0:00:03 > 0:00:04Hello and welcome to the show.
0:00:04 > 0:00:07Now, buying a property is probably the biggest investment
0:00:07 > 0:00:09that most of us will make in our whole lives.
0:00:09 > 0:00:11Yeah. So, obviously, it's a very stressful experience.
0:00:11 > 0:00:14But if you have a passion for property, like we do, well,
0:00:14 > 0:00:16that stress can be worth it,
0:00:16 > 0:00:20so, why not think about buying your next home under the hammer?
0:00:46 > 0:00:49We always talk about the importance of preparation
0:00:49 > 0:00:52when buying a property at auction, and that's because it is vital.
0:00:52 > 0:00:58Yes, the more you research, the more you stack things in your favour.
0:00:58 > 0:01:02So, have the buyers on today's show been listening to our advice?
0:01:02 > 0:01:03Let's hope so. Here's what they bought.
0:01:05 > 0:01:08On today's show, I'm in Bassaleg,
0:01:08 > 0:01:11viewing this quirky cottage that comes with premium real estate.
0:01:11 > 0:01:13Here we have
0:01:13 > 0:01:14the outbuilding.
0:01:15 > 0:01:18That doesn't look much smaller than this former farm worker's cottage
0:01:18 > 0:01:20in Canterbury.
0:01:20 > 0:01:21I'm five foot three and a half
0:01:21 > 0:01:24and when I'm walking into the light, that's low.
0:01:26 > 0:01:29But, fear not, because a solution is at hand
0:01:29 > 0:01:32at this tired two up, two down in Wallasey.
0:01:32 > 0:01:35Take out all of the walls. Get rid of them. Boom-bish! Gone.
0:01:37 > 0:01:39All these properties have been sold at auction
0:01:39 > 0:01:40and we'll find out who bought them
0:01:40 > 0:01:44and what they paid when they went under the hammer.
0:01:44 > 0:01:45No? Sold to you.
0:01:49 > 0:01:51This is the village of Bassaleg,
0:01:51 > 0:01:55located two miles from Newport city centre in south Wales.
0:01:55 > 0:01:58The Ebbw river runs through it,
0:01:58 > 0:02:02as does the A468 road, and junction 28 of the M4 motorway
0:02:02 > 0:02:04is less than about a mile away.
0:02:04 > 0:02:06Pye Corner train station
0:02:06 > 0:02:09also provides a service into Cardiff city centre
0:02:09 > 0:02:11and it only takes 20 minutes.
0:02:11 > 0:02:15All in all, it's a convenient and picturesque place to live.
0:02:15 > 0:02:18Before I tell you about our lot, the location -
0:02:18 > 0:02:23we are very close to a busy and noisy main road.
0:02:23 > 0:02:30The house we're here to see is in this very pretty 1828 building.
0:02:30 > 0:02:33It's now been split up into four cottages.
0:02:33 > 0:02:35Ours is round the back.
0:02:35 > 0:02:39It's got two bedrooms and had a guide price of 89 grand.
0:02:41 > 0:02:44This building has historical links to the Morgan family,
0:02:44 > 0:02:48who owned one of the best 17th-century mansions
0:02:48 > 0:02:49in the country.
0:02:49 > 0:02:51Well, this is definitely on a smaller scale.
0:02:54 > 0:02:57Now...
0:02:57 > 0:03:00this feels really cosy as you come in.
0:03:00 > 0:03:01Nice little hallway here.
0:03:01 > 0:03:04You've got your stairs that are going up to the bedrooms
0:03:04 > 0:03:06but it does have a sense of cosiness,
0:03:06 > 0:03:09as soon as you come into the cottage.
0:03:09 > 0:03:11Take a few steps away from the front door
0:03:11 > 0:03:14and you're into the lounge-living area.
0:03:14 > 0:03:15As soon as I came in,
0:03:15 > 0:03:19I noticed that the floor seems to be in really good condition
0:03:19 > 0:03:20but it's really got an old feel.
0:03:22 > 0:03:26You've got original beams, you've got a brick wall over there.
0:03:26 > 0:03:28Before, you start thinking, right,
0:03:28 > 0:03:30I'll knock that down and I'll spread that out,
0:03:30 > 0:03:32I'll build there,
0:03:32 > 0:03:36this is a listed building, so you're going to need consent
0:03:36 > 0:03:39for anything that you want to do inside and outside.
0:03:41 > 0:03:44Grade II listings are vital in protecting features,
0:03:44 > 0:03:45like the arched window.
0:03:45 > 0:03:50If you're not keen on the ceiling beams, or the stone and brick walls,
0:03:50 > 0:03:52I'd strongly advise you have a chat
0:03:52 > 0:03:55with your local authority conservation officer
0:03:55 > 0:03:56to keep you right.
0:03:56 > 0:03:59But, having said that, there are some features in here
0:03:59 > 0:04:00I'm not so keen on.
0:04:00 > 0:04:04And then we take a step up and we find ourselves in this kitchen,
0:04:04 > 0:04:10which is surprisingly big and spacious and in good condition.
0:04:10 > 0:04:12Got a nice deep sink there.
0:04:12 > 0:04:14Solid sink as well.
0:04:14 > 0:04:17You've got windows to the courtyard, over there,
0:04:17 > 0:04:19and the stable door, as well.
0:04:19 > 0:04:22Another window here, lots of light coming in.
0:04:22 > 0:04:23It's in good condition.
0:04:23 > 0:04:27You'd probably get away with keeping most of this.
0:04:27 > 0:04:29At the moment, I'm more impressed with the kitchen
0:04:29 > 0:04:31than I am with the lounge.
0:04:31 > 0:04:33# That don't impress me much... #
0:04:33 > 0:04:37The tired living room may not be dressed to impress,
0:04:37 > 0:04:39but the local council won't be impressed
0:04:39 > 0:04:41if you start ripping it apart.
0:04:41 > 0:04:44Carrying out unauthorised work on a listed building
0:04:44 > 0:04:45is a criminal offence
0:04:45 > 0:04:49and owners can be forced to reinstate any altered features,
0:04:49 > 0:04:52or even be prosecuted for doing so.
0:04:52 > 0:04:55Each building is different but, broadly speaking,
0:04:55 > 0:04:59you'll need to get listed building consent before you make any changes
0:04:59 > 0:05:01that can affect the character of the building.
0:05:01 > 0:05:05Even rather narrow impractical stairs, like these,
0:05:05 > 0:05:07could be protected by listing,
0:05:07 > 0:05:11providing fire regs can be met with another exit.
0:05:11 > 0:05:13And then, there's this.
0:05:15 > 0:05:16Right. Made it through
0:05:16 > 0:05:19one of the smallest bathroom doors I've ever been through,
0:05:19 > 0:05:22but if you think that is small, have a look at this.
0:05:25 > 0:05:29One of the smallest baths I have ever seen.
0:05:30 > 0:05:33The whole bathroom, needs to be changed.
0:05:33 > 0:05:34Needs a bit of a rejig, this place does,
0:05:34 > 0:05:37but before you start knocking walls down
0:05:37 > 0:05:40to create some space, remember, it's listed!
0:05:40 > 0:05:43# If it don't fit, don't force it. Don't force it, don't force it
0:05:43 > 0:05:46# Give love a little room Let it ease on in... #
0:05:46 > 0:05:50I've got to say, this is more like a foot bath to a big lad like me.
0:05:50 > 0:05:53Overall, there's not a lot of space to play with.
0:05:53 > 0:05:56Perhaps it would work better as a wet room.
0:05:56 > 0:05:59That way, it would be more suitable for modern living.
0:05:59 > 0:06:01At least there are two bedrooms up here
0:06:01 > 0:06:03and the master is a decent size as well.
0:06:03 > 0:06:06# If it don't fit, don't force it
0:06:06 > 0:06:09# Don't let your ego Tell you when... #
0:06:09 > 0:06:11Now, in the auction catalogue it said,
0:06:11 > 0:06:13this property has got an outbuilding
0:06:13 > 0:06:15and I've found it.
0:06:15 > 0:06:17Here we have
0:06:17 > 0:06:19the outbuilding.
0:06:19 > 0:06:21But... Not really.
0:06:21 > 0:06:22If you follow me over here,
0:06:22 > 0:06:26not only do you get the kiddies' outbuilding,
0:06:26 > 0:06:28you actually get that outbuilding.
0:06:28 > 0:06:31Not only do you get the kiddies' and the outbuilding,
0:06:31 > 0:06:34you get all of this as well, if you can believe it.
0:06:34 > 0:06:36You've got a raised area there.
0:06:36 > 0:06:38You've got all this back garden here.
0:06:38 > 0:06:41You can still hear the road noise.
0:06:41 > 0:06:43But that's not a problem.
0:06:43 > 0:06:46All you have to do is turn
0:06:46 > 0:06:47and face the fields.
0:06:47 > 0:06:49Look at the sheep.
0:06:49 > 0:06:52Think countryside, not cars.
0:06:52 > 0:06:55I'm not trying to pull the wool over your eyes here, honestly.
0:06:55 > 0:06:58There's a lot of people that live next door to busy roads
0:06:58 > 0:06:59and are not bothered by it at all.
0:06:59 > 0:07:00and are not bothered by it at all.
0:07:00 > 0:07:03If you get listed building consent, to install triple glazed windows,
0:07:03 > 0:07:04If you get listed building consent, to install triple glazed windows,
0:07:04 > 0:07:07you can have a good night's sleep and you won't have to count sheep.
0:07:07 > 0:07:09Just count the noughts
0:07:09 > 0:07:12on how much it's going to cost you to install them.
0:07:12 > 0:07:13Time to ask a local estate agent
0:07:13 > 0:07:17to give his thoughts on the cottage, guided at 89 ground.
0:07:17 > 0:07:20First, does he think the road will put people off?
0:07:22 > 0:07:24I think the road's going to be a real challenge.
0:07:24 > 0:07:27It doesn't necessarily detract from the amount of profit
0:07:27 > 0:07:28they could make on the property.
0:07:28 > 0:07:31It could just take longer to actually find the person
0:07:31 > 0:07:32who is willing to tolerate the noise.
0:07:33 > 0:07:36It's not great news for investors wanting to sell,
0:07:36 > 0:07:38but it's not a deal-breaker either.
