0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Buying property can have its highs and lows
0:00:05 > 0:00:08and it's not as easy as people may think.
0:00:08 > 0:00:11And you'll also have to get over a few obstacles along the way.
0:00:11 > 0:00:14Yeah, but one way of eliminating some of those problems, and perhaps
0:00:14 > 0:00:18simplifying the whole process, is to head down to your local
0:00:18 > 0:00:21auction house and buy your next home under the hammer.
0:00:47 > 0:00:51Well, there are all sorts of properties on offer at the auction
0:00:51 > 0:00:55and buyers who have all kinds of ideas and budgets for them.
0:00:55 > 0:00:58Yeah - let's look at the ones that are being sold under the hammer
0:00:58 > 0:00:59on today's show.
0:01:00 > 0:01:03Lucy is in the lovely village of Farningham in Kent
0:01:03 > 0:01:07to see a Grade II-listed cottage that has her lost for words.
0:01:07 > 0:01:09Oh, whoa!
0:01:10 > 0:01:13'So hold on, Lucy gets a Grade II-listed cottage in Kent
0:01:13 > 0:01:16'and I get a standard three-bedroom semi near Birmingham?
0:01:16 > 0:01:17'I know my place.'
0:01:17 > 0:01:19It is pretty typical.
0:01:19 > 0:01:22I'm sure there are plenty of interesting features in the house,
0:01:22 > 0:01:26Dion, but I don't think anything will compare to the flora I find
0:01:26 > 0:01:28at this two-bed terrace in Cheshire.
0:01:28 > 0:01:31Oh, that's made my day. Happy little flowers.
0:01:31 > 0:01:34All these properties have been sold at auction and we'll find out
0:01:34 > 0:01:38who bought them and what they paid when they went under the hammer.
0:01:38 > 0:01:40Sir, you have it, congratulations.
0:01:49 > 0:01:52This is the picturesque village of Farningham in Kent.
0:01:52 > 0:01:55Now, in all my years of being on Homes Under the Hammer,
0:01:55 > 0:01:58I have never ever, ever been here, unbelievably.
0:01:58 > 0:02:01But it's got this lovely villagey feel,
0:02:01 > 0:02:03it's got wonderful river views
0:02:03 > 0:02:05and it has great access onto the nearby motorway.
0:02:05 > 0:02:09So I think it's fair to say you definitely get the best of
0:02:09 > 0:02:12both worlds living here. And the good news is,
0:02:12 > 0:02:13the property I'm here to see
0:02:13 > 0:02:16is right in the heart of this lovely village.
0:02:16 > 0:02:18It's a semidetached house,
0:02:18 > 0:02:23and it had a guide price of £350-375,000.
0:02:23 > 0:02:25Let's track it down.
0:02:28 > 0:02:32# Sun is shining The weather is sweet... #
0:02:32 > 0:02:36Lucy only has a two-minute walk to find the property on offer
0:02:36 > 0:02:39and it looks like it might be a challenging property.
0:02:39 > 0:02:42The corner position right on the road is not ideal -
0:02:42 > 0:02:47it's where the boarding is a bit dilapidated on the outside.
0:02:47 > 0:02:49And just to complicate things,
0:02:49 > 0:02:51there used to be a barbers on the ground floor,
0:02:51 > 0:02:54so there might be some planning issues to sort out.
0:02:54 > 0:02:56So far, so bad.
0:02:56 > 0:02:57Oh, whoa!
0:02:59 > 0:03:01Whoa!
0:03:01 > 0:03:03I'm speechless - I wasn't expecting this.
0:03:03 > 0:03:06Wow! That's the third time I've said that!
0:03:06 > 0:03:08There are beams everywhere.
0:03:08 > 0:03:11Only short people need apply for this one, then!
0:03:11 > 0:03:14Now, I think this was built in the early 1800s -
0:03:14 > 0:03:16you can just tell, there's so much wood everywhere.
0:03:16 > 0:03:19It's got that real cottagey feel to it, low ceilings,
0:03:19 > 0:03:21leaded light windows.
0:03:21 > 0:03:22Through here, well,
0:03:22 > 0:03:25it's a bit confused because you've got a sink and then a loo.
0:03:25 > 0:03:27Maybe it was a utility area.
0:03:27 > 0:03:30But it's just...it's just lovely.
0:03:30 > 0:03:33So much character.
0:03:33 > 0:03:35But very small indeed.
0:03:35 > 0:03:39Now, up these little stairs to not what I was expecting again -
0:03:39 > 0:03:41two separate levels.
0:03:41 > 0:03:44Wow, look at this - a level up there, lots of light,
0:03:44 > 0:03:48you've got different vistas from the high street this end and this end.
0:03:48 > 0:03:53Loads of windows, but just beams, fireplaces,
0:03:53 > 0:03:56character oozing out of this place!
0:03:56 > 0:03:58Oh, it's so nice to be in a place like this.
0:03:58 > 0:04:01I can really imagine what this will be like once somebody gets
0:04:01 > 0:04:03their hands on it and does it up.
0:04:03 > 0:04:04Oh, it's so exciting.
0:04:04 > 0:04:07Oh, and by the way, this is a Grade II-listed property,
0:04:07 > 0:04:09just to let you know.
0:04:09 > 0:04:13Thanks for that, Lucy. As we know, Grade II listing equals character,
0:04:13 > 0:04:18but it also means Listed Building Consent probably needs to be obtained
0:04:18 > 0:04:21for alterations inside as well as outside the house.
0:04:21 > 0:04:24So whoever takes this on will need to be patient.
0:04:24 > 0:04:25This will take time.
0:04:25 > 0:04:29But you can probably fill in that time by getting lost in here.
0:04:29 > 0:04:34It's bit of a maze, so pay attention because this is pretty complicated.
0:04:34 > 0:04:39Up the stairs onto the second level, there is a decent-sized kitchen.
0:04:41 > 0:04:44Back down to the middle reception room, there is a staircase,
0:04:44 > 0:04:48which takes you up to two pretty dilapidated attic rooms.
0:04:53 > 0:04:57Back downstairs, and just off the middle reception
0:04:57 > 0:04:59is this large bedroom complete with a good-size en suite.
0:05:01 > 0:05:03I hope you're keeping up.
0:05:03 > 0:05:06Now it's time to head downstairs to the commercial part of the property.
0:05:09 > 0:05:10Well, I'll tell you what,
0:05:10 > 0:05:14you can't really wipe the smile off my face in this property because,
0:05:14 > 0:05:18even though it is just a warren of different rooms and corridors
0:05:18 > 0:05:20that don't make any sense,
0:05:20 > 0:05:24I do love it. It's got the most amazing feel, and I think,
0:05:24 > 0:05:28if I'm right, this would have been the original barbershop.
0:05:28 > 0:05:30You can see it's got that sort of shop-front feel,
0:05:30 > 0:05:33the separate entrance coming in from the street,
0:05:33 > 0:05:36but then it's got things like polystyrene tiles with
0:05:36 > 0:05:39years and years' worth of paint slapped all over them.
0:05:39 > 0:05:41It's just incredible being in here.
0:05:41 > 0:05:42You can smell the damp,
0:05:42 > 0:05:45you can see there's obviously been water coming through.
0:05:46 > 0:05:49But you can just feel the sense of history, being in a room like this,
0:05:49 > 0:05:51and I've not even finished yet
0:05:51 > 0:05:54because I've got more exploring to do in the form of
0:05:54 > 0:05:56something at the end of the path.
0:05:56 > 0:05:57I'm going to have a look.
0:05:57 > 0:05:59While Lucy hangs outside,
0:05:59 > 0:06:02there is one more bit inside to see.
0:06:02 > 0:06:06At the back, there is a room with its, erm, retro sink.
0:06:06 > 0:06:09Down the corridor is a very old room.
0:06:09 > 0:06:11Maybe this was the kitchen - who can tell?
0:06:11 > 0:06:13Anyway, it leads to...
0:06:13 > 0:06:17oh, a real disappointment - a tiny garden.
0:06:17 > 0:06:21Well, it looked like the house could be a great family home.
0:06:21 > 0:06:24The garden is certainly a let-down, but we're not finished yet.
0:06:26 > 0:06:29So you might be wondering why I'm walking up this garden path
0:06:29 > 0:06:33and that is because, with this lot, you don't just get
0:06:33 > 0:06:34a Grade II-listed property.
0:06:34 > 0:06:39Oh, no, you also get this massive plot of land.
0:06:39 > 0:06:42And at nearly three-quarters of an acre in size,
0:06:42 > 0:06:43I think you'll agree
0:06:43 > 0:06:45there could be some further potential here.
0:06:45 > 0:06:48Now, I've got my developer's head on, and I don't think
0:06:48 > 0:06:52you'd get just one property here - you could even get more than that.
0:06:52 > 0:06:55You would need to sort out the access and I'm sure there'd be a few
0:06:55 > 0:06:59obstacles to get over before you get permission, but I think it could be
0:06:59 > 0:07:01well worth some consideration.
0:07:01 > 0:07:04This really is the gold at the end of the rainbow.
0:07:05 > 0:07:06Amazing!
0:07:07 > 0:07:10# It's getting better all the time... #
0:07:12 > 0:07:15Now, before you get too excited, be aware that,
0:07:15 > 0:07:18when it comes to the land, planning may well take into account
0:07:18 > 0:07:20that Grade II listing.
0:07:20 > 0:07:25But nonetheless, for that guide price of 350-375 grand,
0:07:25 > 0:07:28this auction lot looks like a lot of potential.
0:07:28 > 0:07:30But what does a local estate agent make of it?
0:07:31 > 0:07:34Having looked round the property myself, I absolutely love it.
0:07:34 > 0:07:37It offers fantastic potential for someone to come in
0:07:37 > 0:07:38and put their own stamp on it.
0:07:38 > 0:07:41If you're able to maintain the character of the property,
0:07:41 > 0:07:45you've certainly got a home that's got a lot of soul to it as well.
