bathroom and

0:43:080:43:11

the second reception room into the kitchen-diner.

0:43:110:43:14

How will it look? Will it work?

0:43:140:43:16

You can find out all the answers later in the programme.

0:43:160:43:19

Well, earlier on we saw how one of our properties turned out,

0:43:220:43:25

but what about the other two?

0:43:250:43:26

Have they found it's a breeze, or did their project kick up a storm?

0:43:260:43:30

Let's find out.

0:43:300:43:31

Earlier, Lucy was in the county of Kent for a property in the

0:43:310:43:35

picturesque village of Nettlestead Green.

0:43:350:43:39

She saw this three-storey, two-bedroom semi -

0:43:390:43:42

the type you'd find on a chocolate box.

0:43:420:43:44

So, lovely looking from the outside.

0:43:440:43:46

It's got yellow roses around the door.

0:43:460:43:49

I'm really happy!

0:43:490:43:50

Happiness abounded in this rose-covered cottage.

0:43:510:43:55

Former refrigeration engineer Peter had previously renovated two

0:43:550:43:59

properties, but this time around, it looked like he and wife Jackie

0:43:590:44:03

paid ?230,000 for something that pulled at their heartstrings.

0:44:030:44:08

It's cosy, it's welcoming.

0:44:080:44:11

Erm, yeah, I think our only problem is with the stairs, I think.

0:44:110:44:14

The stairs? OK, I've got to say,

0:44:140:44:16

I struggled getting up and down the stairs. They're very tight,

0:44:160:44:19

but there's nothing, I don't think, you can do about that.

0:44:190:44:22

Well, if I get the extension and all this wall comes out, here,

0:44:220:44:26

then we could maybe put a new staircase, in for this level anyway.

0:44:260:44:31

They were still to decide if they were going to live here

0:44:310:44:33

or possibly sell after refurbishment.

0:44:330:44:36

The good news is that, ten months on, planning permission for

0:44:360:44:39

the cottage extension has eventually been granted.

0:44:390:44:42

However, due to personal circumstances,

0:44:420:44:45

Peter and Jackie decided not to live here.

0:44:450:44:47

But they have put the property back on the market.

0:44:510:44:54

And Peter was eager to take us through the approved plans before

0:44:540:44:57

any potential change of ownership.

0:44:570:45:00

Basically, I got everything I wanted other than the front dormer,

0:45:010:45:05

which would, as far as the Council were concerned, would of taken away

0:45:050:45:10

some of the aesthetics of the property.

0:45:100:45:12

But, literally, I've got about 50% more.

0:45:120:45:16

From that line is a four meter downstairs, which would have given

0:45:160:45:20

a really good kitchen-diner, a lovely lot of size.

0:45:200:45:23

Three meter on the first floor,

0:45:240:45:27

which would give a good-sized bedroom, a third bedroom.

0:45:270:45:30

On the roof, it would have been an en-suite bedroom

0:45:300:45:34

with a shower room and toilet so...

0:45:340:45:36

The extra length of the extension at the back of the house would also

0:45:380:45:41

help with replacing the existing steep staircase,

0:45:410:45:44

which Lucy found a bit precarious.

0:45:440:45:46

Having the extension, I would have extended the stairway into that,

0:45:490:45:53

to bring up to normal specifications now.

0:45:530:45:56

And keep all this front room here, literally, the same.

0:45:560:46:01

Nice wood burner in the hearth, here.

0:46:010:46:03

Keep some of the character of the cottage.

0:46:030:46:05

But Peter hasn't been resting on his laurels.

0:46:070:46:09

He's stripped the first floor bedroom, going back to brick where

0:46:090:46:13

needed, and also the attic bedroom.

0:46:130:46:15

Both are now ready for refurbishment.

0:46:150:46:18

But the main area of work has been in the garden.

0:46:180:46:21

We got a digger in. I played with a digger for about two weeks,

0:46:210:46:25

on and off, and a dumper truck, and lots and lots of skips outside.

0:46:250:46:30

Shifted tonnes and tonnes of earth and concrete and what have you.

0:46:300:46:34

it looks a total mess out there compared to what it did,

0:46:340:46:37

but it's what needed to be done, so...

0:46:370:46:41

All in all, other than playing with the digger and dumper truck,

0:46:410:46:45

which is the first time for me,

0:46:450:46:48

I've quite enjoyed myself out there.

0:46:480:46:49

His original timescale was one year and, apart from planning permission,

0:46:520:46:56

not a lot has changed in ten months.

