0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Now, on a day like today, you can get everything from sunshine,
0:00:06 > 0:00:08a bit of rain, and even ominous clouds.
0:00:08 > 0:00:10Yes, a bit like the property market,
0:00:10 > 0:00:12it has its highs, it has its lows.
0:00:12 > 0:00:14Sometimes you don't know what's going on,
0:00:14 > 0:00:16which is why it's really important to know where to buy,
0:00:16 > 0:00:19what to pay for, what you're looking for,
0:00:19 > 0:00:22and then you can find your home, maybe under the hammer.
0:00:48 > 0:00:49When it comes to buying at auction,
0:00:49 > 0:00:51a lot of people rely on luck
0:00:51 > 0:00:53when it comes to nabbing themselves a winner.
0:00:53 > 0:00:56Yes, but luck will only go so far.
0:00:56 > 0:00:59What really pays is doing your homework.
0:00:59 > 0:01:02So, were the buyers on today's show prepared
0:01:02 > 0:01:04when they went into the auction rooms?
0:01:04 > 0:01:06Here's what they bought.
0:01:07 > 0:01:10First on the menu, I'm in Port Sunlight, Merseyside,
0:01:10 > 0:01:13to see a period property with bags of charm.
0:01:13 > 0:01:15It is a bit old-fashioned.
0:01:15 > 0:01:17But I'm liking it.
0:01:17 > 0:01:18And for our main course,
0:01:18 > 0:01:20Lucy is having a look around a hotel in Derbyshire.
0:01:20 > 0:01:23I hope the kitchen is open.
0:01:23 > 0:01:27I think I'll have chicken, prawn, curry and rice, please.
0:01:27 > 0:01:29And if you still have room, in Stoke,
0:01:29 > 0:01:30there is a two-up two-down
0:01:30 > 0:01:34that might be a knickerbocker glory of an investment.
0:01:34 > 0:01:38This is one of those really good auction finds.
0:01:38 > 0:01:39112...
0:01:39 > 0:01:41All these properties have been sold at auction,
0:01:41 > 0:01:42and we'll find out who bought them
0:01:42 > 0:01:45and what they paid when they went under the hammer.
0:01:45 > 0:01:46£4,500...
0:01:55 > 0:01:58# Little village baby
0:01:58 > 0:01:59# Ain't large enough
0:01:59 > 0:02:01# To be a town... #
0:02:01 > 0:02:04This is the unique and rather lovely village of
0:02:04 > 0:02:06Port Sunlight on the Wirral, Merseyside.
0:02:06 > 0:02:08It was developed in the
0:02:08 > 0:02:11late-1800s by William Lever, later,
0:02:11 > 0:02:13Lord Leverhulme,
0:02:13 > 0:02:16to house the Lever Brothers soap factory workers.
0:02:16 > 0:02:20The aim was to create decent living conditions for working people
0:02:20 > 0:02:24and also opportunities for education and entertainment.
0:02:24 > 0:02:28So along with 900 houses, there were also schools, a church,
0:02:28 > 0:02:30and even an art gallery.
0:02:30 > 0:02:32The property I'm here to see, is there.
0:02:32 > 0:02:34It's an end terrace house.
0:02:34 > 0:02:38It has three bedrooms, and a guide price of £115,000.
0:02:38 > 0:02:41Let's go and see what you get for your money.
0:02:41 > 0:02:42Not surprisingly,
0:02:42 > 0:02:45nearly all the buildings in this model village
0:02:45 > 0:02:46are Grade II listed
0:02:46 > 0:02:48and our property is no exception.
0:02:48 > 0:02:49So let's take a look inside.
0:02:53 > 0:02:55OK, we are in.
0:02:55 > 0:02:57This is a small little hallway here
0:02:57 > 0:03:00into what would have been the lounge.
0:03:00 > 0:03:01Nice high ceiling,
0:03:01 > 0:03:03lots of light coming in.
0:03:03 > 0:03:07You've got two decent-sized windows just there, central heating as well.
0:03:07 > 0:03:09That is not original,
0:03:09 > 0:03:11that would have been put in at a later date,
0:03:11 > 0:03:13but it's a good start.
0:03:13 > 0:03:14It's a nice lounge.
0:03:17 > 0:03:20OK, through into what would have been the dining room,
0:03:20 > 0:03:22and this is not a bad size.
0:03:22 > 0:03:25I'm pretty sure that would have been
0:03:25 > 0:03:27a coal fire at some stage in its life.
0:03:27 > 0:03:30But nice high ceilings, good area.
0:03:30 > 0:03:32Walking through into the kitchen,
0:03:32 > 0:03:34which is quite small.
0:03:34 > 0:03:37In here, we've got a pantry in here,
0:03:37 > 0:03:39quite a large pantry as well,
0:03:39 > 0:03:42to put all your bits and bobs in.
0:03:42 > 0:03:43Now, I'm thinking,
0:03:43 > 0:03:46is there any way you can configure this kitchen and the pantry
0:03:46 > 0:03:50and that dining room into a nice family area maybe?
0:03:50 > 0:03:52It is a bit old-fashioned,
0:03:52 > 0:03:53but I'm liking it.
0:04:00 > 0:04:03Before you make any restructuring plans,
0:04:03 > 0:04:06remember this is a Grade II listed property.
0:04:06 > 0:04:09Any changes you want to make here, inside and out,
0:04:09 > 0:04:12have to be OKed by the proper authorities.
0:04:12 > 0:04:13And in this case,
0:04:13 > 0:04:16a special trust has been set up to oversee the village
0:04:16 > 0:04:19to make sure its unique appeal is maintained.
0:04:21 > 0:04:24So upstairs we have got three bedrooms.
0:04:24 > 0:04:28You've got two really good-sized bedrooms just here.
0:04:28 > 0:04:32They may have been one room at some stage and put a partition wall in,
0:04:32 > 0:04:34cos I can see that window may have been split.
0:04:34 > 0:04:36But really good size anyway,
0:04:36 > 0:04:38two double rooms just there.
0:04:38 > 0:04:41And here, I'm pretty sure this would
0:04:41 > 0:04:43have been one room most definitely.
0:04:43 > 0:04:44The door would have been here,
0:04:44 > 0:04:47all this has been added on at a later stage.
0:04:47 > 0:04:48You've got a family bathroom there,
0:04:48 > 0:04:50which is quite tight,
0:04:50 > 0:04:51but it's in really good condition.
0:04:51 > 0:04:54If you give that a bit of a wipe down, you could keep that,
0:04:54 > 0:04:56and you've got a smaller bedroom here,
0:04:56 > 0:04:58but the way they've done it,
0:04:58 > 0:04:59they've done well.
0:05:02 > 0:05:04I am actually keen on this cottage,
0:05:04 > 0:05:07there's very little that needs immediate attention,
0:05:07 > 0:05:08although having a window split
0:05:08 > 0:05:12between two rooms won't be everyone's cup of tea.