0:07:45 > 0:07:48We all love it, but what can the agent tell us about the land?
0:07:48 > 0:07:51The plot of land offers magnificent potential to put a separate dwelling
0:07:51 > 0:07:55there, subject to the relevant planning and consents.
0:07:55 > 0:07:58There's certainly recently a history of applications being accepted
0:07:58 > 0:08:01in the road, so I don't see it being too much of an issue.
0:08:01 > 0:08:04And the access is already there as well to allow them
0:08:04 > 0:08:05to put that separate dwelling.
0:08:06 > 0:08:10Great news. So if it was converted into one large family home,
0:08:10 > 0:08:11what kind of value could it achieve?
0:08:13 > 0:08:17Once renovated as one property, we would look to market this property
0:08:17 > 0:08:20between £650,000 and £700,000.
0:08:20 > 0:08:23And what about that plot of land?
0:08:23 > 0:08:25With regards to the plot of land at the rear of the property,
0:08:25 > 0:08:28if you were to get planning consent to build one dwelling,
0:08:28 > 0:08:31you could maybe look to market that around £625,000.
0:08:31 > 0:08:34If, however, you were to get planning for two separate dwellings,
0:08:34 > 0:08:37you could look to maybe market them around £500,000 per property.
0:08:38 > 0:08:40Wow, what a property.
0:08:40 > 0:08:41In a stunning village,
0:08:41 > 0:08:45these certainly don't come up for auction everyday.
0:08:45 > 0:08:48Now, I know there's a lot of work to do, but there really is
0:08:48 > 0:08:51so much potential. And after a lot of hard work, well,
0:08:51 > 0:08:53I think it could be stunning.
0:08:53 > 0:08:57And let's not forget, you even get a possible building plot as well.
0:08:57 > 0:09:00I can't wait to find out who bought it and what they're going to do with it.
0:09:00 > 0:09:03Let's head to the auction and find out.
0:09:04 > 0:09:08Somebody start me, if you will, at 300,000.
0:09:08 > 0:09:10300,000, I say.
0:09:10 > 0:09:12Thank you, 300 on my right I have.
0:09:12 > 0:09:14Let's go in fives. 305, may I say?
0:09:14 > 0:09:16300 on my right, 305.
0:09:16 > 0:09:18310.
0:09:18 > 0:09:20The bidding for this lot came later in the day,
0:09:20 > 0:09:23but there were still some very determined bidders.
0:09:23 > 0:09:26We rejoin the bidding at 355,000.
0:09:26 > 0:09:28355, your bid.
0:09:28 > 0:09:30360.
0:09:30 > 0:09:31360, 370.
0:09:31 > 0:09:34Sorry, 365, I beg your pardon.
0:09:34 > 0:09:36370.
0:09:36 > 0:09:3975.
0:09:39 > 0:09:4180.
0:09:41 > 0:09:44No. The gentleman's bid on my right, third row, 375 -
0:09:44 > 0:09:46it's against you two there.
0:09:46 > 0:09:48380 anywhere else?
0:09:48 > 0:09:49Are we done?
0:09:51 > 0:09:53First time at 375.
0:09:53 > 0:09:55Second time at 375.
0:09:55 > 0:09:58For the third and final time at £375,000 on my right,
0:09:58 > 0:10:00against you both at the back, are we all done?
0:10:00 > 0:10:04I think we are. That is sold at 375.
0:10:04 > 0:10:08That successful bid bang on the top guide price of 375,000
0:10:08 > 0:10:12was made by David and his son-in-law, Adrian.
0:10:12 > 0:10:16Adrian is a property developer and builder who came along to meet Lucy,
0:10:16 > 0:10:20but he didn't have far to travel, as he lives in this lovely village.
0:10:20 > 0:10:22Adrian, lovely to meet you today.
0:10:22 > 0:10:24You've done a beautiful job of pouncing on this
0:10:24 > 0:10:28and you're now the fine owner of what was originally a barbershop.
0:10:28 > 0:10:31It was a barbershop in one part of the house and this part of the house
0:10:31 > 0:10:34was residentially owned, I believe.
0:10:34 > 0:10:37Is this a property you've bought as an investment opportunity?
0:10:37 > 0:10:39It is a property I've bought as an investment opportunity, yes.
0:10:39 > 0:10:42- And have you been looking for something to do up?- Yeah.
0:10:42 > 0:10:44Is this because it's in your village that you wanted it?
0:10:44 > 0:10:48We'd looked at other properties around slightly further afield,
0:10:48 > 0:10:51but I am keen to work as close to home as I possibly can.
0:10:51 > 0:10:54So come on, I want you to cast your developer's eye over this place
0:10:54 > 0:10:56and tell me exactly what you're going to do.
0:10:56 > 0:10:58Basically, what we want to do here...
0:10:58 > 0:11:02I've got a very good London-based architect who's helping me.
0:11:02 > 0:11:06He's used to small spaces, so he's going to help us here.
0:11:06 > 0:11:09I think, basically, we're going to put sort of four-to-five bedrooms
0:11:09 > 0:11:12in here, three en suite.
0:11:12 > 0:11:15We're adding a glass structure at the back of the building
0:11:15 > 0:11:18so everything flows through from the kitchen
0:11:18 > 0:11:21into a sort of breakfast room/day room/family room.
0:11:21 > 0:11:23Now, glass structure, that's interesting.
0:11:23 > 0:11:25This is a Grade II-listed building.
0:11:25 > 0:11:27How is that going to get past the planners?
0:11:27 > 0:11:30Well, this is where our architect comes back into play again.
0:11:30 > 0:11:32He's recently completed a project with us
0:11:32 > 0:11:36where we've joined three Grade II-listed properties together
0:11:36 > 0:11:38and we've won two awards,
0:11:38 > 0:11:40one for small project and one for best building,
0:11:40 > 0:11:42- so we're very happy with that.- Wow.
0:11:42 > 0:11:45Adrian, I'm sorry, but I've got high hopes for this place now.
0:11:46 > 0:11:50It sounds like this house is going to be amazing, and Adrian has...
0:11:50 > 0:11:51# Got high hopes... #
0:11:51 > 0:11:54..of completing the work in eight months.
0:11:54 > 0:11:56So let's talk about money.
0:11:56 > 0:12:00Budget - how much money are you going to pour into this beautiful property?
0:12:00 > 0:12:02I would imagine about...
0:12:02 > 0:12:04£120,000?
0:12:04 > 0:12:08- Really?- Yeah.- OK, so have you worked your sums out completely to the T?
0:12:08 > 0:12:09- No.- Do you ever do that?
0:12:09 > 0:12:12- No.- So come on, do you think with your heart and not with your head?
0:12:12 > 0:12:14- I do, yes.- You're a creative, aren't you?
0:12:14 > 0:12:17Yes, that's it. And it's nice to do something... I think we can...
0:12:17 > 0:12:21I won't cut any costs, but I know where to source the right materials,
0:12:21 > 0:12:23I know how to do it properly,
0:12:23 > 0:12:26and I think we'll come in under budget.
0:12:26 > 0:12:29Let's put this project aside for a minute and talk about, well,
0:12:29 > 0:12:32I'd like to say this house's garden, but it's actually a plot of land,
0:12:32 > 0:12:36- isn't it?- It is, yes. - So it came with another plot?
0:12:36 > 0:12:41We'd like to get permission for some tasteful houses up there,
0:12:41 > 0:12:44but if we don't get permission for that
0:12:44 > 0:12:47then we're very happy to keep it in the family
0:12:47 > 0:12:49and probably have a stable up there...
0:12:51 > 0:12:52..for a horse for my daughter.
0:12:52 > 0:12:54So is this just all in the day job for you?
0:12:54 > 0:12:57- This is just what you do, isn't it?- It is, yes.
0:12:57 > 0:12:59And what are you most looking forward to with this exercise?
0:12:59 > 0:13:02- Being close to home.- Now, you keep mentioning that -
0:13:02 > 0:13:04what is it about being so close to home?
0:13:04 > 0:13:06Well, it's nice. I can walk here in the morning,
0:13:06 > 0:13:08I can walk back in the evening,
0:13:08 > 0:13:10and it's very nice to have a property in the village
0:13:10 > 0:13:13so we can make our village better, nicer, prettier.
0:13:13 > 0:13:17And to have this house fully functioning again as a family house
0:13:17 > 0:13:19is what I like to do.
0:13:19 > 0:13:21I think it's great as well because you're rather spoilt,
0:13:21 > 0:13:24you can stop at one of many pubs for a spot of lunch on the way back,
0:13:24 > 0:13:26- can't you?- You can.- Adrian, good luck with this project.
0:13:26 > 0:13:29I can't wait to see the outcome. It's been great meeting you.
0:13:29 > 0:13:32- Thank you very much.- Thank you. - Nice to see you as well.
0:13:32 > 0:13:36Adrian has plenty of experience and big ideas
0:13:36 > 0:13:38for this beautiful property,
0:13:38 > 0:13:41but there'll be restrictions attached to a house like this.
0:13:41 > 0:13:44And the planners - well, if they don't like the sound of all that glass,
0:13:44 > 0:13:47his ideas could be shattered.
0:13:47 > 0:13:51Join me later on in the show and you can find out if it all goes to plan.
0:13:56 > 0:13:59This heavily-wooded area close to the M6 is...
0:14:02 > 0:14:04It's a popular spot for dog walkers and bird-watchers,
0:14:04 > 0:14:07but you'd best stick to the path, just so you don't get lost.
0:14:09 > 0:14:12# Lost in Hollywood... #
0:14:14 > 0:14:18Right next door is the South Birmingham suburb of Great Barr,
0:14:18 > 0:14:22a popular residential area with great links to the city centre
0:14:22 > 0:14:24and surrounding motorway network.
0:14:24 > 0:14:27I'm here to see a 1930s semidetached house
0:14:27 > 0:14:31with a guide price of £70-75,000,
0:14:31 > 0:14:33and it's got three bedrooms.
