0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Often, people are looking for different things
0:00:05 > 0:00:06in a property purchase.
0:00:06 > 0:00:09For some, it's a home. Others, an investment.
0:00:09 > 0:00:12But what they all have is that hope to turn it into a profit.
0:00:12 > 0:00:16Yes, and one place you might find a profitable potential investment
0:00:16 > 0:00:19is your local property auction.
0:00:44 > 0:00:46If you're looking for value for money,
0:00:46 > 0:00:48investing at a property auction
0:00:48 > 0:00:51could very well help you achieve that goal.
0:00:51 > 0:00:53That's not to say it's always a walk in the park.
0:00:53 > 0:00:56Many auction properties need extensive renovation work.
0:00:56 > 0:01:00Yes, let's see who wasn't afraid of getting stuck in on today's show.
0:01:02 > 0:01:05In Wolverhampton, a three-bed terraced house
0:01:05 > 0:01:07presents a massive challenge.
0:01:07 > 0:01:11I hadn't banked on this being quite such a mess.
0:01:12 > 0:01:17And a house I see in Romford doesn't get off to a promising start either.
0:01:17 > 0:01:20What isn't a good sign is that.
0:01:22 > 0:01:24And things don't seem to improve much
0:01:24 > 0:01:27when I see this two-bed terraced house in Aberdare.
0:01:28 > 0:01:31Well, you can see the state it's in. Not attractive at all!
0:01:33 > 0:01:36All of these properties have been sold at auction
0:01:36 > 0:01:38and we'll find out who bought them and what they paid for them
0:01:38 > 0:01:40when they went under the hammer.
0:01:40 > 0:01:41Yours, sir, well done.
0:01:45 > 0:01:49This is the fair city of Wolverhampton which, surprisingly,
0:01:49 > 0:01:52wasn't officially a city until the year 2000.
0:01:53 > 0:01:57The then government decided to get on board with the millennial fever
0:01:57 > 0:02:00that was all the rage back then and granted three towns -
0:02:00 > 0:02:03Preston, Brighton and Wolverhampton -
0:02:03 > 0:02:05city status, calling them Millennium Cities.
0:02:07 > 0:02:11This street is a 15-minute walk from Wolverhampton city centre
0:02:11 > 0:02:13and, right next door to the property,
0:02:13 > 0:02:15you have a local convenience store,
0:02:15 > 0:02:18which is great if you need to pop out and get a pint of milk.
0:02:18 > 0:02:22The guide price was £15,000 to £20,000 and the catalogue described
0:02:22 > 0:02:27the property as needing extensive modernisation and repair,
0:02:27 > 0:02:29which sounds pretty dramatic.
0:02:29 > 0:02:30Wish me luck as I look inside.
0:02:34 > 0:02:35OK.
0:02:36 > 0:02:39So, clearly, an awful lot needs done here,
0:02:39 > 0:02:41but here's your first reception room.
0:02:41 > 0:02:43It's small. Oh, dear.
0:02:43 > 0:02:44You've got glass over the place.
0:02:44 > 0:02:49The windows been smashed and there's metal grids on the other side.
0:02:49 > 0:02:53There's parts of the roof that have massive holes in it.
0:02:53 > 0:02:56Loads of letters!
0:02:57 > 0:03:01Cobwebs, but I think that's kind of a small problem
0:03:01 > 0:03:03when you see the state here.
0:03:03 > 0:03:05More holes. Holes everywhere.
0:03:05 > 0:03:09I hadn't banked on this being quite such a mess.
0:03:09 > 0:03:13And here, you can see daylight coming through the roof,
0:03:13 > 0:03:15which is quite something.
0:03:15 > 0:03:19There may well be problems with damp, with subsidence.
0:03:19 > 0:03:21The wallpaper's falling off
0:03:21 > 0:03:24but, you know, that's a minor issue again.
0:03:24 > 0:03:26And then... Oh, my word.
0:03:27 > 0:03:29This is just rubble.
0:03:29 > 0:03:31I'll try and guess what's through here.
0:03:31 > 0:03:35I'd say that's the kitchen - there's not much to talk of -
0:03:35 > 0:03:39and also a bathroom, which you would expect in a property of this age.
0:03:39 > 0:03:42You'd have to think about getting it upstairs,
0:03:42 > 0:03:45because it'd be far more desirable to a buyer.
0:03:45 > 0:03:50But if I look worried and a bit concerned, it's because I am.
0:03:50 > 0:03:52I mean, health and safety?
0:03:52 > 0:03:56I wouldn't go up there, well, even WITH this.
0:03:56 > 0:03:57Nah!
0:03:58 > 0:04:00# Hey, hey, hey, hey!
0:04:02 > 0:04:04# Ooh... #
0:04:05 > 0:04:09It's such a shame to see a house forgotten about like this.
0:04:09 > 0:04:12The state it's in is probably down to a combination
0:04:12 > 0:04:14of water ingress and poor maintenance.
0:04:16 > 0:04:18# Hey, hey, hey, hey! #
0:04:18 > 0:04:22Outside, the garden is a decent size, but the back of the property
0:04:22 > 0:04:25doesn't exactly fill me with confidence.
0:04:25 > 0:04:27Those cracks make me think the whole wing
0:04:27 > 0:04:31containing the kitchen and bathroom might need to be pulled down.
0:04:31 > 0:04:35# Don't you forget about me... #
0:04:35 > 0:04:37Now, normally at this stage,
0:04:37 > 0:04:41I'd take you for a wee tour upstairs, but we have a problem.
0:04:43 > 0:04:45The upstairs area is just one big hole,
0:04:45 > 0:04:47so we won't be venturing up there.
0:04:50 > 0:04:53# Looking back on when we first met
0:04:53 > 0:04:58# I cannot escape and I cannot forget
0:04:58 > 0:05:00# Baby, you're the one
0:05:00 > 0:05:03# You still turn me on
0:05:03 > 0:05:07# You can make me whole again... #
0:05:10 > 0:05:14Upstairs, the three bedrooms are pretty much like the rest.
0:05:14 > 0:05:18We sensibly took all the safety precautions we could,
0:05:18 > 0:05:22but I wouldn't recommend a casual tour of this place at all,
0:05:22 > 0:05:24not even to see the open-air toilet.
0:05:24 > 0:05:27# You can make me whole again. #
0:05:28 > 0:05:31Now, there's a legal clause relating to this property
0:05:31 > 0:05:32which you don't see every day,
0:05:32 > 0:05:35and I hope the buyer's done their homework
0:05:35 > 0:05:37and knows what they're getting into.
0:05:37 > 0:05:38At exchange of contracts,
0:05:38 > 0:05:41they would have paid 10% of the purchase price.
0:05:41 > 0:05:45They pay the remaining 90% when the job is done
0:05:45 > 0:05:47and that has to be done in 12 months.
0:05:47 > 0:05:52If not, they lose their deposit and they have to hand back the property,
0:05:52 > 0:05:55which is a nightmare situation.
0:05:55 > 0:05:56And, in this case,
0:05:56 > 0:05:59the house is being sold on behalf of Wolverhampton Council.
0:05:59 > 0:06:01So, after 12 months,
0:06:01 > 0:06:04an inspector from the council will come and assess the house
0:06:04 > 0:06:09to check the repairs adhere to the Decent Home Standards.
0:06:09 > 0:06:13So this house could potentially be one big gamble,
0:06:13 > 0:06:14but could it be worth it?
0:06:14 > 0:06:17Where do you even start with a project like this?
0:06:17 > 0:06:21We asked along a property expert from the auction house
0:06:21 > 0:06:26that sold it to tell us more about the house, guided at 15 to 20 grand.
0:06:27 > 0:06:29When you get a project like this,
0:06:29 > 0:06:33your first thing to do is to check out
0:06:33 > 0:06:35the stability of the property
0:06:35 > 0:06:38and the framework, because if your framework's not right,
0:06:38 > 0:06:40you're not going to be able to put anything in it.
0:06:40 > 0:06:43I think I would have the roof checked out
0:06:43 > 0:06:46and I would also sort out the wing addition at the back,
0:06:46 > 0:06:51so that we know whether it is going to need demolition and rebuild
0:06:51 > 0:06:53or a repair and rebuild.
0:06:53 > 0:06:56I would imagine that one's going to have to spend
0:06:56 > 0:06:59something in the region of £40,000 to £50,000.
0:06:59 > 0:07:05And that is being kind, with repairing the wing
0:07:05 > 0:07:07rather than knocking it down and replacing it.
0:07:09 > 0:07:1050 grand?!
0:07:10 > 0:07:14Let's hope whoever bought this stuck close to the guide price.
0:07:14 > 0:07:18Could there be any profit to be made, once renovated?
0:07:18 > 0:07:21Your normal pricing on something in this sort of road
0:07:21 > 0:07:25would be in the region of £80,000 to 85,000.
0:07:25 > 0:07:27If it's done particularly well,
0:07:27 > 0:07:29you might make a bit more on an open market,
0:07:29 > 0:07:32selling it to somebody who wants to live in it.
0:07:33 > 0:07:37I think it's fair to say this is not a project for the faint-hearted.
0:07:37 > 0:07:39Pretty much everything needs done,
0:07:39 > 0:07:44starting with the fundamentals like walls, ceilings, windows.
0:07:44 > 0:07:48But if the buyer can get it close to the lower end of the guide price,
0:07:48 > 0:07:51it might just be worth all that hard work.
0:07:51 > 0:07:54So who agreed? Let's head to auction to find out.
0:07:57 > 0:08:00Three-bedroom mid-terraced house in Wolverhampton
0:08:00 > 0:08:03on behalf of Wolverhampton Council. Start me, if you will.