0:05:15 > 0:05:19A big bonus of this property, though, is a lovely back garden,
0:05:19 > 0:05:23and one of this size is somewhat of a rarity in this area.
0:05:25 > 0:05:27It may be a little old-fashioned,
0:05:27 > 0:05:28but it's well-kept,
0:05:28 > 0:05:30solid and full of character,
0:05:30 > 0:05:34and all for a guide price of £115,000.
0:05:34 > 0:05:35Yes, please.
0:05:36 > 0:05:38Let's see what a local estate agent thinks.
0:05:40 > 0:05:43It's not in the best position of the village,
0:05:43 > 0:05:46but it's very rare you get a good garden like that.
0:05:46 > 0:05:47That's a super garden.
0:05:47 > 0:05:50Obviously, it's going to need a new kitchen.
0:05:50 > 0:05:52Bathroom's not too bad.
0:05:52 > 0:05:54I'd replace it, but it's actually workable.
0:05:54 > 0:05:58It's not that old. And a full redecoration programme.
0:05:58 > 0:06:00So we agree on what needs to be done,
0:06:00 > 0:06:02but what are the dos and don'ts as far
0:06:02 > 0:06:05as the trust I mentioned earlier is concerned?
0:06:05 > 0:06:08They won't allow UPVC double glazing.
0:06:08 > 0:06:11You can practically do what you like inside
0:06:11 > 0:06:13with the normal building regulations.
0:06:13 > 0:06:15But outside,
0:06:15 > 0:06:19Unilever maintain the whole of the grounds for a pound a year.
0:06:19 > 0:06:22So you don't have to worry about mowing the lawns up front,
0:06:22 > 0:06:25seeing to the flowers, you can do your own little flower bed,
0:06:25 > 0:06:27but putting new bathrooms in, new kitchen,
0:06:27 > 0:06:29that's not a problem at all.
0:06:29 > 0:06:30That's great news
0:06:30 > 0:06:32and that £1-a-year maintenance fee
0:06:32 > 0:06:34isn't too shabby either.
0:06:34 > 0:06:36So what does the agent think this could achieve
0:06:36 > 0:06:40once it's all renovated on the rental market?
0:06:40 > 0:06:42This property will let for approximately
0:06:42 > 0:06:45£595 per calendar month.
0:06:45 > 0:06:47And what about the resale value?
0:06:47 > 0:06:48On the open market,
0:06:48 > 0:06:52this property will probably be worth somewhere in the region of
0:06:52 > 0:06:55£165,000.
0:06:57 > 0:06:59This should be a pretty simple turnaround.
0:06:59 > 0:07:02I think it could be an amazing family home,
0:07:02 > 0:07:04and who wouldn't want to live in Port Sunlight?
0:07:04 > 0:07:08Let's see who really wanted it when it went under the hammer.
0:07:08 > 0:07:11It's a nice-looking property, this.
0:07:11 > 0:07:12A lot of accommodation,
0:07:12 > 0:07:14where do you want to be on it?
0:07:14 > 0:07:15Going to be 110 easily,
0:07:15 > 0:07:16I would think.
0:07:16 > 0:07:17You agree with me, sir.
0:07:17 > 0:07:19Thank you. 110 I'm bid.
0:07:19 > 0:07:21112, do I see?
0:07:21 > 0:07:23112, 114?
0:07:23 > 0:07:25114. 116?
0:07:25 > 0:07:27116. 118?
0:07:27 > 0:07:28118.
0:07:28 > 0:07:30With the guide price a distant memory,
0:07:30 > 0:07:33we rejoin the auction at £144,000.
0:07:33 > 0:07:36I'll come back to you in a minute. No, I won't.
0:07:36 > 0:07:37144. 145?
0:07:38 > 0:07:41145. 146?
0:07:41 > 0:07:43That's a half a bid. 145 and a half.
0:07:43 > 0:07:44146? 146.
0:07:44 > 0:07:46146 and a half?
0:07:49 > 0:07:50146 and a half.
0:07:50 > 0:07:52147?
0:07:52 > 0:07:54147. 147 and a half?
0:07:54 > 0:07:56No? Definitely not?
0:07:56 > 0:07:59With the lady here, then,
0:07:59 > 0:08:01at £147,000 for the first...
0:08:01 > 0:08:04147 for the second...
0:08:04 > 0:08:06Third...
0:08:07 > 0:08:09Last time, yours.
0:08:09 > 0:08:11£147,000.
0:08:11 > 0:08:12Well done.
0:08:12 > 0:08:15Well, it's a shame that somebody has to lose at auction,
0:08:15 > 0:08:17but the successful bid was made by Rose.
0:08:17 > 0:08:20The cottage is for her and her husband Jeff,
0:08:20 > 0:08:24who, it so happens, works for a certain company
0:08:24 > 0:08:27not entirely unrelated to this location.
0:08:27 > 0:08:28Rose, nice to meet you.
0:08:28 > 0:08:30- Good to meet you, too. - Congratulations.- Thank you.
0:08:30 > 0:08:32- Same to you, Jeff.- Yes.
0:08:32 > 0:08:34I've got to point out, that's not a Scouse accent.
0:08:34 > 0:08:36- No.- You're from the States?
0:08:36 > 0:08:38- I am.- How did you meet?
0:08:38 > 0:08:41We used to work together, so we used to talk on the phone quite a lot.
0:08:41 > 0:08:43I thought he sounded quite nice.
0:08:43 > 0:08:45I used to put a...
0:08:45 > 0:08:47Hold on, you thought...
0:08:47 > 0:08:50I used to put on a thick southern American accent
0:08:50 > 0:08:51to fool her into wanting
0:08:51 > 0:08:52to talk to me even more.
0:08:52 > 0:08:53Exaggerated it a bit more?
0:08:53 > 0:08:55- Yes.- A couple of twangs, yeah.
0:08:55 > 0:08:57So where did you meet? Tell us how, where and how and...
0:08:57 > 0:08:58It was just work. So I used to have
0:08:58 > 0:09:00to ring America quite a lot with my job.
0:09:00 > 0:09:03- OK.- And I used to speak to him, so I probably rang him every day.
0:09:03 > 0:09:06Yeah, and then luckily enough work sent me over here for a workshop
0:09:06 > 0:09:08and I got to meet her face to face and...
0:09:08 > 0:09:10- Oh! - ..she took me out on the town and...
0:09:10 > 0:09:12And that was it.
0:09:12 > 0:09:14A few extra little flirts and...
0:09:14 > 0:09:16She got you drunk, Jeff?
0:09:16 > 0:09:18- With a few shots? - A couple, just a couple.
0:09:18 > 0:09:21So what made you buy this particular house?
0:09:21 > 0:09:22Well, we wanted to be in this area.