0:14:33 > 0:14:36Now, I'm expecting a standard layout, but will it surprise me?
0:14:36 > 0:14:38Let's take a look.
0:14:38 > 0:14:40Always remember when viewing a property,
0:14:40 > 0:14:42don't be rushed.
0:14:42 > 0:14:45Take time to observe the condition of the building.
0:14:45 > 0:14:48Are there any loose tiles? Leaking gutters or downpipes?
0:14:48 > 0:14:50Cracks in the brickwork?
0:14:50 > 0:14:53In this case, the outside of the house looks pretty good.
0:14:56 > 0:14:58HE SIGHS Right.
0:14:58 > 0:15:00It is pretty typical.
0:15:00 > 0:15:02It looks very dated, feels very dated.
0:15:02 > 0:15:05You've got the stairs going up to the bedrooms.
0:15:05 > 0:15:07Quite a small hallway.
0:15:08 > 0:15:10Here's your first reception room there
0:15:10 > 0:15:12with a very old-looking gas fire,
0:15:12 > 0:15:14but it's a good size.
0:15:14 > 0:15:16Kitchen to my left just here
0:15:16 > 0:15:19with a door going out to the side of the property.
0:15:19 > 0:15:23Quite a small kitchen - again, that would have to be changed.
0:15:23 > 0:15:26And then into the second reception room, another gas fire,
0:15:26 > 0:15:28another fireplace.
0:15:28 > 0:15:32And this room is very similar to the size of the first
0:15:32 > 0:15:35reception room, but we have a wall in between...
0:15:36 > 0:15:38..kitchen and this room.
0:15:38 > 0:15:41Get rid of it, for me. Create a nice, big, open
0:15:41 > 0:15:43kitchen/dining space.
0:15:43 > 0:15:45It's a bit of a waste, cos the kitchen's too small anyway.
0:15:45 > 0:15:47Why not use the space that little bit better?
0:15:47 > 0:15:52But you do seem to have a bit of a lean-to out here as well,
0:15:52 > 0:15:54so could you...?
0:15:57 > 0:15:59I'll come back to that just a bit later.
0:16:02 > 0:16:07The traditional layout continues upstairs with a large bay-windowed
0:16:07 > 0:16:10master bedroom and single bedroom to the front of the house,
0:16:10 > 0:16:14and a double bedroom, bathroom and separate WC at the rear.
0:16:15 > 0:16:17And you won't need to be a mind-reader to know exactly
0:16:17 > 0:16:19what I'm thinking -
0:16:19 > 0:16:22knock through that wall and create a large family bathroom.
0:16:33 > 0:16:37So the upstairs to this house is exactly what I was expecting.
0:16:37 > 0:16:43What I wasn't expecting is that this house is a leasehold property,
0:16:43 > 0:16:46and a short lease at that, at 33 years.
0:16:46 > 0:16:48That's going to make it really hard to get a mortgage,
0:16:48 > 0:16:52so for me this is for cash buyers only.
0:16:52 > 0:16:54You can buy the freehold to this property,
0:16:54 > 0:16:56but it would cost you a few quid,
0:16:56 > 0:16:59and you'd have to factor that into your budget.
0:16:59 > 0:17:02So I've said it before and I'll say it again -
0:17:02 > 0:17:03please, do your research.
0:17:05 > 0:17:09There is one obvious benefit in going after a short-lease property
0:17:09 > 0:17:10like this at auction -
0:17:10 > 0:17:12if it's a cash-only buy,
0:17:12 > 0:17:14there will be fewer bidders competing against you.
0:17:15 > 0:17:18Now, I'm out the back and you've got a bit of back garden space.
0:17:18 > 0:17:21It's overgrown and the trees do need to be cut back,
0:17:21 > 0:17:22and the hedges as well.
0:17:22 > 0:17:26But it's this conservatory, or lean-to, I wanted to have a look at.
0:17:26 > 0:17:29It's definitely seen better days.
0:17:29 > 0:17:33But it's the right idea to try and create a bit more space as well.
0:17:33 > 0:17:36What I would do, I'd get rid of that completely and have a proper
0:17:36 > 0:17:42brick-built extension creating a nice big kitchen/dining space.
0:17:42 > 0:17:43For me, that's the way to go.
0:17:46 > 0:17:51And if all this wasn't enough for the guide price of 70-75 grand,
0:17:51 > 0:17:55there's even a pretty solid-looking garage the back of the garden,
0:17:55 > 0:17:56accessed by the lane.
0:17:56 > 0:18:00I like this house, but let's get the opinion of a local estate agent.
0:18:00 > 0:18:01What does he think needs to be done?
0:18:03 > 0:18:06It's a nice property, it's a good project for somebody,
0:18:06 > 0:18:08there's not too much to do, generally cosmetic.
0:18:08 > 0:18:10So somebody experienced would be able to
0:18:10 > 0:18:11flip this round in four to six weeks.
0:18:11 > 0:18:13Renovation works on this property,
0:18:13 > 0:18:16you need to fully double-glaze the property.
0:18:16 > 0:18:18The front's UPVC, but the windows... The back's not.
0:18:18 > 0:18:20General cosmetic, such as plastering, carpets
0:18:20 > 0:18:21and kitchen and bathroom.
0:18:23 > 0:18:26Assuming the buyer fully renovates this house,
0:18:26 > 0:18:29how much could it be worth on the resale market?
0:18:29 > 0:18:31If the property was renovated to a high standard,
0:18:31 > 0:18:35then I believe it would fetch around £145-150,000 on the market.
0:18:35 > 0:18:38And what rental income could this property achieve?
0:18:38 > 0:18:41Once renovated, this property would achieve
0:18:41 > 0:18:43around £700 per calendar month.
0:18:44 > 0:18:48So the house and the layout is exactly what I was expecting.
0:18:48 > 0:18:51What I wasn't expecting is that it's leasehold.
0:18:51 > 0:18:55I just hope whoever bought this house had done their homework.
0:18:55 > 0:18:57Let's find out who that was when it went under the hammer.
0:18:59 > 0:19:03Lot 31, which is a vacant leasehold semidetached property,
0:19:03 > 0:19:06three bedrooms, bathroom, porch, hall,
0:19:06 > 0:19:08two reception rooms and kitchen.
0:19:08 > 0:19:1260,000 to start. Somebody jump in at £60,000.
0:19:12 > 0:19:1350,000, then.
0:19:15 > 0:19:16Thank you, sir, 50,000.
0:19:16 > 0:19:1860, sir, thank you.
0:19:18 > 0:19:22A packed auction room, so a flurry of activity for this property.
0:19:22 > 0:19:25We rejoin the bidding when the price gets to 85 grand.
0:19:26 > 0:19:2885 I'm bid.
0:19:28 > 0:19:29Can I say 90, sir?
0:19:29 > 0:19:3290 bid. 95, sir?
0:19:32 > 0:19:3395 bid.
0:19:33 > 0:19:35Have 97.5, sir, if you wish.
0:19:36 > 0:19:40No? At £95,000, are you all done?
0:19:40 > 0:19:44At £95,000 for the first time.
0:19:44 > 0:19:48First, second and third time being sold, make no mistake, to 421.
0:19:49 > 0:19:51Sir, you have it, congratulations.
0:19:51 > 0:19:54Bidding 20 grand over the top end of the guide price,
0:19:54 > 0:19:57paying 95 grand, was Marvin.
0:20:00 > 0:20:04Marvin runs a property management company and has his own portfolio.
0:20:04 > 0:20:08However, this is the first time he's tackled a renovation for himself.
0:20:08 > 0:20:10We met him back at the property
0:20:10 > 0:20:12to find out how he hopes to make this one a success.
0:20:17 > 0:20:19- DION: Marvin, nice to meet you. - Nice to meet you.
0:20:19 > 0:20:21- Congratulations, sir.- Thank you.
0:20:21 > 0:20:23Tell me what made you want to buy this place.
0:20:23 > 0:20:24I think it was...
0:20:25 > 0:20:28..the interest on something that I hadn't seen,
0:20:28 > 0:20:31but being a very good area with good local amenities.
0:20:31 > 0:20:33I'm going to stop you there. Did you view this property?
0:20:33 > 0:20:35No, I didn't.
0:20:35 > 0:20:36I didn't. But I saw it on the catalogue
0:20:36 > 0:20:38and I thought, "Great Barr? Wow."
0:20:38 > 0:20:41And I looked at the guide price. The guide price was very attractive,
0:20:41 > 0:20:44and I thought, "OK." The legal paperwork said it was a leasehold,
0:20:44 > 0:20:46so I gambled on that, hoping that the price was going to be
0:20:46 > 0:20:48- a little bit lower...- OK.
0:20:48 > 0:20:51..and then work on buying the freehold after.
0:20:51 > 0:20:52And, yeah, worked well.
0:20:52 > 0:20:56You didn't view it, so how did you know what you were going to find?
0:20:56 > 0:20:59Well, I didn't know what I was going to find, but looking back,
0:20:59 > 0:21:00cos I've lived in Great Barr before...
0:21:00 > 0:21:03- OK.- ..so I had an idea...- OK. - ..of what the properties
0:21:03 > 0:21:04in Great Barr looked like.
0:21:04 > 0:21:07So I thought, "Well, if I get it,
0:21:07 > 0:21:09"if there's a surprise, I'll deal with it."
0:21:09 > 0:21:11But that's the interesting bit for me.
0:21:11 > 0:21:14When you were at the auction, did you have a limit?
0:21:14 > 0:21:18- What was your budget?- My budget was not to go over 90,000,
0:21:18 > 0:21:20but I did go over 90,000.
0:21:20 > 0:21:23So, yeah. Yes. Eventually, I think it was an ego thing,
0:21:23 > 0:21:25- cos that's what happens in the auctions.- Yes.
0:21:25 > 0:21:27- When people are bidding... - The chest comes out, doesn't it?
0:21:27 > 0:21:28Absolutely, absolutely.
0:21:28 > 0:21:31But I was thinking, "No, it should never go over 100,000.
