Episode 47 Homes Under the Hammer

Hello and welcome to the show.

Now, buying a property

is probably the biggest investment

that most of us will make

in our whole lives.

Yeah. So, obviously,

it's a very stressful experience.

But if you have a passion

for property, like we do, well,

that stress can be worth it,

so, why not think about buying

your next home under the hammer?

We always talk about

the importance of preparation

when buying a property at auction,

and that's because it is vital.

Yes, the more you research, the more

you stack things in your favour.

So, have the buyers on today's

show been listening to our advice?

Let's hope so.

Here's what they bought.

On today's show, I'm in Bassaleg,

viewing this quirky cottage

that comes with premium real estate.

Here we have

the outbuilding.

That doesn't look much smaller than

this former farm worker's cottage

in Canterbury.

I'm five foot three and a half

and when I'm walking

into the light, that's low.

But, fear not,

because a solution is at hand

at this tired

two up, two down in Wallasey.

Take out all of the walls.

Get rid of them. Boom-bish! Gone.

All these properties

have been sold at auction

and we'll find out who bought them

and what they paid

when they went under the hammer.

No? Sold to you.

This is the village of Bassaleg,

located two miles from Newport

city centre in south Wales.

The Ebbw river runs through it,

as does the A468 road,

and junction 28 of the M4 motorway

is less than about a mile away.

Pye Corner train station

also provides a service into Cardiff

city centre

and it only takes 20 minutes.

All in all, it's a convenient

and picturesque place to live.

Before I tell you about our lot,

the location -

we are very close to

a busy and noisy main road.

The house we're here to see is

in this very pretty 1828 building.

It's now been split up

into four cottages.

Ours is round the back.

It's got two bedrooms

and had a guide price of 89 grand.

This building has historical links

to the Morgan family,

who owned one of

the best 17th-century mansions

in the country.

Well, this is definitely

on a smaller scale.

Now...

this feels really cosy

as you come in.

Nice little hallway here.

You've got your stairs

that are going up to the bedrooms

but it does have

a sense of cosiness,

as soon as you come into

the cottage.

Take a few steps away

from the front door

and you're into

the lounge-living area.

As soon as I came in,

I noticed that the floor

seems to be in really good condition

but it's really got an old feel.

You've got original beams,

you've got a brick wall over there.

Before, you start thinking, right,

I'll knock that down

and I'll spread that out,

I'll build there,

this is a listed building,

so you're going to need consent

for anything that you want to do

inside and outside.

Grade II listings

are vital in protecting features,

like the arched window.

If you're not keen on the ceiling

beams, or the stone and brick walls,

I'd strongly advise you have a chat

with your local authority

conservation officer

to keep you right.

But, having said that,

there are some features in here

I'm not so keen on.

And then we take a step up and

we find ourselves in this kitchen,

which is surprisingly big

and spacious and in good condition.

Got a nice deep sink there.

Solid sink as well.

You've got windows to the courtyard,

over there,

and the stable door, as well.

Another window here,

lots of light coming in.

It's in good condition.

You'd probably get away

with keeping most of this.

At the moment, I'm more impressed

with the kitchen

than I am with the lounge.

# That don't impress me much... #

The tired living room

may not be dressed to impress,

but the local council

won't be impressed

if you start ripping it apart.

Carrying out unauthorised work

on a listed building

is a criminal offence

and owners can be forced

to reinstate any altered features,

or even be prosecuted for doing so.

Each building is different

but, broadly speaking,

you'll need to get listed building

consent before you make any changes

that can affect the character

of the building.

Even rather narrow

impractical stairs, like these,

could be protected by listing,

providing fire regs

can be met with another exit.

And then, there's this.

Right. Made it through

one of the smallest bathroom doors

I've ever been through,

but if you think that is small,

have a look at this.

One of the smallest baths

I have ever seen.

The whole bathroom,

needs to be changed.

Needs a bit of a rejig,

this place does,

but before you start

knocking walls down

to create some space,

remember, it's listed!

# If it don't fit, don't force it.

Don't force it, don't force it

# Give love a little room

Let it ease on in... #

I've got to say, this is more like

a foot bath to a big lad like me.

Overall, there's not a lot of space

to play with.

Perhaps it would work better

as a wet room.

That way, it would be more suitable

for modern living.

At least there are

two bedrooms up here

and the master

is a decent size as well.

# If it don't fit, don't force it

# Don't let your ego

Tell you when... #

Now, in the auction catalogue

it said,

this property has got an outbuilding

and I've found it.

Here we have

the outbuilding.

But... Not really.

If you follow me over here,

not only do you get

the kiddies' outbuilding,

you actually get that outbuilding.

Not only do you get the kiddies'

and the outbuilding,

you get all of this as well,

if you can believe it.

You've got a raised area there.

You've got

all this back garden here.

You can still hear the road noise.

But that's not a problem.

All you have to do is turn

and face the fields.

Look at the sheep.

Think countryside, not cars.

I'm not trying to pull the wool

over your eyes here, honestly.

There's a lot of people that live

next door to busy roads

and are not bothered by it at all.

and are not bothered by it at all.

If you get listed building consent,

to install triple glazed windows,

If you get listed building consent,

to install triple glazed windows,

you can have a good night's sleep

and you won't have to count sheep.

