0:00:02 > 0:00:04Hello and welcome to the show. Now, all three of us
0:00:04 > 0:00:06are self-confessed property obsessives.
0:00:06 > 0:00:10Yes, and the one reason we are addicted to development stories
0:00:10 > 0:00:14is finding out that magic mix of buying in the right location and at the right price.
0:00:14 > 0:00:17Yeah. Well, one way you can stack things in your favour
0:00:17 > 0:00:19is by buying your next home under the hammer.
0:00:46 > 0:00:49You really do need to do your homework if you buy your property at auction.
0:00:49 > 0:00:53And if you do careful research then there is more chance that you
0:00:53 > 0:00:54will find a real bargain.
0:00:54 > 0:00:56Yes, so what inspired the buyers on today's show?
0:00:56 > 0:00:57Let's take a look.
0:00:59 > 0:01:02Well, the hope of giving my legs a rest has gone out the window
0:01:02 > 0:01:04at this end terrace in Derby.
0:01:04 > 0:01:07Just when you want to go upstairs without using your old knees,
0:01:07 > 0:01:08there's no batteries.
0:01:09 > 0:01:11In South Wales, I use my own steam
0:01:11 > 0:01:13to uncover a surprise at this bungalow.
0:01:15 > 0:01:18Well, quite a good little bungalow, actually.
0:01:19 > 0:01:22And a trip upstairs at this office in Silverdale,
0:01:22 > 0:01:26Newcastle-under-Lyme, just hurts my head.
0:01:26 > 0:01:29Upstairs, the layout's pretty baffling.
0:01:30 > 0:01:31100...
0:01:31 > 0:01:34All these properties have been sold at auction, and we will find out who
0:01:34 > 0:01:37bought them and what they paid when they went under the hammer.
0:01:37 > 0:01:38Sold to you, sir.
0:01:46 > 0:01:50We are in Derby now and if you believe the recent census,
0:01:50 > 0:01:52it's not just a good place to buy a property.
0:01:52 > 0:01:57The survey revealed that if you are a real ale drinker, which I am,
0:01:57 > 0:02:00then this might just be the place for you,
0:02:00 > 0:02:05with 334 different real ales available -
0:02:05 > 0:02:07more than anywhere else in the country.
0:02:07 > 0:02:09Sounds like I'm moving!
0:02:11 > 0:02:13I'm just 15 minutes away from the town centre
0:02:13 > 0:02:18on this very traditional but very quiet terraced street.
0:02:18 > 0:02:21Are we really 15 minutes away from town?
0:02:21 > 0:02:22Anyway. This is our property.
0:02:22 > 0:02:29It is a two-bed end terrace and has a guide price of £55,000 plus.
0:02:29 > 0:02:31Now, as soon as I look at this place,
0:02:31 > 0:02:33I know there has been a bit of movement.
0:02:33 > 0:02:37Look below that top windowsill there and if I look at the bottom,
0:02:37 > 0:02:39you can see exactly the same.
0:02:39 > 0:02:41Little sneaky trick though, if you bend down,
0:02:41 > 0:02:45and you get the level of the outside wall, you will see it is straight
0:02:45 > 0:02:48and that inside windowsill isn't.
0:02:48 > 0:02:50Any more signs of this inside?
0:02:50 > 0:02:51I hope not.
0:02:54 > 0:02:56OK, traditionally...
0:02:57 > 0:03:00..with a house like this, straight through the door
0:03:00 > 0:03:03into the first reception room, and it's not a bad size.
0:03:03 > 0:03:06First and foremost, I can't see any signs of cracks.
0:03:06 > 0:03:11But the wallpaper can often cover a multitude of sins.
0:03:11 > 0:03:13In this case it hasn't worked.
0:03:13 > 0:03:17This would all have to come off and you'd have to re-skim again.
0:03:17 > 0:03:18Just looking over here...
0:03:19 > 0:03:24"Rad." That either means "radical" or they were thinking about putting
0:03:24 > 0:03:27radiators up here, but I can't see any in here at the moment.
0:03:27 > 0:03:31But there is a little bit of original coving up there,
0:03:31 > 0:03:33so I'd try and keep that.
0:03:33 > 0:03:36Through here we have got, firstly...
0:03:37 > 0:03:39..we've got these glass doors.
0:03:40 > 0:03:42Get rid of them. They are dangerous and a hazard.
0:03:42 > 0:03:45I don't want them anywhere in my house!
0:03:45 > 0:03:47Now, into the second reception room.
0:03:47 > 0:03:50Again, it's what I would expect of a house of this age -
0:03:50 > 0:03:51nice high ceilings,
0:03:51 > 0:03:54you've got a fireplace there which has seen better days.
0:03:54 > 0:03:57It needs to be completely decorated yet again
0:03:57 > 0:04:02but I have noticed that the windows do look OK.
0:04:02 > 0:04:06And through into the kitchen.
0:04:06 > 0:04:10It's very, very small. There's hardly anything in here as well.
0:04:10 > 0:04:11HOLLOW KNOCKING
0:04:11 > 0:04:14You know what I'm going to say - you could actually create space by
0:04:14 > 0:04:17knocking this through and having a nice big kitchen-diner.
0:04:17 > 0:04:21But look what I've spotted, just out of the corner of my eye.
0:04:21 > 0:04:23have a look at this, people.
0:04:24 > 0:04:26We've only got a stairlift!
0:04:26 > 0:04:27OK, here we go, see you in a minute.
0:04:29 > 0:04:33Just when you want to go upstairs without using your old knees,
0:04:33 > 0:04:34there's no batteries.
0:04:37 > 0:04:41You could of course sell this on, but there are charities that recycle
0:04:41 > 0:04:46them for people who otherwise might find them out of financial reach.
0:04:51 > 0:04:55Give me two seconds. The old knees aren't what they used to be.
0:04:56 > 0:04:58We are upstairs in the family bathroom.
0:04:58 > 0:05:01It's not a bad size bathroom at all.
0:05:01 > 0:05:03You would have to rip all this out, start again,
0:05:03 > 0:05:08put a fresh, brand-new suite in here, but it is upstairs,
0:05:08 > 0:05:10which is what I like.
0:05:10 > 0:05:11Second bedroom's here.
0:05:11 > 0:05:13Again, there's lots of space in here.
0:05:13 > 0:05:15It's a double bedroom.
0:05:15 > 0:05:18Lots of woodchip, though, so I'd like to get that off the walls.
0:05:18 > 0:05:19Again, freshen it up,
0:05:19 > 0:05:21brighten it up a little bit as well
0:05:21 > 0:05:23and in the hallway,
0:05:23 > 0:05:26you have got damp and more damp.
0:05:26 > 0:05:28Damp damage everywhere in this hallway.
0:05:28 > 0:05:30Get that sorted as soon as possible.
0:05:30 > 0:05:32HOLLOW KNOCKING
0:05:32 > 0:05:34Wow. Have a look at this.
0:05:34 > 0:05:35Look at this movement.
0:05:38 > 0:05:42Now. Just a guess, but I think that could be a false wall,
0:05:42 > 0:05:45to be honest with you. That could come out or you could even think
0:05:45 > 0:05:49about partitioning that room off in there. Just an option.
0:05:49 > 0:05:52And across the hallway to the main bedroom.
0:05:52 > 0:05:55Polystyrene tiles - the first thing I have seen.
0:05:55 > 0:05:57Get rid of those. They are a huge fire hazard.
0:05:57 > 0:05:59Brighten this whole place up,
0:05:59 > 0:06:02brighten the whole of the upstairs up, modern colours,
0:06:02 > 0:06:04modernise it completely throughout.
0:06:05 > 0:06:08And outside needs modernising, too.
0:06:08 > 0:06:11Added to that, there's still an outside loo.
0:06:11 > 0:06:14But hold it - before you think about demolishing it,
0:06:14 > 0:06:16they have become very popular for gardeners
0:06:16 > 0:06:19and they are handy for kids that are playing outdoors.
0:06:19 > 0:06:23Save all the mucky feet trailing through your kitchen.
0:06:23 > 0:06:27It's a decent Victorian end terrace that needs pulling into this century
0:06:27 > 0:06:30with a guide price of £50,000 plus.
0:06:30 > 0:06:33An agent from the auction house that sold it
0:06:33 > 0:06:36accepted our invitation to tell us his thoughts.
0:06:36 > 0:06:38First impressions with this property,
0:06:38 > 0:06:41it really does need some money spending on it,
0:06:41 > 0:06:44ranging from a new kitchen, bathroom, rewiring,
0:06:44 > 0:06:49gas central heating system and general decor and flooring improvements throughout.
0:06:51 > 0:06:55So when renovated, what does he think this house could rent for?
0:06:56 > 0:06:58I feel it is likely to achieve in the region of
0:06:58 > 0:07:02£500-£525 per calendar month, when renovated.
0:07:02 > 0:07:05And if it went on the resale market?
0:07:05 > 0:07:06On the open market again, when renovated,
0:07:06 > 0:07:12it is likely to achieve in the region of £110,000-£115,000.
0:07:12 > 0:07:15So, a couple of issues. The outside, you can see that subsidence
0:07:15 > 0:07:17or that little bit of movement,
0:07:17 > 0:07:20I think that is historic and has settled, so no problem there.
0:07:20 > 0:07:23On the inside, you have got that damp issue
0:07:23 > 0:07:24which would need to be sorted.
0:07:24 > 0:07:26It's an end terrace, it's yours,
0:07:26 > 0:07:28you can get on with it and get the pros in,
0:07:28 > 0:07:30get it sorted as soon as possible.
0:07:30 > 0:07:31After that's all done,
0:07:31 > 0:07:33I think you've got yourself a good little project.
0:07:33 > 0:07:38Let's see who agreed when it went under the hammer.
0:07:38 > 0:07:40I'm looking for a start at 55,000.
0:07:40 > 0:07:4450. At £50,000, bid me.
0:07:44 > 0:07:46At 50,000, thank you sir, at 50.
0:07:46 > 0:07:51Off the mark at £50,000, but this lot had a long way to go.
0:07:51 > 0:07:56We rejoin in the midst of a bidding war, with the price at £72,000.