0:21:31 > 0:21:33"If it goes 100,000, I'm not buying it."
0:21:33 > 0:21:34- OK.- But, yeah,
0:21:34 > 0:21:37it was nice to see somebody putting their hand down. At 95,000,
0:21:37 > 0:21:39I managed to take it, so that was great.
0:21:39 > 0:21:40- Lucky man.- Yes.
0:21:42 > 0:21:44Let's hope Marvin's luck continues,
0:21:44 > 0:21:47because he's taken on a bit of a gamble with the short lease
0:21:47 > 0:21:50on this property. But he's already done his sums.
0:21:58 > 0:22:02The freehold, I'm looking at a bid probably about anything between
0:22:02 > 0:22:04- 12-14,000 to buy.- OK.
0:22:04 > 0:22:08And added onto the price, we are looking at no more than 110,000.
0:22:08 > 0:22:12- OK.- With the refurbishments, I'm looking at about £15,000.
0:22:12 > 0:22:16So we are looking at around 125,000 all in.
0:22:16 > 0:22:21And with the sale price at 165,000, thereabouts,
0:22:21 > 0:22:23there is a little decent profit in there,
0:22:23 > 0:22:25but I'm not looking to sell anyway, cos it's a long-term investment.
0:22:28 > 0:22:30Marvin has brought this to add to his rental portfolio,
0:22:30 > 0:22:34and he wants to get the house's gas and electrics in good, safe
0:22:34 > 0:22:37working order as he wants to get a tenant in as soon as possible.
0:22:37 > 0:22:41He also has a fairly big to-do list for his contractors.
0:22:41 > 0:22:44The plan is to refurbish it.
0:22:44 > 0:22:48We're looking at re-carpeting the place, all throughout the property.
0:22:48 > 0:22:50Sorting out the walls, putting in some new fireplaces.
0:22:50 > 0:22:53The majority of the wallpaper within the property is in a good state of
0:22:53 > 0:22:55repair, so I'm quite happy with it.
0:22:56 > 0:22:59For fear of not wanting to strip a lot of things
0:22:59 > 0:23:02and then get into more surprises,
0:23:02 > 0:23:03I'll probably keep it as it is,
0:23:03 > 0:23:06because the good thing about it is the property doesn't have damp...
0:23:06 > 0:23:08- OK, yeah. - ..which is a brilliant thing.
0:23:08 > 0:23:13So we'll redec it round and make sure it's all nice and clean.
0:23:13 > 0:23:16The bathroom, we're going to make it all one bathroom,
0:23:16 > 0:23:18so there is a separate toilet and a bathroom,,
0:23:18 > 0:23:20so we're going to make it all one.
0:23:20 > 0:23:22- Gotcha.- Refurbish the conservatory,
0:23:22 > 0:23:26make a proper conservatory and then also sort out the garden,
0:23:26 > 0:23:27make sure that it's all nice,
0:23:27 > 0:23:29manicured, and the hedge is sorted out.
0:23:29 > 0:23:31We'll leave the apple tree there -
0:23:31 > 0:23:33- I think they'll probably benefit from the...- Yes.
0:23:33 > 0:23:36Maybe making cider, should they want to do that.
0:23:36 > 0:23:38He might have the RIPE idea there,
0:23:38 > 0:23:42and, hopefully, this project will be FRUITFUL for Marvin.
0:23:42 > 0:23:45But he's not sure if the big TURNOVER in the kitchen -
0:23:45 > 0:23:48by knocking the walls down - is the best use of money.
0:23:48 > 0:23:50If it goes beyond the budget I have,
0:23:50 > 0:23:54I might probably have to just make it nice and tidy, brand new,
0:23:54 > 0:23:55all in good condition,
0:23:55 > 0:23:58and hopefully it should be able to attract somebody.
0:23:58 > 0:24:00And how long is it going to take to do the work?
0:24:00 > 0:24:04I'm looking at a period of between anything between four to six weeks.
0:24:04 > 0:24:06I hope everything works out. You've got all the boxes ticked
0:24:06 > 0:24:09- from what I can see. I just wish you all the best.- Thank you very much.
0:24:09 > 0:24:11- Good luck, sir.- Appreciate it. Thank you.
0:24:13 > 0:24:17So Marvin has decided to buy a property for his own portfolio,
0:24:17 > 0:24:20and he seems to know exactly what he's doing.
0:24:20 > 0:24:22However, he did get one thing wrong.
0:24:22 > 0:24:24He didn't view the property.
0:24:24 > 0:24:26So please don't follow his lead on that point.
0:24:26 > 0:24:29You can find out how he gets on, and if he gets it right,
0:24:29 > 0:24:30later in the programme.
0:24:32 > 0:24:35Coming up, I take a hands-on approach to inspect a property fully
0:24:35 > 0:24:37at this two-bed terrace in Crewe.
0:24:37 > 0:24:41That feels, yes, and looks - in fact, paint coming off there -
0:24:41 > 0:24:42very damp.
0:24:43 > 0:24:46And everything it didn't quite go to plan for Marvin
0:24:46 > 0:24:48at his first solo project.
0:24:48 > 0:24:52When the wallpaper was stripped, we had the ceiling dropping.
0:24:55 > 0:24:56We are heading back to
0:24:56 > 0:24:59the picturesque village of Farningham in Kent now,
0:24:59 > 0:25:01that Lucy took a real shine to.
0:25:01 > 0:25:06She saw a Grade II-listed building most recently used as a barbershop.
0:25:06 > 0:25:08It was simply a cut above the rest.
0:25:08 > 0:25:10# Take me to the village
0:25:11 > 0:25:13# That never lets you down. #
0:25:13 > 0:25:16Oh, whoa!
0:25:16 > 0:25:18Whoa!
0:25:18 > 0:25:21I'm speechless. I wasn't expecting this.
0:25:21 > 0:25:23Wow! That's the third time I've said that.
0:25:23 > 0:25:25There are beams everywhere.
0:25:25 > 0:25:28Only short people need apply for this one, then.
0:25:28 > 0:25:30But it's just... It's just lovely.
0:25:30 > 0:25:34So much character.
0:25:34 > 0:25:36With rooms that were in quite a bit of disrepair
0:25:36 > 0:25:38set across many different levels of the building,
0:25:38 > 0:25:40it really did seem like a bit of a maze.
0:25:40 > 0:25:42If you managed to escape outside,
0:25:42 > 0:25:45round to the rear of the property you'd find a plot of land
0:25:45 > 0:25:48measuring almost three-quarters of an acre
0:25:48 > 0:25:49that also came with this lot.
0:25:49 > 0:25:52So a property full of character and a plot full of potential.
0:25:53 > 0:25:55It's easy to see, then,
0:25:55 > 0:26:00why local property developer Adrian paid £375,000 for it at auction.
0:26:00 > 0:26:01A seasoned developer,
0:26:01 > 0:26:05this one hit a little close to home, because he's...
0:26:05 > 0:26:08# From the village. #
0:26:08 > 0:26:10- What is it about being so close to home?- Well, it's nice.
0:26:10 > 0:26:13I can walk here in the morning, I can walk back in the evening,
0:26:13 > 0:26:16and it's very nice to have a property in the village,
0:26:16 > 0:26:20so we can make our village better, nicer, prettier,
0:26:20 > 0:26:23and to have this house fully functioning again as a family house
0:26:23 > 0:26:24is what I'd like to do.
0:26:24 > 0:26:27Adrian has big plans for a modern glass extension,
0:26:27 > 0:26:31and hoped this house would be complete in about eight months.
0:26:31 > 0:26:34But its Grade II listing means he would have to negotiate with
0:26:34 > 0:26:38the planning department, and as we know, this needs patience.
0:26:38 > 0:26:41So it's been two and a half years, but we're back.
0:26:44 > 0:26:46It's certainly been well worth the wait.
0:26:46 > 0:26:49The modern glass extension leads you through to a brand-new kitchen.
0:27:00 > 0:27:03Surprisingly, it wasn't a modern addition -
0:27:03 > 0:27:06just through the living room is now a lovely bright space.
0:27:09 > 0:27:12Getting planning to approve the change of use
0:27:12 > 0:27:14for the barbershop took a year.
0:27:15 > 0:27:19The house is now occupied, but the big surprise here is that Adrian,
0:27:19 > 0:27:24wife Amy, and daughter Emilia have moved in themselves.
0:27:24 > 0:27:27And upstairs, they've kept that quirky layout,
0:27:27 > 0:27:30but adapted it to suit their needs.
0:27:30 > 0:27:33The first-floor mezzanine has now become Emilia's playroom.
0:27:40 > 0:27:42And next door, the old kitchen is now her bedroom.
0:27:45 > 0:27:48Which has an added bonus - an en suite shower room.
0:27:56 > 0:27:59Just off the living room you'll find the master bedroom,
0:27:59 > 0:28:02which is now a lovely bright space.
0:28:02 > 0:28:04And that tired old en suite is now modern,
0:28:04 > 0:28:08but with period touches like the sink and wall-panelling.
0:28:15 > 0:28:18Upstairs in the loft, it's all changed too.
0:28:20 > 0:28:21With a bedroom.
0:28:25 > 0:28:27A bathroom.
0:28:28 > 0:28:31And finally, an office. It's stunning.
0:28:31 > 0:28:35I can see why Adrian and Amy were keen to move in themselves.
0:28:38 > 0:28:41I think my wife and I fell in love with the house, we really liked it.
0:28:41 > 0:28:44We liked this space, we liked the light.
0:28:44 > 0:28:48And we've become good friends with our next-door neighbours as well.
0:28:48 > 0:28:50And our daughters both go to school together,
0:28:50 > 0:28:55so it was a perfect move for us, so we're, yeah,
0:28:55 > 0:28:57we're very happy that we moved.
0:28:57 > 0:29:01It may have taken the best part of two years to get the work done,
0:29:01 > 0:29:04but the family have been living here for ten months now
0:29:04 > 0:29:08and look nice and settled. Their dog, Bluebell,
0:29:08 > 0:29:11certainly seems to have no bones about the move.