Just count the noughts

on how much it's going to

cost you to install them.

Time to ask a local estate agent

to give his thoughts

on the cottage, guided at 89 ground.

First, does he think the road

will put people off?

I think the road's going to be

a real challenge.

It doesn't necessarily detract

from the amount of profit

they could make on the property.

It could just take longer

to actually find the person

who is willing to tolerate

the noise.

It's not great news for investors

wanting to sell,

but it's not a deal-breaker either.

What about the next

potential hurdle?

The property is listed

and there are going to be

some challenges that

that presents, in terms

of making some changes,

but I think that most

of the sensible changes

that an investor's going to want

to make are going to be possible.

It just may take slightly longer

to achieve them.

So, what kind of figure could

the house achieve once renovated?

If it's done to the right standard,

I think they'll be able to achieve

about £150,000.

This is a unique

and historic property.

It does need a bit of TLC

and, don't forget,

it is a listed building,

so it could cause you some

complications when renovating.

Let's see who wanted to take it on

when it went under the hammer.

Next up, we've got a two bedroom

cottage in sought-after location,

in need

of some modernisation.

OK, so we're looking to start

the bidding on this at 90,000.

Do I see 90,000?

Do I see 90,000

to get things going on it?

90,000 is bid. Thank you.

90,000. Do I see 91?

91.

Thank you.

91. Sorry, 92.

Yeah. 92.

93?

93. 94?

94. 95?

95. 96?

96. 97?

98. New bidder, 98.

99? 99 is bid.

Do I see 100?

Do I see 100?

Are you coming back in?

Anybody else here for it?

No?

Sold to you, sir. 99,000.

I can't see it

when it's that way round.

Thank you very much. Cheers.

Number 80.

# Upside down, boy, you turn me

# Inside out... #

The successful bid of £99,000

came from Brian, on the left,

and Bob on the right.

They are friends

and now business partners.

This is their second property

renovation as a pair,

and I caught up with them

to find out their plans.

Bob, nice to meet you.

Nice to meet you.

Brian, same to you, sir.

And you.

Congratulations, lads.

Thank you.

Before we start,

tell me about this place.

What made you two want to buy it?

It was something

a little bit different.

We understand it's a Grade II listed

property,

so it's going to certainly give us

some interesting challenges,

if not difficult challenges.

Is that not something

that frightens people away,

it being a listed building?

I think it's just there's a lot

of character in the building.

You know, it was built 1820s

and there's a lot of quirky

character type features about it,

the windows, things like that.

So was that one of the things,

Brian, that sort of sucked you in,

then,

to want this place?

It's a bit different.

Yeah, I mean,

we've done one renovation before

and it was

a very traditional terraced house

that was in quite a bad state

and we just wanted to do something

a little bit different.

OK.

And, you know,

we're after a challenge and

a Grade II listed old building

is a challenge.

Bob and Brian have been friends for

25 years but have only just started

property developing, so is this

something of a career change?

We were both mechanical engineers.

We both had our own

limited companies,

so we'd worked together

for many years

and I got made redundant...

..about five years ago now.

I used to help family and friends

do kitchens and bathrooms

and then I just thought it would be

a great thing to do full-time

when I got made redundant, so...

OK.

Just over a year ago,

I got made redundant also, and...

..I think it's good to do something

completely different

to what we were doing, you know.

We had office jobs

and we were in a very kind of

hi-tech industry.

And this is a very physical

kind of type of work

and a different challenge.

Good on you.

Since being made redundant,

Bob has become

a fully qualified spark,

so that should help

with some of the renovations.

They'll be doing

a full refurbishment

and plan on restoring

some character features

and enlarging

that tiny bathroom.

They have a budget of 20 grand

and are hoping to get the work done

in about three to four months.

But what's the plan for the house

once it is complete?

Ideally, we would sell it, er,

if we can get a quick sale

at the right price.

We're not against renting it

if that's a better option

but we're going to

speak to the agents

and see what their valuations are

when we've done it.

And we'll also get the agents

in straightaway

to go through what we want to do

and find out what they think

about our plans.

What about that busy main road?

It's very noisy.

Yeah. I mean, it is and

when we did come to the viewing,

we spoke to the neighbours

next door,

and they invited us into

their house.

We went in and...

..it is quite quiet when you've got

the right windows in.

So, they don't seem to be

that badly affected by the noise,

but, I do agree, it is busy

and it's not ideal

to have that road there, so...

Well, it's not really, but if your

neighbours are inviting you in...

Yeah.

Yeah.

Already...

I know. We've got friendly

neighbours.

You're in already, aren't you?

Yeah, yeah.

When you come and stay in the week,

you can pop in.

That's right, yeah.

Get your sugar

and your milk for free.

Good luck to you, Bob.

Hope it works out.

Thank you very much.

Brian, good

luck.

Cheers, thank you, Dion.

So, Bob and Brian are striding

forward with their new career.

They have got a lot of work to do

and some decisions have to be made.

Big question I ask is,

will they find someone

to buy this place

and will they make the right profit?

You can find out how they get on

later in the programme.

The city of Canterbury is renowned

for having one of the prettiest

medieval centres in England -

with those narrow streets,

it really is easy to transport

yourself back in time.