0:07:56 > 0:07:59He's bigger than you, sir. And you're all bigger than me!
0:07:59 > 0:08:02At £72,000 at the back of the room, at 72,000.
0:08:02 > 0:08:04And a half. 73.
0:08:04 > 0:08:06And a half.
0:08:06 > 0:08:09It's the chap on the wall at 73.
0:08:09 > 0:08:11And a half if you want, sir, 73 and a half.
0:08:11 > 0:08:1374, sir, it's your turn.
0:08:13 > 0:08:1574 and a half, sir.
0:08:15 > 0:08:1675 now.
0:08:16 > 0:08:18And a half again.
0:08:18 > 0:08:2076. And a half.
0:08:20 > 0:08:22Let him have it. Very gallant, sir.
0:08:22 > 0:08:26At £76,000, to the big gentleman on the back wall.
0:08:26 > 0:08:30£76,000, for the first time, second time, third and final time it goes,
0:08:30 > 0:08:32at £76,000.
0:08:32 > 0:08:35Sold to you, sir, at £76,000, and thank you.
0:08:38 > 0:08:43A battle fought in good spirits, but it was Adam who emerged victorious.
0:08:44 > 0:08:46He has been dabbling in property
0:08:46 > 0:08:48with his wife, Philippa, for 15 years,
0:08:48 > 0:08:51building up a decent-size portfolio in that time.
0:08:54 > 0:08:57He's based in Northampton so I met him back at the house
0:08:57 > 0:09:00to find out what brought him up the M1 to Derby.
0:09:05 > 0:09:07- Adam, nice to meet you. - Hi there, nice to meet you.
0:09:07 > 0:09:09- Congratulations, pal. - Thank you very much.
0:09:09 > 0:09:10How did you find it?
0:09:10 > 0:09:13We were looking in the Derby area.
0:09:13 > 0:09:16Had a look at one before Christmas and didn't go through with that one,
0:09:16 > 0:09:18looked into the auction side of things,
0:09:18 > 0:09:20thought I'd go and have a look at the auctions.
0:09:20 > 0:09:23I did do a bit of homework, went out to see some properties.
0:09:23 > 0:09:26Went to the auction, two were interesting,
0:09:26 > 0:09:29one went far too high, bid on this one and I managed to get it.
0:09:29 > 0:09:31Is this the kind of property that you look for?
0:09:31 > 0:09:34It is, yes. It needs a lot of work doing to it
0:09:34 > 0:09:36but there is some added value to get out of it,
0:09:36 > 0:09:38so if we can get it at the right price,
0:09:38 > 0:09:40do a bit of work, it'll be worth more money.
0:09:40 > 0:09:42So what are your plans? It's now yours.
0:09:42 > 0:09:45Yes. It's great, isn't it?!
0:09:45 > 0:09:48We are going to have to take the whole place almost to pieces.
0:09:48 > 0:09:51It's got no central heating. We need to put some gas central heating in.
0:09:51 > 0:09:55It needs a new kitchen, new boiler, new carpets, new decoration,
0:09:55 > 0:09:59need some plastering, it's got lovely fire hazard tiles. Yeah.
0:09:59 > 0:10:01The list goes on, it's a long list.
0:10:01 > 0:10:04But we reckon about 12,000, maybe around that area.
0:10:04 > 0:10:07Where is the majority of that 12 grand going to be spent?
0:10:07 > 0:10:09Because there's a little bit of movement, as well.
0:10:09 > 0:10:11Out the front, I can see a bit of movement.
0:10:11 > 0:10:12I think that's long-standing.
0:10:12 > 0:10:15There's a little bit of cracking on some of the bits.
0:10:15 > 0:10:16We've had somebody look at that,
0:10:16 > 0:10:18they are happy it's been there a long, long time.
0:10:18 > 0:10:21So there's nothing going on,
0:10:21 > 0:10:23well, until the electricians and plumbers get in there
0:10:23 > 0:10:26- and probably start hitting it a bit. - And making things go wrong.
0:10:26 > 0:10:29We'll be looking at those to make sure they stay where they are.
0:10:29 > 0:10:30And what about the damp?
0:10:30 > 0:10:33A little bit of damp, not much, I think it's more condensation.
0:10:33 > 0:10:35Again, there's no central heating in here,
0:10:35 > 0:10:37so whether there's ventilation gone through the house properly,
0:10:37 > 0:10:39I don't think it's major.
0:10:39 > 0:10:41OK. Timescale - how long is it going to take to do the work?
0:10:41 > 0:10:43Probably, he says,
0:10:43 > 0:10:45having had the gas people come today
0:10:45 > 0:10:46and look at the house,
0:10:46 > 0:10:50four to six weeks is what they're going to take to put the meter in.
0:10:50 > 0:10:54- OK.- We'll probably be done by then. - Really?- Waiting to plug the pipe in.
0:10:54 > 0:10:57- Yeah.- Four-six weeks from start to finish.
0:10:57 > 0:10:58That is moving some!
0:10:58 > 0:11:02It is, but when you guys leave today, there will be work going on,
0:11:02 > 0:11:05so it's looking like this for a very short period of time.
0:11:05 > 0:11:07Who does it? Who does your work? Do you get involved?
0:11:07 > 0:11:09Do you get your overalls on and start knocking stuff about?
0:11:09 > 0:11:11Yeah, I do get involved.
0:11:11 > 0:11:13We do anything that's not qualified.
0:11:13 > 0:11:15So plumbing, gas, obviously,
0:11:15 > 0:11:17you've got to get the professionals in
0:11:17 > 0:11:20- and then on top of that, carpentry, I can do some.- OK.
0:11:20 > 0:11:24But I'd rather pay someone to come back and fix it if it all goes wrong.
0:11:24 > 0:11:27- Yes, OK.- So professionals will do the certificates.
0:11:27 > 0:11:29Once the refurbishment is complete,
0:11:29 > 0:11:33Adam and Philippa plan to rent the house out,
0:11:33 > 0:11:37but there is a third party involved in this property investment.
0:11:37 > 0:11:40This particular property, my older son is going to have a hand in,
0:11:40 > 0:11:43financially, and he's going to have hand in it physically.
0:11:43 > 0:11:44- Is he?- Yeah.
0:11:45 > 0:11:47- He's going to do some work? - Absolutely!
0:11:47 > 0:11:50Absolutely! So we will be using some brute force and ignorance
0:11:50 > 0:11:52and he's got some friends as well, which will help,
0:11:52 > 0:11:55because we've got to remove one of the floors downstairs,
0:11:55 > 0:11:57which is solid onto soil.
0:11:57 > 0:11:58It's been there a while.
0:11:58 > 0:12:01There's got to be something that he's getting from this in order to
0:12:01 > 0:12:03- be helping you.- He will be getting from this,
0:12:03 > 0:12:05because he's actually saved up quite a lot of money,
0:12:05 > 0:12:07from family and friends over a period of time, he is 20,
0:12:07 > 0:12:09so he is working as well,
0:12:09 > 0:12:12he's put money away. He will have a share in the house.
0:12:12 > 0:12:14Fantastic. So is that he wants to do?
0:12:14 > 0:12:16Does he want to follow in your footsteps
0:12:16 > 0:12:18and get a portfolio rolling?
0:12:18 > 0:12:21I think being on the property market in any part of the country
0:12:21 > 0:12:23is quite difficult if you're young,
0:12:23 > 0:12:25and I think if we can help him out on that first stage
0:12:25 > 0:12:28and he's contributing - we're not handing it out to him,
0:12:28 > 0:12:30let's put it that way, we're certainly helping him,
0:12:30 > 0:12:33but we're not going to hand it out to him, forthwith and 100%.
0:12:33 > 0:12:34"There you go. It's yours.
0:12:34 > 0:12:36"I'll do all the work, you can have it."
0:12:36 > 0:12:37That won't be happening!
0:12:37 > 0:12:39But, then again, he won't be doing all the work, either.
0:12:39 > 0:12:44He'll understand a little bit about what it takes to get a house into a liveable position.
0:12:44 > 0:12:45I wish you all the best, I hope it all goes well
0:12:45 > 0:12:47and you stick to that 12 grand budget.
0:12:47 > 0:12:49So do I. Nice to meet you. Bye-bye.
0:12:50 > 0:12:52Now, there's a confident man.
0:12:52 > 0:12:57Adam knows exactly what he wants to do and how to achieve it on this project.
0:12:57 > 0:13:01But will his tradesmen uncover any unexpected and expensive surprises?
0:13:01 > 0:13:03You can find out later in the programme.
0:13:08 > 0:13:11I'm in South Wales in the village of Penrhiwceiber
0:13:11 > 0:13:14which is set in the beautiful Cynon Valley.
0:13:16 > 0:13:19There are local amenities on your doorstep and a train station,
0:13:19 > 0:13:23but you're only a half-hour drive from the Welsh capital, Cardiff,
0:13:23 > 0:13:25so it's an ideal commuter village.
0:13:28 > 0:13:30Well, I must have visited the valleys of Wales
0:13:30 > 0:13:33literally hundreds of times over the years on Homes Under The Hammer
0:13:33 > 0:13:36and most of those times I am here to see a terraced property,
0:13:36 > 0:13:39not surprisingly, because a lot of the properties in the Valleys
0:13:39 > 0:13:42are exactly that, terraced houses built for the miners and others.
0:13:42 > 0:13:46So what do you think I am here to see today?
0:13:46 > 0:13:47It's a...
0:13:47 > 0:13:48bungalow!
0:13:48 > 0:13:53£68,000 plus was the guide price. Two bedrooms, very intriguing!
0:13:57 > 0:14:00Bungalows are often favoured for being on one level
0:14:00 > 0:14:03and this steep site and stairs could be a problem,
0:14:03 > 0:14:07but access to the house is made much more possible by car.
0:14:07 > 0:14:10Those stairs seem hard to avoid entirely.
0:14:12 > 0:14:14So what have we got inside?
0:14:14 > 0:14:16Well, you walk into this very strange room.
0:14:16 > 0:14:21It's obviously the kitchen, but it's the full width of the bungalow.
0:14:21 > 0:14:23Now, there's no way this was the original design.