0:29:11 > 0:29:14Adrian might be able to settle back and relax now,
0:29:14 > 0:29:15but between project managing
0:29:15 > 0:29:20and getting his hands dirty doing a lot of the work here himself,
0:29:20 > 0:29:21it must have been very tiring.
0:29:21 > 0:29:24At least he lived in his old house at the other end of the village,
0:29:24 > 0:29:26so the commute wasn't too bad.
0:29:26 > 0:29:30I found living and working in Farningham very, very convenient.
0:29:30 > 0:29:33I basically have a five-minute commute up in the morning
0:29:33 > 0:29:37and quite often half an hour to hour commute back,
0:29:37 > 0:29:39as there's a pub on the way home.
0:29:39 > 0:29:42Trying to avoid the temptation of the pub on the way home
0:29:42 > 0:29:46can't have been the only challenge on this project, though.
0:29:46 > 0:29:48We faced a few challenges whilst we were here.
0:29:48 > 0:29:51One being the damp throughout the property,
0:29:51 > 0:29:54as the property's quite subterranean,
0:29:54 > 0:29:56and the cladding was off the house -
0:29:56 > 0:30:00we had all of those sprayed for woodworm and damp.
0:30:00 > 0:30:04Not a great problem, it's just quite an expensive process.
0:30:04 > 0:30:06That word "expensive".
0:30:06 > 0:30:09Adrian had said this would cost 120 grand to renovate.
0:30:09 > 0:30:11How much has he spent?
0:30:11 > 0:30:16We ended up spending around about £220,000.
0:30:16 > 0:30:21The damp exterior problems took a large percentage of the budget,
0:30:21 > 0:30:23but then we wanted to do everything properly, and that's what we did.
0:30:23 > 0:30:28But to do everything properly just cost a little bit more.
0:30:28 > 0:30:29A little bit more?
0:30:29 > 0:30:33More like £100,000 more than the original budget,
0:30:33 > 0:30:36which has clearly been thrown out of the window.
0:30:36 > 0:30:40But it's his family's new home now, and looks fantastic.
0:30:40 > 0:30:43We've asked a local estate agent along to see if he agrees,
0:30:43 > 0:30:45and more importantly,
0:30:45 > 0:30:50if Adrian's total spend of £595,000 here has been worth it.
0:30:50 > 0:30:52I really like the look of the property.
0:30:52 > 0:30:54I think they've just done it right.
0:30:54 > 0:30:56It all works, it blends well together.
0:30:56 > 0:30:59Sometimes it's very difficult to mix new and old,
0:30:59 > 0:31:02but I think in this instance they've done it very, very well indeed.
0:31:02 > 0:31:05The selling features of this property is really the location.
0:31:05 > 0:31:07The fact it's a Grade II-listed building
0:31:07 > 0:31:09and it's in a very nice village in Kent.
0:31:09 > 0:31:11Well, the house isn't for sale,
0:31:11 > 0:31:15but what kind of price tag would the agent put on it if it was?
0:31:15 > 0:31:18I think if this property was to come to the market at this moment in time,
0:31:18 > 0:31:21it would sell for a figure of approximately £1 million.
0:31:21 > 0:31:24That's good. I'm happy with that. I would...
0:31:24 > 0:31:27I thought it was going to be around about that sort of mark.
0:31:27 > 0:31:29But, yeah, that's good.
0:31:29 > 0:31:33That would be a potential profit of £405,000,
0:31:33 > 0:31:35minus any taxes and fees, of course.
0:31:35 > 0:31:38Any chance Adrian and Amy could be tempted to sell?
0:31:38 > 0:31:41No, I think we will stay living here, for the meantime.
0:31:41 > 0:31:44Never say never. We may move on.
0:31:44 > 0:31:47Could it be time to turn their attention to the extra plot of land
0:31:47 > 0:31:49that came with this property?
0:31:49 > 0:31:52We're just going to make it into a bit of a garden area,
0:31:52 > 0:31:56so we can go up there, we can use it and enjoy it
0:31:56 > 0:31:59and see what happens in the future.
0:31:59 > 0:32:03Adrian is currently looking at his next project, which will hopefully
0:32:03 > 0:32:05be nearby to the fabulous family home he has created
0:32:05 > 0:32:07and so clearly loves.
0:32:07 > 0:32:09Life's just one big holiday, living here.
0:32:14 > 0:32:17Crewe in Cheshire is becoming ever more popular
0:32:17 > 0:32:18with property investors.
0:32:18 > 0:32:20Not just because it's a bustling town
0:32:20 > 0:32:23with good housing stock and local amenities,
0:32:23 > 0:32:27but because it will be part of the planned route of
0:32:27 > 0:32:29the new HS2 high-speed rail link.
0:32:31 > 0:32:33Well, about a mile from the train station
0:32:33 > 0:32:35and close to the town centre
0:32:35 > 0:32:37is the property I'm here to see.
0:32:37 > 0:32:41A classic two-bedroomed Victorian terrace.
0:32:41 > 0:32:45In this part of the world that's going to set you back at auction,
0:32:45 > 0:32:48well, something which had a guide price of 54,000 quid.
0:32:51 > 0:32:52So not a lot of money there.
0:32:52 > 0:32:54What do you get for that?
0:32:54 > 0:32:57You get an entrance hall - that's a good start.
0:32:57 > 0:32:59Somewhere to hang your coats, which is good.
0:32:59 > 0:33:02There's always an option of taking out this wall here and opening
0:33:02 > 0:33:05the whole thing up to a complete open-plan feel,
0:33:05 > 0:33:07which is something I would consider.
0:33:07 > 0:33:09Because you don't really need that corridor,
0:33:09 > 0:33:11and it would just make one massive space.
0:33:11 > 0:33:14Straight away, I'm noticing something a little bit untoward.
0:33:14 > 0:33:17I don't know what's going on here. But that feels, yes, and looks,
0:33:17 > 0:33:20in fact, the paint coming off there, very damp.
0:33:20 > 0:33:23It's on an internal wall. So what do we think about that?
0:33:23 > 0:33:26It could be rising damp coming up from there.
0:33:26 > 0:33:29It could be coming in from the neighbouring property.
0:33:29 > 0:33:31Possibly coming down as well,
0:33:31 > 0:33:33although this bit of the wall isn't particularly damp.
0:33:33 > 0:33:36I mean, whatever, it needs to be investigated.
0:33:36 > 0:33:38But a good-sized room.
0:33:38 > 0:33:40We like it. It has a nice feel.
0:33:40 > 0:33:43And, again, if you took out that entrance hall wall,
0:33:43 > 0:33:45it would be massive. Coming through into here,
0:33:45 > 0:33:48I mean, you could even contemplate integrating the kitchen
0:33:48 > 0:33:52perhaps with that room, making this a sort of...
0:33:52 > 0:33:55a utility area, perhaps. That would work really well.
0:33:55 > 0:33:57Good news. I might have expected to see a bathroom at the end there.
0:33:57 > 0:34:00It isn't, which means the bathroom is upstairs, which is good.
0:34:00 > 0:34:05So all in all, look, it's a very big property for that money.
0:34:05 > 0:34:08# Getting where you are
0:34:08 > 0:34:10# It's what you value. #
0:34:13 > 0:34:17So upstairs, what do we find?
0:34:17 > 0:34:20Things like little carpets in nice condition, which is good,
0:34:20 > 0:34:22the whole house has at least had a coat of paint.
0:34:22 > 0:34:26And certainly live in it or rent it out pretty much as it is,
0:34:26 > 0:34:29as long as it meets expectations in terms of electricity and gas
0:34:29 > 0:34:32and all that kind of stuff. But this is interesting.
0:34:32 > 0:34:35This was probably a third bedroom at one point.
0:34:35 > 0:34:37It's now the bathroom and loo.
0:34:37 > 0:34:39It's good to have it upstairs,
0:34:39 > 0:34:42but it doesn't half steal a lot of space from up here.
0:34:42 > 0:34:46A three-bedroom property would probably generate you
0:34:46 > 0:34:50more rent or possibly fit your lifestyle a bit better.
0:34:50 > 0:34:55So how could you get a bathroom and a loo up here,
0:34:55 > 0:34:56create an extra bedroom?
0:34:56 > 0:35:00I wonder if you move this wall across here a little bit,
0:35:00 > 0:35:03sneak it into that little area there.
0:35:03 > 0:35:07It's a similar amount of space from the bedroom there
0:35:07 > 0:35:08to create a bathroom.
0:35:08 > 0:35:10Have that reinstated as a bedroom
0:35:10 > 0:35:12and then you've got your three bedrooms and a bathroom.
0:35:12 > 0:35:14Now you're going to have to move pipe works
0:35:14 > 0:35:17all that kind of stuff. You have to work out how much it's going to cost
0:35:17 > 0:35:19and whether it's worth it in terms of payback
0:35:19 > 0:35:21if you're renting it out per week, etc,
0:35:21 > 0:35:23but at least it's an option.
0:35:23 > 0:35:26Coming down, thinking about it, I'd probably leave it as it is,
0:35:26 > 0:35:29which means that the whole of that was a complete waste of time,
0:35:29 > 0:35:32but at least it's just throwing the options out there into the wind.
0:35:32 > 0:35:34# And that's OK
0:35:34 > 0:35:36# At least I've got options. #
0:35:39 > 0:35:42But at the back of the property, a little courtyard area,
0:35:42 > 0:35:44a small bit of ground. Don't you love it?
0:35:44 > 0:35:48Even a little patch of just rubbish ground like that,
0:35:48 > 0:35:52at certain times of the year you get these beautiful dandelions all over it!
0:35:52 > 0:35:54It's made my day. Happy little flowers.
0:35:54 > 0:35:57But anyway, out here, a little outbuilding.
0:35:57 > 0:36:00Take a look at the roof, check the downpipes and the rainwater goods,
0:36:00 > 0:36:02it all seems fine.