0:09:22 > 0:09:24So, Jeff works nearby
0:09:24 > 0:09:27and we really wanted to have a traditional Port Sunlight cottage.
0:09:27 > 0:09:30And not many of them come up for sale,
0:09:30 > 0:09:31and particularly not ones with a big garden.
0:09:31 > 0:09:34So, for us, it was the garden because we've got some dogs, so...
0:09:34 > 0:09:36It is a fair old garden, isn't it?
0:09:36 > 0:09:39Yeah, so a lot of the traditional cottages around here
0:09:39 > 0:09:40just have little backyards.
0:09:40 > 0:09:42So to get one with a good-sized garden
0:09:42 > 0:09:44is a bit more tricky.
0:09:44 > 0:09:45How do you know the area?
0:09:45 > 0:09:47How did you guys know the area?
0:09:47 > 0:09:49I got to visit here quite a bit through work,
0:09:49 > 0:09:50so getting to see the village,
0:09:50 > 0:09:52it just draws you in,
0:09:52 > 0:09:54so we started looking around seeing
0:09:54 > 0:09:55what properties were available
0:09:55 > 0:09:57and then this one came up for auction
0:09:57 > 0:09:59and it just made too much sense.
0:09:59 > 0:10:01Right, you've got it, it's yours.
0:10:01 > 0:10:03What do you intend to do with it?
0:10:03 > 0:10:04So I think,
0:10:04 > 0:10:06change the flooring throughout.
0:10:06 > 0:10:08We need to strip down some of the patterned wallpaper,
0:10:08 > 0:10:10that sort of stuff, and then, into the kitchen
0:10:10 > 0:10:12to figure out what we're going to do there.
0:10:12 > 0:10:14So we've had some thoughts of moving the kitchen into where
0:10:14 > 0:10:17the dining room is and then converting the current kitchen
0:10:17 > 0:10:19into what the dining room
0:10:19 > 0:10:21will be and then potentially trying
0:10:21 > 0:10:23to put some double doors out the back.
0:10:23 > 0:10:24And then I think boiler, it would be nice
0:10:24 > 0:10:26to have hot water and that sort of stuff.
0:10:26 > 0:10:28Upstairs, anything upstairs changing?
0:10:28 > 0:10:31Just all the, stripping the walls back and carpets.
0:10:31 > 0:10:32Just giving it a bit of a fresh up.
0:10:32 > 0:10:35The bathroom's not that bad, so we can live with the bathroom.
0:10:35 > 0:10:37There's not a lot to be done really, is there?
0:10:37 > 0:10:39There's not a lot really you need to do.
0:10:39 > 0:10:40No, because the electrics have
0:10:40 > 0:10:42obviously been done relatively recently.
0:10:42 > 0:10:44So, in terms of big jobs, it's really the kitchen.
0:10:44 > 0:10:48- OK, now, it's Grade II listed. - Mm-hm.
0:10:48 > 0:10:49Has that hindered you slightly?
0:10:49 > 0:10:51So it's early days,
0:10:51 > 0:10:53so we haven't actually started looking into
0:10:53 > 0:10:55whether we can even move some of the internal rooms around
0:10:55 > 0:10:57and put the French windows in.
0:10:57 > 0:10:59We're definitely going to have to get permission,
0:10:59 > 0:11:01and it could be that they say no.
0:11:01 > 0:11:03But it's something that we're going to try.
0:11:03 > 0:11:06Rose and Jeff have given themselves a £10,000 budget
0:11:06 > 0:11:08and a timescale of six months,
0:11:08 > 0:11:10depending on how long it takes for the trust
0:11:10 > 0:11:12to decide on their plans.
0:11:13 > 0:11:16They are going to live here while doing the work
0:11:16 > 0:11:18and Jeff has cooked up a cunning plan.
0:11:20 > 0:11:22So will you rope in some of your mates from work as well?
0:11:22 > 0:11:23We will see.
0:11:23 > 0:11:26So I've been trying to sell them the big idea of an American barbecue.
0:11:26 > 0:11:28So I've been inviting a lot of folks over. So I'm hoping I can
0:11:28 > 0:11:30get a little work out of them when I get them here.
0:11:30 > 0:11:32- It's going to be some barbecue. - Yeah.
0:11:32 > 0:11:35I've already imported one over when I moved over with work,
0:11:35 > 0:11:38so I've got the smoker on one side and the gas grill on the other.
0:11:38 > 0:11:39I'm ready for it.
0:11:39 > 0:11:43So, Jeff, explain this, there's a pound fee, isn't there,
0:11:43 > 0:11:46for looking after some of the grounds? Explain that to me.
0:11:46 > 0:11:48Yeah, so basically, there's a trust that was set up
0:11:48 > 0:11:50to maintain the look and feel of the village.
0:11:50 > 0:11:53So anywhere in the village that you can see from the road,
0:11:53 > 0:11:54the trust actually still maintains.
0:11:54 > 0:11:56So they take care of all the grounds work,
0:11:56 > 0:11:59all the hedges are perfectly cut at all times, all the grass is cut.
0:11:59 > 0:12:02You have to go through an approval process to get flowers put in.
0:12:02 > 0:12:05So it is always going to look the way you see it now.
0:12:05 > 0:12:08- Rose, good luck.- Thank you very much.- Wish you all the best.
0:12:08 > 0:12:10- Thank you.- Jeff, good luck to you. - Thank you.
0:12:11 > 0:12:15So Rose and Jeff met on the phone, that's quite a nice story.
0:12:15 > 0:12:18The big question is, what's the story of this house going to be?
0:12:18 > 0:12:21And will that Grade II listing hinder the progress
0:12:21 > 0:12:23of what they want to achieve with this house?
0:12:23 > 0:12:25You can find out later on in the programme.
0:12:30 > 0:12:31Lucy is in Matlock,
0:12:31 > 0:12:34a former spa town in Derbyshire,
0:12:34 > 0:12:36set in the rolling hills and deep valleys
0:12:36 > 0:12:38on the edge of the Peak District.
0:12:38 > 0:12:40The town is unsurprisingly popular
0:12:40 > 0:12:42with cyclists and walkers,
0:12:42 > 0:12:47although that means getting to the auction lot is quite a hike.
0:12:48 > 0:12:50But once you get to the top of the hill,
0:12:50 > 0:12:53all can be forgiven when you look around.
0:12:53 > 0:12:55What a picturesque setting.
0:12:55 > 0:12:57Lots of cutesy stone cottages everywhere.
0:12:57 > 0:13:00But I'm not here to look at a house. Oh, no.
0:13:00 > 0:13:02I'm here to see something that
0:13:02 > 0:13:05had a guide price for £125,000
0:13:05 > 0:13:07and it was last used as...
0:13:07 > 0:13:08..dun dun duh...
0:13:08 > 0:13:09..a hotel!
0:13:09 > 0:13:12Let's see if it makes for a pleasant stay tonight.