0:07:38 > 0:07:41What about the next potential hurdle?
0:07:41 > 0:07:42The property is listed
0:07:42 > 0:07:45and there are going to be some challenges that
0:07:45 > 0:07:47that presents, in terms of making some changes,
0:07:47 > 0:07:50but I think that most of the sensible changes
0:07:50 > 0:07:52that an investor's going to want to make are going to be possible.
0:07:52 > 0:07:54It just may take slightly longer to achieve them.
0:07:54 > 0:07:58So, what kind of figure could the house achieve once renovated?
0:07:58 > 0:08:00If it's done to the right standard,
0:08:00 > 0:08:03I think they'll be able to achieve about £150,000.
0:08:04 > 0:08:07This is a unique and historic property.
0:08:07 > 0:08:09It does need a bit of TLC and, don't forget,
0:08:09 > 0:08:11it is a listed building,
0:08:11 > 0:08:15so it could cause you some complications when renovating.
0:08:15 > 0:08:18Let's see who wanted to take it on when it went under the hammer.
0:08:19 > 0:08:23Next up, we've got a two bedroom cottage in sought-after location,
0:08:23 > 0:08:25in need of some modernisation.
0:08:25 > 0:08:28OK, so we're looking to start the bidding on this at 90,000.
0:08:28 > 0:08:29Do I see 90,000?
0:08:29 > 0:08:32Do I see 90,000 to get things going on it?
0:08:32 > 0:08:3390,000 is bid. Thank you.
0:08:33 > 0:08:3590,000. Do I see 91?
0:08:35 > 0:08:3791.
0:08:37 > 0:08:39Thank you.
0:08:39 > 0:08:4191. Sorry, 92.
0:08:41 > 0:08:42Yeah. 92.
0:08:42 > 0:08:4393?
0:08:44 > 0:08:4693. 94?
0:08:46 > 0:08:4894. 95?
0:08:48 > 0:08:4995. 96?
0:08:49 > 0:08:5296. 97?
0:08:52 > 0:08:5498. New bidder, 98.
0:08:54 > 0:08:5699? 99 is bid.
0:08:56 > 0:08:57Do I see 100?
0:08:57 > 0:09:00Do I see 100? Are you coming back in?
0:09:00 > 0:09:02Anybody else here for it?
0:09:02 > 0:09:03No?
0:09:03 > 0:09:05Sold to you, sir. 99,000.
0:09:06 > 0:09:09I can't see it when it's that way round.
0:09:09 > 0:09:10Thank you very much. Cheers.
0:09:10 > 0:09:12Number 80.
0:09:12 > 0:09:14# Upside down, boy, you turn me
0:09:14 > 0:09:17# Inside out... #
0:09:17 > 0:09:21The successful bid of £99,000 came from Brian, on the left,
0:09:21 > 0:09:22and Bob on the right.
0:09:24 > 0:09:26They are friends and now business partners.
0:09:28 > 0:09:30This is their second property renovation as a pair,
0:09:30 > 0:09:32and I caught up with them to find out their plans.
0:09:35 > 0:09:37Bob, nice to meet you. Nice to meet you.
0:09:37 > 0:09:39Brian, same to you, sir. And you.Congratulations, lads.
0:09:39 > 0:09:41Thank you.Before we start, tell me about this place.
0:09:41 > 0:09:44What made you two want to buy it?
0:09:44 > 0:09:46It was something a little bit different.
0:09:46 > 0:09:49We understand it's a Grade II listed property,
0:09:49 > 0:09:53so it's going to certainly give us some interesting challenges,
0:09:53 > 0:09:55if not difficult challenges.
0:09:55 > 0:09:58Is that not something that frightens people away,
0:09:58 > 0:10:00it being a listed building?
0:10:00 > 0:10:03I think it's just there's a lot of character in the building.
0:10:03 > 0:10:05You know, it was built 1820s
0:10:05 > 0:10:09and there's a lot of quirky character type features about it,
0:10:09 > 0:10:12the windows, things like that.
0:10:12 > 0:10:16So was that one of the things, Brian, that sort of sucked you in, then,
0:10:16 > 0:10:17to want this place? It's a bit different.
0:10:17 > 0:10:20Yeah, I mean, we've done one renovation before
0:10:20 > 0:10:22and it was a very traditional terraced house
0:10:22 > 0:10:24that was in quite a bad state
0:10:24 > 0:10:27and we just wanted to do something a little bit different.
0:10:27 > 0:10:28OK.And, you know,
0:10:28 > 0:10:33we're after a challenge and a Grade II listed old building is a challenge.
0:10:34 > 0:10:39Bob and Brian have been friends for 25 years but have only just started
0:10:39 > 0:10:42property developing, so is this something of a career change?
0:10:44 > 0:10:46We were both mechanical engineers.
0:10:46 > 0:10:48We both had our own limited companies,
0:10:48 > 0:10:51so we'd worked together for many years
0:10:51 > 0:10:53and I got made redundant...
0:10:54 > 0:10:57..about five years ago now.
0:10:57 > 0:11:00I used to help family and friends do kitchens and bathrooms
0:11:00 > 0:11:03and then I just thought it would be a great thing to do full-time
0:11:03 > 0:11:05when I got made redundant, so...
0:11:05 > 0:11:08OK.Just over a year ago, I got made redundant also, and...
0:11:09 > 0:11:12..I think it's good to do something completely different
0:11:12 > 0:11:14to what we were doing, you know.
0:11:14 > 0:11:15We had office jobs
0:11:15 > 0:11:18and we were in a very kind of hi-tech industry.
0:11:18 > 0:11:21And this is a very physical kind of type of work
0:11:21 > 0:11:24and a different challenge.
0:11:24 > 0:11:25Good on you.
0:11:25 > 0:11:26Since being made redundant,
0:11:26 > 0:11:29Bob has become a fully qualified spark,
0:11:29 > 0:11:31so that should help with some of the renovations.
0:11:33 > 0:11:35They'll be doing a full refurbishment
0:11:35 > 0:11:37and plan on restoring some character features
0:11:37 > 0:11:39and enlarging that tiny bathroom.
0:11:40 > 0:11:42They have a budget of 20 grand
0:11:42 > 0:11:45and are hoping to get the work done in about three to four months.
0:11:47 > 0:11:49But what's the plan for the house once it is complete?
0:11:50 > 0:11:53Ideally, we would sell it, er,
0:11:53 > 0:11:55if we can get a quick sale at the right price.
0:11:55 > 0:11:59We're not against renting it if that's a better option
0:11:59 > 0:12:02but we're going to speak to the agents
0:12:02 > 0:12:05and see what their valuations are when we've done it.
0:12:05 > 0:12:08And we'll also get the agents in straightaway
0:12:08 > 0:12:10to go through what we want to do
0:12:10 > 0:12:13and find out what they think about our plans.
0:12:13 > 0:12:15What about that busy main road? It's very noisy.
0:12:15 > 0:12:20Yeah. I mean, it is and when we did come to the viewing,
0:12:20 > 0:12:23we spoke to the neighbours next door,
0:12:23 > 0:12:26and they invited us into their house.
0:12:26 > 0:12:27We went in and...
0:12:28 > 0:12:31..it is quite quiet when you've got the right windows in.
0:12:31 > 0:12:34So, they don't seem to be that badly affected by the noise,
0:12:34 > 0:12:36but, I do agree, it is busy
0:12:36 > 0:12:39and it's not ideal to have that road there, so...
0:12:39 > 0:12:41Well, it's not really, but if your neighbours are inviting you in...
0:12:41 > 0:12:42Yeah.Yeah.Already...
0:12:42 > 0:12:44I know. We've got friendly neighbours.
0:12:44 > 0:12:46You're in already, aren't you? Yeah, yeah.
0:12:46 > 0:12:48When you come and stay in the week, you can pop in.
0:12:48 > 0:12:49That's right, yeah.
0:12:49 > 0:12:52Get your sugar and your milk for free.
0:12:52 > 0:12:54Good luck to you, Bob. Hope it works out.
0:12:54 > 0:12:57Thank you very much.Brian, good luck.Cheers, thank you, Dion.
0:12:59 > 0:13:03So, Bob and Brian are striding forward with their new career.
0:13:03 > 0:13:07They have got a lot of work to do and some decisions have to be made.
0:13:07 > 0:13:08Big question I ask is,
0:13:08 > 0:13:11will they find someone to buy this place
0:13:11 > 0:13:13and will they make the right profit?
0:13:13 > 0:13:15You can find out how they get on later in the programme.
0:13:19 > 0:13:22The city of Canterbury is renowned for having one of the prettiest
0:13:22 > 0:13:26medieval centres in England - with those narrow streets,
0:13:26 > 0:13:29it really is easy to transport yourself back in time.
0:13:29 > 0:13:33The outskirts of the city are beautiful, too.
0:13:33 > 0:13:36Within a few minutes, you're gazing over some stunning countryside.
0:13:38 > 0:13:42I'm currently around two miles from Canterbury city centre
0:13:42 > 0:13:46and the property I'm here to see is a former farm worker's cottage.
0:13:46 > 0:13:48It had a guide price of £170,000 plus
0:13:48 > 0:13:50with three bedrooms
0:13:50 > 0:13:53and I'm led to believe it's behind this hedge.
0:13:53 > 0:13:55This is going to be a good one.
0:13:55 > 0:13:56I'm hedging my bets!
0:13:56 > 0:14:00Ooh, this is not what I expected at all.
0:14:00 > 0:14:03I think farm worker's cottage, I think, small, quaint.
0:14:03 > 0:14:04This is three floors.
0:14:04 > 0:14:07It's semidetached, it's really substantial.
0:14:07 > 0:14:08Let's go explore.
0:14:13 > 0:14:17Into a decent-sized reception room, pretty dilapidated.
0:14:17 > 0:14:20It looks like no-one's been here for a while. A door to stairs.
0:14:22 > 0:14:26Old school. You've got your curtains to keep out the draft.
0:14:26 > 0:14:28Hollow walls,
0:14:28 > 0:14:32and it has the feel of, this is all your living space down here.
0:14:32 > 0:14:33Quite a nice flow, because here,
0:14:33 > 0:14:35you've got a really big kitchen.