The outskirts of the city

are beautiful, too.

Within a few minutes, you're gazing

over some stunning countryside.

I'm currently around two miles

from Canterbury city centre

and the property I'm here to see

is a former farm worker's cottage.

It had a guide

price of £170,000 plus

with three bedrooms

and I'm led to believe

it's behind this hedge.

This is going to be a good one.

I'm hedging my bets!

Ooh, this is not what I expected

at all.

I think farm worker's cottage,

I think, small, quaint.

This is three floors.

It's semidetached,

it's really substantial.

Let's go explore.

Into a decent-sized reception room,

pretty dilapidated.

It looks like no-one's been here

for a while. A door to stairs.

Old school. You've got your curtains

to keep out the draft.

Hollow walls,

and it has the feel of, this is

all your living space down here.

Quite a nice flow, because here,

you've got a really big kitchen.

OK, everything needs to come out and

be modernised, but I love the doors.

It gives a bit of rustic charm.

I like that. It feels like

a farmhouse and, then,

that's good for extra storage,

or you could think

about knocking that down

and making this kitchen area bigger.

Maybe a dining table.

You have a farm stove.

This would have heated up

the whole room

and you've got your clothes line

here.

The clothes would have dried.

You can feel that somebody lived

here and it was a proper home.

Even though it was some time ago.

And then, let's see...

You have your bathroom downstairs,

which is not ideal unless there's

another one upstairs.

For layout, you want it along with

your bedrooms,

and then this could be considered a

waste of space. It's a hall area.

I quite like it.

It's a place in the countryside to

put your muddy boots,

for the kids to throw things around,

a bit of utility room.

There's a lot going on, and I'm

interested to find out more.

# Things ain't working out

# Down at the farm... #

OK, things aren't that bad,

but I think a layout reshuffle

would be good here.

I'd get some expert advice about

taking down a wall

and opening this up

as a kitchen-diner.

However, one thing to note is that

this is a Grade II listed building,

so, you'll need to check with the

local planning department first.

Upstairs, a decent-sized

bedroom here.

I do spot some damp.

You want to get that checked out to

find out exactly how extensive

that is, if it's a current problem.

And then through to another bedroom.

Again, a decent size,

but what I do feel about this house

is that it looks strong.

The bricks outside, really strong,

substantial and it feels flimsier

inside.

For example, this wall, it really

wouldn't take much

to bring that down.

You know, I feel like I could almost

lean on it or get a toffee hammer to

it and it would come down.

I've also spotted lots of different

types of windows,

so you've got metal downstairs,

you've got wooden here,

you've got plastic through there.

You'd probably want to get new

windows in and make them uniform.

The ceilings are really low and,

you know,

I'm five foot three and a half,

and when I'm walking into the light,

that's low.

Let's find out what's on the top

floor.

# Limbo lower now

Limbo lower now

# How low can you go? #

OK, the low ceilings can give you

a cosy cottage feeling,

but maybe the lighting

needs a rethink.

And when it comes to the next floor,

you really will have to brush up

on those limbo lessons.

It's an odd layout.

There's a room as you enter,

but as it's not closed off from the

entranceway,

it's unlikely to be considered

a bedroom.

Though, beyond that

is the final third bedroom.

Subject to planning, of course,

you could open this up as a master

bedroom with en suite.

Then at least there would be two

bathrooms in the house,

but before you get too excited,

I have been keeping something

from you.

As someone who chose to build their

home in the middle of a field,

I love the countryside setting.

It's fabulous. But this is why we

say "Do your homework."

I happen to know there are plans

afoot to change this landscape,

with up to 4,000 new homes.

So, if you do your homework,

that's fine.

You'd know that times

could be about to change.

That could come as a surprise to

anyone investing

in a country lifestyle, but how will

it affect the area overall?

And could it affect the value of the

house?

Here's a local estate agent to tell

us more.

The property's situated in a really

interesting location,

because the new proposed development

is right on the fringe,

which is about to cover this whole

area to the side.

Usually, this may worry someone

investing in this area,

however, there's going to be two...

a couple of schools,

surgeries, shops,

and it's going to really raise,

obviously, the local amenities,

that are going to be right on the

doorstep, and it's become a very

fashionable, desirable

area to live in.

I think because of this, in about 15

years or so, when it's completed,

the property price is actually going

to go up.

During that time, there's going to

be a lot of people working in

the area, looking to rent a property

in a convenient location

to the development,

which is going to make this

a really sound investment on the

rental side as well.

Interesting!

So, this could be a good

short-term investment

with an added bonus later.

So, it sounds like maximising the

space, potentially for

construction workers, might be a

good move.

What could it be worth as a

four-bed, rented out,

on a room-by-room basis?

As an HMO, it should make between

£1,200 and £1,600

per calendar month.

Of course, letting this as a house

of multiple occupation, or HMO,

does come with its own safety

regulations

you would have to adhere to.

But it's still food for thought.

What about renovating and selling

it on,

either as a three-bed, as it is now,

or converting the second loft room

into a fourth bedroom?

As a three-bedroom, all done up,

I think the owner is looking to

achieve

about £300,000-330,000.