0:13:21 > 0:13:23The lot Lucy is looking at is
0:13:23 > 0:13:27the bit on the right-hand side of this huge building.
0:13:27 > 0:13:29While there is a lot of character,
0:13:29 > 0:13:32any guest reviews might be likely to focus on
0:13:32 > 0:13:35its rather unfinished state.
0:13:35 > 0:13:37Well, this is certainly no luxury hotel,
0:13:37 > 0:13:39as it stands at the moment.
0:13:39 > 0:13:43Goodness gracious, look at what we have here!
0:13:43 > 0:13:45So, there are no floors above,
0:13:45 > 0:13:47take a look at that.
0:13:47 > 0:13:49You can see the first floor.
0:13:49 > 0:13:51Very interesting indeed.
0:13:51 > 0:13:55Gosh. I mean, structurally, there's all sorts of things going on here.
0:13:55 > 0:13:58I know this was originally the ballroom,
0:13:58 > 0:14:00and you can see over here,
0:14:00 > 0:14:01look, that this was the bar.
0:14:01 > 0:14:03It's even got an old menu.
0:14:03 > 0:14:06Mmm, I think I'll have the chicken, prawn, curry and rice, please.
0:14:06 > 0:14:09So you can sort of get a feel of what it was like
0:14:09 > 0:14:11many, many moons ago.
0:14:11 > 0:14:14But there is so much work you need to do here.
0:14:14 > 0:14:17It really just smells damp.
0:14:17 > 0:14:18I think I'm right in saying
0:14:18 > 0:14:21this is no five-star luxury residence.
0:14:21 > 0:14:22Even four star.
0:14:22 > 0:14:25Even three, two, or one star.
0:14:25 > 0:14:27In fact, it is just a building site.
0:14:32 > 0:14:35At the moment, it is something of a heartbroken hotel.
0:14:35 > 0:14:37With the emphasis on broken.
0:14:37 > 0:14:40But the only way to know its true potential
0:14:40 > 0:14:42is to get checked into the hotel
0:14:42 > 0:14:43and check it out.
0:14:44 > 0:14:46# I'm sitting here
0:14:46 > 0:14:47# In this hotel
0:14:47 > 0:14:49# Nothing around
0:14:49 > 0:14:51# Except the smell... #
0:14:53 > 0:14:55There are five levels here.
0:14:55 > 0:14:57The ground floor we saw has a lot of space,
0:14:57 > 0:14:59being the former ballroom,
0:14:59 > 0:15:02and has a cellar and kitchen attached.
0:15:02 > 0:15:03The first floor was once
0:15:03 > 0:15:05two dining rooms, offices,
0:15:05 > 0:15:07and a lounge.
0:15:07 > 0:15:08While the second floor has
0:15:08 > 0:15:09seven bedrooms,
0:15:09 > 0:15:12and even more square footage.
0:15:13 > 0:15:16The two top floors house more bedrooms,
0:15:16 > 0:15:18which are in a better state with
0:15:18 > 0:15:21more work having been carried out.
0:15:21 > 0:15:24But it's clear it's all badly in need of room service.
0:15:24 > 0:15:27There's no water, electricity or gas connected.
0:15:27 > 0:15:29However, this auction lot
0:15:29 > 0:15:30gets five stars from Lucy
0:15:30 > 0:15:32on one aspect.
0:15:34 > 0:15:36You can renovate a dilapidated property,
0:15:36 > 0:15:39but you can't change it where it is.
0:15:39 > 0:15:41Just have a look over here.
0:15:42 > 0:15:45Look at that stunning view of the Derwent Valley.
0:15:45 > 0:15:46It's just beautiful.
0:15:46 > 0:15:49Whether you're going to holiday or live here...
0:15:49 > 0:15:52..that really is a selling feature.
0:15:54 > 0:15:56And why stay a few nights when
0:15:56 > 0:15:58you could wake up every morning to that?
0:15:59 > 0:16:03Permanent living accommodation could be the best option.
0:16:03 > 0:16:05Previous successful planning applications
0:16:05 > 0:16:08to turn this into flats makes sense.
0:16:10 > 0:16:12We've asked an agent from the auction house, who sold it,
0:16:12 > 0:16:14to tell us more.
0:16:15 > 0:16:18Some way back in time, I think it was approximately 12 years ago,
0:16:18 > 0:16:22there was an application to convert this into a number of apartments.
0:16:22 > 0:16:25I think that application has now lapsed, although work has started.
0:16:25 > 0:16:28There is an opportunity, I think, to revisit that application.
0:16:28 > 0:16:30I don't think it would be a good idea
0:16:30 > 0:16:32to consider reopening it as a hotel.
0:16:32 > 0:16:34I think the market now is somewhat limited
0:16:34 > 0:16:38and people want something different really when they go on holiday.
0:16:38 > 0:16:42I think that the potential for a successful planning application is
0:16:42 > 0:16:43very favourable here.
0:16:43 > 0:16:46I think the local planners would certainly look at that
0:16:46 > 0:16:47and view that in a good light.
0:16:47 > 0:16:50They would want to see this property brought back into use.
0:16:50 > 0:16:51I think the best thing to do with it
0:16:51 > 0:16:53would be to divide it into apartments
0:16:53 > 0:16:56and the logical way of dividing the space that we have here is
0:16:56 > 0:16:59to convert it into four residential apartments.
0:17:01 > 0:17:04There's plenty of work that needs to be done,
0:17:04 > 0:17:07but for a lot guided at £125,000
0:17:07 > 0:17:10with a planning precedent for residential conversion,
0:17:10 > 0:17:13this could be good value.
0:17:13 > 0:17:15If you could get planning permission,
0:17:15 > 0:17:17what sort of sales and rental figures
0:17:17 > 0:17:18might those four flats attract?
0:17:21 > 0:17:23Each one would have two bedrooms and
0:17:23 > 0:17:24I believe that each one
0:17:24 > 0:17:27would achieve somewhere in the region of £170,000.
0:17:27 > 0:17:29If this was converted into four apartments,
0:17:29 > 0:17:31I would suggest that each one
0:17:31 > 0:17:33would rent approximately £600 per calendar month.
0:17:35 > 0:17:39What a fantastic opportunity this could be for someone.
0:17:39 > 0:17:41Yes, there's a lot of work to do here
0:17:41 > 0:17:44but there is just so much potential.
0:17:44 > 0:17:47And as far as settings go,
0:17:47 > 0:17:49you don't really get much better than this.
0:17:49 > 0:17:52I can't wait to see the transformation of this hotel,
0:17:52 > 0:17:54whatever form that might take.
0:17:54 > 0:17:57Let's see who agreed when we went to auction.
0:18:01 > 0:18:03Staying in Matlock,
0:18:03 > 0:18:04in a stunning location
0:18:04 > 0:18:08with wide open-views over the town and the valley.