0:36:02 > 0:36:04But that is the icing on the cake.
0:36:05 > 0:36:07Yeah, I can see what you're saying.
0:36:07 > 0:36:09The dandelions aren't getting excited about it.
0:36:09 > 0:36:12"I know, just give me a break, right!"
0:36:12 > 0:36:19# It's a strange kind of love A strange kind of love. #
0:36:19 > 0:36:25I know it's a strange one, but some like to stop and smell the roses.
0:36:25 > 0:36:28I like to make a wish on a dandelion.
0:36:28 > 0:36:30Time to hear from an agent from the auction house
0:36:30 > 0:36:33that'll sell this £54,000-guided property.
0:36:33 > 0:36:37Is it wishful thinking to hope that the damp is easily sorted?
0:36:37 > 0:36:40You would need a damp expert to come and have a look,
0:36:40 > 0:36:42or a building surveyor to check it out properly.
0:36:42 > 0:36:43From my observations from the front,
0:36:43 > 0:36:45and looking at the back of the property,
0:36:45 > 0:36:47there is some chimney work that needs doing.
0:36:47 > 0:36:50It does seem to be running down that side gable.
0:36:50 > 0:36:53That could be due to it needing pointing
0:36:53 > 0:36:54or the flashing needing doing.
0:36:54 > 0:36:58But, again, take experts' advice on that.
0:36:58 > 0:37:01Now I concluded it was probably best to leave it as a two-bed.
0:37:01 > 0:37:03But what does the agent think?
0:37:03 > 0:37:06Personally, I would leave it as a two-bedroom
0:37:06 > 0:37:07and bathroom on the first floor.
0:37:07 > 0:37:10It tends to be young couples that buy these properties,
0:37:10 > 0:37:12and they don't like having a bathroom on the ground floor,
0:37:12 > 0:37:15it's not very popular, so I would keep it as it is.
0:37:16 > 0:37:19So as a two-bed, what could this fetch on the sales
0:37:19 > 0:37:20and rental market?
0:37:22 > 0:37:23Once the property is renovated,
0:37:23 > 0:37:28I would say the property would be in the region of £75,000.
0:37:28 > 0:37:29From a rental point of view,
0:37:29 > 0:37:35we'd be looking at around about £495 to £525 per calendar month.
0:37:35 > 0:37:37Well, a bit of damp to sort out.
0:37:37 > 0:37:40And you might want to play around with the bathroom layout.
0:37:40 > 0:37:43Apart from that though, it's a good solid house
0:37:43 > 0:37:46at, I think, a really good attractive guide price.
0:37:46 > 0:37:48Let's see who agreed when it went under the hammer.
0:37:48 > 0:37:54The guide price on this one has been reduced down to £54,000.
0:37:54 > 0:37:56Looking for 50.
0:37:56 > 0:37:5850 bid, thank you. £50,000.
0:37:58 > 0:38:0052, can I see now?
0:38:00 > 0:38:0352. 54. 56.
0:38:03 > 0:38:06I'll take one if it helps bidding, sir.
0:38:06 > 0:38:1057. One, two, as well. 58. 59.
0:38:10 > 0:38:1259. 60.
0:38:13 > 0:38:15No? At 59,000.
0:38:15 > 0:38:17My left then, at £59,000.
0:38:17 > 0:38:1960, anyone else?
0:38:19 > 0:38:21If not, I'm selling it at £59,000.
0:38:21 > 0:38:24For the first time, £59,000.
0:38:24 > 0:38:26For the second time...
0:38:26 > 0:38:28Third and final time, £59,000.
0:38:28 > 0:38:30You bought it, sir. Well done.
0:38:33 > 0:38:37Dad Richard, his wife Caroline, and their sons Harvey, nine,
0:38:37 > 0:38:38and Oliver, eight,
0:38:38 > 0:38:41got the house for £59,000.
0:38:41 > 0:38:45They came along with dog Hugo to tell me about this family project,
0:38:45 > 0:38:48which they will be doing with the boys' oldest sister, Louise,
0:38:48 > 0:38:49who couldn't make it.
0:38:51 > 0:38:55The others were keen to tell me what got their tails wagging
0:38:55 > 0:38:56about this house.
0:38:58 > 0:39:01# It don't matter if we win or lose
0:39:01 > 0:39:04# We going to keep the family groove. #
0:39:04 > 0:39:07- Richard, Caroline, great to meet you both.- You too.- And you. - Congratulations.
0:39:07 > 0:39:09- Thank you.- Tell me why you wanted to buy this house?
0:39:09 > 0:39:12Well, basically, the children - we have three children -
0:39:12 > 0:39:14they came into an inheritance
0:39:14 > 0:39:16and I've got to invest until they hit a certain age.
0:39:16 > 0:39:20So we've seen the programme, property seems the way forward.
0:39:20 > 0:39:23So the children own the house through me,
0:39:23 > 0:39:26and we'll be renovating it to sell on.
0:39:26 > 0:39:28You are investing it wisely, I think.
0:39:28 > 0:39:31So how do they feel about that?
0:39:31 > 0:39:33There are very excited, actually.
0:39:33 > 0:39:35They know all about it. They know they've got an inheritance.
0:39:35 > 0:39:38They know it's going into the property,
0:39:38 > 0:39:40and they are keen to come and actually help out.
0:39:40 > 0:39:44We have a number of years until the boys come to the age.
0:39:44 > 0:39:47Louise, not so long, but the boys have got quite a long time,
0:39:47 > 0:39:50so hopefully by the time they're old enough they can either carry this on
0:39:50 > 0:39:53as a business or they'll have a house each, paid for.
0:39:53 > 0:39:56What a great opportunity for the family to give to their children.
0:39:56 > 0:39:59It's an investment they can get involved in and it turns out
0:39:59 > 0:40:03the kids were a little bit inspired by Homes Under The Hammer.
0:40:03 > 0:40:05- Very much so, yeah.- They do. - They like the programme.
0:40:05 > 0:40:07They've told everybody in the school, haven't they?
0:40:07 > 0:40:10They've told... Yeah, but they are excited about helping out
0:40:10 > 0:40:13- and joining in anyway, so... - Yeah.- Oh, wow!
0:40:13 > 0:40:17So was it a joint decision to buy this particular house?
0:40:17 > 0:40:19- Yes, it was, actually.- It was. - Yeah, it was.
0:40:19 > 0:40:23- What did you all like about it? - Well, there was a number...
0:40:23 > 0:40:27There was about five that we had shortlisted and this one came up,
0:40:27 > 0:40:30and we seemed to get the first option.
0:40:30 > 0:40:31So did the boys enjoy it?
0:40:31 > 0:40:33We weren't there very long.
0:40:33 > 0:40:37We took their iPads so that they kept their hands down.
0:40:37 > 0:40:41And, you know...within 15 minutes it was done.
0:40:41 > 0:40:45# Don't mind doing it for the kids. #
0:40:45 > 0:40:48Richard and Caroline have established a trust fund for Louise,
0:40:48 > 0:40:51Harvey and Oliver. When they come of age,
0:40:51 > 0:40:53they'll be able to access their share.
0:40:53 > 0:40:56It's worth bearing in mind that they will be taxed
0:40:56 > 0:40:57and could incur other fees,
0:40:57 > 0:41:00so if you plan an investment like this, you should do
0:41:00 > 0:41:02as the family have done -
0:41:02 > 0:41:07take independent financial advice and enlist an accountant.
0:41:07 > 0:41:09Now to the house. What do they plan to do?
0:41:09 > 0:41:11Wait a minute.
0:41:11 > 0:41:13Why are we asking Mum and Dad?
0:41:13 > 0:41:16Time to quiz the brains of the operation, Harvey on the left,
0:41:16 > 0:41:17and his brother, Oliver.
0:41:17 > 0:41:20We're going to be redoing a few of the doors.
0:41:20 > 0:41:24And we're going to be redoing the back garden, repainting,
0:41:24 > 0:41:26taking a few curtains down.
0:41:26 > 0:41:29Maybe a few windows might need replacing
0:41:29 > 0:41:32or a few cracks need doing.
0:41:32 > 0:41:39And I'm also thinking we'll need to do the bathroom.
0:41:39 > 0:41:42Well, these guys have been paying attention to the show.
0:41:42 > 0:41:45And what do they think will be the best thing about this project?
0:41:47 > 0:41:51It's nice to redo the house sometimes. It's nice to decorate it.
0:41:51 > 0:41:53Also, for the money, to earn.
0:41:55 > 0:41:57Well, honesty is always welcome.
0:41:57 > 0:41:58And what about the future?
0:41:58 > 0:42:02Do they see themselves as property developers?
0:42:02 > 0:42:05I think I might be able to get my kids involved, if I get any.
0:42:06 > 0:42:07And what about Oliver?
0:42:07 > 0:42:09That'll be three jobs for me, then.
0:42:11 > 0:42:15Being a footballer, drawing pictures and doing up houses.
0:42:15 > 0:42:16- Yeah.- Fun.
0:42:16 > 0:42:20Well, football and property development worked out very well for
0:42:20 > 0:42:22somebody I know, lads.
0:42:22 > 0:42:25I don't know how handy he is with drawing, mind you.
0:42:25 > 0:42:28Now, I just need a few words with Mum and Dad on the financials.
0:42:30 > 0:42:32So, what's the budget going to be for the work?
0:42:32 > 0:42:36About 5,000, but there's a contingency, maybe, hopefully,
0:42:36 > 0:42:38that we wouldn't have to use, but up to ten?
0:42:38 > 0:42:41- Yeah.- OK?- And what's the timescale?
0:42:41 > 0:42:44- I think two to three months.- Well, listen, great to meet you both.
0:42:44 > 0:42:47- Well done for what you're doing. - And you, thank you.
0:42:47 > 0:42:50- I look forward to seeing how you get on.- Thank you. - Thanks ever so much.
0:42:50 > 0:42:54This is a family project and it's great to see the kids being inspired
0:42:54 > 0:42:57to join in, and they are getting to invest for the future.