0:08:03 > 0:08:0530,000, am I bid?
0:08:05 > 0:08:0725, if we must?
0:08:07 > 0:08:09At 25, thank you, sir.
0:08:09 > 0:08:11At 25, I'm bid. Is it 30 now?
0:08:11 > 0:08:1430, sir? Thank you. I've got you first at 30.
0:08:14 > 0:08:16Who's first at 35?
0:08:16 > 0:08:1935, sir? Thank you, at 35.
0:08:19 > 0:08:2040? 40.
0:08:20 > 0:08:2245? 45.
0:08:22 > 0:08:2350? No.
0:08:23 > 0:08:27At 45 on the aisle, are we all done?
0:08:27 > 0:08:30At £45,000,
0:08:30 > 0:08:35first time, second time, third and last time.
0:08:35 > 0:08:37That's yours, sir, well done.
0:08:37 > 0:08:39Hidden from view was successful bidder Amir,
0:08:39 > 0:08:43who paid £45,000 for the dilapidated terraced house.
0:08:45 > 0:08:48Amir is originally from Iran but now lives in Birmingham,
0:08:48 > 0:08:52and I caught up with him for a chat about his new acquisition.
0:08:55 > 0:08:57- Amir, congratulations.- Thank you.
0:08:57 > 0:08:59Where to start with here?
0:08:59 > 0:09:02Let's go back to the auction, how was the auction for you?
0:09:02 > 0:09:04It was the first time I've been to an auction
0:09:04 > 0:09:07but this was good, a good experience.
0:09:07 > 0:09:09Had you looked inside this property before auction?
0:09:09 > 0:09:10I'm guessing you had.
0:09:10 > 0:09:14In the auction, I had the catalogue and after,
0:09:14 > 0:09:17I had the time and I looked at it online by internet
0:09:17 > 0:09:21and seen the location and I think, "I'll go for it."
0:09:21 > 0:09:25So, hold on, this is the first day you've been inside this house?
0:09:25 > 0:09:28Yes, that's the first time I've been inside the house.
0:09:28 > 0:09:30You'd looked in the catalogue and you'd looked at a map online?
0:09:30 > 0:09:33- Yes.- And that was it? - Yes.- Now, be honest, Amir.
0:09:33 > 0:09:37When you saw this for the first time, what did you think?
0:09:37 > 0:09:41At first, I got a bit scared but after I keep my mind, I said,
0:09:41 > 0:09:44"I can do it," and I'll try to finish it.
0:09:44 > 0:09:45That's a big challenge for me.
0:09:45 > 0:09:49If I finish that, I can improve myself for next job.
0:09:51 > 0:09:55I like that positive mental attitude, Amir.
0:09:55 > 0:09:57After all, he does have a bit of experience,
0:09:57 > 0:10:00having renovated his own flat in Birmingham,
0:10:00 > 0:10:02which I imagine was really well done.
0:10:04 > 0:10:05My job is in welding.
0:10:05 > 0:10:08I'm working for the companies with cars.
0:10:08 > 0:10:11But at the moment I have to just take six months off
0:10:11 > 0:10:15and just focus in this house and the work here.
0:10:15 > 0:10:19So your time span is six months to get this done?
0:10:19 > 0:10:21I try to finish quicker than six months.
0:10:21 > 0:10:24But I put a six-month maximum.
0:10:24 > 0:10:25OK. What's your budget?
0:10:26 > 0:10:29- Around £25,000.- OK.
0:10:29 > 0:10:31Do you have people you think who can help you?
0:10:31 > 0:10:34You have experts who can help you?
0:10:34 > 0:10:40I know a few people from my ex-job, plus their people and the builders.
0:10:40 > 0:10:43But I'm trying to do myself as much as I can,
0:10:43 > 0:10:46but if I need a help, I will call them.
0:10:46 > 0:10:47What do you want to do to the place?
0:10:47 > 0:10:51First, a good clean. Give it a good clean.
0:10:51 > 0:10:56Take the wallpaper out, put the new plaster, central heating,
0:10:56 > 0:10:58kitchen and bathroom.
0:10:58 > 0:11:02Just slowly, step-by-step, go to front and see what's happened next.
0:11:02 > 0:11:04There's a big crack at the back of the property,
0:11:04 > 0:11:06what did you think of that?
0:11:06 > 0:11:08I will contact council.
0:11:08 > 0:11:10They will send some people to have a look.
0:11:10 > 0:11:15If they say that's OK, I can fill the crack and sort it.
0:11:15 > 0:11:18If not, I have to move to a different plan.
0:11:18 > 0:11:21Maybe I take that part out and build again.
0:11:21 > 0:11:23And that costs more money.
0:11:23 > 0:11:26So, worst-case scenario, they come back and say,
0:11:26 > 0:11:28"You're going to have to knock down walls."
0:11:28 > 0:11:31It's more than you even thought.
0:11:31 > 0:11:32What would you do?
0:11:32 > 0:11:37- I have to call back home and ask my family if they can help me.- OK.
0:11:37 > 0:11:40So Plan B is to phone home and ask for a bit of help...
0:11:40 > 0:11:42- Yes.- ..with money?- Yes.
0:11:44 > 0:11:47In this case, it's not the Bank Of Mum And Dad,
0:11:47 > 0:11:48it's the Bank Of Brother.
0:11:48 > 0:11:51But, hopefully, it won't come to that.
0:11:53 > 0:11:56Amir, there's a clause attached to this which doesn't often come up
0:11:56 > 0:12:01and that's that you pay your 10% deposit at auction
0:12:01 > 0:12:04but you don't have to pay the remaining 90%
0:12:04 > 0:12:06until you've renovated.
0:12:06 > 0:12:08You're aware of this?
0:12:08 > 0:12:12I didn't know that 90% I have to pay when I finish the house,
0:12:12 > 0:12:16but I knew that until 12 months, I have to finish this house
0:12:16 > 0:12:19after they put the house to my name.
0:12:19 > 0:12:22So, although there's so much to be done in the house,
0:12:22 > 0:12:23it's a good news day for you in that
0:12:23 > 0:12:26- you thought you had to pay the whole price?- Yes.
0:12:26 > 0:12:29The downside is if you don't renovate this house
0:12:29 > 0:12:32in accordance with the Decent Homes Standard
0:12:32 > 0:12:37within 12 months, you have to let them keep the 10% deposit
0:12:37 > 0:12:39and you have to hand back the property.
0:12:39 > 0:12:41Yeah, this is the bad news.
0:12:41 > 0:12:45But I'm pretty sure in six months, I will finish this house.
0:12:45 > 0:12:46- I believe in you.- Thank you.
0:12:46 > 0:12:49- You can do it. Good luck, Amir. - Thank you.
0:12:51 > 0:12:55As a first investment property, Amir's got his work cut out for him.
0:12:55 > 0:12:56I mean, that's putting it mildly.
0:12:56 > 0:13:01EVERYTHING needs to be done, and within 12 months,
0:13:01 > 0:13:05and on a very small budget, and the margins are pretty tight.
0:13:05 > 0:13:07Do not get me wrong - I admire his enthusiasm,
0:13:07 > 0:13:10but I can't help but think Amir's being a bit naive.
0:13:10 > 0:13:14I hope he proves me wrong. We'll find out later in the show.
0:13:18 > 0:13:22Romford is a town in the East London borough of Havering.
0:13:22 > 0:13:26Apparently, in the 1930s, this area staged quite a remarkable event.
0:13:28 > 0:13:31Punters attending the greyhound races at Romford Stadium
0:13:31 > 0:13:35were witness to a different kind of animal whizzing around the track,
0:13:35 > 0:13:37because they had cheetahs racing there.
0:13:38 > 0:13:40This experiment didn't go to plan,
0:13:40 > 0:13:44as the cheetahs just weren't as interested in chasing the lure,
0:13:44 > 0:13:46so only two races happened.
0:13:46 > 0:13:48Although I'm not sure I believe this,
0:13:48 > 0:13:51I think it was because the cheetahs...
0:13:51 > 0:13:52were actually CHEATING.
0:13:53 > 0:13:56Anyway, let's move on to today's property.
0:13:56 > 0:13:58And the property I'm here to see
0:13:58 > 0:14:02is on this very busy and noisy main road.
0:14:02 > 0:14:05The house is a three-bed semidetached house
0:14:05 > 0:14:07with a guide price of 250 grand.
0:14:07 > 0:14:10Now, this is a good start.
0:14:10 > 0:14:12Off-street parking.
0:14:12 > 0:14:17Yes, it's not in a great condition, but what isn't a good sign is that.
0:14:17 > 0:14:19Let's hope it's not a sign of things to come.
0:14:19 > 0:14:21Let's check out inside.
0:14:28 > 0:14:32OK. That's good news. It's not as bad as I first thought.
0:14:32 > 0:14:35There is a hallway there but I'm going to go this way
0:14:35 > 0:14:39into a decent-sized lounge.
0:14:39 > 0:14:42I would want to get some brand-new windows in
0:14:42 > 0:14:45and we have got central heating as well.
0:14:45 > 0:14:46Not quite sure...
0:14:46 > 0:14:48HOLLOW THUMPS
0:14:48 > 0:14:50I like that sound, I like that sound,
0:14:50 > 0:14:55because you could incorporate this room
0:14:55 > 0:14:58to make a really good-sized lounge.
0:14:58 > 0:15:00Take this out completely.
0:15:00 > 0:15:04Round here, you've got a disappointing kitchen, actually.
0:15:04 > 0:15:09Not in great condition, very old-fashioned, and it's tiny.
0:15:09 > 0:15:11It just doesn't seem to fit
0:15:11 > 0:15:14the potential of a really nice-sized lounge.