As a four-bedroom house, I think the

property could achieve about

£350,000-360,000.

Oh, I love a squeaky door.

Now, unusually for a farm worker's

cottage,

this place is pretty big.

Yes, it's tired, it's dated,

you really need to think about that

layout,

but with the addition of that lovely

garden,

this could make a great family home.

Let's find out who agreed when it

went to auction.

It's a semidetached cottage.

Needs improvement.

Start me at £170,000.

170 to start me.

170 I have.

175 do I see?

At 175 I have.

180.

After a steady battle between the

room and an online bidder,

we return with the bidding at

£207,000.

207 on the internet.

210. 210 I have.

And 212. 212 I have on the internet.

212. And I'll take 14 if it helps.

213 is bid and 214.

Out on the internet, at 213,000.

214 do I see?

At 213,000.

For the first time at 213,000.

For the second time at 213,000.

213,000, third and final time.

Are you all done?

Sold at 213,000.

Well done, sir.

That successful bid of 213 grand

on the day

came from Derek, and I caught

up with him

back at the house to find out

exactly what he had planned

for this new acquisition.

Derek, pleased to meet you and

congratulations!

Thank you very much.

So, you've got

yourself this cottage.

Certainly did, yeah.

Why this one?

Uh...it was local.

Um, affordable.

I had a limit of 220.

So I was quite pleased that I got it

under my budget.

Yeah.

Because it allows me to spend

a little bit more

on the doing it up, you know, so...

Good, and you said it's local -

local to where you live?

Yes.

Where's that?

Yes.

I live just the other side of

Canterbury.

You look quite at home, laid-back.

Is this something you've done

before?

I get in a lot of trouble

for being laid-back!

# Don't worry

Be happy

# Don't worry

Be happy now... #

The very laid-back Derek

is tackling what's his fifth

property renovation,

and he's happy this is going to be

his last

before he retires from the

building trade.

He's managed to rope in his brother,

who's a plumber, on to

the project, too, and not just for

his skills.

He came with me,

and, uh...at the auction, and I

said, "Can you lend me some money?"

He said, "Yeah, I don't see why

not."

And he was meant to be going to

Portugal to buy a property,

so when he come home and said to the

Mrs,

"I've lent Derek some money..."

He was in the bad books!

He was... Well, yeah, he was.

Yeah.

So, your brother's playing

quite a big part in this.

What's his name?

He's Bob.

Bob.

Yeah, and he's quite well known

in Canterbury, so...

Why?

He's a bit of a lad.

Yeah.

He's gobby.

Yeah!

He's gobby! He's just a bit

camera-shy.

Bob might be camera-shy but at least

he's not work-shy, because the pair

will be doing most of the work

themselves,

including opening up the downstairs

to make a kitchen-diner,

adding a driveway and garage and

adding a toilet to the second floor.

Permission dependent, of course.

And to do all that,

they have an adequate budget of

£20,000-25,000,

and are hoping to manage it in five

months.

The thing that really jumped out at

me was when I heard about

development plans...

Yes.

..really nearby, to make 4,000

homes.

Yeah.

400 would be a lot.

4,000, that changes the dynamic of

the whole area.

It's spread over quite a bit of

ground up the top of Canterbury.

Yeah.

But I think it will help

with this property.

So, you're pretty positive about the

development?

I'm very positive about it, yeah.

Good. What's your plan for the house

when it's done?

We're going to sell in eight

months' time.

I'm...hoping to retire,

unless another house comes along.

But, no, it's for sale.

If there's going to be 4,000 houses

being built,

that's a long time to build houses.

You could potentially get great

rental from the people

working on the site, in the interim.

Have you thought about that?

No, not at all. I suppose you could

but no,

I hadn't thought of that whatsoever.

It all depends how soon my brother

wants his money back!

I cannot wait to see what you do

with the place.

I really can't, and the best of

luck, Derek.

Thank you.

Thank you very much.

I think Derek and Bob are onto a

winner here.

With so many houses being built

nearby,

it could truly boost the rental

income and also that resale value.

What will Derek and his brother

decide to do,

and will bashful Bob make an

appearance?

You can find out later in the show.

Still to come...

I'm on a one-man

mission to fit in some first-floor

facilities in Merseyside.

It'd be nice to get a bathroom of

some sort up here.

And we'll find out if Derek and Bob

are on the same page in Kent.

We're doing it by the book,

hopefully.

Let's head back to the village of

Bassaleg,

just two miles outside Newport.

Next to a very busy main road was

this charming building,

built way back in 1828.

It had been converted into four

cottages,

but ours was at the back

and had a guide price of £89,000.

Unsurprisingly, this Grade II listed

building was packed with original

features, but that did mean consent

would be needed

for any major changes.

Fortunately, the kitchen had already

been modernised, and it wasn't a bad

size for a small cottage.

The same, however, couldn't be said

elsewhere.

Have a look at this.

One of the smallest baths I have

ever seen.

And the rest of the minuscule

bathroom made me feel a little bit

blue, too.

At least two of the bedrooms were

relatively normal

in size and, of course,

there was that positively massive

back garden.

When it went to auction,

pals Brian and Bob bought this

period home for £99,000.

This is their second renovation

project as business partners,

after they were both made redundant

just a few years ago.