0:42:58 > 0:43:00Will it lead to the children
0:43:00 > 0:43:02becoming property investors in the future?
0:43:02 > 0:43:04Will they sort this place out?
0:43:04 > 0:43:07Well, we can answer a few of those questions, hopefully,
0:43:07 > 0:43:09when we return later in the show.
0:43:12 > 0:43:16I think it's time we caught up with our final two purchasers.
0:43:16 > 0:43:19Have they been flying through their work at world-record pace?
0:43:19 > 0:43:22Or have things ground to a halt? Let's go back and find out.
0:43:25 > 0:43:27Time to head back to Great Barr in Birmingham,
0:43:27 > 0:43:31where I saw a classic example of a 1930s semi.
0:43:33 > 0:43:34It had large bay windows,
0:43:34 > 0:43:37with decent-sized, if dated, reception rooms.
0:43:37 > 0:43:42And like many houses of this era, it lacked a good-sized kitchen.
0:43:42 > 0:43:45But out the back, I had an idea of how to rectify this,
0:43:45 > 0:43:47starting with that old lean-to.
0:43:48 > 0:43:51It's definitely seen better days.
0:43:51 > 0:43:54But it's the right idea to try and create a bit more space.
0:43:54 > 0:43:57What I would do, I'd get rid of that completely and have a proper,
0:43:57 > 0:43:59brick-built extension.
0:44:00 > 0:44:04Something more solid would work wonders here, and Marvin,
0:44:04 > 0:44:07who paid 95 grand for this at auction, agreed.
0:44:07 > 0:44:10He's a director of a property management company,
0:44:10 > 0:44:13but this is his first project alone.
0:44:13 > 0:44:16He plans to build an extension here in its place,
0:44:16 > 0:44:19and I'm glad he was having a proper look, because he certainly didn't,
0:44:19 > 0:44:21pre-auction.
0:44:21 > 0:44:23- Did you view this property? - No, I didn't.
0:44:23 > 0:44:25I didn't, but I saw it on the catalogue,
0:44:25 > 0:44:27and I thought, Great Barr, wow.
0:44:27 > 0:44:30The legal paperwork said it was a leasehold so I gambled on that,
0:44:30 > 0:44:33hoping that the price was going to be a little bit lower.
0:44:33 > 0:44:35- OK.- And then work on buying the freehold after.
0:44:35 > 0:44:37What are you going to do with it?
0:44:37 > 0:44:40The plan is to refurbish it, sorting out the walls.
0:44:40 > 0:44:44For fear of not wanting to strip a lot of things and then get into more
0:44:44 > 0:44:48surprises, I'll probably keep it as it is because the good thing about
0:44:48 > 0:44:50it is, the property doesn't have damp.
0:44:50 > 0:44:52- OK, yeah.- Which is a brilliant thing.
0:44:52 > 0:44:55And then also, sort out the garden. We'll leave the apple tree there,
0:44:55 > 0:44:57I think, that will probably benefit from the...maybe...
0:44:57 > 0:45:01- Yes.- ..maybe making cider, should they want to do that.
0:45:01 > 0:45:06Well, now it's time to see if this potential cider house rules.
0:45:07 > 0:45:11Three months later, sadly, the tree isn't bearing fruit now,
0:45:11 > 0:45:14but at least, as promised, it's still there.
0:45:14 > 0:45:16But has that old lean-to survived?
0:45:18 > 0:45:19Thankfully not.
0:45:19 > 0:45:23Now a solid, fully roofed extension is in its place,
0:45:23 > 0:45:26but inside is where you can see a real difference.
0:45:26 > 0:45:31The old kitchen has been replaced with a much larger one.
0:45:33 > 0:45:36It's incorporated into the extension, which in turn
0:45:36 > 0:45:38flows into the rear reception.
0:45:41 > 0:45:43Upstairs, you can see more
0:45:43 > 0:45:45big changes in the bathroom and separate toilet,
0:45:47 > 0:45:50as they've been combined to make a larger family bathroom.
0:45:56 > 0:45:58The rest of the upstairs has also been refurbished.
0:46:14 > 0:46:18If you thought a simple redecoration was all that was needed up here,
0:46:18 > 0:46:19then you'd be wrong.
0:46:19 > 0:46:25Behind the wallpaper lurked just the kind of surprise Marvin didn't want.
0:46:25 > 0:46:28The kind of snags we hit were obviously
0:46:28 > 0:46:31the surprises after peeling the wallpapers.
0:46:31 > 0:46:35The builders then suggested and recommended that they needed to
0:46:35 > 0:46:37replaster the whole property because really,
0:46:37 > 0:46:40it didn't make sense to paint on the old wallpaper.
0:46:40 > 0:46:43So we then had to have the walls stripped.
0:46:43 > 0:46:45And stripping the walls,
0:46:45 > 0:46:48particularly in the top, main bedroom,
0:46:48 > 0:46:52when the wallpaper was stripped, we had the ceiling dropping.
0:46:52 > 0:46:55So with the ceiling falling because of the rot,
0:46:55 > 0:46:59we had to have all the woodwork replaced and the ceiling done new.
0:46:59 > 0:47:03Even though it was his first solo property renovation,
0:47:03 > 0:47:05Marvin didn't let these setbacks rattle him,
0:47:05 > 0:47:09thanks no doubt in large part to the confidence he had
0:47:09 > 0:47:12in the team who did the work for him.
0:47:12 > 0:47:16I'm particularly pleased with the guys that I've been working with,
0:47:16 > 0:47:18especially the builders and the plasterers.
0:47:18 > 0:47:21I think they did a phenomenal job. They did it so meticulously.
0:47:21 > 0:47:26For them, it wasn't a big job, but it's been done absolutely wonderful.
0:47:26 > 0:47:29So it made the stresses a lot more easier because I was dealing with
0:47:29 > 0:47:32people that knew exactly what it is that they were doing.
0:47:32 > 0:47:34And also, as well, if you have a look at the kitchen,
0:47:34 > 0:47:38the layout of the kitchen, they were the ones suggesting that, "Look,
0:47:38 > 0:47:41"you could do it this way to maximise space. This is what we will do."
0:47:41 > 0:47:44So really, inasmuch as it was beneficial for me, but also,
0:47:44 > 0:47:49it was a learning curve. So now, there's quite a lot of things that
0:47:49 > 0:47:53I'm quite attuned with because of the experience.
0:47:54 > 0:47:58So he's gained a lot from his first solo refurbishment but it's also
0:47:58 > 0:48:01taken a lot more money than he first thought.
0:48:01 > 0:48:05Initially, he planned to spend 15 grand on the renovation, but it's
0:48:05 > 0:48:08actually cost double that and it's taken three months rather than
0:48:08 > 0:48:11the original four to six-week timescale.
0:48:12 > 0:48:16Well, the timescale was mainly impacted by the fact that when we
0:48:16 > 0:48:19started the project, the builders were on holiday.
0:48:19 > 0:48:21And I had to wait for them to come back from holiday.
0:48:21 > 0:48:25And then obviously, as you start a working relationship with people,
0:48:25 > 0:48:29especially with the contractors, they have also got other jobs so
0:48:29 > 0:48:32they are fitting you within the other, current jobs that they had.
0:48:32 > 0:48:34When you talk about orders such as windows,
0:48:34 > 0:48:37it took a bit of time for them to come through.
0:48:37 > 0:48:41Then getting the gas engineers, sorting out the heating as well.
0:48:41 > 0:48:44So all that impacted on the... on the timescales.
0:48:44 > 0:48:49But pretty much pleased that we, we finally got to the end of it all.
0:48:50 > 0:48:52Now the property is complete,
0:48:52 > 0:48:56it is time to see if all the work has been worthwhile. We asked along
0:48:56 > 0:48:59two local estate agents to get their opinions on the house.
0:48:59 > 0:49:01Let's start with the agent who saw it last time.
0:49:01 > 0:49:04I think the extension's a positive move.
0:49:04 > 0:49:07The sort of value it will add is extra area, so a dining area,
0:49:07 > 0:49:10or an eating area. It is just somewhere else apart from the
0:49:10 > 0:49:11reception rooms where you can go.
0:49:11 > 0:49:14The extended kitchen's a really nice touch because
0:49:14 > 0:49:17oftentimes, the kitchens around here can be quite small and boxy.
0:49:17 > 0:49:20You only really need one wow factor around here to get a house sold
0:49:20 > 0:49:23because they're in very short supply and he's definitely got that
0:49:23 > 0:49:25with the kitchen. The skylights are a nice touch.
0:49:27 > 0:49:33So they are big fans of the changes here, but will that translate into a high rental return for Marvin?
0:49:33 > 0:49:35Now the property is complete,
0:49:35 > 0:49:38I believe it would achieve around £750 per calendar month.
0:49:38 > 0:49:41I think you could find a tenant for this property in just a couple of
0:49:41 > 0:49:42days, no longer than that.
0:49:42 > 0:49:45And for at least £750 per calendar month.
0:49:45 > 0:49:48With the extension taken into account,
0:49:48 > 0:49:51maybe even as high as 775 per calendar month.
0:49:52 > 0:49:55OK, OK. I was thinking a little bit more than that.
0:49:55 > 0:50:00I was thinking around 795 but 775 is just about right, yeah.
0:50:02 > 0:50:06Well, that works out at just over a 7% yield, which isn't too bad,
0:50:06 > 0:50:09and the agents think that if he was to sell,
0:50:09 > 0:50:12he could make anywhere from 16 to 26 grand.
0:50:12 > 0:50:17Provided, of course, he buys the freehold for his quoted £14,000.
0:50:17 > 0:50:21For a first solo project, it looks like it's all worked out for Marvin.
0:50:22 > 0:50:25This has been my baby, really, to be honest,
0:50:25 > 0:50:27because it was the first one to be done,
0:50:27 > 0:50:29but it's come with its learning curves,
0:50:29 > 0:50:34it's come with its trying times but I think the joys and the thrills
0:50:34 > 0:50:38have been more outweighing the stresses, to be honest,
0:50:38 > 0:50:41because I've been looking forward to seeing the completed article.