0:15:14 > 0:15:17Then you've got this really small kitchen.
0:15:17 > 0:15:20You wouldn't really fit anything else more in here,
0:15:20 > 0:15:24no more cupboard space, cos it is tiny and restricted.
0:15:24 > 0:15:27The potential in that side of the house is very good.
0:15:27 > 0:15:30But the kitchen has disappointed me.
0:15:30 > 0:15:34# I can only disappoint you
0:15:35 > 0:15:38# Always... #
0:15:40 > 0:15:44By switching things up and doing a bit of rejigging,
0:15:44 > 0:15:47you could maybe make this kitchen flow right through
0:15:47 > 0:15:48into the main living area,
0:15:48 > 0:15:51which would make a massive difference.
0:15:52 > 0:15:55Right, the bedrooms - you've got two good-sized bedrooms
0:15:55 > 0:15:56just off this landing here.
0:15:56 > 0:15:59I can see in the bedroom at the back, it's a good size,
0:15:59 > 0:16:01and you've got some fitted wardrobes,
0:16:01 > 0:16:05which I think you'd need to take out and put something modern in there.
0:16:05 > 0:16:09The bedroom at the front of the house is more or less the same size.
0:16:09 > 0:16:11Good space, room for a double bed, no problem.
0:16:11 > 0:16:13Looking out on the front of the house.
0:16:13 > 0:16:17And the third bedroom is more of a box bedroom.
0:16:17 > 0:16:20In the corner there, it looks like it's damp but it's not.
0:16:20 > 0:16:21It's more mould.
0:16:21 > 0:16:23Maybe that's because this house has been closed up,
0:16:23 > 0:16:25there's been no airflow.
0:16:25 > 0:16:27And the bathroom.
0:16:27 > 0:16:29I'm disappointed in the bathroom.
0:16:29 > 0:16:32Like downstairs, and the kitchen,
0:16:32 > 0:16:36it just seems to be a little bit too small for the house.
0:16:36 > 0:16:38Apart from the bathroom and the kitchen,
0:16:38 > 0:16:40I'm pretty happy with this place.
0:16:41 > 0:16:43Yes, I am.
0:16:43 > 0:16:45# Please convince me... #
0:16:45 > 0:16:48I know I don't sound that sure right now...
0:16:48 > 0:16:53# Tell me so it makes sense to me
0:16:53 > 0:16:56# How much better it's all gonna be
0:16:56 > 0:17:01# And please, please, please convince me... #
0:17:03 > 0:17:05But we're not finished here,
0:17:05 > 0:17:08as I haven't had a chance to explore out the back yet.
0:17:09 > 0:17:12As you come out, you've got a good-sized back garden as well.
0:17:12 > 0:17:14It's in a bit of a mess.
0:17:14 > 0:17:16Needs some work doing to it but...
0:17:17 > 0:17:22..not too bad. What I am thinking is that lean-to conservatory
0:17:22 > 0:17:24has seen better days.
0:17:24 > 0:17:27I'd be inclined to knock that down
0:17:27 > 0:17:30and get a brick-built extension done.
0:17:30 > 0:17:33You could possibly maybe bring it out to as far as here.
0:17:34 > 0:17:38Check on the planning, of course, but it would be worth looking into.
0:17:38 > 0:17:40And you still have a good-sized back garden as well.
0:17:40 > 0:17:42It's positive out here.
0:17:43 > 0:17:46Finally, something to put a smile on my face.
0:17:46 > 0:17:47By extending out here,
0:17:47 > 0:17:50you'd solve the issue of the small kitchen
0:17:50 > 0:17:53and maybe even add a downstairs loo as well.
0:17:53 > 0:17:56# Things are looking up, oh, finally! #
0:17:58 > 0:18:02Time to see if a local estate agent shares my new-found enthusiasm
0:18:02 > 0:18:04for this East London house,
0:18:04 > 0:18:06guided at £250,000.
0:18:07 > 0:18:10A rear extension would be a good asset.
0:18:10 > 0:18:13If there's a possibility of doing a loft extension, and an en-suite,
0:18:13 > 0:18:15then that would add value to the property.
0:18:15 > 0:18:17So it would certainly be worth looking into.
0:18:18 > 0:18:22Adding a bedroom in the family market does make sense.
0:18:22 > 0:18:24But if you were looking to sell this on for a profit,
0:18:24 > 0:18:27would there be enough added in the sales figures
0:18:27 > 0:18:30to make the expense of a loft conversion worthwhile?
0:18:30 > 0:18:33As a three-bed with a ground-floor extension,
0:18:33 > 0:18:38the agent thinks it would be worth around 380 grand.
0:18:38 > 0:18:40If the property was extended to the rear
0:18:40 > 0:18:41and a fourth bedroom was provided,
0:18:41 > 0:18:47I would expect it to achieve in the region of £425,000 to £450,000.
0:18:49 > 0:18:52So not as bad as I first thought.
0:18:52 > 0:18:54But one of the first things I do
0:18:54 > 0:18:58is I'd get some decent, double-glazed windows in,
0:18:58 > 0:19:01as it is quite noisy out here.
0:19:01 > 0:19:03One of the things I do like about this project is it's got the scope
0:19:03 > 0:19:06to extend out the back as well.
0:19:06 > 0:19:08Good venture, this, I like it.
0:19:08 > 0:19:11Let's find out who else did when it went under the hammer.
0:19:12 > 0:19:14Er, 300 anywhere?
0:19:14 > 0:19:17If not, you tell me. Where do we start?
0:19:17 > 0:19:20Cor, house in London, under 300!
0:19:20 > 0:19:23260,000. Are you sure?
0:19:23 > 0:19:24Thank you. Yes?
0:19:24 > 0:19:27260,000. 260.
0:19:27 > 0:19:29Standing up, 265...
0:19:29 > 0:19:33There were a few interested bidders at this early lot.
0:19:33 > 0:19:37We rejoin at £298,000.
0:19:37 > 0:19:40298, 300. 300 down here.
0:19:40 > 0:19:42302, elsewhere?
0:19:42 > 0:19:44You're going to lose it.
0:19:44 > 0:19:45First time.
0:19:45 > 0:19:47Second time.
0:19:47 > 0:19:49Third and last time, if you're all done?
0:19:52 > 0:19:54Sold, 300. Goodbye.
0:19:54 > 0:19:57Out of the sight of our cameras was Singh,
0:19:57 > 0:20:00who paid 300 grand for this house.
0:20:01 > 0:20:03I met him back at the pad to find out his plans.
0:20:04 > 0:20:06- Singh, nice to meet you. - Nice to meet you, mate.
0:20:06 > 0:20:08- How you doing?- Congratulations.
0:20:08 > 0:20:11- Nice place, loads of potential. - Yes. Lots of space here.
0:20:11 > 0:20:13So was it you that found this, Singh?
0:20:13 > 0:20:16It was my brother-in-law who looked into this.
0:20:16 > 0:20:18- He's the one who found it.- Yeah? - Yeah.
0:20:18 > 0:20:20What was it about this place that attracted you in?
0:20:20 > 0:20:23It's the area. It's coming up, the area.
0:20:23 > 0:20:26I don't live too far from the area. So I know the area well.
0:20:26 > 0:20:29Was it this kind of property you were looking for?
0:20:29 > 0:20:31Yeah. This is what I do.
0:20:31 > 0:20:35I'm a builder by trade, so I do building properties and stuff.
0:20:35 > 0:20:37What did you see, then? As soon as you came in here
0:20:37 > 0:20:39and you've got a builder's brain, haven't you?
0:20:39 > 0:20:41What did you think as soon as you came in?
0:20:41 > 0:20:45Nice and spacious, needs some work done to it, nothing we can't do.
0:20:45 > 0:20:48Not an awful lot really, is there, that needs to be...?
0:20:48 > 0:20:49Just a bit of make-up, really.
0:20:49 > 0:20:52Bit of make-up? I like that one! Not heard that one before.
0:20:52 > 0:20:54I might use that one.
0:20:54 > 0:20:56OK, Singh, tell me, a little bit more detail,
0:20:56 > 0:20:58what you're going to do down here first.
0:20:58 > 0:21:01Downstairs, we want to create an extra shower
0:21:01 > 0:21:03in the bottom bathroom and extension.
0:21:03 > 0:21:05So, the bathroom, where are you going to put the bathroom?
0:21:05 > 0:21:08- Just where the old kitchen is. - OK.- In that area.
0:21:08 > 0:21:11And you're extending that way?
0:21:11 > 0:21:12Yes, 4.5 metres out.
0:21:12 > 0:21:15- Planning?- Planning has already been submitted, yes.
0:21:15 > 0:21:18- Has it, really?- It's been about three or four weeks already.
0:21:18 > 0:21:20- Ah, so you're forward planning? - Have to.
0:21:20 > 0:21:23It takes about two months for the council to come through.
0:21:24 > 0:21:27With all his experience in the building trade,
0:21:27 > 0:21:31Singh knows it's best to get those plans in ASAP.
0:21:31 > 0:21:33He isn't just stopping downstairs
0:21:33 > 0:21:36and hopes to add a fourth bedroom and en suite bathroom
0:21:36 > 0:21:37in that loft space.
0:21:37 > 0:21:40He also hopes to get a bigger family bathroom
0:21:40 > 0:21:43by removing the chimney breast in the bedroom
0:21:43 > 0:21:45and pinching more space from the bathroom.
0:21:45 > 0:21:49Sounds like a lot of work that's not going to come cheap.
0:21:49 > 0:21:51So what's your budget for the whole project?
0:21:51 > 0:21:53I mean, we're looking at around about 50K.
0:21:53 > 0:21:56- £50,000 to spend?- That's right.