0:18:08 > 0:18:09130.
0:18:09 > 0:18:11125 to start me, then.
0:18:11 > 0:18:14125, a lot of property for the money.
0:18:14 > 0:18:16125, who's got 120,000?
0:18:16 > 0:18:19Here we are, thank you, £120,000.
0:18:19 > 0:18:22The bidding got off to a slow start,
0:18:22 > 0:18:25but soon it became a battle between two sets of bidders.
0:18:25 > 0:18:29We rejoin at £124,000.
0:18:29 > 0:18:32124, it's a great opportunity.
0:18:32 > 0:18:34At £124,000,
0:18:34 > 0:18:37for the first time...
0:18:37 > 0:18:39..at a... 125, thank you.
0:18:39 > 0:18:42125, 126?
0:18:42 > 0:18:44126, 127?
0:18:44 > 0:18:45127.
0:18:45 > 0:18:48127, 128?
0:18:48 > 0:18:51128, 129?
0:18:51 > 0:18:52129.
0:18:52 > 0:18:54One more, 130?
0:18:54 > 0:18:56130.
0:18:56 > 0:18:58131.
0:18:58 > 0:19:00132?
0:19:00 > 0:19:03132 is bid. 133?
0:19:03 > 0:19:06134?
0:19:06 > 0:19:09£133,000 for the first time.
0:19:09 > 0:19:13£133,000 for the second time.
0:19:13 > 0:19:15Third and last opportunity. All done with it?
0:19:15 > 0:19:17It's gone, it's yours, sir, thank you.
0:19:17 > 0:19:19133,000.
0:19:21 > 0:19:25At 133,000, Mark and Kate were new owners of the hotel.
0:19:27 > 0:19:28Currently living in Loughborough,
0:19:28 > 0:19:29Mark is a builder and
0:19:29 > 0:19:33Kate is a professional line dancing choreographer.
0:19:33 > 0:19:35Hopefully, with their new purchase,
0:19:35 > 0:19:37it will be two steps forward and no steps back.
0:19:39 > 0:19:41- Guys, congratulations. - Thank you.
0:19:41 > 0:19:44What I want to know is, when you saw this property for the first time...
0:19:44 > 0:19:47Now, I know you've got a building background. Weren't you put off?
0:19:47 > 0:19:49Most people would have been put off with this.
0:19:49 > 0:19:50No, not put off at all.
0:19:50 > 0:19:53We wanted a project, something that he could get his teeth into.
0:19:53 > 0:19:57And we wanted to sell up where we were and downsize,
0:19:57 > 0:19:58so we ended up with the hotel.
0:20:00 > 0:20:01Ended up with a hotel!
0:20:01 > 0:20:03Yeah, I was just as excited as Mark,
0:20:03 > 0:20:06to go along and get, you know, a project like this.
0:20:06 > 0:20:08The two of them certainly have a challenge.
0:20:08 > 0:20:10Currently their architect is working on plans
0:20:10 > 0:20:14to convert the building into three or four apartments.
0:20:14 > 0:20:17So, what are they going to do with them?
0:20:17 > 0:20:20It would be ideal to have one for ourselves to live in.
0:20:20 > 0:20:24Maybe one to sell, to release some money for another project.
0:20:24 > 0:20:26And, possibility,
0:20:26 > 0:20:28one or two apartments for...
0:20:28 > 0:20:30We were saying to rent out,
0:20:30 > 0:20:32but it's a great place for holiday lets,
0:20:32 > 0:20:33because it's a great place here
0:20:33 > 0:20:35for tourism and walkers.
0:20:35 > 0:20:37So maybe we could go down that line.
0:20:37 > 0:20:40So, where do you start with something like this?
0:20:40 > 0:20:42In a caravan.
0:20:43 > 0:20:46Are you going to be living in a caravan while you're doing this?
0:20:46 > 0:20:47Seriously, guys?
0:20:47 > 0:20:49- Well...- Well, if our house is sold,
0:20:49 > 0:20:52the people want to move in by the end of the month...
0:20:52 > 0:20:53You've seen the property.
0:20:53 > 0:20:54There's nowhere to live at the moment.
0:20:54 > 0:20:58There's no gas, no electric, no water.
0:20:58 > 0:21:00We've got no means here, whatsoever.
0:21:00 > 0:21:02So all that takes a long time, anyway.
0:21:02 > 0:21:03It takes weeks to get everything in.
0:21:03 > 0:21:06So, caravan, here we come!
0:21:06 > 0:21:08# Well, I'm going to find a home on wheels
0:21:08 > 0:21:09# See how it feels
0:21:09 > 0:21:11# Going mobile
0:21:12 > 0:21:14# Keep me moving... #
0:21:14 > 0:21:17But the caravan does mean Mark will always be on site
0:21:17 > 0:21:19and he's planning to do most of the work himself,
0:21:19 > 0:21:22while Kate tours the world line dancing.
0:21:22 > 0:21:24With the amount of work here,
0:21:24 > 0:21:26I know who has the better deal.
0:21:26 > 0:21:29Provided they get the architect's plans approved,
0:21:29 > 0:21:31what do they plan for the flats?
0:21:33 > 0:21:35Well, because of the views, the amazing views,
0:21:35 > 0:21:37and it's a real suntrap this side of the valley,
0:21:37 > 0:21:40we want to take the whole front of the building at least 12 foot back
0:21:40 > 0:21:43and build a big terrace balcony.
0:21:43 > 0:21:46So the front area will be the living room
0:21:46 > 0:21:48with all glass, hopefully, frontage
0:21:48 > 0:21:50with the views as well.
0:21:50 > 0:21:53I think, an idea of the bedroom to come on the front as well,
0:21:53 > 0:21:56with a little terrace coming onto the balcony there as well.
0:21:56 > 0:21:58Oh, my gosh, so it really will be spectacular.
0:21:58 > 0:21:59Yeah, well, we're hoping.
0:21:59 > 0:22:02I just want a rocking chair at the front.
0:22:04 > 0:22:07Kate's certainly committed to the Western theme,
0:22:07 > 0:22:09but the caravan might be
0:22:09 > 0:22:11home on the range for a while.
0:22:11 > 0:22:13Mark thinks the project will take
0:22:13 > 0:22:1618 months to create these four two-bedroom apartments.
0:22:17 > 0:22:19So talk to me about the money situation.
0:22:19 > 0:22:23Well, what I intend to spend on this property, I'd say between...
0:22:23 > 0:22:26It depends if we get three straightforward apartments.
0:22:26 > 0:22:28I's say between 160,000 and 200,000
0:22:28 > 0:22:31is what I intend to spend on it.
0:22:31 > 0:22:34Structurally, it's a very sound building.
0:22:34 > 0:22:37There's a lot of expensive work already been done to the property.
0:22:37 > 0:22:39Mark, what are you most worried about with this project?