I think it's good to do something

completely different to what we were

doing, you know...

Yeah.

..we had

office jobs, and we were in a very

kind of hi-tech industry.

Uh-huh.

And this is a very physical kind of

type of work.

Yeah.

And a different challenge.

If it was a challenge they were

after,

this Grade II listed building fit

the bill.

The pair planned on a full

renovation

and had a budget of 20 grand,

and they planned to do it in three

to four months.

We're back seven months later to see

how they got on.

Well, guys, you've done well.

It's really nice.

The original features have been

enhanced,

and some very sympathetic ones

added.

The dated fire has been replaced

with a real wood burner, with slate

hearth.

But what about the kitchen that was

already fairly modern?

Brian and Bob have gone the whole

hog there,

replacing the entire kitchen and,

boy, it looks very, very good.

So, Brian, did the grade II listing

cause any problems?

We got the conservation guy from the

council round,

and he went through the

whole house,

and we had some ideas of what we

wanted to do or what we were

thinking of doing.

It was very early at that stage, and

he basically didn't

like many of them, so...

So...

But we...decided in the end

that we would do as little as

possible that would have...

would require any permissions

from the Grade II listing

people.

By keeping the original features of

the building as unchanged as

possible, the only alteration they

needed permission for was moving

the wall to make that tiny bathroom

a bit bigger.

Stealing space from the bedroom

means it's a bit on the small side,

but it's still OK.

Clearly the friends have been hard

at work.

My role here,

as a trained electrician, I've

pretty much rewired the place.

I've made all the doors and pretty

much all the woodwork,

the doorframes,

skirtings, did the tiling,

fitted the kitchen.

That's pretty much it, I think.

That's a quite impressive list from

Bob.

Brian, you're next.

I was...focusing quite a lot

on things like the plastering.

That's something that I've learned a

bit about through the course

of the project.

Also, I done the plumbing,

the water side, obviously not the

gas.

That's something we need a gas

engineer to come in and do.

I've done a lot of the decorating.

I can't tell you how much painting

there is involved in this property,

all of these beams, all the

ceilings,

all the walls, all the woodwork.

All the outside's been painted as

well.

So, a lot of the decorating side

as well.

Doing that long list of works

themselves means they've come in

bang on budget at £20,000.

Though they did run over their three

to four month timescale,

so, why was that?

We have ended up

maybe five to six months,

but we have also had some time off.

I became a grandad and I took some

time off there.

I also had a bit of a back issue at

one point in the project.

So we have had the odd

bit of time off,

which has maybe extended

the length of the project.

Congratulations, Brian,

on the fantastic news,

but will the agents

be congratulating the guys on

the work they've done on this quirky

cottage?

Let's see what two local agents

think of

Brian and Bob's £190,000

investment.

First impressions of the

property are it's very nice.

It's done to a nice standard.

And it's a quirky property.

It's obviously been done up to

a decent standard.

A new kitchen has been added.

And the bathroom has

been extended and improved.

But it's a nice little property.

It seems to have won the agents

over,

but will that be reflected in the

figures?

Brian and Bob are planning

to sell on,

so what could it be worth on the

sales market?

I think this property could achieve

in between

£140,000-150,000.

On the sales market,

I would imagine that this would have

a sales figure of between

£145,000-155,000.

Disappointed.

Yeah, I think they are a little bit

low compared to the

valuations we have had before.

Obviously, it wasn't finished

before but, hopefully,

that hasn't made a difference.

We had a range of between

something like 150-195,

which is quite a big range, but it

is a fairly unique property,

so, maybe it's not that easy to

value.

As we say on the show,

a house is only worth as much as

somebody is willing to pay.

So, who knows what that will be

here.

As it stands, the agents' top

valuation

would mean a pre-tax profit of

36 grand,

so, will they be taking on any

more property any time soon?

Yeah, we're definitely looking

forward to working again on other

properties. It went very well.

We've had very few disagreements

and, yeah, we pretty much think

alike,

so, yeah, looking forward to the

next project.

I'm in Wallasey, a small town in the

borough of Wirral

that sits at the mouth of the

River Mersey.

With excellent transport links to

its metropolitan neighbour

Liverpool,

it's a popular spot for investors

and first-time buyers to find a

bargain.

Well, on the Wirral, but only two

minutes from the tunnel to Liverpool

is the property I'm here to see.

It's a two-bed mid-terrace.

Guide price £30,000-35,000.

Well, a bit ramshackle on the

outside.

Let's have a look inside.

So, what have we got?

Well, pretty - eek -

standard layout.

I don't know why I just made a

sound like a small mouse there,

but whatever. Up the stairs, to the

bedrooms.

Surprise, surprise. You know,

what I would do with this particular

kind of house, what do you think?

Open it up. This wall, unnecessary.

Take it out. Let's have an open-plan

staircase there.

If you could be bothered,

that chimney breast doesn't half

dominate this room.

It's not cheap, but you might want

to consider taking that out all

the way up to open up that room,

because it does feel a little bit

cramped, even though you've got that

bay window. Strangely enough,

as you sort of move into the

property,

it actually feels a bit bigger.

This sort of kitchen-living area,

is actually quite pleasant, and my

guess is that bit there was actually

some kind of an extension at some

point.