0:50:45 > 0:50:50Time to alight at Crewe again where I saw a two-bed mid-terrace property.
0:50:50 > 0:50:55I gauged it would be perfectly OK, until this stopped me in my tracks.
0:50:55 > 0:50:58Straight away I'm noticing something a little bit untoward.
0:50:58 > 0:51:00I wonder what's going on down here. That feels, yes, and looks,
0:51:00 > 0:51:03in fact the paint coming off there, very damp.
0:51:03 > 0:51:06It's on an internal wall, so what do we think about that?
0:51:06 > 0:51:09It could be rising damp coming up from there,
0:51:09 > 0:51:12it could be coming in from the neighbouring property.
0:51:12 > 0:51:14Possibly coming down as well,
0:51:14 > 0:51:17although this bit of the wall isn't particularly damp so, whatever,
0:51:17 > 0:51:19it needs to be investigated.
0:51:21 > 0:51:24A family might prefer three beds compared to the current two
0:51:24 > 0:51:27and a family did purchase the house for 59,000.
0:51:27 > 0:51:30However, they weren't intending moving in.
0:51:30 > 0:51:34Forward-thinking couple Richard and Caroline had invested in this house
0:51:34 > 0:51:37on behalf of their three children, using money the kids inherited.
0:51:37 > 0:51:42They hoped to use it to secure the futures for Louise, Harvey and Oliver.
0:51:44 > 0:51:49You are investing wisely, I think, so how do they feel about that?
0:51:49 > 0:51:50They're very excited, actually.
0:51:50 > 0:51:53They know all about it. They know they've got an inheritance.
0:51:53 > 0:51:58They know that it's going into the property and they're keen to come in and actually help out.
0:51:58 > 0:52:02Well, big sister Louise couldn't make it along, but her brothers,
0:52:02 > 0:52:04Harvey and Oliver, then nine and eight,
0:52:04 > 0:52:06told us what they were looking forward to do.
0:52:07 > 0:52:11It's nice to redo the house. Sometimes it's nice to decorate it.
0:52:11 > 0:52:14Also, for the money to earn.
0:52:14 > 0:52:18Well, they'll have to wait a bit to get their hands on the money,
0:52:18 > 0:52:21as it's in a trust for them until they're older.
0:52:21 > 0:52:24They were keen to help Mum and Dad turn the house around so they could
0:52:24 > 0:52:28profit, so let's see how things have gone six months later.
0:52:36 > 0:52:39The newly fitted kitchen is a big improvement.
0:52:41 > 0:52:44Next door in the old musty living room,
0:52:44 > 0:52:48it's damp-free, as the house has had a damp course treatment
0:52:48 > 0:52:50and has been fully decorated.
0:52:51 > 0:52:56Upstairs, Richard and Caroline decided to keep the layout as was,
0:52:56 > 0:52:58but they still put in a new bathroom suite.
0:53:09 > 0:53:12And the two double bedrooms have also had a makeover.
0:53:13 > 0:53:15Richard and Caroline should be proud,
0:53:15 > 0:53:18because they've done most of the work here themselves.
0:53:18 > 0:53:21They of course got in professionals for jobs like gas,
0:53:21 > 0:53:22electrics and damp.
0:53:22 > 0:53:25But they also had two extra pairs of
0:53:25 > 0:53:28hands from their sons, Harvey and Oliver.
0:53:29 > 0:53:32They've really enjoyed it. When they've wanted to be involved,
0:53:32 > 0:53:36they'd come in and knock a few nails in or painting, but apart from that,
0:53:36 > 0:53:40they'd go off and play when they've had enough, and the same with the dog!
0:53:40 > 0:53:42SHE LAUGHS
0:53:42 > 0:53:45We had a bit of a problem with the dog.
0:53:45 > 0:53:47He was sleeping on the mat
0:53:47 > 0:53:50and we needed him off but he wouldn't get off,
0:53:50 > 0:53:52so that took longer.
0:53:52 > 0:53:55Well, although Hugo might have got in the way a bit,
0:53:55 > 0:53:59I don't think he PAWSED progress on the project on his own.
0:54:01 > 0:54:04The hardest part about a project such as this is when you already
0:54:04 > 0:54:08have a busy life previously, you overestimate how much time
0:54:08 > 0:54:12you have spare and underestimate how long everything takes.
0:54:12 > 0:54:16Add that into the boys' clubs, the football,
0:54:16 > 0:54:21the kung fu, the swimming, life in general, running a business.
0:54:21 > 0:54:26It did take its toll and that's why the time actually doubled.
0:54:26 > 0:54:30We did hope to get it done within three and it ended up being six months,
0:54:30 > 0:54:32but we wanted to wait until we were happy with it.
0:54:32 > 0:54:36Are Harvey and Ollie also pleased with the finished house?
0:54:37 > 0:54:41My favourite bit is the kitchen because, basically,
0:54:41 > 0:54:44it's just been redone, like, the whole thing nearly.
0:54:44 > 0:54:48My favourite bit is the bathroom because I said to my mum,
0:54:48 > 0:54:51"Shall we try French grey?"
0:54:51 > 0:54:53I liked it how it was, so we kept it.
0:54:53 > 0:54:56Ooh la la, a French grey, Ollie!
0:54:56 > 0:55:00It certainly works in this tastefully decorated bathroom, that's for sure.
0:55:00 > 0:55:04Tres bien. Richard and Caroline's original budget
0:55:04 > 0:55:09was between 5,000 and 10,000, but have they managed to stick to it?
0:55:09 > 0:55:10We've come in under budget.
0:55:10 > 0:55:15Don't know the exact figure but it's approximately 3,000 to 3,350.
0:55:15 > 0:55:17That's because we effectively
0:55:17 > 0:55:19were able to do all of the work ourselves,
0:55:19 > 0:55:24save for having the gas fire removed and having the damp sorted.
0:55:24 > 0:55:27We allowed a contingency for the damp,
0:55:27 > 0:55:30thinking it was a bigger problem than it was, but we were delighted
0:55:30 > 0:55:33that that was actually much smaller,
0:55:33 > 0:55:35so we saved on the trades but not ourselves.
0:55:37 > 0:55:40That's a nice little saving. As this house was already bought with their
0:55:40 > 0:55:44children's future in mind, every penny counts.
0:55:44 > 0:55:47The plan is still to sell this on for profit and then invest the money
0:55:47 > 0:55:49into the next project.
0:55:49 > 0:55:52Richard and Caroline are certainly up for it, but are the boys?
0:55:54 > 0:55:58- Definitely.- Yeah, I would actually do another house.
0:55:58 > 0:56:00It's been quite fun.
0:56:01 > 0:56:04Erm, yeah, it's really fun.
0:56:04 > 0:56:09But I want to have a holiday, then come back and then do another one.
0:56:09 > 0:56:12- Obviously we'd be doing that. - Well, I hope so.
0:56:13 > 0:56:15Well, before you pack your bags, boys,
0:56:15 > 0:56:17first we need to get the opinions of a couple of estate agents.
0:56:19 > 0:56:21First, the agent who saw it before.
0:56:23 > 0:56:25First impressions are, yeah, really good.
0:56:25 > 0:56:30Internally, it's had a lick of paint, it's had a damp course done.
0:56:30 > 0:56:33It was quite damp before so that's one big problem sorted out.
0:56:33 > 0:56:35New kitchen, new bathroom,
0:56:35 > 0:56:38so it's nice and fresh and ready for an investor maybe to rent out or
0:56:38 > 0:56:41even a young couple, first-time buyers.
0:56:41 > 0:56:43First impressions of the house are very good.
0:56:43 > 0:56:45It's a very spacious terraced house.
0:56:45 > 0:56:47They've upgraded it to a really nice standard.
0:56:47 > 0:56:51The wooden work surfaces are really popular and very good quality
0:56:51 > 0:56:54and the bevelled edge tiles in the kitchen look very, very smart.
0:56:55 > 0:56:58All good, but has it been a smart investment of their children's
0:56:58 > 0:57:02inheritance? What kinds of sale figures could they expect,
0:57:02 > 0:57:07having invested a total of £62,350?
0:57:07 > 0:57:09If the property was to go on to the market,
0:57:09 > 0:57:12I would suggest an initial asking price of £75,000.
0:57:12 > 0:57:16I feel the property would sell for around £80,000 and should go on to
0:57:16 > 0:57:19the market at around 85 as an asking price.
0:57:19 > 0:57:22That's roughly about the area we thought it was going to be.
0:57:22 > 0:57:24- Wasn't it?- It was for you.
0:57:24 > 0:57:27I thought a bit higher, but there we are.
0:57:27 > 0:57:30There is a ceiling, which is why... be careful with your spending.
0:57:30 > 0:57:33Assuming they got that £80,000 figure,
0:57:33 > 0:57:39it would mean a potential profit of £17,650 minus any taxes and fees,
0:57:39 > 0:57:42which is not bad at all for a first project.
0:57:42 > 0:57:45Not to mention a successful investment for the kids,
0:57:45 > 0:57:49and it looks like that much-wanted holiday is on the cards.
0:57:49 > 0:57:53Yes, we're going to have a holiday, I think, have a break and then, yes,
0:57:53 > 0:57:55we do want to do it again.
0:57:55 > 0:57:58We really enjoyed it and we've been a good family team.
0:57:58 > 0:58:01Exactly, come back reinvigorated after the holiday, hungry for more.
0:58:01 > 0:58:03Yeah!
0:58:06 > 0:58:10Well, the world of property is never dull or boring, but you do need to
0:58:10 > 0:58:13know what you're doing, so I hope we've given you some insight into that world.
0:58:13 > 0:58:17Yes, hopefully you'll come back and join us for more stories that
0:58:17 > 0:58:20are successful and not so successful here on Homes Under The Hammer.
0:58:20 > 0:58:21- Goodbye for now.- See you.