0:22:39 > 0:22:41I don't think it's so much the building.
0:22:41 > 0:22:43I think it's where I'm going to be sleeping.
0:22:43 > 0:22:45- You're more worried about the caravan?- Yeah.
0:22:45 > 0:22:49Oh, look, I love looking at the big smiles on your faces.
0:22:49 > 0:22:50You both look so happy,
0:22:50 > 0:22:52I'm so excited at this stage.
0:22:52 > 0:22:55And hopefully, you do get four apartments here.
0:22:55 > 0:22:56- Thank you.- Guys, congratulations.
0:22:56 > 0:22:58- Thank you, Lucy.- Kate, well done.
0:22:58 > 0:22:59Mark, thank you.
0:22:59 > 0:23:00Thank you, Lucy.
0:23:00 > 0:23:03So Mark and Kate have their architect on board
0:23:03 > 0:23:05and they're ready and raring to go.
0:23:05 > 0:23:07Now, I love their excitement,
0:23:07 > 0:23:09but this is a huge project for them to tackle,
0:23:09 > 0:23:12and as far as caravan living goes,
0:23:12 > 0:23:14I don't think they're too keen on that.
0:23:14 > 0:23:15Join me later in the programme
0:23:15 > 0:23:17and you can see if they've both
0:23:17 > 0:23:19still got smiles on their faces.
0:23:21 > 0:23:22Coming up,
0:23:22 > 0:23:25it's nice to see some old-school features still remain
0:23:25 > 0:23:27at this house in Stoke...
0:23:27 > 0:23:29Here, in the plasterware, there,
0:23:29 > 0:23:30really, really pretty.
0:23:32 > 0:23:35But installing the supporting steel at this hotel
0:23:35 > 0:23:37without a crane meant Mark had to go...
0:23:37 > 0:23:40Back to the old times.
0:23:44 > 0:23:48Time now for a trip back to Port Sunlight in Merseyside,
0:23:48 > 0:23:51where I saw a very characterful end cottage
0:23:51 > 0:23:55that had a big garden and some very nice features inside.
0:23:55 > 0:23:59Although, I wasn't completely sold on the layout.
0:23:59 > 0:24:01I'm thinking, is there any way you can configure
0:24:01 > 0:24:04this kitchen, the pantry and that dining room
0:24:04 > 0:24:08into a nice family area maybe?
0:24:08 > 0:24:09It is a bit old-fashioned,
0:24:09 > 0:24:11but I'm liking it.
0:24:11 > 0:24:13It really was a lovely cottage
0:24:13 > 0:24:15and was easy to see why
0:24:15 > 0:24:17Rose and her husband Jeff
0:24:17 > 0:24:20spent £147,000 on it at auction.
0:24:20 > 0:24:22They both met whilst working
0:24:22 > 0:24:26at the very company that originally built
0:24:26 > 0:24:27Port Sunlight to accommodate
0:24:27 > 0:24:30its workers in the local soap factory.
0:24:30 > 0:24:32Jeff worked across the pond in America,
0:24:32 > 0:24:34but has since moved to the UK
0:24:34 > 0:24:38and this cottage was to become their new home.
0:24:38 > 0:24:39I got to visit here quite a bit through work,
0:24:39 > 0:24:43so getting to see the village, it's just, it just draws you in.
0:24:43 > 0:24:46So we started looking around, seeing what properties were available.
0:24:46 > 0:24:48And then this one came up for auction,
0:24:48 > 0:24:49and it just made too much sense.
0:24:49 > 0:24:51And not many of them come up for sale,
0:24:51 > 0:24:53and particularly not ones with a big garden.
0:24:53 > 0:24:56So, for us, it was the garden because we've got some dogs.
0:24:56 > 0:24:58They planned on moving the kitchen
0:24:58 > 0:25:01and generally updating the house in just six months.
0:25:01 > 0:25:03But as the house is Grade II listed
0:25:03 > 0:25:04and in a conservation area,
0:25:04 > 0:25:07planning permission and various consents
0:25:07 > 0:25:08meant it's taken quite a bit
0:25:08 > 0:25:10longer than they'd first hoped,
0:25:10 > 0:25:13because we are heading back two years later,
0:25:13 > 0:25:16to see how Rose and Jeff have got on.
0:25:16 > 0:25:18# Look at where we are
0:25:18 > 0:25:21# Remember where we started out
0:25:21 > 0:25:24# Never going to be without each other's love again
0:25:24 > 0:25:25# Look at where we are... #
0:25:25 > 0:25:28Moving the kitchen in here has really worked well.
0:25:28 > 0:25:32The old kitchen has become another living area.
0:25:36 > 0:25:41It has a utility room and a toilet where the former pantry was.
0:25:46 > 0:25:48Downstairs, the walls have been lined
0:25:48 > 0:25:52and freshly decorated throughout in neutral colours.
0:25:52 > 0:25:54And they have kept some of the character features that
0:25:54 > 0:25:56were here originally.
0:25:56 > 0:25:59The stairs have been stripped back to the original wood and they lead
0:25:59 > 0:26:00to the three bedrooms,
0:26:00 > 0:26:02which, like the rest of the house,
0:26:02 > 0:26:05have been tastefully decorated.
0:26:05 > 0:26:07As the house is in a conservation area,
0:26:07 > 0:26:10planning permission was required to move the boiler upstairs,
0:26:10 > 0:26:13as the flume would be seen from the outside.
0:26:13 > 0:26:14# Look at where we are
0:26:14 > 0:26:16# Remember where we started out
0:26:16 > 0:26:20# Never going to be without each other's love again
0:26:20 > 0:26:21# Look at where we are... #
0:26:21 > 0:26:25Finally, the bathroom pretty much remained as was.
0:26:25 > 0:26:28But it's got a new toilet and a new sink.
0:26:28 > 0:26:29Now the work is complete,
0:26:29 > 0:26:31Jeff and Rose can relax
0:26:31 > 0:26:34and enjoy living in their house along with their two dogs
0:26:34 > 0:26:37Luna and Claude.
0:26:37 > 0:26:40It's certainly a fetching house,
0:26:40 > 0:26:44but it's taken rather a long time to get here.
0:26:44 > 0:26:45So in terms of timing,
0:26:45 > 0:26:48we originally thought it would take us about six months.
0:26:48 > 0:26:51We made the mistake of moving in while we were doing the renovations,
0:26:51 > 0:26:53and that certainly slowed us down.
0:26:53 > 0:26:55In addition to that, with the planning permissions,
0:26:55 > 0:26:57along with a few other things,
0:26:57 > 0:26:58it's really slowed us down a bit.
0:26:58 > 0:27:01We actually had to do a lot of work on the upstairs ceilings,
0:27:01 > 0:27:03so they weren't structurally sound,
0:27:03 > 0:27:04which meant they had to come down.