0:14:23 > 0:14:25I reckon this is some kind of extension
0:14:25 > 0:14:27and it is kind of unusual.
0:14:27 > 0:14:29But through there, you can see,
0:14:29 > 0:14:32that would originally have been an exterior window on the property but
0:14:32 > 0:14:35through into what is now, could have been the kitchen, I don't know,
0:14:35 > 0:14:37into the living room.
0:14:37 > 0:14:40It looks to be in pretty good condition.
0:14:40 > 0:14:43Pretty nice carpets, doesn't smell damp
0:14:43 > 0:14:48and the condition of the paint on the walls and stuff is good.
0:14:48 > 0:14:50Through into what would have been, I guess,
0:14:50 > 0:14:52the original main entrance to the property
0:14:52 > 0:14:54and could still be, in fact,
0:14:54 > 0:14:57and a more traditional kind of layout you have here.
0:14:57 > 0:15:00Living room over to that side there, bedrooms to the back.
0:15:00 > 0:15:03And, yeah, again, it's not in bad condition but lots
0:15:03 > 0:15:06of intriguing things going on. I mean, what's up here?
0:15:10 > 0:15:15Well, it was obviously originally the attic but it's been boarded out
0:15:15 > 0:15:17and obviously has been used as a bedroom.
0:15:17 > 0:15:19And my guess... Well, no,
0:15:19 > 0:15:24I know, this does not meet building regulations with this ladder and stuff like that.
0:15:24 > 0:15:26So you can't describe it as a bedroom.
0:15:26 > 0:15:29It's a useful space though and, yeah,
0:15:29 > 0:15:33a good additional thing to what has proven to be quite a good little bungalow, actually.
0:15:33 > 0:15:36You can convert the loft into a bedroom under permitted development,
0:15:36 > 0:15:39as long as the roof space meets space requirements
0:15:39 > 0:15:41and you don't extend or alter the roof itself.
0:15:44 > 0:15:48You do however have to meet building regulations standards for stairs and
0:15:48 > 0:15:51openings that comply with fire regulations,
0:15:51 > 0:15:54and ensure that the ceiling joists can support
0:15:54 > 0:15:56the load of a new room.
0:15:56 > 0:15:59There is one thing puzzling me in this room, though.
0:15:59 > 0:16:05With an opening that small, how did this double bed get up here?
0:16:05 > 0:16:08# Could it be magic now... #
0:16:08 > 0:16:10To get it back down, you could saw it in half
0:16:10 > 0:16:13but unless you can magic it back together,
0:16:13 > 0:16:15it's destined for the skip.
0:16:15 > 0:16:18Let's head outside and see if this bungalow
0:16:18 > 0:16:20has any more tricks up its sleeve.
0:16:22 > 0:16:25Well, as you might have expected from a property
0:16:25 > 0:16:27built on to the side of a valley,
0:16:27 > 0:16:31the garden is actually fairly steep and terraced
0:16:31 > 0:16:32but lots of retaining walls here.
0:16:32 > 0:16:35Of course, very expensive to put right if they go wrong
0:16:35 > 0:16:37but just get them checked out to be sure.
0:16:37 > 0:16:39Another few little bits and pieces
0:16:39 > 0:16:42which certainly you should have a look at.
0:16:42 > 0:16:44This roof over the kitchen area there.
0:16:44 > 0:16:47As you can see, it's not all similar to that roof and the fact
0:16:47 > 0:16:49that the pitches are a different angle,
0:16:49 > 0:16:54the tiles are vaguely similar but I'm not too happy about the angle it's at.
0:16:54 > 0:16:57I mean, normally you'd be looking for 30-degree slope off a roof
0:16:57 > 0:16:59to give you the right flow of water,
0:16:59 > 0:17:01especially off concrete tiles like that.
0:17:01 > 0:17:04So maybe that's something you could look to put right.
0:17:04 > 0:17:06But, again, come out here,
0:17:06 > 0:17:08lots of places for your chairs and tables
0:17:08 > 0:17:13and really make the most of that major asset of this property,
0:17:13 > 0:17:15which is THAT view.
0:17:17 > 0:17:19# Look at that, look at this
0:17:19 > 0:17:22# Gimme a hug, gimme a kiss... #
0:17:22 > 0:17:24Beautiful but, of course,
0:17:24 > 0:17:27there's no getting away from the steepness of the location.
0:17:27 > 0:17:29If access by car isn't sufficient,
0:17:29 > 0:17:33an outdoor stairlift could offer a solution.
0:17:33 > 0:17:35A resident eligible for a disabled facility grant
0:17:35 > 0:17:39might get some funding from the council, but don't assume anything.
0:17:39 > 0:17:43You'd really need to check it out first.
0:17:44 > 0:17:47# Hey, hey, and off to school we go... #
0:17:47 > 0:17:50You learn something new every day.
0:17:50 > 0:17:52So time to learn something
0:17:52 > 0:17:54from a local estate agent.
0:17:54 > 0:17:58I think this property would appeal to an older generation because
0:17:58 > 0:18:00they like to have bungalows because they're all on one floor.
0:18:00 > 0:18:03It makes it easy for them. And I think maybe it would be suitable for
0:18:03 > 0:18:06somebody that has mobility issues as well.
0:18:06 > 0:18:10The agent thinks a simple and no doubt cheaper solution
0:18:10 > 0:18:14to the access would be to rejig the path so it's less steep.
0:18:14 > 0:18:16Good idea. No doubt about it -
0:18:16 > 0:18:20once you're inside on the level in this bungalow, it's great.
0:18:20 > 0:18:21I do love bungalows.
0:18:21 > 0:18:24Even if you thought an outside stairlift
0:18:24 > 0:18:27was an unnecessary expenditure,
0:18:27 > 0:18:31the garden and the retaining walls might need quite a bit of work.
0:18:31 > 0:18:35And when it comes to the inside, the renovations are going to cost
0:18:35 > 0:18:39quite a bit, so would spending all this money be worthwhile,
0:18:39 > 0:18:42bearing in mind the £68,000 plus guide price?
0:18:42 > 0:18:45Once the work is complete on this property,
0:18:45 > 0:18:49I would suggest a marketing value of £105,000.
0:18:49 > 0:18:51Well, you certainly can't knock location,
0:18:51 > 0:18:54and bungalows are eternally popular
0:18:54 > 0:18:56so a good set of combinations there.
0:18:56 > 0:18:59Bungalow in a lovely location
0:18:59 > 0:19:01and at a very decent guide price.
0:19:01 > 0:19:03Let's see who spotted it when it went under the hammer.
0:19:05 > 0:19:07Guided at 68,000.
0:19:07 > 0:19:08Got to be 60 to start, hasn't it?
0:19:08 > 0:19:09Wave a hand at me, then.
0:19:09 > 0:19:1155. Make it 50 if you like to get it going.
0:19:11 > 0:19:13Thank you, 50, I've got you right at the back.
0:19:13 > 0:19:15At 50. And two now, can I see?
0:19:15 > 0:19:17I've got 50. 52 I'm looking for.
0:19:17 > 0:19:1952, thank you. 52.
0:19:19 > 0:19:2154. 56.
0:19:21 > 0:19:23The lot came up at the end of auction day
0:19:23 > 0:19:26but clearly had attracted a lot of attention.
0:19:26 > 0:19:29We rejoin at 75,500.
0:19:29 > 0:19:3075 and a half.
0:19:30 > 0:19:3276. And a half.
0:19:32 > 0:19:3477. And a half.
0:19:34 > 0:19:3678.
0:19:36 > 0:19:37And a half? No.
0:19:37 > 0:19:38At 78,000.
0:19:38 > 0:19:40Back with you, then. For the first time.
0:19:40 > 0:19:41Second time.
0:19:41 > 0:19:44Third and last time at £78,000...
0:19:44 > 0:19:46Yours. Well done, sir, madam.
0:19:46 > 0:19:49Sir, your number, please?
0:19:49 > 0:19:50# I got your number
0:19:50 > 0:19:54# I know you're gonna be there when I call... #
0:19:55 > 0:19:59The magic number for husband and wife David and Heather
0:19:59 > 0:20:02was 78,000, and that's how much they paid for this at auction.
0:20:02 > 0:20:06I met up with them at the bungalow to hear why they went for it.
0:20:08 > 0:20:09Heather, David, great to meet you both.
0:20:09 > 0:20:12- Nice to meet you.- Congratulations.
0:20:12 > 0:20:14Tell me why you wanted to buy this bungalow.
0:20:14 > 0:20:17Originally we were looking for something
0:20:17 > 0:20:19to sink our pension money into.
0:20:19 > 0:20:20You say "originally".
0:20:20 > 0:20:22Has the plan changed, or what?
0:20:22 > 0:20:26Yeah, because we were going to rent it out.
0:20:26 > 0:20:29- Right.- But I think this is a do-er-upper and seller-onner.
0:20:29 > 0:20:32It'll still form part of the pension pot, though.
0:20:32 > 0:20:34It's just a slightly different strategy.
0:20:34 > 0:20:37Yeah. And then reinvest it in something else
0:20:37 > 0:20:38that we could rent out.
0:20:38 > 0:20:41OK. Great, so why this particular house then, Heather?
0:20:41 > 0:20:43Well, originally...
0:20:43 > 0:20:44You're laughing, what's going on?
0:20:44 > 0:20:48When we went to the auction, we were going to bid on another house.
0:20:48 > 0:20:51- Oh.- And then this was a last-minute addition.
0:20:51 > 0:20:53- Not many people had seen it. - Oh!
0:20:53 > 0:20:56And I said to my husband, "Look at this, this looks great!"
0:20:56 > 0:21:00So he said, well, we haven't seen it, we can't go for it.
0:21:00 > 0:21:01I said, no, but it's lovely.
0:21:01 > 0:21:04So you went and read the legal papers.
0:21:04 > 0:21:07- Yeah, so, the first cardinal sin was we hadn't seen it.- Hmm.
0:21:07 > 0:21:11But, I've seen your show, so the first thing I did,
0:21:11 > 0:21:13I rushed out the room,
0:21:13 > 0:21:15went down and found the legal pack and read through it.
0:21:15 > 0:21:18The auction was starting and there's me reading through the legal pack.