But it does give this really nice

liveable area.

Again, you know what?

I know I keep banging on about this,

but just rip all these walls out.

You don't need them.

Take that wall out.

One massive great room down here.

It would make the whole house feel

so much better.

As it is, you've got the kitchen

area there.

Through to your bathroom and loo,

it's a fairly standard layout.

But scope by just basically spending

a lot of time with a sledgehammer,

having spoken to a structural

engineer first,

and putting the requisite beams

above, take out all the walls.

Get rid of all of them. Bish - gone!

However, I can't emphasise enough,

those RSJs, or rolled steel joists,

are vital.

In order to pass building regs,

a structural engineer needs to do

the maths

to ensure the correct amount

and type of steel is going to hold

up the floor above.

The same goes for the chimney

breast.

All of this would be costly.

So, if this was an investment

property,

you'd have to weight up whether the

spend was likely to get you

any additional profit.

So, upstairs and two decent-sized

bedrooms, but with scope.

Scope perhaps for an en suite.

This little corner area here in this

front bedroom,

just about big enough for a shower,

perhaps, or just a toilet.

It'd be nice to get a bathroom

of some sort up here.

That's one option. But there's an

even better one, I think,

in this rear bedroom. It's not huge,

but look what you've got.

You've got an even bigger little

area there.

So, I wonder if you could block that

up - and this is a better idea -

block that up, and then put a door

in here.

So you then get that upstairs

bathroom.

You lose a little bit of space

there,

but you still keep that room there

pretty much as is.

That's still a decent-sized double.

And you'd have that upstairs

bathroom.

It wouldn't be huge, but a big

bonus.

Again, I'd only think about this if

I was going to live in it.

Putting in plumbing here could be

expensive.

It all depends on the drains and

things like that,

which takes me to outside.

Not the prettiest of courtyards.

But with a little imagination,

it could be OK.

And if you got this for somewhere

around that guide price

of 30 to 35,000, could it make a

good investment?

Let's ask a local estate agent

what he makes of it.

My first impressions of the house,

it's got a lot of potential,

which is great.

Make a good investment.

I think it needs a full

refurbishment.

In terms of work that needs doing,

a new kitchen, new bathroom,

decoration and carpets

throughout, as well.

You could put a toilet upstairs.

I'd probably just leave it the

bathroom downstairs,

which is absolutely fine for the

size of the property.

So, the agent doesn't think

structural work is necessary,

And thinks a budget of

10 to 15 grand

would get this property up to

scratch.

So, with that in mind, what kind of

rental could be achieved here?

On completion, I'd estimate the

property would achieve £450 per

calendar month.

And what about resale?

Upon completion, you'd be looking at

achieving a price of £70,000.

Well, it's a lot of house for the

money, and I certainly think with

some simple modifications inside,

you can make a big difference.

How did it go when it went to the

auction? Let's find out.

It's a two-bed, mid-terraced house.

You've got double glazing and

central heating.

The guide is 30 to 35.

Ladies and gentlemen, start me off

at 30. Lower end of the guide,

if I may, 30. Straight in at 30.

32? Who else is here for this

one at 32?

32. 34?

34, thank you. 36.

36 is your bid.

Yeah? 38?

Anyone else?

38, I have.

Is it you, sir? 40? Thank you.

41. 41 is that gentleman.

42.

40...that's a yes? Are you two

together?

42. 43.

44.

45.

46.

47.

48.

49.

Thank you. 50.

49 and a half is a bid.

50, can I say?

Thank you. Another half.

51.

Thank you. Another half.

52.

Thank you very much. 52 and a half.

Understood.

£52,000 for the first time.

£52,000 for the second time.

Are we all done? At £52,000...

Ooh, 52 and a half, I see. I see it.

53, guys?

You're both saying no.

It's with you at 52,500,

if I don't get the extra 500.

For the very first time,

52 and half.

Second time at £52,500.

I'm looking for a 53.

Are we all done? Third and final

time at £52,500...

You're going to lose it. Sold.

Well done.

On this occasion our cameras missed

successful bidder Hardeep.

Local shop owner and sometime

property developer Hardeep

had to battle

to get this property for £52,500.

So, I'm intrigued to find out what

his plans are.

Hardeep, lovely to meet you.

Nice to meet you.

Congratulations!

Tell me why you wanted to buy this

place.

It's local. I've got a shop up the

road,

so it's kind of close proximity

to that.

And, you know, I can manage the

work myself as well.

Right. And quite a good price.

Yeah, it was 52,500, so, I think my

budget was 50,

but it did kind of creep over that.

Right, why were you so keen to buy

it?

Probably the location. I've got a

few other buy-to-lets locally

as well, and we've got a good team

locally as well, so, you know,

it's just one to add to the

portfolio.

Brilliant.

Apart from this location, then, what

did you like about the house?

It's just a general tidy up, like, a

new kitchen, new bathroom, bit of a,

you know, new carpets, lick of

paint, get it tenanted again.

So, the idea is you're buying to

rent it out?

That's it.

Around the sort of Merseyside area,

the Wirral or whatever,

it does seem that the buy-to-let

model is still working,

you're getting some good returns?