0:27:04 > 0:27:07But what we didn't realise, until we started doing some work,
0:27:07 > 0:27:09is that actually it was lime plaster,
0:27:09 > 0:27:12which is more complicated than we were hoping.
0:27:12 > 0:27:14Because we had to replace like for like,
0:27:14 > 0:27:15because it's a listed building.
0:27:15 > 0:27:18So, it took us a while to find someone who was
0:27:18 > 0:27:20skilled in doing lime plastering.
0:27:20 > 0:27:23So it did kind of slow down some of the other jobs we wanted to do,
0:27:23 > 0:27:25because of the demo and the dust.
0:27:25 > 0:27:27Almost two years after they purchased the property,
0:27:27 > 0:27:31and there has been some ups and downs as they've been renovating,
0:27:31 > 0:27:32while living in it.
0:27:32 > 0:27:34This can mean it's the simple pleasures
0:27:34 > 0:27:37that feel like the biggest victories.
0:27:37 > 0:27:40So if I had to pick the happiest day of this renovation,
0:27:40 > 0:27:42it was when the combi boiler was installed, because the next morning
0:27:42 > 0:27:44was the first morning since
0:27:44 > 0:27:46we've lived in this house where I actually had a hot shower.
0:27:46 > 0:27:48- That was heaven.- That was,
0:27:48 > 0:27:50that was the day that changed the entire thing for me.
0:27:50 > 0:27:53Jeff and Rose can shower themselves in praise
0:27:53 > 0:27:55for a great job they've done
0:27:55 > 0:27:58in changing the layout downstairs.
0:27:58 > 0:27:59The kitchen is much improved
0:27:59 > 0:28:03and Rose's perseverance meant they were able
0:28:03 > 0:28:05to pretty much stick to that ten-grand budget.
0:28:05 > 0:28:08They only went over by a grand.
0:28:08 > 0:28:12I wanted a traditional kind of Shaker wooden kitchen.
0:28:12 > 0:28:15But we didn't have the budget to go for a new one.
0:28:15 > 0:28:19So I spent ages looking for one second-hand on the internet.
0:28:19 > 0:28:21But eventually, we found something
0:28:21 > 0:28:23and we managed to fit it ourselves.
0:28:23 > 0:28:27So all we have to do now is give it a sand and a paint.
0:28:27 > 0:28:29But there is a bit of a debate about what colour we go for.
0:28:29 > 0:28:31Then I'll keep my nose out
0:28:31 > 0:28:32and I won't suggest a colour.
0:28:32 > 0:28:35But between them, they've done a great job
0:28:35 > 0:28:37and a lot of the work themselves.
0:28:37 > 0:28:39They are quite the team.
0:28:39 > 0:28:40We've got different skills.
0:28:40 > 0:28:42So he's, like, the strength, he's, like, the muscle.
0:28:42 > 0:28:44And I cut tiles.
0:28:44 > 0:28:46You're a tile cutter, great painter.
0:28:46 > 0:28:49His attention to detail, like,
0:28:49 > 0:28:51he goes in, like, with force and, like...
0:28:51 > 0:28:54And then kind of, like, the finish might not be great,
0:28:54 > 0:28:58whereas I'm really slow, but hopefully I get a good finish.
0:28:59 > 0:29:01Time to see if the finishing touches
0:29:01 > 0:29:02they've put on the property will
0:29:02 > 0:29:05impress two local estate agents.
0:29:05 > 0:29:08We've asked them along to get their thoughts on this property.
0:29:08 > 0:29:10The finish is absolutely superb.
0:29:10 > 0:29:12It's higher than normal.
0:29:12 > 0:29:14I also like the space of the property.
0:29:14 > 0:29:16It's different because it's got two reception rooms,
0:29:16 > 0:29:19which is quite rare in Port Sunlight Village,
0:29:19 > 0:29:22plus the added benefit of a south-facing garden as well.
0:29:22 > 0:29:25So, as regards to the layout changes,
0:29:25 > 0:29:27I think they've made really good choices.
0:29:27 > 0:29:30They've expanded the area for a kitchen,
0:29:30 > 0:29:33it's made it a really workable kitchen, and off the kitchen, then,
0:29:33 > 0:29:36you've got a nice little breakfast room, utilities-type space.
0:29:36 > 0:29:41Which is really, you know, the right way for a family to be living.
0:29:41 > 0:29:43So it's a thumbs-up from the estate agents.
0:29:43 > 0:29:49But has their total of £158,000 investment been worth it?
0:29:49 > 0:29:51With the finish on this property,
0:29:51 > 0:29:53I would expect to market this property
0:29:53 > 0:29:55for £180,000.
0:29:55 > 0:29:58OK, as regards what the property would achieve,
0:29:58 > 0:30:00if it was on the open market now,
0:30:00 > 0:30:01I believe a figure of around about
0:30:01 > 0:30:04185,000 would be reasonably fair.
0:30:04 > 0:30:05- Oh, that's really good.- Yeah.
0:30:05 > 0:30:08I think we were thinking that we were going to kind of break even.
0:30:08 > 0:30:11We didn't really go into it for the money, we kind of like the house,
0:30:11 > 0:30:13we like the garden, and we could see the potential, so,
0:30:13 > 0:30:15if we make a bit of profit, then that's really good.
0:30:15 > 0:30:17So, as an investment, I think we actually
0:30:17 > 0:30:18did much better than what we were planning for.
0:30:18 > 0:30:21To be honest, I'm just quite happy we didn't lose money,
0:30:21 > 0:30:22because there were a number of days
0:30:22 > 0:30:26where we lost a little bit of sleep wondering if we did the right thing.
0:30:26 > 0:30:29I don't think there's any need to lose any more sleep.
0:30:29 > 0:30:31The hard work has paid off.
0:30:31 > 0:30:35They have a lovely home and added £27,000 value to the home
0:30:35 > 0:30:39based on that £185,000 evaluation.
0:30:39 > 0:30:43But I'm sure it's not going to be on the sales market any time soon.
0:30:43 > 0:30:47But what are they looking forward to most about living here?
0:30:47 > 0:30:49I don't know if there's the right word in the English language
0:30:49 > 0:30:52that would describe how I feel right now that we're just about complete,
0:30:52 > 0:30:56but I'm very happy that we are done, or nearly done.
0:30:56 > 0:30:59I'm looking forward to a little bit of relaxing.
0:30:59 > 0:31:01Having a lie-in,
0:31:01 > 0:31:03watching some morning TV,
0:31:03 > 0:31:05that kind of thing would suit us really nicely.
0:31:05 > 0:31:07Well, hopefully, Jeff and Rose
0:31:07 > 0:31:09and, of course, Claude and Luna
0:31:09 > 0:31:12are enjoying this episode of Homes Under The Hammer
0:31:12 > 0:31:15and having a well-deserved lie-in.