0:46:560:46:59

I suppose I've done about two and half months' work here.

0:46:590:47:02

All that and nothing to show for it, of course, other than a mess.

0:47:020:47:05

The original budget forecast for 60,000, but what has it ended up at?

0:47:070:47:12

Taking into account council tax and things like that, that I'm sort of

0:47:130:47:16

lumping in, all in all, about 8,000.

0:47:160:47:19

It'll be about 9,000 by the time it sold hopefully, so...

0:47:190:47:23

A lot of the viewings have been from local people.

0:47:230:47:26

I call them tire-kickers - they're just going to have a look.

0:47:270:47:30

If you don't know, a tire-kicker is a term sometimes used by car dealers

0:47:300:47:35

to identify an indecisive customer who is unlikely to purchase.

0:47:350:47:39

But, hopefully, the two estate agents we've asked along to kick the

0:47:390:47:42

tires of Peter's plans for this house will think they've aimed it

0:47:420:47:46

at the right market.

0:47:460:47:47

I like this house. It's really in the country,

0:47:490:47:51

there's lots of parking at the front.

0:47:510:47:54

It's a nice plot, it's an interesting property.

0:47:540:47:57

My initial thoughts of the property is it's a very pretty cottage

0:47:570:48:01

in a fairly rural area, so I think it's got a real, very wide appeal.

0:48:010:48:06

Would it be beneficial if Peter and Jackie had completed the extensions

0:48:080:48:11

or is it better to sell with the added value of planning?

0:48:110:48:14

In its current state, I could foresee, perhaps, a young couple

0:48:160:48:20

purchasing it, maybe even first-time buyer, but someone who has a real

0:48:200:48:25

desire to live in an older property where they want to add

0:48:250:48:29

their own touch to it.

0:48:290:48:32

From the point of view of an investment, I feel that it would

0:48:320:48:34

probably be best just to do it up and sell it as it is,

0:48:340:48:37

rather than go to the expense and time of all the extensions.

0:48:370:48:41

I'm sure Peter will be glad to hear that, and he got some good news only

0:48:410:48:45

last week, bearing in mind his total spend will be 230,000.

0:48:450:48:50

It's been sold for 270,000, so...

0:48:510:48:55

I dropped it twice from the original asking price, which was 300,000,

0:48:550:49:00

so I was a little bit optimistic there.

0:49:000:49:02

So, yeah, subject to contract, it's sold and, hopefully,

0:49:020:49:06

in a couple of months' time, I'll be moving onto the next one.

0:49:060:49:09

Whoa! Before you do that, Peter, let's find out what our guys think.

0:49:090:49:12

Was the potential profit of ?31,000 enough

0:49:120:49:16

or could he have achieved more?

0:49:160:49:18

As the property stands at the moment,

0:49:180:49:22

incomplete in its restoration,

0:49:220:49:25

I would anticipate it selling for something in the region of

0:49:250:49:27

250,000 to ?260,000.

0:49:270:49:31

I think the value of this property, as it stands,

0:49:310:49:33

with the planning permission, is approximately ?275,000.

0:49:330:49:37

Oh, right. OK, so, it's basically spot-on, then.

0:49:370:49:40

Yeah, yeah. No, I'm pleased with that.

0:49:400:49:42

It's a bittersweet time for Peter and Jackie.

0:49:430:49:46

Achieving a decent sale price of 270,000, but not being able to see

0:49:460:49:50

through their dream project, especially since Peter seems to have

0:49:500:49:55

at last found his true vocation.

0:49:550:49:57

Yeah, yeah, I'm quite disappointed.

0:49:570:50:00

We both are, myself and my wife, so...

0:50:000:50:03

But, erm, it's just one of them things not going ahead.

0:50:030:50:05

Peter may have given up on this project, but he's not giving up

0:50:060:50:10

on his new quest.

0:50:100:50:12

I gave up a well-paid job to do this. The first two turned out OK,

0:50:120:50:18

this one is OK,

0:50:180:50:20

could have been better, possibly, but, on the valuations,

0:50:200:50:23

I've done quite well out of it.

0:50:230:50:25

I'll continue to do it and try and continue to earn a profit -

0:50:250:50:30

albeit how big.

0:50:300:50:31

Although it's not what Peter and Jackie had wished for,

0:50:330:50:36

some would say over ?30,000 profit in ten months is good going.

0:50:360:50:40

Any last thoughts, Peter?