0:14:35 > 0:14:40OK, everything needs to come out and be modernised, but I love the doors.
0:14:40 > 0:14:42It gives a bit of rustic charm.
0:14:42 > 0:14:47I like that. It feels like a farmhouse and, then,
0:14:47 > 0:14:49that's good for extra storage,
0:14:49 > 0:14:51or you could think about knocking that down
0:14:51 > 0:14:53and making this kitchen area bigger.
0:14:53 > 0:14:55Maybe a dining table.
0:14:55 > 0:14:57You have a farm stove.
0:14:57 > 0:14:59This would have heated up the whole room
0:14:59 > 0:15:02and you've got your clothes line here.
0:15:02 > 0:15:04The clothes would have dried.
0:15:04 > 0:15:07You can feel that somebody lived here and it was a proper home.
0:15:07 > 0:15:09Even though it was some time ago.
0:15:09 > 0:15:10And then, let's see...
0:15:10 > 0:15:13You have your bathroom downstairs,
0:15:13 > 0:15:16which is not ideal unless there's another one upstairs.
0:15:16 > 0:15:18For layout, you want it along with your bedrooms,
0:15:18 > 0:15:22and then this could be considered a waste of space. It's a hall area.
0:15:22 > 0:15:23I quite like it.
0:15:23 > 0:15:25It's a place in the countryside to put your muddy boots,
0:15:25 > 0:15:29for the kids to throw things around, a bit of utility room.
0:15:29 > 0:15:33There's a lot going on, and I'm interested to find out more.
0:15:33 > 0:15:38# Things ain't working out
0:15:38 > 0:15:41# Down at the farm... #
0:15:41 > 0:15:43OK, things aren't that bad,
0:15:43 > 0:15:46but I think a layout reshuffle would be good here.
0:15:46 > 0:15:50I'd get some expert advice about taking down a wall
0:15:50 > 0:15:53and opening this up as a kitchen-diner.
0:15:53 > 0:15:57However, one thing to note is that this is a Grade II listed building,
0:15:57 > 0:16:01so, you'll need to check with the local planning department first.
0:16:01 > 0:16:05Upstairs, a decent-sized bedroom here.
0:16:05 > 0:16:07I do spot some damp.
0:16:07 > 0:16:11You want to get that checked out to find out exactly how extensive
0:16:11 > 0:16:13that is, if it's a current problem.
0:16:13 > 0:16:15And then through to another bedroom. Again, a decent size,
0:16:15 > 0:16:19but what I do feel about this house is that it looks strong.
0:16:19 > 0:16:21The bricks outside, really strong,
0:16:21 > 0:16:24substantial and it feels flimsier inside.
0:16:24 > 0:16:28For example, this wall, it really wouldn't take much
0:16:28 > 0:16:30to bring that down. You know, I feel like I could almost
0:16:30 > 0:16:34lean on it or get a toffee hammer to it and it would come down.
0:16:34 > 0:16:36I've also spotted lots of different types of windows,
0:16:36 > 0:16:39so you've got metal downstairs, you've got wooden here,
0:16:39 > 0:16:40you've got plastic through there.
0:16:40 > 0:16:45You'd probably want to get new windows in and make them uniform.
0:16:45 > 0:16:48The ceilings are really low and, you know,
0:16:48 > 0:16:49I'm five foot three and a half,
0:16:49 > 0:16:52and when I'm walking into the light, that's low.
0:16:52 > 0:16:55Let's find out what's on the top floor.
0:16:55 > 0:16:59# Limbo lower now Limbo lower now
0:17:00 > 0:17:04# How low can you go? #
0:17:04 > 0:17:07OK, the low ceilings can give you a cosy cottage feeling,
0:17:07 > 0:17:10but maybe the lighting needs a rethink.
0:17:10 > 0:17:12And when it comes to the next floor,
0:17:12 > 0:17:16you really will have to brush up on those limbo lessons.
0:17:16 > 0:17:18It's an odd layout.
0:17:18 > 0:17:19There's a room as you enter,
0:17:19 > 0:17:22but as it's not closed off from the entranceway,
0:17:22 > 0:17:24it's unlikely to be considered a bedroom.
0:17:24 > 0:17:27Though, beyond that is the final third bedroom.
0:17:27 > 0:17:29Subject to planning, of course,
0:17:29 > 0:17:33you could open this up as a master bedroom with en suite.
0:17:33 > 0:17:37Then at least there would be two bathrooms in the house,
0:17:37 > 0:17:39but before you get too excited,
0:17:39 > 0:17:42I have been keeping something from you.
0:17:42 > 0:17:45As someone who chose to build their home in the middle of a field,
0:17:45 > 0:17:47I love the countryside setting.
0:17:47 > 0:17:50It's fabulous. But this is why we say "Do your homework."
0:17:50 > 0:17:54I happen to know there are plans afoot to change this landscape,
0:17:54 > 0:17:57with up to 4,000 new homes.
0:17:57 > 0:17:59So, if you do your homework, that's fine.
0:17:59 > 0:18:01You'd know that times could be about to change.
0:18:04 > 0:18:06That could come as a surprise to anyone investing
0:18:06 > 0:18:10in a country lifestyle, but how will it affect the area overall?
0:18:10 > 0:18:14And could it affect the value of the house?
0:18:14 > 0:18:17Here's a local estate agent to tell us more.
0:18:17 > 0:18:20The property's situated in a really interesting location,
0:18:20 > 0:18:24because the new proposed development is right on the fringe,
0:18:24 > 0:18:28which is about to cover this whole area to the side.
0:18:28 > 0:18:31Usually, this may worry someone investing in this area,
0:18:31 > 0:18:33however, there's going to be two...
0:18:33 > 0:18:36a couple of schools, surgeries, shops,
0:18:36 > 0:18:40and it's going to really raise, obviously, the local amenities,
0:18:40 > 0:18:43that are going to be right on the doorstep, and it's become a very
0:18:43 > 0:18:45fashionable, desirable area to live in.
0:18:45 > 0:18:49I think because of this, in about 15 years or so, when it's completed,
0:18:49 > 0:18:52the property price is actually going to go up.
0:18:52 > 0:18:55During that time, there's going to be a lot of people working in
0:18:55 > 0:18:58the area, looking to rent a property in a convenient location
0:18:58 > 0:19:00to the development, which is going to make this
0:19:00 > 0:19:03a really sound investment on the rental side as well.
0:19:03 > 0:19:04Interesting!
0:19:04 > 0:19:07So, this could be a good short-term investment
0:19:07 > 0:19:09with an added bonus later.
0:19:09 > 0:19:13So, it sounds like maximising the space, potentially for
0:19:13 > 0:19:16construction workers, might be a good move.
0:19:16 > 0:19:19What could it be worth as a four-bed, rented out,
0:19:19 > 0:19:21on a room-by-room basis?
0:19:21 > 0:19:23As an HMO, it should make between
0:19:23 > 0:19:25£1,200 and £1,600
0:19:25 > 0:19:27per calendar month.
0:19:27 > 0:19:32Of course, letting this as a house of multiple occupation, or HMO,
0:19:32 > 0:19:34does come with its own safety regulations
0:19:34 > 0:19:36you would have to adhere to.
0:19:36 > 0:19:38But it's still food for thought.
0:19:38 > 0:19:41What about renovating and selling it on,
0:19:41 > 0:19:44either as a three-bed, as it is now,
0:19:44 > 0:19:47or converting the second loft room into a fourth bedroom?
0:19:47 > 0:19:49As a three-bedroom, all done up,
0:19:49 > 0:19:52I think the owner is looking to achieve
0:19:52 > 0:19:55about £300,000-330,000.
0:19:55 > 0:19:58As a four-bedroom house, I think the property could achieve about
0:19:58 > 0:20:02£350,000-360,000.
0:20:02 > 0:20:04DOOR SQUEAKS
0:20:04 > 0:20:05Oh, I love a squeaky door.
0:20:05 > 0:20:07Now, unusually for a farm worker's cottage,
0:20:07 > 0:20:09this place is pretty big.
0:20:09 > 0:20:11Yes, it's tired, it's dated,
0:20:11 > 0:20:13you really need to think about that layout,
0:20:13 > 0:20:15but with the addition of that lovely garden,
0:20:15 > 0:20:18this could make a great family home.
0:20:18 > 0:20:20Let's find out who agreed when it went to auction.
0:20:20 > 0:20:22It's a semidetached cottage.
0:20:22 > 0:20:23Needs improvement.
0:20:23 > 0:20:25Start me at £170,000.
0:20:26 > 0:20:28170 to start me.
0:20:28 > 0:20:29170 I have.
0:20:29 > 0:20:31175 do I see?
0:20:31 > 0:20:34At 175 I have.
0:20:34 > 0:20:35180.
0:20:35 > 0:20:39After a steady battle between the room and an online bidder,
0:20:39 > 0:20:43we return with the bidding at £207,000.
0:20:43 > 0:20:45207 on the internet.
0:20:45 > 0:20:47210. 210 I have.
0:20:47 > 0:20:50And 212. 212 I have on the internet.
0:20:50 > 0:20:53212. And I'll take 14 if it helps.
0:20:53 > 0:20:56213 is bid and 214.
0:20:56 > 0:20:58Out on the internet, at 213,000.
0:20:58 > 0:21:01214 do I see?
0:21:01 > 0:21:03At 213,000.
0:21:03 > 0:21:06For the first time at 213,000.
0:21:06 > 0:21:09For the second time at 213,000.
0:21:09 > 0:21:12213,000, third and final time.
0:21:12 > 0:21:13Are you all done?
0:21:13 > 0:21:15Sold at 213,000.
0:21:15 > 0:21:16Well done, sir.
0:21:18 > 0:21:21That successful bid of 213 grand on the day
0:21:21 > 0:21:24came from Derek, and I caught up with him
0:21:24 > 0:21:27back at the house to find out exactly what he had planned
0:21:27 > 0:21:29for this new acquisition.
0:21:30 > 0:21:34Derek, pleased to meet you and congratulations!
0:21:34 > 0:21:36Thank you very much.So, you've got yourself this cottage.
0:21:36 > 0:21:38Certainly did, yeah.