Yeah, I think, on this one,

we could achieve up to between,

like, 475 to 485,

so I'm going for the... That's the

kind of market for a two-bedder.

Right.

I've got similar ones in the

area,

that does achieve between

450 to 500.

Right.

So, you do get good value for

money, you know,

in this kind of area.

Hardeep certainly seems to know his

stuff,

and has a team of people who are

going to get this place ship-shape.

But getting a decent yield always

comes down to how much you spend.

So, do you have a budget for the

work?

Um, yeah,

I was thinking about 7,500 to

10,000...

OK.

..so, you know, I just want to...

just play it by ear, really.

Now, I did have some ideas about

taking down lots of walls,

try and make it even more open-plan.

Are you going to do anything

dramatic like that?

Not on this one, no, to be honest.

It'll just be a simple renovation,

tenanted, move on,

next job.

I had another idea...

Yeah?

Yes, a bathroom upstairs, how

about that?

I was thinking about that earlier,

but it's only got two bedrooms

upstairs,

so if you put the bathroom upstairs,

it'll just be one-bedroom, so...

In the little square thing? You

could possibly open that up,

put the thing in from the...

No?

No, I think I'll just keep it

how it is and just kind of rent it.

So much for my ideas, then!

Yeah.

Now, when you let, do you use

an agent, or do you do it yourself?

Well, to be honest, I kind of do it

myself as well.

We've got to shop up the road,

so what we do is we just advertise

in the shop, and you just, you know,

take the viewings and just take it

from there.

We've actually got a tenant lined

up.

Oh, have you?

Yeah,

she's looking at around 495 but,

obviously,

we've got to do the work.

Probably get her in,

tell us what kind of colour scheme

she's after.

That's ideal, isn't it?

Yeah.

Right, what's the timescale?

Um, I'm looking probably four to six

weeks.

OK.

To be honest, it depends on the

contractors, you know,

their availability and stuff.

So it's just kind of getting them

in, get it priced up,

get the work done.

Great,

and how did you get into the world

of property?

To be honest, my parents were into

it. My dad was really keen.

He used to, you know, buy a house,

renovate it,

rent it, and I think we grew up in

that world,

and I think we just carried on,

you know, but he's not around no

more, so...

Aww.

..we just carry it on now.

Right, so, any other family members

going to help you?

Yeah, my brother as well, so,

we'll just kind of just see what

needs doing, get it done, move on.

Cos last year, I done

a self-build...

Oh, did you?

So, we bought a plot of land, and we

actually fell in love with it,

so, we got planning on there for a

five-bedder, built it,

the plan was to sell, but we fell in

love with it during the build,

so we ended up just keeping it, and

we moved in and, you know,

I should have sold it, but, you

know, hey-ho.

Well, you love it, so that's great.

That's it, yeah. So, also, where the

shop is,

we've got some land behind there, so

just recently, on Friday,

we just got planning permission for

four flats.

Oh, wow!

So, that's the next thing.

At the minute, we're just waiting

for building regulations to

come through.

OK.

Blimey, but you've done self-build,

you've done flats,

this is a piece of cake, really!

Well, you know, never say never,

Unless you've started taking

everything out of there.

You always expect the unexpected,

really.

Well, listen, congratulations.

Thank

you very much.

Good luck with it.

Thank you very much.

Look forward to

seeing how you get on.

Yeah, no problem, cheers, thank you.

Well, my ideas went down well,

didn't they?

Not!

Anyway, compared to doing a

self-build, or building four flats,

this place really should be a piece

of cake for Hardeep.

You can find out how he gets on

later in the show.

I'll just go and...lick my wounds.

I thought it was a good idea!

So, earlier, we found out how one of

our buyers got on with their auction

property.

Yeah, what about the other two?

Will their blood, sweat and tears

have paid off?

Wait no longer. Let's find out.

It was two miles out of the historic

city of Canterbury I saw this

impressive former farm worker's

cottage,

that went to auction with a guide

price of £170,000 plus.

Larger than I expected,

the downstairs living space

was fairly generous and it had lots

of nice original features,

although the downstairs bathroom and

side entrance were not the best

configuration for modern family

living.

I thought best to move that bathroom

upstairs and shave some space

from one of the two bedrooms,

since they weren't lacking in floor

space -

although headspace, that was a

different matter!

The ceilings are really low

and, you know,

I'm five foot three and a half, and

when I'm walking into the light...

That's low!

# You got to use your head...#

Up a further flight of stairs was

the third and final bedroom.

But the space next door could easily

be converted to a fourth,

making this a perfect family

countryside home.

Except...

I happen to know there are

plans afoot to change this landscape

with up to 4,000 new homes.

But Derek had done his homework and

wasn't put off,

and bought the cottage for 213

grand,

with his not-so-silent partner,

his brother, Bob.

He's quite well known in

Canterbury, so...

Why?

He's a bit of a lad.

Yeah?

He's...he's gobby!

Yeah?!

He's gobby, he's just a bit

camera-shy!

Derek and Bob had a budget of

£20,000 to £25,000,

and a timescale of five months,

but would all go to plan?

After all, this was a Grade II

listed building.

Could they get permission to move

the bathroom upstairs,

and would they take advantage of the

great rental opportunity?