0:21:56 > 0:21:58Cos most of the works we do ourselves anyway.
0:21:58 > 0:22:00It was just the materials and a bit of labour.
0:22:00 > 0:22:02- Got you.- Most of the work will be done by myself
0:22:02 > 0:22:04and my brother-in-law.
0:22:04 > 0:22:06And how long is it going to take you, if it's mainly you?
0:22:06 > 0:22:09I think it's probably about five months, I reckon.
0:22:09 > 0:22:11But I'm away for three weeks with the family holiday.
0:22:11 > 0:22:14- Where are you going on your holiday, by the way?- India.
0:22:14 > 0:22:16- Oh, really?- Yeah.- You lucky man!
0:22:16 > 0:22:18Is that while it's all cold here, we're freezing here
0:22:18 > 0:22:21- and you're going off to the sun? - It'll be cold there as well.
0:22:21 > 0:22:23- Oh, will it?- It'll be cold. There's winter.
0:22:23 > 0:22:24It's not as cold as here but it's cold.
0:22:24 > 0:22:26What kind of temperatures would it be there?
0:22:26 > 0:22:28That time, probably mid-20s.
0:22:28 > 0:22:31Oh, we feel sorry for you, Singh! Eh?
0:22:31 > 0:22:33In your shorts and T-shirts!
0:22:33 > 0:22:35Over there, it's probably colder in the morning and evenings
0:22:35 > 0:22:38but during the day, the sun comes out and it's quite nice.
0:22:38 > 0:22:40So will that be in the middle of this renovation?
0:22:40 > 0:22:44- It will be, yes. That was pre-planned already.- Gotcha.
0:22:44 > 0:22:46Will you leave people here working on this?
0:22:46 > 0:22:49Depending on what stage I get to, hopefully decorating and stuff,
0:22:49 > 0:22:50I have a couple of guys in there.
0:22:50 > 0:22:52Are you happy with the way things are going so far?
0:22:52 > 0:22:53Yeah, so far, so good.
0:22:53 > 0:22:56All the planning has been submitted, so hopefully within the next month,
0:22:56 > 0:22:59we'll hear from the council.
0:22:59 > 0:23:01Going to get the overalls on?
0:23:01 > 0:23:03Definitely. We're all coming in, starting tomorrow.
0:23:03 > 0:23:05- Are you really?- We are, yeah.
0:23:05 > 0:23:07OK, I'm going to say goodbye and get out of your way.
0:23:07 > 0:23:09- Lovely.- Good luck. - Thank you very much.
0:23:09 > 0:23:10Good luck, Singh. Cheers.
0:23:13 > 0:23:15So Singh doesn't seem to have any reservations
0:23:15 > 0:23:19about this project at all, and I'm kind of with him.
0:23:19 > 0:23:23He wants to do a loft extension and a single-storey extension
0:23:23 > 0:23:25to about here,
0:23:25 > 0:23:28but he's given himself a healthy 50 grand budget
0:23:28 > 0:23:31AND he's going to be doing a lot of the work himself.
0:23:31 > 0:23:32I think he'll be fine.
0:23:32 > 0:23:35You can find out how he gets on later in the programme.
0:23:36 > 0:23:38Coming up, I'm off to Wales to see a house
0:23:38 > 0:23:40that looks better out than in.
0:23:40 > 0:23:43If that bit was, you know, OK...
0:23:44 > 0:23:45HE SIGHS
0:23:45 > 0:23:46..this bit really isn't.
0:23:48 > 0:23:50And we return to Romford,
0:23:50 > 0:23:54hoping the house is finished, inside and out.
0:23:54 > 0:23:55I'm happy with the result.
0:24:00 > 0:24:03- MARTEL:- It was back in the Millennium City of Wolverhampton
0:24:03 > 0:24:07where we first came across a three-bed terraced house that was...
0:24:07 > 0:24:09Well, OK, let's not pull our punches.
0:24:09 > 0:24:12It was in an awful state.
0:24:12 > 0:24:13Truly awful.
0:24:14 > 0:24:18- # Tell it like it is - Oh, tell it!
0:24:19 > 0:24:21# Tell it... #
0:24:22 > 0:24:26I hadn't banked on this being quite such a mess.
0:24:26 > 0:24:30And, here, you can see daylight coming through the roof.
0:24:30 > 0:24:32And then... Oh, my word!
0:24:33 > 0:24:35This is just rubble.
0:24:35 > 0:24:37I'll try and guess what's through here.
0:24:37 > 0:24:41I'd say that's the kitchen and also a bathroom,
0:24:41 > 0:24:43which you would expect in a property of this age.
0:24:43 > 0:24:45You'd have to think about getting it upstairs
0:24:45 > 0:24:49because it would be far more desirable to a buyer.
0:24:49 > 0:24:54But if I look worried and a bit concerned, it's because I am.
0:24:54 > 0:24:55# I'm worried about you
0:24:57 > 0:24:59# Babe, I'm worried about you
0:25:00 > 0:25:02# Babe, I'm worried about you, baby
0:25:02 > 0:25:05# And you better be worried about me... #
0:25:07 > 0:25:09Well, there was so much to worry about -
0:25:09 > 0:25:13holes in the floor, holes in the ceiling, holes in the walls.
0:25:13 > 0:25:16Great if you want an open-air toilet.
0:25:16 > 0:25:21And there was no doubting this house had certainly reached rock bottom.
0:25:21 > 0:25:23So why would you take on such a large project?
0:25:24 > 0:25:26Well, there were incentives from the council,
0:25:26 > 0:25:29allowing you to pay just 10% of the hammer price
0:25:29 > 0:25:32and then paying the other 90%
0:25:32 > 0:25:36once you'd completed it to a standard checked by the council.
0:25:36 > 0:25:39Sounds good, but of course, there was a catch.
0:25:39 > 0:25:41That has to be done in 12 months.
0:25:41 > 0:25:46If not, they lose their deposit and they have to hand back the property,
0:25:46 > 0:25:48which is a nightmare situation.
0:25:49 > 0:25:52So the clock was ticking from the moment the hammer fell
0:25:52 > 0:25:56on Amir's £45,000 purchase.
0:25:56 > 0:25:57And, having not viewed the property,
0:25:57 > 0:26:01he was initially unaware of the daunting task he faced.
0:26:01 > 0:26:05Now, be honest, Amir - when you saw this for the first time,
0:26:05 > 0:26:06what did you think?
0:26:06 > 0:26:10At first, I was a bit scared but after I keep my mind, I said,
0:26:10 > 0:26:13"I can do it," and I'll try to finish it.
0:26:13 > 0:26:15That's the big challenge for me.
0:26:15 > 0:26:18If I finish that, I can improve myself for the next job.
0:26:19 > 0:26:22Iranian-born Amir was a welder by trade,
0:26:22 > 0:26:25so I guess he was used to fixing things
0:26:25 > 0:26:27and putting them back together again.
0:26:27 > 0:26:30But this was a massive task he'd set himself
0:26:30 > 0:26:35with just a 25-grand budget and he'd taken six months off work
0:26:35 > 0:26:37to fully focus on the rebuild.
0:26:38 > 0:26:42# And I'll put you together again. #
0:26:53 > 0:26:55And now, eight months on, and we're back.
0:27:11 > 0:27:14This is truly astonishing.
0:27:14 > 0:27:17Remember, I couldn't even get into this kitchen space
0:27:17 > 0:27:20and the bathroom beyond was just a complete unknown.
0:27:36 > 0:27:40And, upstairs, it's hard hats off to you, Amir.
0:27:40 > 0:27:44Three great bedrooms, but what about that loo with a view?
0:27:49 > 0:27:52Well, that's now a great shower room.
0:27:52 > 0:27:55Mind you, I don't mind looking out onto that garden now.
0:27:55 > 0:27:56That's amazing!
0:27:58 > 0:28:01# I'm gonna fix the world up
0:28:01 > 0:28:03# Up for you! #
0:28:04 > 0:28:07# I'm gonna fix the world up
0:28:07 > 0:28:09# Up for you! #
0:28:10 > 0:28:13# I'm gonna fix the world up... #
0:28:13 > 0:28:17So where did Amir start with this tremendous transformation?
0:28:17 > 0:28:22The project was really big and so many rubbish in the back garden
0:28:22 > 0:28:27and the basement and also so many rubbish from the house.
0:28:27 > 0:28:3115 skips, and that's the biggest challenge I had.
0:28:32 > 0:28:34Once 15 skips had been filled,
0:28:34 > 0:28:37he just had the minor issue of rebuilding this place...
0:28:39 > 0:28:41..with the end gable wall top of the agenda.
0:28:41 > 0:28:44# Crackin' up
0:28:44 > 0:28:46# Like a worn-out shoe... #
0:28:46 > 0:28:51The crack was on the wall and we just take the wall out
0:28:51 > 0:28:53and rebuild again.
0:28:53 > 0:28:56The effort Amir has put in here is Herculean,
0:28:56 > 0:29:00but with the need to complete the job to an acceptable standard
0:29:00 > 0:29:03for the local council in a 12-month timescale,
0:29:03 > 0:29:06he was under pressure to get it all done
0:29:06 > 0:29:09but, luckily, he wasn't completely alone
0:29:09 > 0:29:12in tackling this gigantic task.
0:29:12 > 0:29:15I have two friends, Kasim and Simon,
0:29:15 > 0:29:18and they mostly helped me and I'm really grateful.
0:29:20 > 0:29:23That help has meant he thinks he's only a couple more weeks from
0:29:23 > 0:29:27finishing it off totally and then he can put it on the resale market,
0:29:27 > 0:29:30but his timescale slipped slightly.
0:29:30 > 0:29:31So what about his budget?