0:21:38 > 0:21:40Why this one?
0:21:40 > 0:21:42Uh...it was local.
0:21:42 > 0:21:44Um, affordable.
0:21:44 > 0:21:46I had a limit of 220.
0:21:46 > 0:21:49So I was quite pleased that I got it under my budget.
0:21:49 > 0:21:53Yeah.Because it allows me to spend a little bit more
0:21:53 > 0:21:54on the doing it up, you know, so...
0:21:54 > 0:21:57Good, and you said it's local - local to where you live?
0:21:57 > 0:21:59Yes.Where's that?Yes.
0:21:59 > 0:22:02I live just the other side of Canterbury.
0:22:02 > 0:22:04You look quite at home, laid-back.
0:22:04 > 0:22:06Is this something you've done before?
0:22:06 > 0:22:08I get in a lot of trouble for being laid-back!
0:22:08 > 0:22:10THEY LAUGH
0:22:12 > 0:22:17# Don't worry Be happy
0:22:17 > 0:22:20# Don't worry Be happy now... #
0:22:20 > 0:22:21The very laid-back Derek
0:22:21 > 0:22:24is tackling what's his fifth property renovation,
0:22:24 > 0:22:27and he's happy this is going to be his last
0:22:27 > 0:22:29before he retires from the building trade.
0:22:29 > 0:22:32He's managed to rope in his brother, who's a plumber, on to
0:22:32 > 0:22:35the project, too, and not just for his skills.
0:22:36 > 0:22:38He came with me,
0:22:38 > 0:22:42and, uh...at the auction, and I said, "Can you lend me some money?"
0:22:42 > 0:22:45He said, "Yeah, I don't see why not."
0:22:45 > 0:22:49And he was meant to be going to Portugal to buy a property,
0:22:49 > 0:22:51so when he come home and said to the Mrs,
0:22:51 > 0:22:54"I've lent Derek some money..."
0:22:54 > 0:22:56He was in the bad books!
0:22:56 > 0:22:58He was... Well, yeah, he was.
0:22:58 > 0:23:01Yeah.So, your brother's playing quite a big part in this.
0:23:01 > 0:23:03What's his name?He's Bob.
0:23:03 > 0:23:07Bob.Yeah, and he's quite well known in Canterbury, so...
0:23:07 > 0:23:09Why?He's a bit of a lad.
0:23:09 > 0:23:10Yeah.He's gobby.
0:23:10 > 0:23:14Yeah!He's gobby! He's just a bit camera-shy.
0:23:17 > 0:23:20Bob might be camera-shy but at least he's not work-shy, because the pair
0:23:20 > 0:23:23will be doing most of the work themselves,
0:23:23 > 0:23:26including opening up the downstairs to make a kitchen-diner,
0:23:26 > 0:23:31adding a driveway and garage and adding a toilet to the second floor.
0:23:31 > 0:23:33Permission dependent, of course.
0:23:33 > 0:23:34And to do all that,
0:23:34 > 0:23:38they have an adequate budget of £20,000-25,000,
0:23:38 > 0:23:42and are hoping to manage it in five months.
0:23:42 > 0:23:44The thing that really jumped out at me was when I heard about
0:23:44 > 0:23:46development plans...Yes.
0:23:46 > 0:23:50..really nearby, to make 4,000 homes.
0:23:50 > 0:23:52Yeah.400 would be a lot.
0:23:52 > 0:23:554,000, that changes the dynamic of the whole area.
0:23:55 > 0:23:57It's spread over quite a bit of ground up the top of Canterbury.
0:23:57 > 0:24:03Yeah.But I think it will help with this property.
0:24:03 > 0:24:06So, you're pretty positive about the development?
0:24:06 > 0:24:08I'm very positive about it, yeah.
0:24:08 > 0:24:11Good. What's your plan for the house when it's done?
0:24:11 > 0:24:14We're going to sell in eight months' time.
0:24:14 > 0:24:19I'm...hoping to retire, unless another house comes along.
0:24:19 > 0:24:23But, no, it's for sale.
0:24:23 > 0:24:26If there's going to be 4,000 houses being built,
0:24:26 > 0:24:28that's a long time to build houses.
0:24:28 > 0:24:32You could potentially get great rental from the people
0:24:32 > 0:24:35working on the site, in the interim. Have you thought about that?
0:24:35 > 0:24:37No, not at all. I suppose you could but no,
0:24:37 > 0:24:41I hadn't thought of that whatsoever.
0:24:41 > 0:24:43It all depends how soon my brother wants his money back!
0:24:43 > 0:24:45THEY LAUGH
0:24:45 > 0:24:48I cannot wait to see what you do with the place.
0:24:48 > 0:24:50I really can't, and the best of luck, Derek.
0:24:50 > 0:24:51Thank you.Thank you very much.
0:24:53 > 0:24:56I think Derek and Bob are onto a winner here.
0:24:56 > 0:24:58With so many houses being built nearby,
0:24:58 > 0:25:02it could truly boost the rental income and also that resale value.
0:25:02 > 0:25:05What will Derek and his brother decide to do,
0:25:05 > 0:25:07and will bashful Bob make an appearance?
0:25:07 > 0:25:09You can find out later in the show.
0:25:10 > 0:25:12Still to come...
0:25:12 > 0:25:14I'm on a one-man mission to fit in some first-floor
0:25:14 > 0:25:16facilities in Merseyside.
0:25:16 > 0:25:20It'd be nice to get a bathroom of some sort up here.
0:25:22 > 0:25:27And we'll find out if Derek and Bob are on the same page in Kent.
0:25:27 > 0:25:29We're doing it by the book, hopefully.
0:25:34 > 0:25:36Let's head back to the village of Bassaleg,
0:25:36 > 0:25:39just two miles outside Newport.
0:25:39 > 0:25:43Next to a very busy main road was this charming building,
0:25:43 > 0:25:45built way back in 1828.
0:25:45 > 0:25:48It had been converted into four cottages,
0:25:48 > 0:25:51but ours was at the back
0:25:51 > 0:25:54and had a guide price of £89,000.
0:25:54 > 0:25:59Unsurprisingly, this Grade II listed building was packed with original
0:25:59 > 0:26:02features, but that did mean consent would be needed
0:26:02 > 0:26:04for any major changes.
0:26:04 > 0:26:08Fortunately, the kitchen had already been modernised, and it wasn't a bad
0:26:08 > 0:26:10size for a small cottage.
0:26:10 > 0:26:13The same, however, couldn't be said elsewhere.
0:26:15 > 0:26:16Have a look at this.
0:26:19 > 0:26:23One of the smallest baths I have ever seen.
0:26:23 > 0:26:28And the rest of the minuscule bathroom made me feel a little bit blue, too.
0:26:28 > 0:26:31At least two of the bedrooms were relatively normal
0:26:31 > 0:26:32in size and, of course,
0:26:32 > 0:26:35there was that positively massive back garden.
0:26:36 > 0:26:37When it went to auction,
0:26:37 > 0:26:42pals Brian and Bob bought this period home for £99,000.
0:26:42 > 0:26:46This is their second renovation project as business partners,
0:26:46 > 0:26:49after they were both made redundant just a few years ago.
0:26:49 > 0:26:52I think it's good to do something completely different to what we were
0:26:52 > 0:26:55doing, you know...Yeah...we had office jobs, and we were in a very
0:26:55 > 0:26:58kind of hi-tech industry.Uh-huh.
0:26:58 > 0:27:01And this is a very physical kind of type of work.Yeah.
0:27:01 > 0:27:03And a different challenge.
0:27:03 > 0:27:05If it was a challenge they were after,
0:27:05 > 0:27:08this Grade II listed building fit the bill.
0:27:09 > 0:27:11The pair planned on a full renovation
0:27:11 > 0:27:13and had a budget of 20 grand,
0:27:13 > 0:27:15and they planned to do it in three to four months.
0:27:16 > 0:27:19We're back seven months later to see how they got on.
0:27:23 > 0:27:25Well, guys, you've done well.
0:27:25 > 0:27:26It's really nice.
0:27:26 > 0:27:29The original features have been enhanced,
0:27:29 > 0:27:32and some very sympathetic ones added.
0:27:33 > 0:27:37The dated fire has been replaced with a real wood burner, with slate hearth.
0:27:37 > 0:27:41But what about the kitchen that was already fairly modern?
0:27:44 > 0:27:46Brian and Bob have gone the whole hog there,
0:27:46 > 0:27:50replacing the entire kitchen and, boy, it looks very, very good.
0:27:51 > 0:27:54So, Brian, did the grade II listing cause any problems?
0:27:56 > 0:28:00We got the conservation guy from the council round,
0:28:00 > 0:28:02and he went through the whole house,
0:28:02 > 0:28:07and we had some ideas of what we wanted to do or what we were thinking of doing.
0:28:07 > 0:28:11It was very early at that stage, and he basically didn't
0:28:11 > 0:28:12like many of them, so...
0:28:13 > 0:28:15So...
0:28:15 > 0:28:17But we...decided in the end
0:28:17 > 0:28:21that we would do as little as possible that would have...
0:28:21 > 0:28:25would require any permissions from the Grade II listing people.
0:28:25 > 0:28:29By keeping the original features of the building as unchanged as
0:28:29 > 0:28:33possible, the only alteration they needed permission for was moving
0:28:33 > 0:28:35the wall to make that tiny bathroom a bit bigger.
0:28:36 > 0:28:39Stealing space from the bedroom means it's a bit on the small side,
0:28:39 > 0:28:41but it's still OK.
0:28:41 > 0:28:44Clearly the friends have been hard at work.
0:28:44 > 0:28:47My role here,
0:28:47 > 0:28:52as a trained electrician, I've pretty much rewired the place.
0:28:52 > 0:28:56I've made all the doors and pretty much all the woodwork,
0:28:56 > 0:28:57the doorframes,
0:28:57 > 0:29:00skirtings, did the tiling,
0:29:00 > 0:29:02fitted the kitchen.
0:29:05 > 0:29:06That's pretty much it, I think.
0:29:07 > 0:29:10That's a quite impressive list from Bob.
0:29:11 > 0:29:12Brian, you're next.