0:21:18 > 0:21:20- Not ideal.- No.
0:21:20 > 0:21:26- Wow.- But I could see nothing wrong in the legal pack so I felt happy about bidding for it.- OK.
0:21:26 > 0:21:29We didn't actually see inside until yesterday.
0:21:29 > 0:21:32Oh, wow. What did you think when you walked through the door yesterday?
0:21:33 > 0:21:36I was pleasantly surprised, to be honest.
0:21:36 > 0:21:39I know it needs a bit of work, updating, etc,
0:21:39 > 0:21:41but some of the places we've been to see at the auctions,
0:21:41 > 0:21:43this is a palace.
0:21:43 > 0:21:45Well, I don't think it would necessarily get
0:21:45 > 0:21:49the royal seal of approval right now, but once Heather and David
0:21:49 > 0:21:51have completed their planned works,
0:21:51 > 0:21:53which includes sorting the kitchen roof out
0:21:53 > 0:21:55and a full renovation throughout,
0:21:55 > 0:21:57as well as a new kitchen and bathroom,
0:21:57 > 0:22:01it will be fit for a king or queen.
0:22:01 > 0:22:03Upstairs though, well, that's a different "storey"!
0:22:05 > 0:22:08So, what about upstairs? What's the plan for that?
0:22:08 > 0:22:10- Well, I think...- That came as a surprise. We didn't know.
0:22:10 > 0:22:12Yeah, we were a bit shocked to find...
0:22:12 > 0:22:16We knew there was a room up there and it said it was boarded out
0:22:16 > 0:22:21but when we saw there was a bed in it and units and bedside table,
0:22:21 > 0:22:26that was a bit of a surprise because obviously it is an illegal bedroom.
0:22:26 > 0:22:30There's just a ladder going up, and I can't see any way
0:22:30 > 0:22:32you could put stairs in, really.
0:22:32 > 0:22:34You did mention about a study though, didn't you?
0:22:34 > 0:22:38Yeah, could be used as a study or a playroom, even.
0:22:38 > 0:22:40The rest of the rooms, just a bit of refurbishment?
0:22:40 > 0:22:42Yeah, tart 'em up a bit.
0:22:42 > 0:22:44So, who's going to be doing the work?
0:22:44 > 0:22:47It'll be me, mainly. Brian's going to help me out.
0:22:47 > 0:22:49That's Heather's brother.
0:22:49 > 0:22:52Is he qualified? Is he a builder, or...?
0:22:52 > 0:22:55No, no, but he wants to learn, so...
0:22:55 > 0:22:57Great. Give him a property to learn on.
0:22:57 > 0:22:58That's it, yeah.
0:22:58 > 0:23:00What about you? Have you got experience?
0:23:00 > 0:23:02I've got a building background.
0:23:02 > 0:23:06- Oh, OK.- Although I have been a maths teacher for 20 years.
0:23:06 > 0:23:09- OK.- But before that, I was in the building trade.
0:23:09 > 0:23:12- Right.- What they call the gentleman bricklayer and stonemason.
0:23:12 > 0:23:16OK. And are you going to get involved in the renovation at all, Heather?
0:23:16 > 0:23:19- Yeah, mostly the colour, the decor. - Nice.
0:23:20 > 0:23:22And keeping the books, how much we spend.
0:23:22 > 0:23:24Yeah, which is?
0:23:24 > 0:23:25Well, before we saw it,
0:23:25 > 0:23:30we thought about 10,000 but we might have to go up to 15, I think,
0:23:30 > 0:23:33because of everything we've got in mind now.
0:23:33 > 0:23:37- What's the timescale for the work? - Thinking about six months,
0:23:37 > 0:23:39mainly because we live in Northampton
0:23:39 > 0:23:41so it's quite a trek from there.
0:23:41 > 0:23:43And if this is a success, on to the next project?
0:23:43 > 0:23:46Knowing David, definitely. Yeah.
0:23:46 > 0:23:49My future son-in-law calls me Project Man.
0:23:49 > 0:23:53Oh, does he? You like your projects, do you?
0:23:53 > 0:23:57If they could all be as potentially successful as this, then great.
0:23:57 > 0:24:00Well, listen, congratulations. Good to meet you both. Good luck with it.
0:24:00 > 0:24:02- Thank you.- Looking forward to seeing how you get on.
0:24:02 > 0:24:03Thank you very much.
0:24:07 > 0:24:11Well, Heather and David showing one excellent reason why you need to
0:24:11 > 0:24:13attend the auctions yourself there.
0:24:13 > 0:24:14This property? Well,
0:24:14 > 0:24:17they wouldn't have found it had they not been there on the day.
0:24:17 > 0:24:20It seems that they've got themselves a really great place.
0:24:20 > 0:24:24How will they get on sorting it out? You can find out later in the show.
0:24:26 > 0:24:30Coming up, this Silverdale office might not look much
0:24:30 > 0:24:32but it could be a hot property.
0:24:32 > 0:24:36I'm pretty sure you could get at least five bedrooms in here.
0:24:38 > 0:24:40And David and Heather's work has cooled off
0:24:40 > 0:24:43thanks to the glorious Welsh weather.
0:24:43 > 0:24:46- It does rain a lot here. - It just doesn't rain, it RAINS!
0:24:52 > 0:24:57It was just a few miles outside Derby city centre that we first saw
0:24:57 > 0:25:02a two-bedroom end terrace house that not only had some signs
0:25:02 > 0:25:03of historical movement outside -
0:25:03 > 0:25:06inside wasn't looking too clever either.
0:25:07 > 0:25:10Have a look at this. Look at this movement.
0:25:10 > 0:25:12# Shaking all over
0:25:12 > 0:25:16Now, just a guess, but I think that could be a false wall.
0:25:16 > 0:25:20And this slightly wobbly house also had signs of damp,
0:25:20 > 0:25:22plasterwork not in great condition
0:25:22 > 0:25:26and generally was in a bit of a sorry state inside and out.
0:25:29 > 0:25:31But for 76 grand,
0:25:31 > 0:25:36it was bought at auction by part-time property developer Adam
0:25:36 > 0:25:38who was ready to give it all his attention.
0:25:38 > 0:25:40So, what are your plans? It's now yours.
0:25:40 > 0:25:43Yeah. It's great, isn't it?
0:25:43 > 0:25:46No, we are going to have to take the whole place almost to pieces.
0:25:46 > 0:25:49It's got no central heating. We need put some gas central heating in.
0:25:49 > 0:25:53It needs a new kitchen, new boiler, new carpets, new decoration,
0:25:53 > 0:25:57needs some plastering, it's got lovely fire hazard tiles.
0:25:57 > 0:25:59Yeah, the list goes on, it's a long list.
0:25:59 > 0:26:02# All I want is everything...
0:26:04 > 0:26:07# Am I asking too much?... #
0:26:07 > 0:26:11Adam hoped that long list could be done with a 12 grand budget
0:26:11 > 0:26:13and a timescale of four to six weeks.
0:26:14 > 0:26:16We're back 11 weeks later.
0:26:18 > 0:26:19MUSIC: Light Me Up by Birdy
0:26:26 > 0:26:28# You light me up
0:26:28 > 0:26:31# When all I see is darkness
0:26:31 > 0:26:33# You light me up
0:26:33 > 0:26:35# When I'm down
0:26:35 > 0:26:41# And if I fall apart, you know where to find my pieces
0:26:41 > 0:26:45# Where they're gonna be found... #
0:26:45 > 0:26:48So, downstairs is all looking pretty good
0:26:48 > 0:26:52and this has been a thorough refurbishment from the ground up.
0:26:52 > 0:26:54We've had to remove floors, lino,
0:26:54 > 0:26:58we've actually taken out a rather lovely quarry tile floor because
0:26:58 > 0:27:03it was a solid floor, which the foot of soil or thereabouts underneath is
0:27:03 > 0:27:06currently sitting in the back garden, waiting to be re-landscaped.
0:27:09 > 0:27:12Unfortunately, because the road is narrow,
0:27:12 > 0:27:15they weren't able to get a skip outside.
0:27:15 > 0:27:18Getting materials in and out can be a real issue
0:27:18 > 0:27:22and well worth thinking about. This lot will be taken out of the back,
0:27:22 > 0:27:23loaded up for dispatch.
0:27:25 > 0:27:27But what about the upstairs?
0:27:31 > 0:27:32Oh, that's more like it.
0:27:38 > 0:27:41They've rebuilt those wobbly walls.
0:27:43 > 0:27:44Good job.
0:27:47 > 0:27:51My wife is responsible for doing all the painting of anything wooden -
0:27:51 > 0:27:54doors, skirting, picture rails, round the windows
0:27:54 > 0:27:56and I rollered everything else.
0:27:56 > 0:27:59So we work quite well together, but she's worked incredibly hard
0:27:59 > 0:28:01and a done a lot of hours with a paintbrush.
0:28:01 > 0:28:07Adam's wife Philippa wasn't the only member of the family getting their hands dirty.
0:28:07 > 0:28:10# Dig it, dig it... #
0:28:10 > 0:28:13The lucky people who helped me dig the whole of the floor out
0:28:13 > 0:28:15were my sons. They did a bit,
0:28:15 > 0:28:19and also friends of theirs as well who were quite fit and healthy.
0:28:19 > 0:28:22They were a bit tired after the two days it took to do it.
0:28:22 > 0:28:26And to complement the hard work done by the family and friends,
0:28:26 > 0:28:29there was a team of builders that did the skilled work
0:28:29 > 0:28:33such as rewiring, plastering, plumbing and the central heating.
0:28:33 > 0:28:34They toiled away in the week
0:28:34 > 0:28:37and then they passed the baton back to Adam and his team at the weekend.
0:28:37 > 0:28:41# I'm ready for the weekend, weekend, weekend... #
0:28:41 > 0:28:45So the other challenge we've had is that we both work full-time,
0:28:45 > 0:28:48my wife and I, and we live about 50 minutes to an hour away.
0:28:48 > 0:28:50So we've done this in spare time that we don't have,
0:28:50 > 0:28:53so we've been here every weekend for about ten weekends
0:28:53 > 0:28:58and partly evenings and sometimes in the week, so we've both been here.