0:29:32 > 0:29:39My budget was £25,000 but at the end we finished with £35,000,
0:29:39 > 0:29:43and plus I drove every day from Birmingham to Wolverhampton
0:29:43 > 0:29:46and that's cost around £3,000 fuel money.
0:29:47 > 0:29:52£38,000 spend on top of his agreed 40-grand purchase price
0:29:52 > 0:29:59will eventually take the cost of this remarkable rebuild £83,000.
0:29:59 > 0:30:02So is this house now suited to the local market?
0:30:02 > 0:30:04What do two property experts think?
0:30:04 > 0:30:07First, the expert who saw it last time.
0:30:07 > 0:30:11This is my second visit to this property and, boy, what a change!
0:30:11 > 0:30:14He's transformed it into
0:30:14 > 0:30:18a nice little three-bedroomed terraced property.
0:30:18 > 0:30:20My first impressions of the property is,
0:30:20 > 0:30:23obviously, it's been refurbished to a good standard.
0:30:23 > 0:30:27I think the refurb has been well thought-out and planned,
0:30:27 > 0:30:29and the results show.
0:30:31 > 0:30:36Amir really needs to sell this house on to pay off an outstanding 90%
0:30:36 > 0:30:39of the purchase price he still owes.
0:30:39 > 0:30:43But with his final outlay being £83,000, will he make any money?
0:30:45 > 0:30:47If the property's placed on the open market to sell,
0:30:47 > 0:30:51then I would imagine that it would achieve in the region of £100,000.
0:30:51 > 0:30:56As a resale, I would expect the property to achieve £95,000.
0:30:56 > 0:30:57I was happy.
0:30:57 > 0:31:00Up to £100,000.
0:31:00 > 0:31:03But if it's a little bit less, I am happy.
0:31:04 > 0:31:05And so he should be
0:31:05 > 0:31:11because there's a potential pre-tax profit here of £12,000 to £17,000,
0:31:11 > 0:31:13minus taxes and expenses, of course.
0:31:13 > 0:31:17And he certainly deserves to get some reward for all this hard work.
0:31:17 > 0:31:21As a first development project, this was a real baptism of fire.
0:31:21 > 0:31:23So would he ever consider doing it again?
0:31:26 > 0:31:27When everything is sorted,
0:31:27 > 0:31:32I take a small holiday and then maybe I do again
0:31:32 > 0:31:34because quite I enjoyed this job.
0:31:36 > 0:31:40- MARTIN:- I'm 22 miles north-west of Cardiff today,
0:31:40 > 0:31:42in the town of Aberdare.
0:31:42 > 0:31:44# It's just a hop, skip and a jump
0:31:44 > 0:31:46# To where my baby's at
0:31:46 > 0:31:51# It's just a few more hops and I'll be bopping with that cat. #
0:31:51 > 0:31:53And as with most towns in South Wales,
0:31:53 > 0:31:56coal and iron were the main industries here.
0:31:56 > 0:31:59But now, nestled amongst the hills and valleys,
0:31:59 > 0:32:01this is just a pleasant place to live.
0:32:02 > 0:32:05Well, just a hop, skip and a jump from the town centre
0:32:05 > 0:32:08is the property I'm here to see, on this nice residential street.
0:32:08 > 0:32:12Now, I've done a bit of research and the average house on this street
0:32:12 > 0:32:14sells for £54,000.
0:32:14 > 0:32:17So, at the auction, when you see something on this street
0:32:17 > 0:32:21that's a guide price of 22,000 for a two-bedroom mid-terrace,
0:32:21 > 0:32:24you've got to think to yourself, "Ooh, that's interesting."
0:32:24 > 0:32:27Looks pretty good from the outside. Recently pointed. Nice stonework.
0:32:27 > 0:32:31Double glazing. It's looking good.
0:32:31 > 0:32:33Hm.
0:32:33 > 0:32:36OK. Interesting little porch area here.
0:32:36 > 0:32:42And then through into, well, basically one large living area.
0:32:42 > 0:32:44Open-plan stairs up to the bedrooms.
0:32:44 > 0:32:48Now, nowadays, building regulations say you can't have this kind of
0:32:48 > 0:32:50staircase with the open back, they are quite dangerous.
0:32:50 > 0:32:53Small children, especially, potentially falling through there,
0:32:53 > 0:32:54and especially with this huge gap.
0:32:54 > 0:32:58Not good. So I would want to work on enclosing that for sure,
0:32:58 > 0:33:00if only for safety reasons.
0:33:00 > 0:33:03But the room itself, I think, actually works quite well.
0:33:03 > 0:33:05Big fireplace here - again,
0:33:05 > 0:33:08you'd probably want to improve that and modernise it,
0:33:08 > 0:33:10but it's not a bad-sized space.
0:33:10 > 0:33:13And then through to the rear of the property.
0:33:13 > 0:33:17Now, this looks to me to be some kind of single-storey extension.
0:33:17 > 0:33:21It's housing the bathroom and loo and the kitchen.
0:33:21 > 0:33:24And if that bit was, you know, OK...
0:33:25 > 0:33:27- HE SIGHS - ..this bit really isn't.
0:33:27 > 0:33:29Lots and lots of damp.
0:33:29 > 0:33:31Well, you can see the state it's in.
0:33:31 > 0:33:33Not attractive at all.
0:33:34 > 0:33:36I think it's a bit more serious than that, too.
0:33:36 > 0:33:38Let's investigate outside.
0:33:38 > 0:33:42# I need you to see this
0:33:42 > 0:33:45# I've found the answer
0:33:45 > 0:33:49# It's somewhere else cos
0:33:49 > 0:33:53# I can see
0:33:53 > 0:33:57# The view from here... #
0:33:57 > 0:33:59Well, bit of a trek across the garden,
0:33:59 > 0:34:01and a bit of a handy vantage point
0:34:01 > 0:34:04to take a look at that roof that's above the kitchen
0:34:04 > 0:34:06and the bathroom in a bit more detail,
0:34:06 > 0:34:10and you can see, just at first glance, it is in a right state,
0:34:10 > 0:34:13as is the gutter. Now that is going to be causing all sorts of problems.
0:34:13 > 0:34:16Worse than that, though, I reckon that's asbestos.
0:34:16 > 0:34:18So, a hazard.
0:34:18 > 0:34:20It's even worse because it's got all this moss on it,
0:34:20 > 0:34:23which causes the surface to disintegrate
0:34:23 > 0:34:26and that's when you have some real potential problems,
0:34:26 > 0:34:28real serious safety problems.
0:34:28 > 0:34:30So, it needs to go.
0:34:30 > 0:34:32It needs to be taken away by a professional company.
0:34:32 > 0:34:35And then you can start rebuilding this property
0:34:35 > 0:34:37into something which is at least a watertight shell.
0:34:37 > 0:34:40You're going to have to get rid of that anyway to get at these windows.
0:34:40 > 0:34:42While you're up there, you're going to sort out that roof too,
0:34:42 > 0:34:44there's even more guttering problems there.
0:34:44 > 0:34:48Yeah, I reckon a big chunk of your budget is going to go
0:34:48 > 0:34:50on sorting out this little bit just here.
0:34:51 > 0:34:55The view looking towards the back of the house might not be pretty,
0:34:55 > 0:34:58but the distant views certainly make you realise
0:34:58 > 0:35:00that this is a great location.
0:35:01 > 0:35:03But sorting out the extension-cum-lean-to
0:35:03 > 0:35:05is going to be a big job.
0:35:05 > 0:35:08Not only will it need a new roof, it may need damp-proofing,
0:35:08 > 0:35:12insulating and then a complete kitchen needs to be installed,
0:35:12 > 0:35:13along with new bathroom suite.
0:35:15 > 0:35:17Upstairs, things aren't much better,
0:35:17 > 0:35:21with the two bedrooms also in a rather sorry state,
0:35:21 > 0:35:24with signs of damp and holes in the floor.
0:35:24 > 0:35:26In fact, whichever way you look at this,
0:35:26 > 0:35:28it's a back-to-basics refurbishment.
0:35:31 > 0:35:33What's the view of the auctioneer who sold it?
0:35:35 > 0:35:37The location of this property's great,
0:35:37 > 0:35:39it's just above the town centre,
0:35:39 > 0:35:40which means you can walk into the town
0:35:40 > 0:35:42rather than having to take a car.
0:35:42 > 0:35:45Downside, though, is that because it's so close to the town centre,
0:35:45 > 0:35:49parking can be an issue. The house needs major refurbishment.
0:35:49 > 0:35:51The existing extension is pretty poor.
0:35:51 > 0:35:53It's got a roof covering which I believe is asbestos,
0:35:53 > 0:35:56so that needs to come off, be taken off by a qualified contractor.
0:35:56 > 0:35:58The kitchen is virtually non-existent,
0:35:58 > 0:35:59the bathroom's pretty poor,
0:35:59 > 0:36:03so the whole of the rear extension needs refurbishing.
0:36:03 > 0:36:07You could extend it and create a better single-storey extension
0:36:07 > 0:36:09out the back. Alternatively, while you're at it at it,
0:36:09 > 0:36:11why not go up two storeys?
0:36:11 > 0:36:13You could then put on the ground floor a new kitchen,
0:36:13 > 0:36:14maybe a bathroom in
0:36:14 > 0:36:17and a bedroom, possibly a bathroom upstairs as well.
0:36:17 > 0:36:18That sounds like a great idea
0:36:18 > 0:36:23but would it add value to a house guided at £22,000?
0:36:24 > 0:36:26Once refurbished, in its current size,
0:36:26 > 0:36:29this property could sell for about £60,000.