0:29:12 > 0:29:15I was...focusing quite a lot
0:29:15 > 0:29:18on things like the plastering.
0:29:18 > 0:29:22That's something that I've learned a bit about through the course
0:29:22 > 0:29:24of the project.
0:29:24 > 0:29:27Also, I done the plumbing,
0:29:27 > 0:29:30the water side, obviously not the gas.
0:29:30 > 0:29:33That's something we need a gas engineer to come in and do.
0:29:33 > 0:29:35I've done a lot of the decorating.
0:29:35 > 0:29:40I can't tell you how much painting there is involved in this property,
0:29:40 > 0:29:42all of these beams, all the ceilings,
0:29:42 > 0:29:45all the walls, all the woodwork.
0:29:45 > 0:29:48All the outside's been painted as well.
0:29:48 > 0:29:52So, a lot of the decorating side as well.
0:29:52 > 0:29:55Doing that long list of works themselves means they've come in
0:29:55 > 0:29:58bang on budget at £20,000.
0:29:58 > 0:30:01Though they did run over their three to four month timescale,
0:30:01 > 0:30:03so, why was that?
0:30:03 > 0:30:06We have ended up maybe five to six months,
0:30:06 > 0:30:09but we have also had some time off.
0:30:09 > 0:30:13I became a grandad and I took some time off there.
0:30:13 > 0:30:17I also had a bit of a back issue at one point in the project.
0:30:17 > 0:30:21So we have had the odd bit of time off,
0:30:21 > 0:30:25which has maybe extended the length of the project.
0:30:25 > 0:30:28Congratulations, Brian, on the fantastic news,
0:30:28 > 0:30:31but will the agents be congratulating the guys on
0:30:31 > 0:30:33the work they've done on this quirky cottage?
0:30:33 > 0:30:36Let's see what two local agents think of
0:30:36 > 0:30:39Brian and Bob's £190,000 investment.
0:30:39 > 0:30:42First impressions of the property are it's very nice.
0:30:42 > 0:30:44It's done to a nice standard.
0:30:44 > 0:30:47And it's a quirky property.
0:30:47 > 0:30:51It's obviously been done up to a decent standard.
0:30:51 > 0:30:53A new kitchen has been added.
0:30:53 > 0:30:55And the bathroom has
0:30:55 > 0:30:58been extended and improved.
0:30:58 > 0:31:00But it's a nice little property.
0:31:00 > 0:31:03It seems to have won the agents over,
0:31:03 > 0:31:06but will that be reflected in the figures?
0:31:06 > 0:31:08Brian and Bob are planning to sell on,
0:31:08 > 0:31:10so what could it be worth on the sales market?
0:31:14 > 0:31:16I think this property could achieve in between
0:31:16 > 0:31:19£140,000-150,000.
0:31:19 > 0:31:21On the sales market,
0:31:21 > 0:31:24I would imagine that this would have a sales figure of between
0:31:24 > 0:31:28£145,000-155,000.
0:31:28 > 0:31:30Disappointed.
0:31:30 > 0:31:34Yeah, I think they are a little bit low compared to the
0:31:34 > 0:31:38valuations we have had before.
0:31:38 > 0:31:41Obviously, it wasn't finished before but, hopefully,
0:31:41 > 0:31:43that hasn't made a difference.
0:31:43 > 0:31:46We had a range of between
0:31:46 > 0:31:49something like 150-195,
0:31:49 > 0:31:53which is quite a big range, but it is a fairly unique property,
0:31:53 > 0:31:57so, maybe it's not that easy to value.
0:31:57 > 0:31:59As we say on the show,
0:31:59 > 0:32:02a house is only worth as much as somebody is willing to pay.
0:32:02 > 0:32:04So, who knows what that will be here.
0:32:04 > 0:32:07As it stands, the agents' top valuation
0:32:07 > 0:32:09would mean a pre-tax profit of 36 grand,
0:32:09 > 0:32:14so, will they be taking on any more property any time soon?
0:32:14 > 0:32:18Yeah, we're definitely looking forward to working again on other
0:32:18 > 0:32:21properties. It went very well.
0:32:21 > 0:32:24We've had very few disagreements
0:32:24 > 0:32:26and, yeah, we pretty much think alike,
0:32:26 > 0:32:28so, yeah, looking forward to the next project.
0:32:34 > 0:32:37I'm in Wallasey, a small town in the borough of Wirral
0:32:37 > 0:32:40that sits at the mouth of the River Mersey.
0:32:42 > 0:32:46With excellent transport links to its metropolitan neighbour Liverpool,
0:32:46 > 0:32:48it's a popular spot for investors
0:32:48 > 0:32:51and first-time buyers to find a bargain.
0:32:53 > 0:32:56Well, on the Wirral, but only two minutes from the tunnel to Liverpool
0:32:56 > 0:32:58is the property I'm here to see.
0:32:58 > 0:33:00It's a two-bed mid-terrace.
0:33:00 > 0:33:03Guide price £30,000-35,000.
0:33:03 > 0:33:05Well, a bit ramshackle on the outside.
0:33:05 > 0:33:07Let's have a look inside.
0:33:09 > 0:33:11So, what have we got?
0:33:11 > 0:33:13Well, pretty - eek - standard layout.
0:33:13 > 0:33:16I don't know why I just made a sound like a small mouse there,
0:33:16 > 0:33:18but whatever. Up the stairs, to the bedrooms.
0:33:18 > 0:33:20Surprise, surprise. You know,
0:33:20 > 0:33:23what I would do with this particular kind of house, what do you think?
0:33:23 > 0:33:26Open it up. This wall, unnecessary.
0:33:26 > 0:33:30Take it out. Let's have an open-plan staircase there.
0:33:30 > 0:33:32If you could be bothered,
0:33:32 > 0:33:36that chimney breast doesn't half dominate this room.
0:33:36 > 0:33:39It's not cheap, but you might want to consider taking that out all
0:33:39 > 0:33:42the way up to open up that room, because it does feel a little bit
0:33:42 > 0:33:45cramped, even though you've got that bay window. Strangely enough,
0:33:45 > 0:33:47as you sort of move into the property,
0:33:47 > 0:33:49it actually feels a bit bigger.
0:33:49 > 0:33:52This sort of kitchen-living area,
0:33:52 > 0:33:55is actually quite pleasant, and my guess is that bit there was actually
0:33:55 > 0:33:58some kind of an extension at some point.
0:33:58 > 0:34:00But it does give this really nice liveable area.
0:34:00 > 0:34:02Again, you know what?
0:34:02 > 0:34:04I know I keep banging on about this, but just rip all these walls out.
0:34:04 > 0:34:07You don't need them. Take that wall out.
0:34:07 > 0:34:09One massive great room down here.
0:34:09 > 0:34:12It would make the whole house feel so much better.
0:34:12 > 0:34:14As it is, you've got the kitchen area there.
0:34:14 > 0:34:18Through to your bathroom and loo, it's a fairly standard layout.
0:34:18 > 0:34:22But scope by just basically spending a lot of time with a sledgehammer,
0:34:22 > 0:34:25having spoken to a structural engineer first,
0:34:25 > 0:34:28and putting the requisite beams above, take out all the walls.
0:34:28 > 0:34:30Get rid of all of them. Bish - gone!
0:34:30 > 0:34:33However, I can't emphasise enough,
0:34:33 > 0:34:37those RSJs, or rolled steel joists, are vital.
0:34:37 > 0:34:39In order to pass building regs,
0:34:39 > 0:34:41a structural engineer needs to do the maths
0:34:41 > 0:34:43to ensure the correct amount
0:34:43 > 0:34:46and type of steel is going to hold up the floor above.
0:34:46 > 0:34:49The same goes for the chimney breast.
0:34:49 > 0:34:51All of this would be costly.
0:34:51 > 0:34:54So, if this was an investment property,
0:34:54 > 0:34:57you'd have to weight up whether the spend was likely to get you
0:34:57 > 0:34:58any additional profit.
0:35:01 > 0:35:04So, upstairs and two decent-sized
0:35:04 > 0:35:07bedrooms, but with scope.
0:35:07 > 0:35:10Scope perhaps for an en suite.
0:35:10 > 0:35:14This little corner area here in this front bedroom,
0:35:14 > 0:35:18just about big enough for a shower, perhaps, or just a toilet.
0:35:18 > 0:35:21It'd be nice to get a bathroom of some sort up here.
0:35:21 > 0:35:24That's one option. But there's an even better one, I think,
0:35:24 > 0:35:28in this rear bedroom. It's not huge, but look what you've got.
0:35:28 > 0:35:31You've got an even bigger little area there.
0:35:31 > 0:35:34So, I wonder if you could block that up - and this is a better idea -
0:35:34 > 0:35:37block that up, and then put a door in here.
0:35:37 > 0:35:39So you then get that upstairs bathroom.
0:35:39 > 0:35:41You lose a little bit of space there,
0:35:41 > 0:35:43but you still keep that room there pretty much as is.
0:35:43 > 0:35:46That's still a decent-sized double.
0:35:46 > 0:35:48And you'd have that upstairs bathroom.
0:35:48 > 0:35:50It wouldn't be huge, but a big bonus.
0:35:52 > 0:35:55Again, I'd only think about this if I was going to live in it.
0:35:55 > 0:35:58Putting in plumbing here could be expensive.
0:35:58 > 0:36:00It all depends on the drains and things like that,
0:36:00 > 0:36:02which takes me to outside.
0:36:03 > 0:36:05Not the prettiest of courtyards.
0:36:05 > 0:36:08But with a little imagination, it could be OK.
0:36:08 > 0:36:12And if you got this for somewhere around that guide price
0:36:12 > 0:36:14of 30 to 35,000, could it make a good investment?
0:36:15 > 0:36:18Let's ask a local estate agent what he makes of it.
0:36:22 > 0:36:26My first impressions of the house, it's got a lot of potential,
0:36:26 > 0:36:28which is great. Make a good investment.
0:36:28 > 0:36:30I think it needs a full refurbishment.
0:36:30 > 0:36:34In terms of work that needs doing, a new kitchen, new bathroom,
0:36:34 > 0:36:36decoration and carpets throughout, as well.
0:36:36 > 0:36:38You could put a toilet upstairs.