0:28:58 > 0:29:01It's been quite tiring and if anyone is thinking of doing this,
0:29:01 > 0:29:05in a timescale, they really need to throw some hours at it and
0:29:05 > 0:29:07be prepared to do some tired and late nights.
0:29:09 > 0:29:12Well, it might have been hard work, but all the effort has certainly
0:29:12 > 0:29:15produced a much improved property.
0:29:15 > 0:29:18But with a couple of weeks still to go to finish off,
0:29:18 > 0:29:22mainly in the back garden, their timescale has slipped a few weeks.
0:29:22 > 0:29:24But has their budget remained on track?
0:29:25 > 0:29:28So, we had an original budget of around 12,000.
0:29:28 > 0:29:32We lost it in some of the plastering, we had a bigger job plastering than we thought.
0:29:32 > 0:29:33We've done a lot more carpentry work,
0:29:33 > 0:29:35which we've had to pay somebody to do as well.
0:29:35 > 0:29:38We're probably rising towards 15,000 rather than the 12.
0:29:38 > 0:29:40We always knew it would go over.
0:29:41 > 0:29:44And, along with the 15 grand budget,
0:29:44 > 0:29:48Adam reckons he spent four grand on auction fees
0:29:48 > 0:29:50so with his £76,000 purchase price,
0:29:50 > 0:29:53he's in this for a grand total of 95 grand.
0:29:55 > 0:29:57So, has it been money wisely spent?
0:29:57 > 0:30:00What do two local property experts think?
0:30:01 > 0:30:03This is my second visit to the property and my initial thoughts
0:30:03 > 0:30:06with the renovation is, it's done pretty well.
0:30:06 > 0:30:10It's right for this type of property, good neutral decor.
0:30:10 > 0:30:12I think there will always be a good sort of resale
0:30:12 > 0:30:13with this type of property.
0:30:13 > 0:30:16First impressions of this property are that it's clean,
0:30:16 > 0:30:19it's tidy, very functional and perfect for the rental market.
0:30:21 > 0:30:23Adam is keen to rent the property out,
0:30:23 > 0:30:27but having spent in total 95 grand, is this a solid investment?
0:30:28 > 0:30:30I think for resale purposes,
0:30:30 > 0:30:33you're likely to achieve in the region of £110,000.
0:30:33 > 0:30:38For resale, I would offer this property to the market at £110,000.
0:30:38 > 0:30:41That is exactly what we thought, somewhere between 100 and 110.
0:30:41 > 0:30:43If they'd gone to the top side of that, that's brilliant.
0:30:43 > 0:30:45So it's what we expected. So, yeah, happy with that.
0:30:46 > 0:30:50So, a pre-tax profit of 15 grand might be available to Adam
0:30:50 > 0:30:53but this is all about the house's rental potential.
0:30:56 > 0:30:58For rental purposes, on the open market,
0:30:58 > 0:31:01in the region of £500 per calendar month.
0:31:01 > 0:31:03On the rental market I would expect to achieve
0:31:03 > 0:31:06in the region of £525 per calendar month.
0:31:06 > 0:31:09That's interesting, because we've had a couple of people out
0:31:09 > 0:31:12and we are way above that in what they're saying.
0:31:12 > 0:31:14Whether we achieve it is another matter.
0:31:14 > 0:31:16We'll see how that goes, but I think we'll get above that.
0:31:16 > 0:31:20Yes, in fact, Adam is currently marketing the house
0:31:20 > 0:31:24at £650 per calendar month which is quite a jump
0:31:24 > 0:31:27from the agents' £500-£525 per calendar month valuations.
0:31:27 > 0:31:33But the average of the two would see a rental yield of above 7%.
0:31:34 > 0:31:35So what's next for Adam?
0:31:37 > 0:31:39We've already bought another house,
0:31:39 > 0:31:43a little bit closer to home this time, down in Northamptonshire,
0:31:43 > 0:31:45and we'll be looking to not travel perhaps an hour each way
0:31:45 > 0:31:48on top of eight and ten hours at the weekend
0:31:48 > 0:31:50so, yeah, we've already moved on to something else.
0:31:54 > 0:31:58Silverdale is a town just a mile from Newcastle-under-Lyme.
0:31:58 > 0:32:01For over 100 years, it was home to a large colliery
0:32:01 > 0:32:04where coal was mined, and for that reason much of the housing
0:32:04 > 0:32:07in the town is made up of traditional terraced houses
0:32:07 > 0:32:10built for miners and their families.
0:32:10 > 0:32:13Whilst Silverdale colliery closed in the 1990s,
0:32:13 > 0:32:18the attractive terraces remain alongside more modern developments.
0:32:20 > 0:32:22I'm here to see a terraced property
0:32:22 > 0:32:25but it's not your average two-up, two-down.
0:32:25 > 0:32:28Here it is. It was most recently used as an office.
0:32:28 > 0:32:31Before that, it was two separate residential properties,
0:32:31 > 0:32:35now with a big commercial space on the ground.
0:32:35 > 0:32:38It had a guide price of £75,000.
0:32:38 > 0:32:40I'm intrigued to find out how it works on the inside.
0:32:44 > 0:32:45It sounds like an office
0:32:45 > 0:32:48and everything about this screams "office",
0:32:48 > 0:32:53from the carpets to the ceiling to the flooring.
0:32:53 > 0:32:57So it could make a great commercial space, as it already is,
0:32:57 > 0:33:00but I happen to know this comes with planning permission
0:33:00 > 0:33:03to put it back to two residential properties and actually
0:33:03 > 0:33:05it's very obvious where the properties were once separated.
0:33:05 > 0:33:09Look at the length here. Loads to work with.
0:33:09 > 0:33:12I'm intrigued to find out what else there is.
0:33:12 > 0:33:13I'm going to have a look.
0:33:16 > 0:33:20Through to the kitchen, it's clear to see this has been an office kitchen -
0:33:20 > 0:33:21the wood-panelled walls.
0:33:21 > 0:33:24It needs a lot of love and attention,
0:33:24 > 0:33:26just like the rest of the ground floor.
0:33:26 > 0:33:28It's been fine for commercial purposes,
0:33:28 > 0:33:30but you want to make it feel homely
0:33:30 > 0:33:32and that will require a bit of effort.
0:33:32 > 0:33:35Now, looking around this ground floor space,
0:33:35 > 0:33:37what's clear is there's so much space,
0:33:37 > 0:33:40more space than anyone would ever really need for a living room.
0:33:40 > 0:33:43So, with Keele University just a five-minute drive away,
0:33:43 > 0:33:47why not think about making this into an HMO property?
0:33:47 > 0:33:49So, multiple occupancy for students.
0:33:49 > 0:33:51It sounds like a great idea to me.
0:33:51 > 0:33:55MUSIC: Handbags And Gladrags by Stereophonics
0:33:58 > 0:34:02So, it could be time for this office to clock out,
0:34:02 > 0:34:04and time for you to cash in
0:34:04 > 0:34:08with a potentially lucrative house of multiple occupation.
0:34:08 > 0:34:11Let's see if the rest of the house fits the bill
0:34:11 > 0:34:12as well as the ground floor.
0:34:15 > 0:34:18Upstairs, the layout's pretty baffling.
0:34:18 > 0:34:20So you have a long stretch of rooms,
0:34:20 > 0:34:21room after room,
0:34:21 > 0:34:24and you also have that mirrored on the other side.
0:34:24 > 0:34:26So much space,
0:34:26 > 0:34:29I'm pretty sure you could get at least five bedrooms in here.
0:34:29 > 0:34:34And the more I look around, the more I think it's perfect for an HMO.
0:34:34 > 0:34:36Of course, you have to get a change of usage,
0:34:36 > 0:34:39and that's very important - it's not always a given.
0:34:39 > 0:34:43The layout is baffling. You need to get your head round that.
0:34:43 > 0:34:45It's very functional. Clearly it's an office
0:34:45 > 0:34:49but look past all of that and there's loads of options.
0:34:51 > 0:34:54There's currently seven rooms up here as well as a bathroom.
0:34:54 > 0:34:58I'm thinking, change that into five habitable rooms
0:34:58 > 0:35:00and keep the bathroom where it is.
0:35:00 > 0:35:05Any more than five bedrooms up here and you'd need a second bathroom,
0:35:05 > 0:35:07based on local HMO guidelines.
0:35:09 > 0:35:12Let's see what an agent from the auction house that sold it
0:35:12 > 0:35:15thought of the commercial premises,
0:35:15 > 0:35:16guided at £75,000.
0:35:17 > 0:35:20It's a bit of a maze as you walk around the property,
0:35:20 > 0:35:22trying to get a feel for it as it was
0:35:22 > 0:35:24and how it's been used.
0:35:24 > 0:35:26But it could lend itself to a number of purposes
0:35:26 > 0:35:28for that potential client.
0:35:30 > 0:35:32It could be a business, it could be two houses,
0:35:32 > 0:35:36but does the agent agree with me that this spacious lot
0:35:36 > 0:35:38could make a great HMO?
0:35:40 > 0:35:43Where the property's situated close to the university,
0:35:43 > 0:35:47it does have that potential for student accommodation.
0:35:48 > 0:35:51Of course, if you didn't want to go with the current planning
0:35:51 > 0:35:54for two houses, and preferred it as a HMO,
0:35:54 > 0:35:58there would have to be an application for change of use and,
0:35:58 > 0:36:01of course, you would have to comply with HMO regulations,
0:36:01 > 0:36:04install all the health and safety features required,
0:36:04 > 0:36:06like smoke alarms, fire doors
0:36:06 > 0:36:09and the appropriate bathroom and cooking facilities.
0:36:09 > 0:36:13Could there be any other stumbling blocks with this property?
0:36:14 > 0:36:17One of the main issues with the property,
0:36:17 > 0:36:20whether it be for residential resale or to let,
0:36:20 > 0:36:22will be the parking in the area.
0:36:22 > 0:36:23It is on-street and on the road parking,
0:36:23 > 0:36:26and there's not much access and space to the rear.