0:36:29 > 0:36:31If this property were to be extended
0:36:31 > 0:36:33and was then a three-bedroomed house,
0:36:33 > 0:36:36it could sell for about £70,000.
0:36:36 > 0:36:38And what about its rental potential?
0:36:38 > 0:36:43If it were to be let, it would rent for about £350 per calendar month.
0:36:43 > 0:36:46As a three-bedroomed house, it could rent for about £400,
0:36:46 > 0:36:48maybe £425 per calendar month.
0:36:52 > 0:36:55Ah. So, attractive on the outside,
0:36:55 > 0:36:58a bit more work to be done once you get inside.
0:36:58 > 0:37:00Still, if you buy it for around that guide price,
0:37:00 > 0:37:02definitely money to be made.
0:37:02 > 0:37:05Let's see who agreed when it went under the hammer.
0:37:09 > 0:37:13Good buy-to-let property, just above the town centre.
0:37:13 > 0:37:15Needing some modernising.
0:37:15 > 0:37:17Start me at £20,000, will you?
0:37:17 > 0:37:1920,000? Thank you, got you at 20.
0:37:19 > 0:37:20At 20. And one now I'm looking for.
0:37:20 > 0:37:22At £20,000.
0:37:22 > 0:37:25One. 22? 22. 23? 23.
0:37:25 > 0:37:2624? 24.
0:37:26 > 0:37:2825? 26? 26.
0:37:28 > 0:37:3127? 27, 27 there, thank you. 27.
0:37:31 > 0:37:3328? 28. 29?
0:37:33 > 0:37:36Perhaps surprisingly, there was quite a battle
0:37:36 > 0:37:38for the two-bed Aberdare house.
0:37:38 > 0:37:42And we rejoin the bidding at £37,500.
0:37:42 > 0:37:4337.5.
0:37:43 > 0:37:4538 now? 38?
0:37:45 > 0:37:4638, thank you, 38.
0:37:46 > 0:37:4938.5 behind you?
0:37:49 > 0:37:5038.5.
0:37:50 > 0:37:5339? 39, just one more?
0:37:53 > 0:37:5439, thank you. 39.
0:37:54 > 0:37:5639.5?
0:37:56 > 0:37:5739.5?
0:37:57 > 0:38:0139.5? Otherwise it's 39, then, on my left-hand side,
0:38:01 > 0:38:03for the first time...
0:38:03 > 0:38:06second time, third and last time at £39,000...
0:38:06 > 0:38:08Sold, sir, yours, well done.
0:38:08 > 0:38:10Number 22, is it? Thank you very much.
0:38:10 > 0:38:12Have somebody down with you shortly.
0:38:12 > 0:38:14# You know you're out of sight... #
0:38:16 > 0:38:21And so, for £39,000, the man hidden at the back was Alex.
0:38:21 > 0:38:24Alex and partner Sarah are based in Cardiff and they both joined me
0:38:24 > 0:38:27back at the property to give me an insight into their plans.
0:38:28 > 0:38:30Sarah, Alex, good to meet you both.
0:38:30 > 0:38:32- Nice to meet you too.- And you too.
0:38:32 > 0:38:33Congratulations.
0:38:33 > 0:38:35Tell me why you wanted to buy this place.
0:38:35 > 0:38:38We wanted to start a portfolio in Aberdare,
0:38:38 > 0:38:42as the prices are a lot cheaper than in Cardiff.
0:38:42 > 0:38:45Why this property, then, for your first one?
0:38:45 > 0:38:49Um...well, we didn't actually see the property before we bought it...
0:38:49 > 0:38:51- Why?- I just liked it from the outside.
0:38:51 > 0:38:53It was bound to be fine inside, then, isn't it?
0:38:53 > 0:38:55Well, you know, fantastic.
0:38:55 > 0:38:57So when did you see it for the first time inside?
0:38:57 > 0:38:59- On the day we completed sort of thing.- Right.
0:38:59 > 0:39:02Drove up and had a look, which was a real shock, really.
0:39:02 > 0:39:03- Was it?- It was a shock, yes.
0:39:03 > 0:39:05I thought it would be quite nice inside,
0:39:05 > 0:39:07not in the state it was in, like this.
0:39:07 > 0:39:10What did you think about it when you saw it for the first time?
0:39:10 > 0:39:12I actually was quite pleasantly surprised,
0:39:12 > 0:39:15cos I knew obviously it was going to be bad on the inside
0:39:15 > 0:39:18but I think I was less shocked than what Alex was.
0:39:18 > 0:39:20What were his words, exactly, or are they too rude to broadcast?
0:39:20 > 0:39:24- He just put his hands on his head and went, "Oh, my God!"- Ah.
0:39:24 > 0:39:26# It's a shock to the system. #
0:39:31 > 0:39:35Well, that's kind of what you get if you don't look inside a property
0:39:35 > 0:39:36before you buy it.
0:39:36 > 0:39:39At least Alex has worked in the building trade
0:39:39 > 0:39:41and is doing a carpentry course,
0:39:41 > 0:39:45so he may at least have the skills to turn the shock into awe.
0:39:47 > 0:39:50I think to start with what I'd like to do is just take off...
0:39:50 > 0:39:54take all the walls out, like the porchway to take out
0:39:54 > 0:39:56and, upstairs, the partitions,
0:39:56 > 0:40:00and then get an empty canvas and just take it from there.
0:40:00 > 0:40:04Got a little job with asbestos on the roof outside.
0:40:04 > 0:40:07So that's going to be an important job to do,
0:40:07 > 0:40:10to get somebody in to take it away.
0:40:10 > 0:40:12And then from there we'll just decide what to do with it.
0:40:12 > 0:40:14Right, and in terms of the design you might come up with,
0:40:14 > 0:40:17are you going for two bedrooms, three bedrooms, what are we...?
0:40:17 > 0:40:18- Two bedrooms.- Two beds, yeah.
0:40:18 > 0:40:21- And a bathroom upstairs?- We're going to try and put a toilet upstairs.
0:40:21 > 0:40:24- Toilet upstairs only. - Obviously a few issues with damp
0:40:24 > 0:40:28in the big bedroom, any ideas what's causing that?
0:40:28 > 0:40:29Chimney stack.
0:40:29 > 0:40:32Builders are coming next week to, you know, roof that.
0:40:32 > 0:40:35- Great.- So that'll be all sorted.
0:40:35 > 0:40:37So they don't plan an additional extension,
0:40:37 > 0:40:40but they do have a budget of £15,000.
0:40:40 > 0:40:43But with all the work they've got to do here, I just hope that's enough.
0:40:47 > 0:40:49You're going to be hands-on, are you going to be knocking bits around?
0:40:49 > 0:40:52Er, yeah, I'll do as much as I can.
0:40:52 > 0:40:54I'll be picking up all the rubbish and sweeping down,
0:40:54 > 0:40:56while he does all the manual work.
0:40:56 > 0:40:58And how much of it are you going to take on?
0:40:58 > 0:40:59- All of it.- All of it?
0:40:59 > 0:41:02Apart... Well, apart from the electrics and the gas, presumably?
0:41:02 > 0:41:03I've got an electrician
0:41:03 > 0:41:07and I've got a Corgi-registered gas safety certificate person.
0:41:07 > 0:41:09But all the rest I'll do myself.
0:41:09 > 0:41:10Wow. Plastering?
0:41:10 > 0:41:12Plastering. Tiling.
0:41:12 > 0:41:14- Domestic plumbing. - Carpentry, obviously.
0:41:14 > 0:41:17- Carpentry.- So you'll be full-time doing it, will you?
0:41:17 > 0:41:21- No, we'll be up here every weekend, I think.- Oh.
0:41:21 > 0:41:26I've just taken on two projects in Cardiff and, in the summer,
0:41:26 > 0:41:28I've got a little project in America to go and do.
0:41:28 > 0:41:30- America?- Yeah.- What's that?
0:41:30 > 0:41:33Oh, just some friends want a renovation on a basement.
0:41:33 > 0:41:36You're going out to America to restore somebody's basement?
0:41:36 > 0:41:38- I am, actually, yeah. - THEY LAUGH
0:41:38 > 0:41:40- It's a free holiday.- Well, yeah.
0:41:40 > 0:41:41- Whereabouts is it in America? - New Jersey.
0:41:41 > 0:41:43New Jersey. Oh, wow.
0:41:43 > 0:41:46So we'll be out there for a month. I'll do that and then come back
0:41:46 > 0:41:48and hopefully it'll be done not long after that.
0:41:48 > 0:41:50How long is it all going to take, then?
0:41:50 > 0:41:52Well, with all the work that I have got on at the moment,
0:41:52 > 0:41:55I'm hoping maybe eight months altogether.
0:41:55 > 0:41:58- Right.- So I can do other work at the same time.
0:41:58 > 0:42:00Well, listen, congratulations to you both.
0:42:00 > 0:42:03- Thanks very much.- I can't wait for how it all turns out.
0:42:03 > 0:42:06- Thank you. - And good luck with it.- Thanks.
0:42:07 > 0:42:09Well, I think Alex might be taking on a little bit more
0:42:09 > 0:42:11than he was expecting with this place.
0:42:11 > 0:42:14That, after not seeing the property beforehand.
0:42:14 > 0:42:16Tut, tut. How will he get on sorting it out
0:42:16 > 0:42:19and doing virtually all the work himself?
0:42:19 > 0:42:22Well, you can find out how he transforms this place,
0:42:22 > 0:42:25hopefully, later in the show.
0:42:28 > 0:42:31Investing in property is a big decision
0:42:31 > 0:42:34and requires a lot of time, money and care.
0:42:34 > 0:42:38Now we know how one of our buyers got on when they took the plunge.
0:42:38 > 0:42:41- How about the other two? - Let's find out right now.