0:50:400:50:41

Don't buy with your heart unless you actually do live in it in the end.

0:50:430:50:46

Now, back to Etruria in Stoke-on-Trent, where earlier I saw

0:50:510:50:54

a two-bed terrace with one important room missing

0:50:540:50:57

from the house's interior.

0:50:570:50:59

I can't find the bathroom or the toilet anywhere.

0:50:590:51:03

I tell you why.

0:51:030:51:04

I tell you why I can't find it.

0:51:040:51:06

Because it's there.

0:51:060:51:08

Outside, at the bottom of the garden and it's just a toilet.

0:51:080:51:12

What that means is you are not going to get a high-street mortgage

0:51:120:51:16

for this property - no chance.

0:51:160:51:18

Even so, the property was purchased for just over guide price

0:51:190:51:23

by father-and-son team Tony and Dave.

0:51:230:51:25

With Tony being a joiner and Dave a brickie, they seem to have

0:51:260:51:30

the necessary skills to get that loo inside.

0:51:300:51:33

Tell us where the bathroom's going. Where the kitchen is now.

0:51:330:51:36

OK, so...

0:51:360:51:37

And we'll turn this into a kitchen-diner.

0:51:370:51:40

OK.

0:51:400:51:42

They paid 40 grand for the property.

0:51:420:51:44

They plan to sell on when complete or rent if needed.

0:51:440:51:47

That was ten months ago,

0:51:480:51:49

a few months over their three to four month timescale,

0:51:490:51:52

but now, we're back.

0:51:520:51:54

And also back to brickwork was much of the plasterwork,

0:51:570:52:01

making way for new finishes, tiles, units, flooring.

0:52:010:52:05

But, did the toilet make it inside?

0:52:050:52:07

# Oh, yeah!

0:52:090:52:10

# Give me your love

0:52:100:52:12

# I need it

0:52:120:52:14

# Give me your heart

0:52:140:52:16

# I'm pleading

0:52:160:52:18

# Give me your love

0:52:180:52:20

# I need it

0:52:200:52:21

# Oh-oh yeah

0:52:210:52:25

# Why don't you give me your love? #

0:52:250:52:27

The standard of finish achieved here is really good,

0:52:270:52:30

so the father-and-son team should be proud of the graft they've put in.

0:52:300:52:34

All that remains downstairs is the front room.

0:52:370:52:39

But, have father and son done upstairs proud, too?

0:52:510:52:54

After we first filmed, Dave and Tony had a bit of a shock.

0:53:050:53:09

They discovered the property had a council prohibition order in place.

0:53:090:53:13

This is an order made to protect tenants from dangerous hazards.

0:53:130:53:17

Restrictions can take several forms.

0:53:170:53:20

It could prevent young children or restrict the number of people living

0:53:200:53:23

in the property.

0:53:230:53:24

The order can also stop a house, or part of the house,

0:53:240:53:28

being lived in until it is made safe and habitable.

0:53:280:53:30

Well, I've overcome that by putting the central heating system,

0:53:320:53:35

the kitchen, the inside bathroom and toilet and redecorating

0:53:350:53:40

and bringing it up to a modern standard, and so that order's now

0:53:400:53:46

in the process of being lifted.

0:53:460:53:49

Dave and Tony always intended bringing the house up to scratch,

0:53:490:53:53

so they didn't feel the order was any sort of burden.

0:53:530:53:56

Wisely, Dave consulted the council's empty homes team

0:53:560:53:59

while he was doing the work.

0:53:590:54:01

They told me what I needed to do and I just had to do it,

0:54:010:54:05

and they've been good.

0:54:050:54:06

Dave prioritised work on the other property he bought

0:54:080:54:11

at the same auction, although he did have a good team of tradesmen,

0:54:110:54:15

who worked on both properties.

0:54:150:54:17

I know I've got a good team of blokes who've been working

0:54:170:54:21

on here as well, so if I can't do it there's always someone who can.

0:54:210:54:25

He reckons the concentrated period of time spent renovating here

0:54:280:54:32

works out to around the four month mark.

0:54:320:54:34

So, what about the 12-15 grand optimistic budget forecast?

0:54:350:54:40

Up to now it's about round the 23,000 mark.

0:54:430:54:46

And it shouldn't be much more than that, although we've got a couple

0:54:470:54:51

more bills left to come in.

0:54:510:54:53

The overspend however is mitigated slightly by them getting

0:54:530:54:57

a council grant of ?5,000 for doing up an empty house.