0:36:28 > 0:36:31If you were renting to students from the nearby university,
0:36:31 > 0:36:33it's not likely they'd all need parking
0:36:33 > 0:36:36but I'd have a chat with the planning department
0:36:36 > 0:36:38to get their take on it first.
0:36:38 > 0:36:42So, what kind of rental could the house achieve on the HMO market?
0:36:42 > 0:36:45If the property was converted into student let rooms,
0:36:45 > 0:36:48we would look to place the rooms available
0:36:48 > 0:36:51somewhere in the region of £70 per week per room.
0:36:52 > 0:36:56And what if you were to turn the property back into two houses?
0:36:56 > 0:36:58What could they be worth on the sales market?
0:36:58 > 0:37:01We would look to place the properties for sale
0:37:01 > 0:37:04somewhere in the region of £90,000 per house.
0:37:06 > 0:37:10Having options is never a bad thing, and here you have lots.
0:37:10 > 0:37:13Plan A, you could keep it as a commercial property.
0:37:13 > 0:37:14Plan B, you could change into two houses,
0:37:14 > 0:37:17and it already comes with that planning permission.
0:37:17 > 0:37:21Or Plan C, you could ask for change of usage to multiple occupancy.
0:37:21 > 0:37:23Who knows? Somebody might have thought of a Plan D
0:37:23 > 0:37:25when it went to auction. Let's find out.
0:37:27 > 0:37:30Guiding it at 75.
0:37:30 > 0:37:32I'm going to say 65 to start.
0:37:32 > 0:37:34Gotcha. Thank you. 65 bid.
0:37:34 > 0:37:36At £65,000.
0:37:36 > 0:37:38Going once, bids at 65.
0:37:38 > 0:37:4066 on the net.
0:37:40 > 0:37:4266 in the room.
0:37:42 > 0:37:45The bidding climbed slowly but surely,
0:37:45 > 0:37:47and as most of the bidders in the room fell away,
0:37:47 > 0:37:50an internet bidder was still battling it out
0:37:50 > 0:37:53with the remaining room bidder.
0:37:53 > 0:37:56We rejoin with the bidding at 98 grand.
0:37:56 > 0:37:5898 on the net.
0:37:58 > 0:37:5998. 99.
0:38:00 > 0:38:02100 on the net.
0:38:02 > 0:38:04100. 101 in the room.
0:38:05 > 0:38:07Net's out. 101, then.
0:38:07 > 0:38:09In the room at £101,000.
0:38:09 > 0:38:12102, anywhere else?
0:38:12 > 0:38:16If not, I'm selling it at £101,000 for the first time...
0:38:16 > 0:38:18£101,000 for the second time...
0:38:18 > 0:38:21Third and final time, 101...
0:38:21 > 0:38:23Sold to you, sir. Thank you for your patience.
0:38:26 > 0:38:31The successful bid of £101,000 came from husband and wife
0:38:31 > 0:38:35Mark and Alison, who are professional property developers,
0:38:35 > 0:38:38and I met them for a chat to hear all about their plans
0:38:38 > 0:38:39for their newest acquisition.
0:38:41 > 0:38:42- Alison.- Hello.
0:38:42 > 0:38:43Hello, congratulations.
0:38:43 > 0:38:46- Mark, congratulations. - Thank you.
0:38:46 > 0:38:50Now, what attracted you to this place particularly?
0:38:50 > 0:38:54The size of it. We thought it would be a good property to use as an HMO.
0:38:54 > 0:38:56How experienced are you in property?
0:38:56 > 0:38:58We have about 20 properties altogether,
0:38:58 > 0:39:01some HMOs and some normal properties as well.
0:39:01 > 0:39:04So, a lot of people would love to do that,
0:39:04 > 0:39:06but you've got to start somewhere.
0:39:06 > 0:39:08Tell me how you started and built that up.
0:39:08 > 0:39:12It was back in 2006, wasn't it, when we really...got married,
0:39:12 > 0:39:14we bought our first one.
0:39:14 > 0:39:15And it just ballooned, really.
0:39:15 > 0:39:17We went from one property to this,
0:39:17 > 0:39:20but it was always Mark's dream to do this.
0:39:20 > 0:39:21# Dreams can come true
0:39:21 > 0:39:24# Look at me, babe, I'm with you
0:39:24 > 0:39:27# You know you got to have hope
0:39:27 > 0:39:29# You know you got to be strong... #
0:39:29 > 0:39:32With 20 properties under their belt,
0:39:32 > 0:39:34Mark's dream has certainly come true.
0:39:34 > 0:39:38But it's wake-up time, with rather a lot to do.
0:39:38 > 0:39:39So what's the plan?
0:39:39 > 0:39:42Hopefully, upstairs there will be five bedrooms.
0:39:42 > 0:39:45- Yeah.- There's fairly... five bedrooms layout there now,
0:39:45 > 0:39:47so we won't need to change the layout much.
0:39:47 > 0:39:50Erm, we'll split the bathroom into two bathrooms.
0:39:50 > 0:39:53Downstairs, here, we hope to have three bedrooms,
0:39:53 > 0:39:57a decent-sized living room and two kitchens downstairs.
0:39:57 > 0:40:01- There's a lot of layout work to be done.- Yes, an awful lot.
0:40:01 > 0:40:05Yeah, we need to put a new door in to get from one side of the house to the other.
0:40:05 > 0:40:07The layout upstairs at the moment,
0:40:07 > 0:40:08one side of the house hasn't got a bathroom.
0:40:08 > 0:40:11There's only a bathroom on the one, on the other side.
0:40:11 > 0:40:13So we need to put a new door in between the two sides,
0:40:13 > 0:40:16so that one side can get through to the bathroom on the other side.
0:40:16 > 0:40:21There are a number of things that make this feel like an office as soon as you come in.
0:40:21 > 0:40:25The windows at the front, they take up most of the front,
0:40:25 > 0:40:26which is unusual for a house.
0:40:26 > 0:40:28What would you plan to do there?
0:40:28 > 0:40:31We'll hopefully rebuild the wall at the front of the house
0:40:31 > 0:40:34to replace the windows, and make it back into a house.
0:40:34 > 0:40:37The ceilings? Again, very officey. Plans there?
0:40:37 > 0:40:39This is just a suspended ceiling.
0:40:39 > 0:40:41It's not too much trouble to take it out.
0:40:41 > 0:40:43It's only a lightweight suspended ceiling.
0:40:43 > 0:40:45The original ceiling is still in place above it.
0:40:46 > 0:40:50And have you converted any commercial space before?
0:40:50 > 0:40:53We've done one. Yeah, that was into five bedrooms.
0:40:53 > 0:40:54That was at Hanley.
0:40:54 > 0:40:57What was the biggest obstacle you faced when
0:40:57 > 0:40:59converting the commercial before?
0:40:59 > 0:41:02- Planning permission?- Definitely, getting planning permission, yeah.
0:41:02 > 0:41:03Yeah, it's difficult.
0:41:03 > 0:41:06It's quite a big thing getting plans drawn,
0:41:06 > 0:41:09putting them all in and waiting to see if they give you permission or not.
0:41:09 > 0:41:12Do you have any concerns when it comes to the change of usage
0:41:12 > 0:41:16to an HMO, anything that might hold your application back?
0:41:16 > 0:41:18I think the main thing is going to be the parking.
0:41:18 > 0:41:20We've only got parking on the street outside.
0:41:20 > 0:41:23There's no parking at the back, so that could be a problem.
0:41:25 > 0:41:29If they can't convert to an HMO and rent the rooms out,
0:41:29 > 0:41:32Mark and Alison do have a Plan B.
0:41:32 > 0:41:34They'll stick to the planning permission in place,
0:41:34 > 0:41:38and change the property back into two houses and sell them on.
0:41:38 > 0:41:41Let's hope it doesn't hold them up too much.
0:41:42 > 0:41:44I think it'll take at least two months
0:41:44 > 0:41:46to see if the plans get passed.
0:41:46 > 0:41:49After that, maybe three to four months to do the work.
0:41:49 > 0:41:51So from now, five or six months.
0:41:51 > 0:41:53And budget?
0:41:53 > 0:41:55I would hope to keep it around 20 maybe.
0:41:55 > 0:41:57But it's only an estimate. We're flexible.
0:41:57 > 0:41:59And in that 20, what have you got earmarked?
0:41:59 > 0:42:03What do you think the big chunks of money will go on?
0:42:03 > 0:42:05There's some structural work to do,
0:42:05 > 0:42:07building up the front wall to replace the office windows.
0:42:07 > 0:42:09There's no central heating in here,
0:42:09 > 0:42:14so that'll be quite expensive to get a full boiler and central heating system put in.
0:42:14 > 0:42:16We've no gas supply, have we, yet?
0:42:16 > 0:42:17We've got the pipe, but no gas.
0:42:17 > 0:42:19There's no gas in the building.
0:42:19 > 0:42:22I'm guessing you have good tradespeople lined up,
0:42:22 > 0:42:25you have people you know and trust to do a good job for you?
0:42:25 > 0:42:28Yeah, we've got people we've used on other projects we've done in the past.
0:42:28 > 0:42:31So hopefully we'll use the same people again to do most of the work.
0:42:31 > 0:42:33And you're dab hands at this, you're experts.
0:42:33 > 0:42:34Does it get to the stage where you're, like,
0:42:34 > 0:42:37"Yeah, we can do this. No worries"?
0:42:37 > 0:42:39Yeah, but this is the biggest project we've took on so far.
0:42:39 > 0:42:41So watch this space, really.
0:42:41 > 0:42:43It's always a concern when you're trying to get things done.
0:42:43 > 0:42:45Are you going to get permission?
0:42:45 > 0:42:47How much do you have to spend?
0:42:47 > 0:42:50There's always lots of worries, but so far, everything's ran OK
0:42:50 > 0:42:52so hopefully, this will, too.
0:42:52 > 0:42:53Well, there's lots to do.
0:42:53 > 0:42:55But I feel like it's in the right hands.
0:42:55 > 0:42:57Best of luck, and congratulations again.
0:42:57 > 0:42:59- Thank you very much.- Thank you.
0:43:01 > 0:43:04Alison and Mark have plenty of experience,
0:43:04 > 0:43:07but this project is their biggest by far,
0:43:07 > 0:43:10and there are lots of question marks over layout and planning.