0:36:38 > 0:36:41I'd probably just leave it the bathroom downstairs,
0:36:41 > 0:36:44which is absolutely fine for the size of the property.
0:36:44 > 0:36:47So, the agent doesn't think structural work is necessary,
0:36:47 > 0:36:50And thinks a budget of 10 to 15 grand
0:36:50 > 0:36:53would get this property up to scratch.
0:36:53 > 0:36:56So, with that in mind, what kind of rental could be achieved here?
0:36:57 > 0:37:01On completion, I'd estimate the property would achieve £450 per calendar month.
0:37:01 > 0:37:04And what about resale?
0:37:04 > 0:37:08Upon completion, you'd be looking at achieving a price of £70,000.
0:37:08 > 0:37:11Well, it's a lot of house for the money, and I certainly think with
0:37:11 > 0:37:14some simple modifications inside, you can make a big difference.
0:37:14 > 0:37:17How did it go when it went to the auction? Let's find out.
0:37:20 > 0:37:22It's a two-bed, mid-terraced house.
0:37:22 > 0:37:24You've got double glazing and central heating.
0:37:24 > 0:37:26The guide is 30 to 35.
0:37:26 > 0:37:29Ladies and gentlemen, start me off at 30. Lower end of the guide,
0:37:29 > 0:37:30if I may, 30. Straight in at 30.
0:37:30 > 0:37:3332? Who else is here for this one at 32?
0:37:33 > 0:37:3532. 34?
0:37:35 > 0:37:3734, thank you. 36.
0:37:37 > 0:37:3836 is your bid.
0:37:38 > 0:37:39Yeah? 38?
0:37:41 > 0:37:43Anyone else?
0:37:43 > 0:37:4538, I have.
0:37:45 > 0:37:47Is it you, sir? 40? Thank you.
0:37:47 > 0:37:4941. 41 is that gentleman.
0:37:49 > 0:37:5042.
0:37:50 > 0:37:5240...that's a yes? Are you two together?
0:37:52 > 0:37:5442. 43.
0:37:54 > 0:37:5544.
0:37:56 > 0:37:5845.
0:37:58 > 0:38:0046.
0:38:00 > 0:38:0247.
0:38:02 > 0:38:0348.
0:38:03 > 0:38:0549.
0:38:05 > 0:38:06Thank you. 50.
0:38:07 > 0:38:0949 and a half is a bid.
0:38:09 > 0:38:1150, can I say?
0:38:11 > 0:38:12Thank you. Another half.
0:38:12 > 0:38:1451.
0:38:14 > 0:38:16Thank you. Another half.
0:38:16 > 0:38:1752.
0:38:19 > 0:38:21Thank you very much. 52 and a half.
0:38:21 > 0:38:22Understood.
0:38:22 > 0:38:25£52,000 for the first time.
0:38:25 > 0:38:26£52,000 for the second time.
0:38:26 > 0:38:30Are we all done? At £52,000...
0:38:30 > 0:38:33Ooh, 52 and a half, I see. I see it.
0:38:33 > 0:38:3453, guys?
0:38:36 > 0:38:37You're both saying no.
0:38:37 > 0:38:39It's with you at 52,500,
0:38:39 > 0:38:42if I don't get the extra 500.
0:38:42 > 0:38:44For the very first time, 52 and half.
0:38:44 > 0:38:46Second time at £52,500.
0:38:46 > 0:38:48I'm looking for a 53.
0:38:48 > 0:38:52Are we all done? Third and final time at £52,500...
0:38:52 > 0:38:55You're going to lose it. Sold.
0:38:55 > 0:38:56Well done.
0:38:56 > 0:39:00On this occasion our cameras missed successful bidder Hardeep.
0:39:00 > 0:39:04Local shop owner and sometime property developer Hardeep
0:39:04 > 0:39:08had to battle to get this property for £52,500.
0:39:08 > 0:39:11So, I'm intrigued to find out what his plans are.
0:39:18 > 0:39:22Hardeep, lovely to meet you. Nice to meet you.Congratulations!
0:39:22 > 0:39:24Tell me why you wanted to buy this place.
0:39:24 > 0:39:26It's local. I've got a shop up the road,
0:39:26 > 0:39:30so it's kind of close proximity to that.
0:39:30 > 0:39:32And, you know, I can manage the work myself as well.
0:39:32 > 0:39:34Right. And quite a good price.
0:39:34 > 0:39:37Yeah, it was 52,500, so, I think my budget was 50,
0:39:37 > 0:39:39but it did kind of creep over that.
0:39:39 > 0:39:41Right, why were you so keen to buy it?
0:39:41 > 0:39:44Probably the location. I've got a few other buy-to-lets locally
0:39:44 > 0:39:47as well, and we've got a good team locally as well, so, you know,
0:39:47 > 0:39:50it's just one to add to the portfolio.Brilliant.
0:39:50 > 0:39:53Apart from this location, then, what did you like about the house?
0:39:53 > 0:39:57It's just a general tidy up, like, a new kitchen, new bathroom, bit of a,
0:39:57 > 0:40:01you know, new carpets, lick of paint, get it tenanted again.
0:40:01 > 0:40:04So, the idea is you're buying to rent it out?That's it.
0:40:04 > 0:40:07Around the sort of Merseyside area, the Wirral or whatever,
0:40:07 > 0:40:10it does seem that the buy-to-let model is still working,
0:40:10 > 0:40:13you're getting some good returns? Yeah, I think, on this one,
0:40:13 > 0:40:16we could achieve up to between, like, 475 to 485,
0:40:16 > 0:40:19so I'm going for the... That's the kind of market for a two-bedder.
0:40:19 > 0:40:22Right.I've got similar ones in the area,
0:40:22 > 0:40:24that does achieve between 450 to 500.
0:40:24 > 0:40:27Right.So, you do get good value for money, you know,
0:40:27 > 0:40:29in this kind of area.
0:40:29 > 0:40:31Hardeep certainly seems to know his stuff,
0:40:31 > 0:40:34and has a team of people who are going to get this place ship-shape.
0:40:34 > 0:40:38But getting a decent yield always comes down to how much you spend.
0:40:41 > 0:40:44So, do you have a budget for the work?Um, yeah,
0:40:44 > 0:40:46I was thinking about 7,500 to 10,000...OK.
0:40:46 > 0:40:49..so, you know, I just want to...
0:40:49 > 0:40:51just play it by ear, really.
0:40:51 > 0:40:53Now, I did have some ideas about taking down lots of walls,
0:40:53 > 0:40:55try and make it even more open-plan.
0:40:55 > 0:40:57Are you going to do anything dramatic like that?
0:40:57 > 0:40:59Not on this one, no, to be honest.
0:40:59 > 0:41:02It'll just be a simple renovation, tenanted, move on,
0:41:02 > 0:41:04next job.I had another idea... Yeah?
0:41:04 > 0:41:06Yes, a bathroom upstairs, how about that?
0:41:06 > 0:41:07I was thinking about that earlier,
0:41:07 > 0:41:09but it's only got two bedrooms upstairs,
0:41:09 > 0:41:12so if you put the bathroom upstairs, it'll just be one-bedroom, so...
0:41:12 > 0:41:15In the little square thing? You could possibly open that up,
0:41:15 > 0:41:18put the thing in from the... No?No, I think I'll just keep it
0:41:18 > 0:41:21how it is and just kind of rent it. So much for my ideas, then!
0:41:22 > 0:41:26Yeah.Now, when you let, do you use an agent, or do you do it yourself?
0:41:26 > 0:41:29Well, to be honest, I kind of do it myself as well.
0:41:29 > 0:41:32We've got to shop up the road, so what we do is we just advertise
0:41:32 > 0:41:34in the shop, and you just, you know,
0:41:34 > 0:41:36take the viewings and just take it from there.
0:41:36 > 0:41:39We've actually got a tenant lined up.Oh, have you?Yeah,
0:41:39 > 0:41:41she's looking at around 495 but, obviously,
0:41:41 > 0:41:44we've got to do the work. Probably get her in,
0:41:44 > 0:41:46tell us what kind of colour scheme she's after.
0:41:46 > 0:41:49That's ideal, isn't it? Yeah.Right, what's the timescale?
0:41:49 > 0:41:52Um, I'm looking probably four to six weeks.
0:41:52 > 0:41:56OK.To be honest, it depends on the contractors, you know,
0:41:56 > 0:41:57their availability and stuff.
0:41:57 > 0:42:00So it's just kind of getting them in, get it priced up,
0:42:00 > 0:42:01get the work done.Great,
0:42:01 > 0:42:03and how did you get into the world of property?
0:42:03 > 0:42:06To be honest, my parents were into it. My dad was really keen.
0:42:06 > 0:42:09He used to, you know, buy a house, renovate it,
0:42:09 > 0:42:12rent it, and I think we grew up in that world,
0:42:12 > 0:42:14and I think we just carried on,
0:42:14 > 0:42:16you know, but he's not around no more, so...Aww.
0:42:16 > 0:42:17..we just carry it on now.
0:42:17 > 0:42:19Right, so, any other family members going to help you?
0:42:19 > 0:42:21Yeah, my brother as well, so,
0:42:21 > 0:42:24we'll just kind of just see what needs doing, get it done, move on.
0:42:24 > 0:42:27Cos last year, I done a self-build...Oh, did you?
0:42:27 > 0:42:30So, we bought a plot of land, and we actually fell in love with it,
0:42:30 > 0:42:33so, we got planning on there for a five-bedder, built it,
0:42:33 > 0:42:36the plan was to sell, but we fell in love with it during the build,
0:42:36 > 0:42:39so we ended up just keeping it, and we moved in and, you know,
0:42:39 > 0:42:41I should have sold it, but, you know, hey-ho.
0:42:41 > 0:42:42Well, you love it, so that's great.
0:42:42 > 0:42:45That's it, yeah. So, also, where the shop is,
0:42:45 > 0:42:49we've got some land behind there, so just recently, on Friday,
0:42:49 > 0:42:52we just got planning permission for four flats.
0:42:52 > 0:42:54Oh, wow!So, that's the next thing.
0:42:54 > 0:42:56At the minute, we're just waiting
0:42:56 > 0:42:58for building regulations to come through.OK.