We are back four months later, and

there's still no sign of gobby Bob!

# Little less conversation

A little more action, please

# All this aggravation

Ain't satisfactioning me

# Little more bite

A little less bark

# A little less fight

And a little more spark

# Close your mouth and open

up your heart

# And baby satisfy me

# Satisfy me... #

Oh, dear, it looks like Derek and

Bob have been all chat and not much

action!

Work has definitely started,

but it's not as far on as I would

have expected.

So, what's happened?

We found a leak in the kitchen floor

that we didn't know was there.

We were going to take the screed up

so we could lay our floor in there,

and realised we'd got

a fairly soggy floor underneath,

so, we've had to leave it to dry out

naturally.

But, yes, we've repaired the leak

and, hopefully,

which I think you can see,

it's drying out nicely now.

Upstairs, everything is stripped

back to brick,

and the brothers are going to split

the rear bedroom to make way for

a family bathroom, which is a great

idea.

But did that Grade II listing cause

them any problems?

No, because we put the plans in, we

had the plans all drawn up.

We are replacing like-for-like,

which they seemed to like, so,

you can't really go far wrong.

But I could see you could get into

trouble

if you just ripped out things

and, you know, carried on.

But, yeah, we're doing it by the

book.

Hopefully!

Up in the loft, not much has

changed,

but Derek and Bob have got

permission to separate off the

second room

to make it a fourth bedroom,

and are planning to add a driveway

and garage into the garden.

So far, they've barely touched the

20 to 25 grand budget,

but how long does Derek think that

this will take?

It is going to easily take another

five months,

just to do what we were going to do

in the first place,

but what with the hold-ups,

my brother's been on holiday, I've

been on holiday,

we're just not in a rush,

we're just doing this as a top-up

for the pension, really, I suppose.

Just how much could be going into

that pension pot?

Let's hear what two local estate

agents thought of the plans for

the house, and what it could be

worth when complete.

A fantastic opportunity.

I think there's a lot of scope,

a lot of improvement needed,

but it's got massive potential.

It's a great location.

I'm rather jealous, actually!

I think the layout will be good when

the refurbishment is completed.

I think you've really got to get a

bathroom upstairs.

I think, being a four-bed,

could do with a little more ground

floor space,

whether that was a conservatory off

at the rear,

because if the garage that's going

at the side,

you'd be a bit stifled there.

But I would certainly look at

perhaps, even if it's just a

conservatory,

but a nice timber-framed

conservatory, in keeping,

that would give you a bit more space

as well.

That would, of course, mean more

time and money would need

to be invested,

although it's a nice idea.

At present, Derek and Bob have

stayed on track with their £238,000

investment, and what's even better

is they have a potential purchaser.

So, what kind of figure should this

achieve on the sales market?

Once the work is completed,

and the property is then

a four-bedroom house,

I would suggest a guide price

in the region of

approximately £325,000.

The second agent thought the

brothers could add even more value

with an extension and en suite in

the loft, but how much?

If it was complete now in the market

today,

I would recommend putting it on the

market

at between 400,000 and 600,000,

but you'd end up probably

somewhere in the middle.

Continuing with the plans they have

now could see them with a potential

profit, minus taxes and fees, of

87 grand,

and while the other estate agent's

ideas are good, even after, say,

allowing for a generous £100,000

for the additional work,

they could double the profit.

Would it be worth more time and

hassle?

Is Derek tempted?

Yeah, yeah, it's really made me

speechless!

Watch this space, folks!

But how does Derek feel about the

project so far?

Glad we done it. Um...

Still don't know whether I'd take on

a Grade II again,

but knowing what I know, um, it's

always a possibility,

but we're not looking do it again.

It's just to top up the pension.

Um, yeah, very pleased.

Back to Merseyside now, and the town

of Wallasey.

It was here, at the mouth of the

famous River Mersey,

that we looked around this two-bed,

mid-terrace property,

that had a guide price of 30 to

£35,000.

A deceptively spacious property that

needed a lick of paint,

and possibly a little reimagining.

Block that up, and then put a door

in here,

so you then get that upstairs

bathroom.

You lose a little bit of space

there,

but you still keep that room there

pretty much as is.

That's still a decent sized double,

and you'd have that upstairs

bathroom.

It won't be huge, but a big bonus.

Yes, there were options with this

property that looked like the ideal

rental investment to me, and I

wasn't on my own.

Bought on auction day for £52,500,

by local shopkeeper and sometime

property developer Hardeep.

He could see the potential of this

property,

although not the potential of my

ideas of knocking down walls and

installing that bathroom upstairs.

Yeah, so, a bathroom upstairs, how

about that?

I was thinking about that earlier

but, actually,

it's only got two bedrooms upstairs,

so if you put the bathroom upstairs,

it'll just be one bedroom.

In the little square thing? You

could possibly open that up and put

anything in from the... No?

No,

I think I'll just keep it how it is

and just kind of rent it.

So much for my ideas, then!

Yeah.

# Baby, I know better... #

Hardeep knew the local property

market really well,

having renovated and rented several

properties in the area in the past.

He even already had a tenant waiting

to move in.

He had a budget of £7,500 to

£10,000,

and a timescale of four to six weeks

to get the property ready and move