0:42:43 > 0:42:46We are heading back to Romford in East London,
0:42:46 > 0:42:49where I saw a three-bed semidetached house,
0:42:49 > 0:42:52which looked a good size from the outside.
0:42:52 > 0:42:56However, it really turned out to be a bit of a TARDIS in reverse.
0:42:56 > 0:42:58Big on the outside -
0:42:58 > 0:42:59on the inside, not so much.
0:43:02 > 0:43:06Round here, you've got a disappointing kitchen, actually.
0:43:06 > 0:43:11Not in great condition, very old-fashioned, and it's tiny.
0:43:11 > 0:43:15Upstairs, two of the three bedrooms were well-proportioned,
0:43:15 > 0:43:18but the bathroom just wasn't big enough to be the only one
0:43:18 > 0:43:20in what should be a family house.
0:43:22 > 0:43:25The lack of space inside was counterbalanced
0:43:25 > 0:43:28by a lot of added space outside.
0:43:28 > 0:43:31Builder Singh, who paid 300 grand for this property,
0:43:31 > 0:43:33planned to use it.
0:43:34 > 0:43:36Downstairs, we want to create an extra shower downstairs,
0:43:36 > 0:43:38and a bathroom and extension.
0:43:38 > 0:43:41OK. So the bathroom. Where are you going to put the bathroom?
0:43:41 > 0:43:42Just where the old kitchen is.
0:43:42 > 0:43:44- OK.- In that area.
0:43:44 > 0:43:46And you're extending that way?
0:43:46 > 0:43:49Yes. I mean, space-wise, it's lovely.
0:43:49 > 0:43:51The area's nice, got a side alleyway.
0:43:51 > 0:43:53It needs some work done to it, which is nothing we cannot do.
0:43:53 > 0:43:55Just a bit of make-up, really.
0:43:55 > 0:43:56Bit of make-up! I like that one.
0:43:56 > 0:43:59I've not heard that one before. I might use that one.
0:44:02 > 0:44:05Singh had already applied for planning permission
0:44:05 > 0:44:08to extend the house at the back and also go up into the loft
0:44:08 > 0:44:11to add a bedroom and a shower room.
0:44:11 > 0:44:14Now, I did say I was going to use that make-up line,
0:44:14 > 0:44:16so it's time to head back six months later
0:44:16 > 0:44:19to see if the makeover is complete.
0:44:22 > 0:44:25# She's got her lipstick on Here I come, da-da-dum
0:44:25 > 0:44:29# She's got her lipstick on Hit and run, then I'm gone
0:44:29 > 0:44:33# Check my collar, collar Hey, hey-hey
0:44:33 > 0:44:36# Check my collar, collar Hey, hey-hey
0:44:36 > 0:44:38# Oh!
0:44:38 > 0:44:40# Oh! #
0:44:40 > 0:44:43Singh got his four-metre extension as planned,
0:44:43 > 0:44:45which now houses a lovely kitchen.
0:44:47 > 0:44:50It still left plenty of space in the garden,
0:44:50 > 0:44:53and means the rest of the downstairs is very spacious...
0:44:55 > 0:44:58..with an open-plan living room and shower room
0:44:58 > 0:45:00under the stairs.
0:45:02 > 0:45:05And he added more living space upstairs.
0:45:05 > 0:45:09# Let me tell you how it works Hey! #
0:45:11 > 0:45:15A loft conversion means there are now four bedrooms in total.
0:45:20 > 0:45:23Three on the first floor,
0:45:23 > 0:45:24and a family bathroom, too.
0:45:33 > 0:45:37And on the top floor there's now a new double-aspect loft room...
0:45:43 > 0:45:45..with another shower room next-door...
0:45:50 > 0:45:53..which means there are now washing facilities on each floor.
0:45:57 > 0:46:00Singh and his team have really outdone themselves,
0:46:00 > 0:46:03even adding touches like the colour on the walls
0:46:03 > 0:46:05that gives a house that added character.
0:46:07 > 0:46:09He must be really happy with the end results.
0:46:11 > 0:46:14Good feeling. I mean, what it was, what it is now.
0:46:14 > 0:46:16It's totally...totally...
0:46:16 > 0:46:18If you walk in through the door,
0:46:18 > 0:46:21you wouldn't even notice. It's massively changed.
0:46:21 > 0:46:23It's quite a massive improvement.
0:46:23 > 0:46:27It's amazing. I mean, the whole kitchen layout,
0:46:27 > 0:46:29it's got a lot more spacious now, as well,
0:46:29 > 0:46:31so it's definitely much better than before.
0:46:33 > 0:46:36Yes, I can't disagree with you, Singh.
0:46:36 > 0:46:38But a fair amount of the credit for the work
0:46:38 > 0:46:40has got to go to your brother-in-law,
0:46:40 > 0:46:42who did a lot of the dirty work.
0:46:44 > 0:46:46So what was Singh's involvement?
0:46:47 > 0:46:49I was more of a project manager, my side of it.
0:46:49 > 0:46:50This is a family business.
0:46:50 > 0:46:52Me and my brother-in-law, we run it together.
0:46:52 > 0:46:58I do a lot of the decorating stuff, plus the demolition side of it.
0:46:58 > 0:47:00We've got a team of guys who work for us.
0:47:00 > 0:47:03We've been running other projects as well at the same time.
0:47:03 > 0:47:06Those other projects that he and his team are working on,
0:47:06 > 0:47:08plus Singh's holiday to India -
0:47:08 > 0:47:10that I've got to say I was a bit jealous of -
0:47:10 > 0:47:14has meant he's not been bang on his five-month timescale.
0:47:16 > 0:47:19We expected to do it in four or five months,
0:47:19 > 0:47:23because we were away for a holiday, we had about four to six weeks off.
0:47:23 > 0:47:26We had other projects running at the same time as well,
0:47:26 > 0:47:28so I wouldn't say...
0:47:28 > 0:47:31Yeah, I expected to finish kind of this time.
0:47:31 > 0:47:34I'll forgive you for only being a month late, Singh,
0:47:34 > 0:47:37as you got to enjoy your break.
0:47:37 > 0:47:41But his 50-grand budget also slipped and ended up being £70,000.
0:47:41 > 0:47:43So what happened there, Singh?
0:47:43 > 0:47:47The reason being we have went into the fourth bedroom upstairs,
0:47:47 > 0:47:50which is additional on what we were going to do.
0:47:50 > 0:47:53Obviously that's put the price up on there, so I'm still...
0:47:53 > 0:47:58I'm still happy. I'm sure I'll get my money back on the sale.
0:47:58 > 0:48:00So I think it's probably worthwhile.
0:48:02 > 0:48:06But will adding the loft extension help Singh get the biggest return
0:48:06 > 0:48:09on his investment of £370,000?
0:48:09 > 0:48:13Well, we've asked along two local agents for their opinion.
0:48:14 > 0:48:16Quite impressed. Everything's done well.
0:48:16 > 0:48:19The biggest selling point of this property would be
0:48:19 > 0:48:22through lounge to the kitchen, and the garden's quite nice, as well.
0:48:22 > 0:48:25The layout of the property works really well,
0:48:25 > 0:48:28especially for a family coming in.
0:48:28 > 0:48:30The skylight in the extension.
0:48:30 > 0:48:33The light overall, the colours,
0:48:33 > 0:48:35it's one of the best I've seen for a while.
0:48:36 > 0:48:39So some good feedback there from the agents.
0:48:39 > 0:48:42Singh hopes to sell this house and make a profit.
0:48:42 > 0:48:47All in, the purchase and the work has totalled £370,000.
0:48:47 > 0:48:48Has it been money well spent?
0:48:50 > 0:48:54If this property was to be placed on the market at this time,
0:48:54 > 0:48:58the initial asking price should be in the region
0:48:58 > 0:49:01of £475,000 to £480,000,
0:49:01 > 0:49:05and I would expect offers from £460,000 upwards.
0:49:05 > 0:49:11The resale value of this property, between £475,000 and £500,000.
0:49:11 > 0:49:14I think 500 is probably a bit too much for the area.
0:49:14 > 0:49:17We were talking about 470, 480.
0:49:17 > 0:49:19So I'll get a return.
0:49:19 > 0:49:21If we go over 475, 480, I'll be happy.
0:49:23 > 0:49:28His ideal £480,000 figure would give him a total profit
0:49:28 > 0:49:31of 110 grand, minus taxes and fees, of course.
0:49:31 > 0:49:34All in, Singh got absolutely everything done
0:49:34 > 0:49:37the way he wanted it, made a profit
0:49:37 > 0:49:39and even had time for a holiday in between,
0:49:39 > 0:49:42so I would say it's been quite a success.
0:49:45 > 0:49:47It's the first one we've done in an auction
0:49:47 > 0:49:50and done to the max as possible.
0:49:50 > 0:49:52We're not spending too much money on it, either,
0:49:52 > 0:49:55so kept it within the range.
0:49:55 > 0:49:57So I think we're happy. Happy with the result.
0:50:02 > 0:50:05It was in the South Wales town of Aberdare where we first saw
0:50:05 > 0:50:08a two-bed terraced house that from the outside
0:50:08 > 0:50:10looked pretty traditional and solid,
0:50:10 > 0:50:14but step inside the door and things started to go wrong from there.
0:50:18 > 0:50:22This looks to me to be some kind of single-storey extension.
0:50:22 > 0:50:26It's housing the bathroom and loo and the kitchen.
0:50:26 > 0:50:28And if that bit was, you know, OK...
0:50:29 > 0:50:32- HE SIGHS - ..this bit really isn't.
0:50:32 > 0:50:34Lots and lots of damp.