0:43:10 > 0:43:12Will they find the answers?
0:43:12 > 0:43:13You can find out later in the show.
0:43:17 > 0:43:20Well, earlier, we saw how one property turned out,
0:43:20 > 0:43:21but what about the other two?
0:43:21 > 0:43:23Yes, will they look any different,
0:43:23 > 0:43:25and has all that time and money been well spent?
0:43:25 > 0:43:27Let's go back and find out.
0:43:28 > 0:43:30Time to head back to the Welsh Valleys,
0:43:30 > 0:43:32where I saw a rather charming bungalow
0:43:32 > 0:43:34that was set into the hillside.
0:43:38 > 0:43:40So what have we got inside?
0:43:40 > 0:43:43Well, you walk into this very strange room.
0:43:43 > 0:43:46It's obviously the kitchen, but it's the full width of the bungalow.
0:43:46 > 0:43:49Now, there's no way this was the original design.
0:43:49 > 0:43:51I reckon this is some kind of an extension.
0:43:51 > 0:43:53And it is kind of unusual.
0:43:53 > 0:43:56The side extension felt cramped,
0:43:56 > 0:43:58and the ceiling rather low,
0:43:58 > 0:44:01explained by the pitch on the extension roof, which in my opinion,
0:44:01 > 0:44:07was not at the right angle if you wanted the rain to run off properly.
0:44:07 > 0:44:12# Something unusual... #
0:44:12 > 0:44:15However, the rest of the layout was pretty standard, with two beds,
0:44:15 > 0:44:17a bathroom and some attic space.
0:44:19 > 0:44:22Retired maths teacher and bricklayer David
0:44:22 > 0:44:26bought the bungalow for £78,000 with his wife Heather.
0:44:26 > 0:44:28They hoped to flip the property,
0:44:28 > 0:44:31and the proceeds could go towards their retirement fund.
0:44:31 > 0:44:34So why this particular house, then, Heather?
0:44:34 > 0:44:36- Well, originally... - Why are you laughing?
0:44:36 > 0:44:40When we went to the auction, we were going to bid on another house.
0:44:40 > 0:44:43- Oh.- And then, this was a last-minute addition.
0:44:43 > 0:44:46He said, "We haven't seen it, we can't go for it."
0:44:46 > 0:44:48I said, "No, but it's lovely."
0:44:48 > 0:44:51But we didn't actually see inside until yesterday.
0:44:51 > 0:44:52Oh, wow. And what did you think
0:44:52 > 0:44:54when you walked through the door yesterday?
0:44:55 > 0:44:58- I was pleasantly surprised, to be honest.- Yeah.
0:44:58 > 0:45:01I know it needs a bit of work updating, etc.
0:45:01 > 0:45:04But... Some of the places we've been to see at the auction,
0:45:04 > 0:45:05this is a palace!
0:45:05 > 0:45:09At least they did follow the golden rule and read the legal pack.
0:45:09 > 0:45:14Heather and David planned to have their palace turned round in six months.
0:45:14 > 0:45:17However, two YEARS later, we're back.
0:45:17 > 0:45:19Will the red carpet be out for us?
0:45:19 > 0:45:22MUSIC: Raise The Roof by Tracey Thorn
0:45:22 > 0:45:24# What you do
0:45:24 > 0:45:27# Raise the roof
0:45:27 > 0:45:29# Everybody
0:45:29 > 0:45:31# Wants you to... #
0:45:31 > 0:45:35The new roof has raised the game of that extension,
0:45:35 > 0:45:38which now houses a brand-new kitchen.
0:45:38 > 0:45:41The new roofline has created a bright, airy space.
0:45:46 > 0:45:50The old side entrance has been replaced with a new window,
0:45:50 > 0:45:52and means there's lots more work space.
0:45:52 > 0:45:54No red carpet for us,
0:45:54 > 0:45:58and the old carpets are still there, awaiting replacement.
0:45:58 > 0:46:02But down the hall, the old bathroom suite is, thankfully, gone.
0:46:02 > 0:46:05Quality units and finishes in kitchens and bathrooms
0:46:05 > 0:46:08make this a spot-on renovation.
0:46:12 > 0:46:14The rest of the house has been given fresh decor
0:46:14 > 0:46:17and once the new carpets have been laid,
0:46:17 > 0:46:19it'll make the place feel open and modern.
0:46:19 > 0:46:22The house has been rewired,
0:46:22 > 0:46:25and a new central heating system is installed.
0:46:32 > 0:46:35David has had to travel up from Northampton,
0:46:35 > 0:46:38so stayed here when doing any of the work
0:46:38 > 0:46:41with Heather and her brother, Brian, helping out where they could.
0:46:43 > 0:46:44Their dog Caffrey
0:46:44 > 0:46:47no doubt gives this renovation a "paws-itive" review.
0:46:47 > 0:46:49Ouch! But that doesn't mean
0:46:49 > 0:46:52things haven't been "ruff" getting to this stage.
0:46:55 > 0:46:59Brian, my brother, came over to help David quite a lot.
0:46:59 > 0:47:02But then he had to have two cataract operations on his eyes.
0:47:02 > 0:47:04So unfortunately, a lot of the time,
0:47:04 > 0:47:06he couldn't help David as much as he wanted to.
0:47:06 > 0:47:10But he's been a great help doing the kitchen, all the heavy helping,
0:47:10 > 0:47:12shifting things around.
0:47:12 > 0:47:13And some painting.
0:47:13 > 0:47:18- Yes, he's been a godsend, really, hasn't he?- Yeah.
0:47:18 > 0:47:21And sadly, it's not just Brian who had issues with his health
0:47:21 > 0:47:22over the last two years.
0:47:22 > 0:47:27I had to have a major operation,
0:47:27 > 0:47:30so that put me out of service for quite a while.
0:47:30 > 0:47:32But I've mainly been...
0:47:33 > 0:47:36Little bits and pieces, painting, helping.
0:47:36 > 0:47:38I had a bit of a setback as well,
0:47:38 > 0:47:41because I had to have an operation on my hand,
0:47:41 > 0:47:45and the surgeon said that actually it takes 18 months
0:47:45 > 0:47:47to get over it completely.
0:47:47 > 0:47:51So, that set us back a little bit, as well.
0:47:51 > 0:47:56So, between the three of us, yeah, we had quite a few setbacks.
0:47:56 > 0:47:58Plus the weather.
0:47:58 > 0:47:59It doesn't rain a lot here.
0:47:59 > 0:48:02It just doesn't rain, it RAINS!
0:48:02 > 0:48:05So, there was a lot of outside work on the actual building, wasn't there?
0:48:05 > 0:48:09- Yes.- And that put us back quite a bit.
0:48:11 > 0:48:15# When it rains, it really pours...
0:48:15 > 0:48:18And the knock-on effects of the health issues didn't stop there.
0:48:19 > 0:48:22David's had to travel backwards and forwards.
0:48:22 > 0:48:23Because of my ill health
0:48:23 > 0:48:25I had to stay in Northampton a lot of the time.
0:48:25 > 0:48:28So, a lot of the time he's been a one-man band here
0:48:28 > 0:48:31doing everything herself.
0:48:31 > 0:48:32Going away on the Sunday night,
0:48:32 > 0:48:36coming back on the Wednesday night or the Thursday, back on the Sunday,
0:48:36 > 0:48:41and that's been going on, other than your hand, near enough all the time.
0:48:41 > 0:48:42That's right, yes.
0:48:42 > 0:48:44Thankfully, everyone seems to be on the mend.
0:48:44 > 0:48:46David and Brian did most of the work,
0:48:46 > 0:48:49but pulled in the appropriate tradespeople
0:48:49 > 0:48:52for the central heating and rewiring.
0:48:52 > 0:48:56The good news is that they haven't gone wildly over their 15 grand
0:48:56 > 0:48:59budget, having spent £16,000.
0:48:59 > 0:49:02So it's been trying times for the trio.
0:49:02 > 0:49:04Will they triumph over adversity?
0:49:06 > 0:49:09We asked two local estate agents along for a look.
0:49:09 > 0:49:12First, the agent who saw it the last time.
0:49:13 > 0:49:16I think the changes that have been made
0:49:16 > 0:49:18are to a really high standard.
0:49:18 > 0:49:21They fit in very well with the shape of the property.
0:49:22 > 0:49:25And it would be nice to see the work finished.
0:49:25 > 0:49:28The standard of finish is absolutely right for the area and the property
0:49:28 > 0:49:31itself, because somebody who wants to buy this property
0:49:31 > 0:49:35would like to move straight in, and it's ideal for that type of market.
0:49:36 > 0:49:40Heather and David has spent a total of £94,000 on this bungalow,
0:49:40 > 0:49:44and are looking to sell this one on to fund their next project,
0:49:44 > 0:49:46so what could this bungalow be worth?
0:49:48 > 0:49:53I'd advise an asking price of £130,000 on the open market.
0:49:53 > 0:49:57This property could achieve, on the open sales market, when finished,
0:49:57 > 0:49:59£130,000.
0:49:59 > 0:50:02130,000. I suppose that's in the region of
0:50:02 > 0:50:05what we thought it would be.
0:50:05 > 0:50:07So, yeah, I think that's about right.
0:50:07 > 0:50:09Yeah, I think, quite happy with that.
0:50:11 > 0:50:15A £36,000 profit minus taxes and fees isn't too bad at all,
0:50:15 > 0:50:18and that money will be invested in another property.
0:50:18 > 0:50:22But this time one that's more suited to bringing in a rental income
0:50:22 > 0:50:24that will supplement their pension.
0:50:24 > 0:50:27But before any of that, first things first.
0:50:30 > 0:50:31We've got a snagging list to do,
0:50:31 > 0:50:35so, inside, we'll do work on the snagging list.
0:50:35 > 0:50:36And then we'll think about it.
0:50:36 > 0:50:39And then, yeah, and then we'll get a month off!
0:50:39 > 0:50:41We're supposed to be retired - that's the thing!
0:50:45 > 0:50:49Silverdale in Newcastle-under-Lyme is somewhere we've visited
0:50:49 > 0:50:53frequently on the show, but we've not seen much quite like the lot
0:50:53 > 0:50:54I saw earlier.