0:42:58 > 0:43:01Blimey, but you've done self-build, you've done flats,
0:43:01 > 0:43:03this is a piece of cake, really! Well, you know, never say never,
0:43:03 > 0:43:06Unless you've started taking everything out of there.
0:43:06 > 0:43:07You always expect the unexpected, really.
0:43:07 > 0:43:10Well, listen, congratulations.Thank you very much.Good luck with it.
0:43:10 > 0:43:13Thank you very much.Look forward to seeing how you get on.
0:43:13 > 0:43:15Yeah, no problem, cheers, thank you.
0:43:15 > 0:43:17Well, my ideas went down well, didn't they?
0:43:17 > 0:43:18Not!
0:43:18 > 0:43:23Anyway, compared to doing a self-build, or building four flats,
0:43:23 > 0:43:26this place really should be a piece of cake for Hardeep.
0:43:26 > 0:43:30You can find out how he gets on later in the show.
0:43:30 > 0:43:33I'll just go and...lick my wounds.
0:43:33 > 0:43:35I thought it was a good idea!
0:43:41 > 0:43:44So, earlier, we found out how one of our buyers got on with their auction property.
0:43:44 > 0:43:46Yeah, what about the other two?
0:43:46 > 0:43:48Will their blood, sweat and tears have paid off?
0:43:48 > 0:43:49Wait no longer. Let's find out.
0:43:52 > 0:43:56It was two miles out of the historic city of Canterbury I saw this
0:43:56 > 0:43:58impressive former farm worker's cottage,
0:43:58 > 0:44:03that went to auction with a guide price of £170,000 plus.
0:44:03 > 0:44:06Larger than I expected, the downstairs living space
0:44:06 > 0:44:10was fairly generous and it had lots of nice original features,
0:44:10 > 0:44:14although the downstairs bathroom and side entrance were not the best
0:44:14 > 0:44:17configuration for modern family living.
0:44:17 > 0:44:22I thought best to move that bathroom upstairs and shave some space
0:44:22 > 0:44:23from one of the two bedrooms,
0:44:23 > 0:44:26since they weren't lacking in floor space -
0:44:26 > 0:44:29although headspace, that was a different matter!
0:44:30 > 0:44:33The ceilings are really low and, you know,
0:44:33 > 0:44:36I'm five foot three and a half, and when I'm walking into the light...
0:44:36 > 0:44:38That's low!
0:44:38 > 0:44:41# You got to use your head...#
0:44:41 > 0:44:44Up a further flight of stairs was the third and final bedroom.
0:44:44 > 0:44:48But the space next door could easily be converted to a fourth,
0:44:48 > 0:44:52making this a perfect family countryside home.
0:44:52 > 0:44:54Except...
0:44:54 > 0:44:57I happen to know there are plans afoot to change this landscape
0:44:57 > 0:45:00with up to 4,000 new homes.
0:45:00 > 0:45:04But Derek had done his homework and wasn't put off,
0:45:04 > 0:45:07and bought the cottage for 213 grand,
0:45:07 > 0:45:11with his not-so-silent partner, his brother, Bob.
0:45:11 > 0:45:14He's quite well known in Canterbury, so...
0:45:14 > 0:45:16Why?He's a bit of a lad.
0:45:16 > 0:45:18Yeah?He's...he's gobby!
0:45:18 > 0:45:21Yeah?!He's gobby, he's just a bit camera-shy!
0:45:24 > 0:45:28Derek and Bob had a budget of £20,000 to £25,000,
0:45:28 > 0:45:30and a timescale of five months,
0:45:30 > 0:45:32but would all go to plan?
0:45:32 > 0:45:35After all, this was a Grade II listed building.
0:45:35 > 0:45:39Could they get permission to move the bathroom upstairs,
0:45:39 > 0:45:43and would they take advantage of the great rental opportunity?
0:45:43 > 0:45:47We are back four months later, and there's still no sign of gobby Bob!
0:45:47 > 0:45:52# Little less conversation A little more action, please
0:45:52 > 0:45:55# All this aggravation Ain't satisfactioning me
0:45:55 > 0:45:58# Little more bite A little less bark
0:45:58 > 0:46:00# A little less fight And a little more spark
0:46:00 > 0:46:01# Close your mouth and open up your heart
0:46:01 > 0:46:03# And baby satisfy me
0:46:03 > 0:46:07# Satisfy me... #
0:46:07 > 0:46:12Oh, dear, it looks like Derek and Bob have been all chat and not much action!
0:46:12 > 0:46:14Work has definitely started,
0:46:14 > 0:46:17but it's not as far on as I would have expected.
0:46:18 > 0:46:20So, what's happened?
0:46:20 > 0:46:22We found a leak in the kitchen floor
0:46:22 > 0:46:25that we didn't know was there.
0:46:25 > 0:46:30We were going to take the screed up so we could lay our floor in there,
0:46:30 > 0:46:33and realised we'd got
0:46:33 > 0:46:35a fairly soggy floor underneath,
0:46:35 > 0:46:38so, we've had to leave it to dry out naturally.
0:46:38 > 0:46:42But, yes, we've repaired the leak and, hopefully,
0:46:42 > 0:46:45which I think you can see, it's drying out nicely now.
0:46:54 > 0:46:57Upstairs, everything is stripped back to brick,
0:46:57 > 0:47:00and the brothers are going to split the rear bedroom to make way for
0:47:00 > 0:47:03a family bathroom, which is a great idea.
0:47:03 > 0:47:07But did that Grade II listing cause them any problems?
0:47:07 > 0:47:12No, because we put the plans in, we had the plans all drawn up.
0:47:12 > 0:47:16We are replacing like-for-like,
0:47:16 > 0:47:19which they seemed to like, so,
0:47:19 > 0:47:21you can't really go far wrong.
0:47:21 > 0:47:24But I could see you could get into trouble
0:47:24 > 0:47:28if you just ripped out things and, you know, carried on.
0:47:28 > 0:47:32But, yeah, we're doing it by the book.
0:47:32 > 0:47:33Hopefully!
0:47:37 > 0:47:39Up in the loft, not much has changed,
0:47:39 > 0:47:43but Derek and Bob have got permission to separate off the second room
0:47:43 > 0:47:45to make it a fourth bedroom,
0:47:45 > 0:47:50and are planning to add a driveway and garage into the garden.
0:47:50 > 0:47:54So far, they've barely touched the 20 to 25 grand budget,
0:47:54 > 0:47:57but how long does Derek think that this will take?
0:47:57 > 0:48:00It is going to easily take another five months,
0:48:00 > 0:48:03just to do what we were going to do in the first place,
0:48:03 > 0:48:05but what with the hold-ups,
0:48:05 > 0:48:09my brother's been on holiday, I've been on holiday,
0:48:09 > 0:48:10we're just not in a rush,
0:48:10 > 0:48:12we're just doing this as a top-up
0:48:12 > 0:48:15for the pension, really, I suppose.
0:48:17 > 0:48:20Just how much could be going into that pension pot?
0:48:20 > 0:48:24Let's hear what two local estate agents thought of the plans for
0:48:24 > 0:48:27the house, and what it could be worth when complete.
0:48:27 > 0:48:28A fantastic opportunity.
0:48:28 > 0:48:32I think there's a lot of scope, a lot of improvement needed,
0:48:32 > 0:48:35but it's got massive potential.
0:48:35 > 0:48:38It's a great location.
0:48:38 > 0:48:39I'm rather jealous, actually!
0:48:39 > 0:48:42I think the layout will be good when the refurbishment is completed.
0:48:42 > 0:48:45I think you've really got to get a bathroom upstairs.
0:48:45 > 0:48:46I think, being a four-bed,
0:48:46 > 0:48:49could do with a little more ground floor space,
0:48:49 > 0:48:52whether that was a conservatory off at the rear,
0:48:52 > 0:48:54because if the garage that's going at the side,
0:48:54 > 0:48:57you'd be a bit stifled there. But I would certainly look at
0:48:57 > 0:48:59perhaps, even if it's just a conservatory,
0:48:59 > 0:49:02but a nice timber-framed conservatory, in keeping,
0:49:02 > 0:49:04that would give you a bit more space as well.
0:49:04 > 0:49:07That would, of course, mean more time and money would need
0:49:07 > 0:49:10to be invested, although it's a nice idea.
0:49:10 > 0:49:15At present, Derek and Bob have stayed on track with their £238,000
0:49:15 > 0:49:20investment, and what's even better is they have a potential purchaser.
0:49:20 > 0:49:23So, what kind of figure should this achieve on the sales market?
0:49:23 > 0:49:25Once the work is completed,
0:49:25 > 0:49:28and the property is then a four-bedroom house,
0:49:28 > 0:49:30I would suggest a guide price
0:49:30 > 0:49:33in the region of approximately £325,000.
0:49:33 > 0:49:36The second agent thought the brothers could add even more value
0:49:36 > 0:49:40with an extension and en suite in the loft, but how much?
0:49:40 > 0:49:43If it was complete now in the market today,
0:49:43 > 0:49:45I would recommend putting it on the market
0:49:45 > 0:49:47at between 400,000 and 600,000,
0:49:47 > 0:49:49but you'd end up probably somewhere in the middle.
0:49:49 > 0:49:53Continuing with the plans they have now could see them with a potential
0:49:53 > 0:49:57profit, minus taxes and fees, of 87 grand,
0:49:57 > 0:50:01and while the other estate agent's ideas are good, even after, say,
0:50:01 > 0:50:04allowing for a generous £100,000 for the additional work,
0:50:04 > 0:50:07they could double the profit.
0:50:07 > 0:50:09Would it be worth more time and hassle?
0:50:09 > 0:50:10Is Derek tempted?
0:50:10 > 0:50:13Yeah, yeah, it's really made me speechless!
0:50:16 > 0:50:18Watch this space, folks!
0:50:18 > 0:50:22But how does Derek feel about the project so far?
0:50:22 > 0:50:24Glad we done it. Um...
0:50:24 > 0:50:28Still don't know whether I'd take on a Grade II again,
0:50:28 > 0:50:31but knowing what I know, um, it's always a possibility,
0:50:31 > 0:50:34but we're not looking do it again.
0:50:34 > 0:50:36It's just to top up the pension.