0:50:34 > 0:50:36Well, you can see the state it's in.
0:50:36 > 0:50:37Not attractive at all.
0:50:37 > 0:50:39# I'm in trouble You're in trouble
0:50:39 > 0:50:42# Deep, deep trouble's going to burst our bubble
0:50:42 > 0:50:46# And I'm in trouble Won't you save our souls tonight? #
0:50:46 > 0:50:49Yep, this extension-cum-lean-to was a whole lot of trouble.
0:50:49 > 0:50:51Not only was it in a sorry state,
0:50:51 > 0:50:55it had an asbestos roof that would need to be professionally removed
0:50:55 > 0:50:57and replaced.
0:50:57 > 0:51:00Upstairs, the two bedrooms weren't great either.
0:51:00 > 0:51:02Signs of damp, holes in the floor
0:51:02 > 0:51:04and sadly lacking in character or charm.
0:51:09 > 0:51:12All of which came as a bit of a surprise to Alex
0:51:12 > 0:51:17and his partner, Sarah, who bought it at auction for £39,000,
0:51:17 > 0:51:19having only viewed it from the outside.
0:51:21 > 0:51:24# Oh, no-one knows
0:51:24 > 0:51:28# What goes on behind closed doors. #
0:51:28 > 0:51:31So when did you see it for the first time inside?
0:51:31 > 0:51:32- On the day we completed sort of thing.- Right.
0:51:32 > 0:51:36Drove up and had a look, which was a real shock, really.
0:51:36 > 0:51:37- Was it?- It was a shock, yes.
0:51:37 > 0:51:39I thought it would be quite nice inside,
0:51:39 > 0:51:41not in the state it was in, like this.
0:51:41 > 0:51:44# Oh, no!
0:51:44 > 0:51:46# I've got that sinking feeling
0:51:46 > 0:51:48# Oh, no! #
0:51:48 > 0:51:52So somewhat-shaken Alex needed to roll up his sleeves and rock on with
0:51:52 > 0:51:57a long list of jobs that were needed to get the place back up to scratch.
0:51:57 > 0:51:59But he did have some previous building experience
0:51:59 > 0:52:03and was in the process of becoming a qualified carpenter.
0:52:03 > 0:52:07With a budget of £15,000 and an eight to nine month timescale,
0:52:07 > 0:52:11he hoped he could turn those "oh, noes" into an "oh, yes".
0:52:14 > 0:52:19But now, over three years later, we're back.
0:52:19 > 0:52:22And the progress?
0:52:22 > 0:52:24Well, outside is still the same.
0:52:24 > 0:52:28But will it be the same shocker as it was before inside?
0:52:34 > 0:52:38Well, this characterless house now has a warm, homely feel.
0:52:38 > 0:52:40But what about that rear extension?
0:52:43 > 0:52:46Well, gone is the asbestos roof.
0:52:48 > 0:52:52And the re-roofed extension houses a modern kitchen...
0:52:54 > 0:52:57..while the old bathroom is now a utility area.
0:53:03 > 0:53:07Upstairs, and the bedrooms are almost unrecognisable -
0:53:07 > 0:53:12replastered, new radiators, doors, flooring -
0:53:12 > 0:53:13the lot.
0:53:19 > 0:53:21By putting in a corridor,
0:53:21 > 0:53:24Alex has created space to fit a modern shower room at the end.
0:53:24 > 0:53:26That's a clever use of space.
0:53:29 > 0:53:32And this place clearly isn't just a refurbishment project.
0:53:32 > 0:53:36It's a home. But why has it taken so long?
0:53:39 > 0:53:41Well, the timescale went a little bit over
0:53:41 > 0:53:45due to, you know, I had work, I had college,
0:53:45 > 0:53:48I did other renovations for other people,
0:53:48 > 0:53:51plus I went abroad to America to work,
0:53:51 > 0:53:53did a few jobs out there for friends,
0:53:53 > 0:53:56plus I went to Spain on a few nice little jaunts.
0:53:59 > 0:54:03And Alex reckons there's still a couple of months of work
0:54:03 > 0:54:06to finish off - decking out the garden and sorting out those stairs
0:54:06 > 0:54:09to meet current building regulations.
0:54:09 > 0:54:12The house has been Alex's family home,
0:54:12 > 0:54:15with partner Sarah and their daughter, for a few years now.
0:54:15 > 0:54:19And during that time, it's been a bit of a voyage of discovery.
0:54:19 > 0:54:21Really good finds in the property
0:54:21 > 0:54:24were the staircase and the fireplace.
0:54:24 > 0:54:26The staircase,
0:54:26 > 0:54:30a friend of ours told us that if I picked up the floorboards
0:54:30 > 0:54:33in the cupboard upstairs, I would find something.
0:54:33 > 0:54:35So, next day, came home,
0:54:35 > 0:54:39picked up the floorboards and there was the stone stairs.
0:54:39 > 0:54:40All bricked up and everything.
0:54:40 > 0:54:42When I took the wall down,
0:54:42 > 0:54:45all the render of the fireplace had come down,
0:54:45 > 0:54:48exposing this really nice fireplace.
0:54:48 > 0:54:52And then I took the inner part of the chimney stack
0:54:52 > 0:54:55to find the bread oven. So all of those were amazing finds.
0:54:55 > 0:54:57We might find something the else.
0:54:57 > 0:55:01You know, the floor at the bottom of the stairs sounds a bit hollow.
0:55:01 > 0:55:03Either a mine shaft or a cellar.
0:55:03 > 0:55:05So we've got two choices there.
0:55:05 > 0:55:08# That is waiting there
0:55:08 > 0:55:10# For you
0:55:10 > 0:55:13# Like hidden treasure. #
0:55:14 > 0:55:18So the house might have hidden depths, as well as hidden charm.
0:55:18 > 0:55:21It's a shame those old stairs go nowhere,
0:55:21 > 0:55:24but they're certainly a quirky feature.
0:55:24 > 0:55:25But that fireplace is a real find,
0:55:25 > 0:55:28and the great thing about these discoveries
0:55:28 > 0:55:32is, apart from some hard graft from him and his partner, Sarah,
0:55:32 > 0:55:33they were free.
0:55:33 > 0:55:36And that's always a bonus when you've got a tight budget.
0:55:39 > 0:55:42My budget was, er... I said it was 15.
0:55:42 > 0:55:46I think I've actually spent about 15,500 at the moment
0:55:46 > 0:55:48and there's still a bit of work to be done.
0:55:48 > 0:55:53So I reckon about 16,500, maybe 17,000 would cover it all.
0:55:56 > 0:56:01£17,000 refurbishment costs, along with Alex's £39,000 purchase price,
0:56:01 > 0:56:04takes the total spend to £56,000.
0:56:04 > 0:56:07So perhaps by luck more than judgment,
0:56:07 > 0:56:10Alex seems to have unearthed a gem here.
0:56:10 > 0:56:13But what do you two local property experts think?
0:56:15 > 0:56:17Upstairs is lovely.
0:56:17 > 0:56:19Especially with the two-bedroom layout
0:56:19 > 0:56:21and the shower room.
0:56:21 > 0:56:24The property has and nice feel, it really does.
0:56:24 > 0:56:27It looks as if it's been thoughtfully done,
0:56:27 > 0:56:29with some nice features.
0:56:29 > 0:56:32I think the house has been finished to a high standard
0:56:32 > 0:56:36and it's ideal for a young couple, first-time buyer,
0:56:36 > 0:56:39and good use of space and nice and bright
0:56:39 > 0:56:41with the added windows in the kitchen.
0:56:43 > 0:56:46Alex sees this as his family home for the next five years.
0:56:46 > 0:56:48But has all his hard work paid off
0:56:48 > 0:56:50on a property he will have invested
0:56:50 > 0:56:53£56,000 into once complete?
0:56:54 > 0:57:00I think we could easily achieve a figure of £75,000.
0:57:00 > 0:57:04I believe in the sales market at this moment in time,
0:57:04 > 0:57:07I would estimate a valuation of around £80,000.
0:57:07 > 0:57:0980,000, I think that's about right
0:57:09 > 0:57:11for this current value, at the moment.
0:57:11 > 0:57:15So good solid numbers that could see a pre-tax profit
0:57:15 > 0:57:18of between £19,000 and £24,000.
0:57:18 > 0:57:22And with rental figures between £400 and £475 per calendar month,
0:57:22 > 0:57:25which would generate a yield of at least 8%,
0:57:25 > 0:57:28there's really nothing shocking about this house now.
0:57:30 > 0:57:32This has been a real labour of love for Alex
0:57:32 > 0:57:35and, although he might have done most of the work,
0:57:35 > 0:57:37he certainly didn't do it alone.
0:57:39 > 0:57:42I'd like to thank Sarah, my partner,
0:57:42 > 0:57:45and my children and the little one for supporting me.
0:57:45 > 0:57:48When I was down, they came and gave me a good old push.
0:57:48 > 0:57:50# You didn't have to shake me like you did
0:57:50 > 0:57:53# But you did, yes, you did
0:57:53 > 0:57:55# And I thank you
0:57:55 > 0:57:57# You didn't have to make it like you did
0:57:57 > 0:57:59# But you did, yes, you did
0:57:59 > 0:58:01# And I thank you... #
0:58:05 > 0:58:08You might have guessed that property renovation projects
0:58:08 > 0:58:10never fail to keep us hooked.
0:58:10 > 0:58:12Yes, and if you can't get enough of our stories,
0:58:12 > 0:58:14there's plenty more where they came from.
0:58:14 > 0:58:16Yes, we'll see you next time here on Homes Under The Hammer.
0:58:16 > 0:58:18- Bye-bye.- Bye-bye.- Goodbye.