0:50:54 > 0:50:58What had been two residential homes had been made into an office,
0:50:58 > 0:51:00and the 75 grand guided lot
0:51:00 > 0:51:05now came with planning permission to change it back into homes.
0:51:05 > 0:51:07# Change your heart... #
0:51:08 > 0:51:10Now, looking around this ground-floor,
0:51:10 > 0:51:13what's clear is, there so much space.
0:51:13 > 0:51:16So, with Keele University just a five-minute drive away,
0:51:16 > 0:51:21the more I look around, the more I think it's perfect for an HMO.
0:51:23 > 0:51:27# Everybody's gotta learn sometime...
0:51:29 > 0:51:32HMO for students is what Mark and Alison had planned
0:51:32 > 0:51:34for their 101 grand purchase.
0:51:34 > 0:51:37The couple were the type that learned on the job,
0:51:37 > 0:51:41having followed Mark's dream of being property developers
0:51:41 > 0:51:43and they'd amassed 20 properties,
0:51:43 > 0:51:46including a commercial unit they'd converted.
0:51:47 > 0:51:51What was the biggest obstacle you faced when converting the commercial before?
0:51:51 > 0:51:53Planning permission, would you say?
0:51:53 > 0:51:55Definitely getting the planning permission, yeah.
0:51:55 > 0:51:58Yeah, it's difficult. It's quite a big thing getting the plans drawn up
0:51:58 > 0:52:01and putting them all in and waiting to see if they're going to give you permission or not.
0:52:08 > 0:52:11In university degree terms, I thought their timescale
0:52:11 > 0:52:14of allowing two months for planning permission
0:52:14 > 0:52:17and then four months to do the work was a Geoff Hurst -
0:52:17 > 0:52:19that's a first...
0:52:19 > 0:52:20class degree.
0:52:20 > 0:52:22But the 20 grand budget...
0:52:22 > 0:52:26hmm, more of a Desmond which, of course, is a 2:2!
0:52:27 > 0:52:30Nine months on, will a bunch of young students
0:52:30 > 0:52:31be setting up home here?
0:52:31 > 0:52:33MUSIC: The Kids Are All right by The Who
0:52:33 > 0:52:35# I don't mind
0:52:35 > 0:52:39# Other guys dancing with my girl
0:52:39 > 0:52:41# That's fine
0:52:41 > 0:52:46# I know 'em all pretty well
0:52:46 > 0:52:54# But I know sometimes I must get out in the light
0:52:54 > 0:52:59# Better leave her behind with the kids, they're all right
0:52:59 > 0:53:05# The kids are all right
0:53:05 > 0:53:07Six rather than the claimed eight students will live here,
0:53:07 > 0:53:11but Mark and Alison have gone for a much higher standard,
0:53:11 > 0:53:14with ensuites in every room.
0:53:14 > 0:53:15# Sometimes
0:53:15 > 0:53:20# I feel I gotta get away... #
0:53:22 > 0:53:24And, if you need to slip away,
0:53:24 > 0:53:27each room has its own dedicated study area.
0:53:27 > 0:53:31There's also a bright communal kitchen and living area, too,
0:53:31 > 0:53:34and this feels a notch up from usual student digs.
0:53:34 > 0:53:36The kids are all right.
0:53:36 > 0:53:40But did Mark and Alison make it through the planning process OK?
0:53:40 > 0:53:44Before we started, we had to get a change of use permission from the council.
0:53:44 > 0:53:46That involved putting an application in to the council and then
0:53:46 > 0:53:51they have an eight-week turnaround time to give you their decision.
0:53:51 > 0:53:54There was no issues with that. It was granted without any problems.
0:53:54 > 0:53:56To have planning permission, we had to get an architect,
0:53:56 > 0:53:59and then he had to submit the application to the council.
0:53:59 > 0:54:00It takes a long time to come back,
0:54:00 > 0:54:02and you're waiting a lot of time thinking,
0:54:02 > 0:54:05are they going to grant it or not? But there was no problems with it.
0:54:05 > 0:54:07It all came back OK, approved.
0:54:07 > 0:54:10- It was really frustrating, wasn't it, waiting all that time?- Yeah.
0:54:10 > 0:54:14The last part of the project is the exterior of the building,
0:54:14 > 0:54:17and it's one of the reasons they're three months over their timescale.
0:54:19 > 0:54:22At one stage, we thought we'd just put a window in the front on the one
0:54:22 > 0:54:26side and leave the big window that was already there on the other side,
0:54:26 > 0:54:28but once we'd done the first one,
0:54:28 > 0:54:31we decided the other one wouldn't look very good, the existing window,
0:54:31 > 0:54:33so we decided to do the second one as well.
0:54:33 > 0:54:35That meant we had the put a second planning application in to get the
0:54:35 > 0:54:37permission to brick up the other window.
0:54:37 > 0:54:40So, we put that in, that took another eight weeks to come back,
0:54:40 > 0:54:44and the reason we put blocks in the second window was because we
0:54:44 > 0:54:47decided to render the front, which still remains to be done.
0:54:47 > 0:54:49The builder's going to start that soon.
0:54:49 > 0:54:51So, it didn't matter what brickwork was there,
0:54:51 > 0:54:54because you wouldn't see it, because it would be rendered.
0:54:54 > 0:54:56And he's gone off on a well-deserved holiday.
0:54:56 > 0:54:58He'll do it when he comes back.
0:54:59 > 0:55:02So, what were the other big challenges facing them?
0:55:04 > 0:55:05That's got to be the water.
0:55:05 > 0:55:08Definitely, yeah. The biggest challenge was getting
0:55:08 > 0:55:12the water supply in to feed the ensuites. It was a big job.
0:55:12 > 0:55:14We wanted to put six ensuites in the house,
0:55:14 > 0:55:18but we found out that the water supply coming into the property was
0:55:18 > 0:55:21insufficient to support those, so we ended up doing it a different way,
0:55:21 > 0:55:24and putting four tanks in the loft
0:55:24 > 0:55:25for stored hot water,
0:55:25 > 0:55:28which was quite a big job. Erm...
0:55:28 > 0:55:31So that's what had to be done to get the water for the ensuites.
0:55:32 > 0:55:34The standard is really good for the students,
0:55:34 > 0:55:39but would Alison and Mark pass a course in project budget management?
0:55:40 > 0:55:42Yeah, the budget is a bit over,
0:55:42 > 0:55:44but we had to do a lot more than we originally planned.
0:55:44 > 0:55:47Yeah, we did have, originally, a £20,000 budget.
0:55:47 > 0:55:53I do the books, and I was watching all the invoices coming in, and in, and in,
0:55:53 > 0:55:57and it's ended up at about £28,500 we've spent.
0:55:59 > 0:56:01I'm afraid, Mark and Alison,
0:56:01 > 0:56:05that a mere 50% overspend will lose you marks!
0:56:05 > 0:56:08But I will award extra credit for pride taken in your work.
0:56:10 > 0:56:12I feel really, really chuffed.
0:56:12 > 0:56:15I think it's our best one to date.
0:56:15 > 0:56:18To see the change from what it was to this,
0:56:18 > 0:56:21it makes you really, really proud of what you do.
0:56:21 > 0:56:23I don't think we'd do anything bigger.
0:56:23 > 0:56:24It was very stressful getting this done.
0:56:24 > 0:56:26We've enjoyed it, though, haven't we?
0:56:26 > 0:56:29So, we've had a few tears and frustrations...
0:56:29 > 0:56:31- Yeah.- But we enjoyed it.
0:56:31 > 0:56:33- We're relieved now it's finished. - Yeah. Very.
0:56:37 > 0:56:41Sounding like a student after his finals there, Mark,
0:56:41 > 0:56:44but will it get top marks from two local property experts,
0:56:44 > 0:56:47including the agent who saw it before the renovation?
0:56:49 > 0:56:52Yeah, there's been a huge transformation in the property.
0:56:52 > 0:56:55All done throughout, but absolutely fantastic job.
0:56:55 > 0:56:58Great first impression for anyone coming in, looking to, obviously,
0:56:58 > 0:57:00with the room shares.
0:57:00 > 0:57:02But very clean, tidy.
0:57:02 > 0:57:04Excellent job that he's done throughout.
0:57:04 > 0:57:09The standard of finish and the overall layout of the property is
0:57:09 > 0:57:10absolutely excellent.
0:57:11 > 0:57:13That overspend
0:57:13 > 0:57:19has meant this project has cost Alison and Mark £129,500.
0:57:19 > 0:57:22What kind of per-week rental would they be achieving?
0:57:22 > 0:57:27Per room, you would be looking at £100 per week,
0:57:27 > 0:57:2940 weeks of the year.
0:57:29 > 0:57:34We would look to market each room in the region of £80 per week.
0:57:34 > 0:57:36The figures for the rental are not far out.
0:57:36 > 0:57:38So far, I've let four rooms out.
0:57:38 > 0:57:42One at 85, two at 90 and one at 110.
0:57:42 > 0:57:45Those rental figures they've achieved
0:57:45 > 0:57:48would give them an 11.5% yield,
0:57:48 > 0:57:51and the rooms aren't let out all year round.
0:57:51 > 0:57:54And they still have two more rooms to let.
0:57:54 > 0:58:00Letting those two other rooms could bring their yield up to around 17%.
0:58:00 > 0:58:03So, a long, stressful semester comes to a close.
0:58:03 > 0:58:07But will Mark and Alison keep chasing their property dreams?
0:58:11 > 0:58:12If we found the right property, yes.
0:58:12 > 0:58:14And believe me, he'll find one.
0:58:14 > 0:58:15HE CHORTLES
0:58:19 > 0:58:20We hope you enjoyed watching
0:58:20 > 0:58:22and maybe learnt something along the way.
0:58:22 > 0:58:25Yes, and if we've done something to inspire you,
0:58:25 > 0:58:26then we've done our job.
0:58:26 > 0:58:29So, join us next time for more inspiration
0:58:29 > 0:58:31on Homes Under The Hammer.
0:58:31 > 0:58:32- Bye-bye.- Goodbye.- Bye-bye.