0:50:36 > 0:50:38Um, yeah, very pleased.
0:50:45 > 0:50:48Back to Merseyside now, and the town of Wallasey.
0:50:48 > 0:50:51It was here, at the mouth of the famous River Mersey,
0:50:51 > 0:50:53that we looked around this two-bed,
0:50:53 > 0:50:56mid-terrace property,
0:50:56 > 0:51:00that had a guide price of 30 to £35,000.
0:51:00 > 0:51:04A deceptively spacious property that needed a lick of paint,
0:51:04 > 0:51:07and possibly a little reimagining.
0:51:07 > 0:51:11Block that up, and then put a door in here,
0:51:11 > 0:51:13so you then get that upstairs bathroom.
0:51:13 > 0:51:14You lose a little bit of space there,
0:51:14 > 0:51:17but you still keep that room there pretty much as is.
0:51:17 > 0:51:19That's still a decent sized double,
0:51:19 > 0:51:21and you'd have that upstairs bathroom.
0:51:21 > 0:51:23It won't be huge, but a big bonus.
0:51:25 > 0:51:29Yes, there were options with this property that looked like the ideal
0:51:29 > 0:51:33rental investment to me, and I wasn't on my own.
0:51:33 > 0:51:37Bought on auction day for £52,500,
0:51:37 > 0:51:41by local shopkeeper and sometime property developer Hardeep.
0:51:41 > 0:51:43He could see the potential of this property,
0:51:43 > 0:51:46although not the potential of my ideas of knocking down walls and
0:51:46 > 0:51:49installing that bathroom upstairs.
0:51:49 > 0:51:51Yeah, so, a bathroom upstairs, how about that?
0:51:51 > 0:51:53I was thinking about that earlier but, actually,
0:51:53 > 0:51:56it's only got two bedrooms upstairs, so if you put the bathroom upstairs,
0:51:56 > 0:51:58it'll just be one bedroom.
0:51:58 > 0:52:01In the little square thing? You could possibly open that up and put
0:52:01 > 0:52:02anything in from the... No?No,
0:52:02 > 0:52:05I think I'll just keep it how it is and just kind of rent it.
0:52:05 > 0:52:08So much for my ideas, then! Yeah.
0:52:08 > 0:52:11# Baby, I know better... #
0:52:13 > 0:52:16Hardeep knew the local property market really well,
0:52:16 > 0:52:20having renovated and rented several properties in the area in the past.
0:52:20 > 0:52:24He even already had a tenant waiting to move in.
0:52:24 > 0:52:27He had a budget of £7,500 to £10,000,
0:52:27 > 0:52:29and a timescale of four to six weeks
0:52:29 > 0:52:32to get the property ready and move his tenants in.
0:52:35 > 0:52:37Well, just over four weeks later,
0:52:37 > 0:52:40and the front is looking far brighter,
0:52:40 > 0:52:42with a new front door, plus fencing and gate.
0:52:42 > 0:52:45Will the improvements continue inside?
0:52:55 > 0:52:58With the work complete and the tenant already moved in,
0:52:58 > 0:53:01this place has been transformed.
0:53:01 > 0:53:03A lovely neutral paint job in the living room,
0:53:03 > 0:53:05plus a brand-new fireplace,
0:53:05 > 0:53:07has added character and warmth.
0:53:08 > 0:53:11There's a fantastic new kitchen at the back.
0:53:17 > 0:53:20They've also put in a new, modern and attractive suite
0:53:20 > 0:53:22in the ample family bathroom.
0:53:35 > 0:53:39Upstairs, and the two rooms have been neutrally decorated to
0:53:39 > 0:53:42a good standard, creating a perfect renter's property.
0:53:45 > 0:53:48To get all this done in a little over four weeks,
0:53:48 > 0:53:51plus move a tenant in, is some achievement.
0:53:51 > 0:53:53Was it all plain sailing?
0:53:53 > 0:53:58The biggest challenge, probably...
0:53:58 > 0:54:01the timescale. I did say four weeks, and I thought I was going to drag
0:54:01 > 0:54:03on, but because I had a tenant on board,
0:54:03 > 0:54:05that's why I did have to push it.
0:54:05 > 0:54:08When it was looking like two weeks and the tenant was saying,
0:54:08 > 0:54:11"Is it going to be ready?" When half the kitchen was still being put in
0:54:11 > 0:54:13and the bathroom was still...
0:54:13 > 0:54:15We did get another pair of hands on board, then, as well,
0:54:15 > 0:54:17just to make sure it was done by the deadline.
0:54:19 > 0:54:22So, it sounds like a simple renovation plan and sticking with
0:54:22 > 0:54:25the people he knows to do the work has resulted in
0:54:25 > 0:54:27a relatively stress-free project for Hardeep.
0:54:29 > 0:54:31Lesson to be learned for all of us, there.
0:54:32 > 0:54:37Having a tenant waiting to move in has also had its advantages.
0:54:37 > 0:54:39During the design process for the kitchen and the bathroom,
0:54:39 > 0:54:42I did liaise with the tenant, like, what kind of styles do you like
0:54:42 > 0:54:46and what kind of colour of flooring you like, and the carpets, curtains,
0:54:46 > 0:54:47even the actual blinds as well.
0:54:47 > 0:54:50So, we actually incorporated most of her designs
0:54:50 > 0:54:52and the colour scheme that she's looking for.
0:54:52 > 0:54:55Because at the end of the day, the tenant's happy, I'm happy.
0:54:55 > 0:54:58It's a long-term let, it's not just a short-term, six months to a year,
0:54:58 > 0:55:02this is probably about five years, so, you know, I'm happy.
0:55:02 > 0:55:04Sounds like everyone's happy, then.
0:55:04 > 0:55:07But with the work being done well within the timescale,
0:55:07 > 0:55:09did Hardeep stick to his budget?
0:55:11 > 0:55:13I just come under the seven grand budget,
0:55:13 > 0:55:15so I'm quite pleased with that.
0:55:15 > 0:55:19We made a few savings and, you know, we did overspend on certain parts,
0:55:19 > 0:55:21but, overall, the project went well.
0:55:23 > 0:55:27So, Hardeep's invested a total of £59,500,
0:55:27 > 0:55:30and his tenant is paying £475 per calendar month,
0:55:30 > 0:55:34which is a healthy yield of 9.5%.
0:55:34 > 0:55:37But will two local estate agents think he could have got more,
0:55:37 > 0:55:40or indeed done more for the property?
0:55:40 > 0:55:42Let's start with the agent who saw it originally.
0:55:45 > 0:55:47So, it's my second time in the property.
0:55:47 > 0:55:49I think he's done a great job to it.
0:55:49 > 0:55:51Very modern, neutral colours, so, yeah, very impressed.
0:55:51 > 0:55:55My first impressions of the property was that it's presented really
0:55:55 > 0:55:57nicely, it looks like the guy's done a really good job
0:55:57 > 0:56:00in renovating it. Looking around, it seems like
0:56:00 > 0:56:02it's all been done to a very good standard.
0:56:02 > 0:56:06They're impressed and it sounds like Hardeep made exactly the right call
0:56:06 > 0:56:07when it came to an upstairs bathroom.
0:56:09 > 0:56:12So, in terms of layout, I don't think I would have changed anything.
0:56:12 > 0:56:14The bathroom is downstairs, but that's what's expected,
0:56:14 > 0:56:17in these types of properties.I think the layout works really well.
0:56:17 > 0:56:20I like the fact that they've kept the bathroom downstairs.
0:56:20 > 0:56:22Some of the houses round here, they try and squeeze the bathroom
0:56:22 > 0:56:25upstairs and it doesn't quite work with the room sizes.
0:56:25 > 0:56:27So, as you come in, you're coming through the hallway,
0:56:27 > 0:56:30walking through the lounge, into the kitchen, it's a nice layout,
0:56:30 > 0:56:32it's got a really nice feel to it.
0:56:32 > 0:56:34Hardeep knows what works in these houses, for sure.
0:56:34 > 0:56:37But what about the numbers? He's not going to sell,
0:56:37 > 0:56:42but could he make any profit on his £59,500 investment?
0:56:42 > 0:56:45And is he on the ball with that rental value
0:56:45 > 0:56:47of £475 per calendar month?
0:56:49 > 0:56:52In the rental market, this property would achieve £450 per calendar
0:56:52 > 0:56:56month, and in the sales market, it would achieve £70,000.
0:56:56 > 0:57:00In the rental market, I would expect the property to achieve £450 per
0:57:00 > 0:57:02calendar month, and in the sales market,
0:57:02 > 0:57:05I would expect the property to achieve £70,000.
0:57:05 > 0:57:08Those valuations of 70,000
0:57:08 > 0:57:11would mean a pre-tax profit of £10,500.
0:57:11 > 0:57:14But Hardeep isn't interested in selling just now,
0:57:14 > 0:57:18and is actually getting more than what they predicted for rental.
0:57:18 > 0:57:21At the end of the day, if we get a good tenant in there and we look
0:57:21 > 0:57:24after them, they are prepared to pay a bit extra.
0:57:24 > 0:57:26Well, with a long-term tenant in place
0:57:26 > 0:57:29and a healthy 9.5% yield coming in,
0:57:29 > 0:57:31Hardeep can count this as a success,
0:57:31 > 0:57:36and I think it's only wise we ask his advice for any aspiring property developers.
0:57:36 > 0:57:38The location's got to be right,
0:57:38 > 0:57:40and the price has got to be right as well.
0:57:40 > 0:57:43After all the renovation as well, you've got to make sure of some
0:57:43 > 0:57:45appreciation for the capital as well,
0:57:45 > 0:57:47otherwise it's not worth it, really.
0:57:47 > 0:57:50So, I'd make sure, do your research, that's the main thing.
0:57:54 > 0:57:56Well, even for the most experienced property developer,
0:57:56 > 0:58:00every project is a chance to learn something new.
0:58:00 > 0:58:02Hopefully, today's stories have given you a real insight,
0:58:02 > 0:58:04and maybe you've learned something, too.
0:58:04 > 0:58:07Yeah, so join us again soon here on Homes Under The Hammer.
0:58:07 > 0:58:09See you soon.Bye-bye.Goodbye.