0:54:570:55:00

But, under the terms of the grant, they will have to rent it out

0:55:000:55:03

for two years.

0:55:030:55:05

If you're wondering where Tony is,

0:55:050:55:07

he's had to have a hip replacement, but he has seen the property.

0:55:070:55:10

He liked what he saw.

0:55:100:55:12

He knows what to expect with what we do, so...

0:55:140:55:17

Me and the lads have done a good job so,

0:55:170:55:19

on to the next one.

0:55:190:55:20

Whoa! Hold your horses there, Dave.

0:55:220:55:24

Not until the two local agents we've invited along have their say

0:55:240:55:27

on the property's prospects and the valuations.

0:55:270:55:31

First up, the agent who saw the property before work commenced.

0:55:310:55:34

Since my last visit, it's a complete transformation with the property.

0:55:360:55:40

It's really unrecognisable from the previous condition.

0:55:400:55:43

First impressions of this property are...

0:55:430:55:45

Whoever's done it, has done an absolutely excellent job

0:55:460:55:50

of the refurbishment. Can't fault it at all, in any way.

0:55:500:55:53

Dave and Tony spent ?40,000 at auction and a further 23 grand

0:55:540:56:00

refurbishing, less than council's 5,000 grant, of course.

0:56:000:56:04

That means a total spend of 58 grand.

0:56:040:56:07

To satisfy the grant conditions, they'll have to let out the property

0:56:070:56:10

for at least two years.

0:56:100:56:12

But, if they can sell it, what profit could they realise?

0:56:120:56:15

Because there's only one reception room to the property,

0:56:150:56:18

I would anticipate a resale value in the region of ?70,000.

0:56:180:56:22

Now that this property's been renovated,

0:56:220:56:25

looking at the open market,

0:56:250:56:29

the asking price would be ?69,950.

0:56:290:56:33

That's about what I was expecting.

0:56:330:56:35

I was expecting something about that.

0:56:350:56:37

A gain of 12 grand, but not achievable just yet.

0:56:370:56:41

So, what sort of rental income should they expect?

0:56:410:56:44

Because this is so good,

0:56:440:56:48

it should command a figure of ?425 per calendar month.

0:56:480:56:53

I would anticipate a rental income in the region of

0:56:530:56:55

?450 per calendar month.

0:56:550:56:58

I think that's good. Around 425 is about a good one,

0:56:580:57:02

but 450 would be even better, we can get that.

0:57:020:57:05

Indeed, it would, as taking that top figure equates to an annual rental

0:57:050:57:09

yield of nearly 9.5%.

0:57:090:57:12

So, will it be on the sales market in years to come?

0:57:120:57:15

I'd like to keep it on as a rental one, if I can.

0:57:150:57:19

Selling at a later date's always an option, but I'd preferably keep it

0:57:190:57:24

in my portfolio.

0:57:240:57:26

What's the best bit of the project?

0:57:260:57:28

Well, obviously it feels better now it's done

0:57:280:57:30

and it's ready to start earning.

0:57:300:57:33

Any tips for anyone starting out?

0:57:330:57:35

Whatever you've worked out for your budget, remember there's

0:57:350:57:38

always something else you haven't thought of that you have to pay for.

0:57:380:57:42

So, a budget contingency is Dave's watchword,

0:57:420:57:45

but is it a philosophy he intends to repeat?

0:57:450:57:48

I'll be definitely be back to the auctions. It's a lot faster process,

0:57:480:57:51

and you know where you are with it.

0:57:510:57:53

So, yeah, you'll be seeing me again.

0:57:530:57:56

Well, good luck with the future ones

0:57:560:57:58

and if they do only have an outside loo, maybe a closer check on

0:57:580:58:02

the council prohibition orders might be the order of the day.

0:58:020:58:05

Well, week in, week out, there are property auctions taking place

0:58:090:58:13

all over the UK.

0:58:130:58:14

And we never rest in our research to bring you the new stories.

0:58:140:58:17

Well, on the odd occasion, we have a rest, but, next time here on

0:58:170:58:20

Homes Under The Hammer, we'll have more stories for you - see you then.

0:58:200:58:24

Bye-bye. Goodbye.

0:58:240:58:25

A two-bed detached house ripe for extending in Bilston near Wolverhampton, a cosy cottage in Nettlestead Green in Kent and a terraced house in Etruria in Stoke-on-Trent without a bathroom or an inside loo are all sold under the hammer. The developers have ambitious plans for their new purchases but will all go according to plan?