0:31:20 > 0:31:21In the mid-1800s,
0:31:21 > 0:31:24the North Staffordshire Railway Company,
0:31:24 > 0:31:26nicknamed the Naughty by the locals,
0:31:26 > 0:31:29was instrumental to the success
0:31:29 > 0:31:32of the pottery industry in the area.
0:31:32 > 0:31:35Just over a hundred years later, in the 1950s and '60s,
0:31:35 > 0:31:37railway lines were closing,
0:31:37 > 0:31:40but the railway was immortalised
0:31:40 > 0:31:42in the play titled The Naughty,
0:31:42 > 0:31:44which was first performed at the
0:31:44 > 0:31:47New Vic Theatre in Stoke in 1966.
0:31:48 > 0:31:51Could today's property have us boarding the gravy train?
0:31:52 > 0:31:54Well, on a fairly busy main road,
0:31:54 > 0:31:58but only a mile or so from Stoke's main railway station,
0:31:58 > 0:31:59is the property I'm here to see.
0:31:59 > 0:32:01Two-bed mid-terrace,
0:32:01 > 0:32:05guide price £49,000-plus.
0:32:05 > 0:32:07Let's have a look.
0:32:07 > 0:32:09By the way, that plus means a reserve
0:32:09 > 0:32:11has been set above the guide price,
0:32:11 > 0:32:14but do bear in mind a reserve can be changed.
0:32:14 > 0:32:18Still, anything in the region of 49,000 quid should be good value.
0:32:18 > 0:32:19What do you get for your money?
0:32:19 > 0:32:22Well, actually, it's looking pretty good so far.
0:32:22 > 0:32:27There's a few features straight away hinting that this is maybe a house
0:32:27 > 0:32:30that was just at the lower end
0:32:30 > 0:32:32of the property scale when it was built.
0:32:32 > 0:32:37Look, some nice features here in the plasterwork there,
0:32:37 > 0:32:38really, really pretty.
0:32:38 > 0:32:40So what have we got? Front living room, which is, er,
0:32:40 > 0:32:42has got some interesting decoration.
0:32:42 > 0:32:44But it's a nice-sized space,
0:32:44 > 0:32:45and it doesn't smell damp,
0:32:45 > 0:32:48which is good news. Stairs up to your bedrooms there,
0:32:48 > 0:32:52and then through into your rear sitting room.
0:32:52 > 0:32:55Very traditional rear sitting room.
0:32:55 > 0:32:57Some open fires could be made here,
0:32:57 > 0:33:00hoping that'll make a real feature in here.
0:33:00 > 0:33:01And then through to, again,
0:33:01 > 0:33:03a classic thing that was done
0:33:03 > 0:33:05over the years to these kinds of properties,
0:33:05 > 0:33:07this bit added on at the back.
0:33:07 > 0:33:08A single-storey extension,
0:33:08 > 0:33:10which houses the kitchen here,
0:33:10 > 0:33:12and then through there to the
0:33:12 > 0:33:14only bathroom and loo in the property.
0:33:14 > 0:33:16But for these kinds of properties, it's almost expected.
0:33:16 > 0:33:20And I reckon...
0:33:20 > 0:33:22..as far as I can see,
0:33:22 > 0:33:26this is one of those really good auction finds.
0:33:26 > 0:33:27# You're quite a catch
0:33:27 > 0:33:29# You're quite a find... #
0:33:30 > 0:33:32Well, at the back of the property,
0:33:32 > 0:33:34very traditional little courtyard area.
0:33:34 > 0:33:37You can see here that the house at the back there looks to be in pretty
0:33:37 > 0:33:39reasonable condition and that this extension,
0:33:39 > 0:33:42which houses the loo and the kitchen,
0:33:42 > 0:33:44the single-storey addition added on at some point.
0:33:44 > 0:33:46You know, there's not a lot of space,
0:33:46 > 0:33:48there's a little sort of sheddy thing,
0:33:48 > 0:33:52like a brick-built shed at the back there, this little area here.
0:33:52 > 0:33:55For a family house, perhaps not ideal.
0:33:55 > 0:33:57However, if you are looking at renting this out,
0:33:57 > 0:34:00less space equals less maintenance which equals good news.
0:34:00 > 0:34:02# Well, I can tell you for the money
0:34:02 > 0:34:05# The simple life, honey, is good
0:34:05 > 0:34:07# Uh-huh now
0:34:07 > 0:34:09# Yes, it's good... #
0:34:09 > 0:34:13So, for a quick and easy rental, this could be the way to go.
0:34:16 > 0:34:17But what if you wanted to try
0:34:17 > 0:34:20and get a bit more money out of this property?
0:34:22 > 0:34:23So, upstairs,
0:34:23 > 0:34:26and a pretty decent-sized bedroom on the front of the property,
0:34:26 > 0:34:29and an equal-sized bedroom on the back,
0:34:29 > 0:34:31two good-sized rooms.
0:34:31 > 0:34:34So would you potentially bring that bathroom up here?
0:34:34 > 0:34:35I don't think so.
0:34:35 > 0:34:37I don't know if there's really any need.
0:34:37 > 0:34:40I'm thinking a little bit more laterally.
0:34:40 > 0:34:43Bearing in mind we're quite close to a university,
0:34:43 > 0:34:46and an easy distance to the centre of Stoke and all that stuff,
0:34:46 > 0:34:51I wonder if there's a market to rent these out as individual rooms.
0:34:51 > 0:34:52In which case, three rooms,
0:34:52 > 0:34:54one downstairs, two bedrooms,
0:34:54 > 0:34:57that's three rooms, and you'd still have a really nice living room
0:34:57 > 0:34:58and kitchen area.
0:34:58 > 0:34:59So a lot more admin,
0:34:59 > 0:35:02possibly some more void periods,
0:35:02 > 0:35:05but, hm...interesting.
0:35:05 > 0:35:10# Something infinitely interesting... #
0:35:10 > 0:35:14It's also interesting to note that, if you do want to turn this into a
0:35:14 > 0:35:15house of multiple occupancy,
0:35:15 > 0:35:18you'd need to check with your local council when it comes to
0:35:18 > 0:35:21the conditions for a licence.
0:35:21 > 0:35:23Let's see if an agent from the auction house that sold it
0:35:23 > 0:35:26thinks it could work in this area.
0:35:26 > 0:35:29The good points of the property is it's a decent size.
0:35:29 > 0:35:31There's also two reception rooms,
0:35:31 > 0:35:34which does give the possibility of letting the property
0:35:34 > 0:35:37as three individual rooms, maybe to students,
0:35:37 > 0:35:39which would give an income in the region of
0:35:39 > 0:35:41£70 per week per room,
0:35:41 > 0:35:43depending on the type of tenant.
0:35:43 > 0:35:47That could mean an income of £840 per month.
0:35:47 > 0:35:50But you would probably have to factor in some void periods.
0:35:50 > 0:35:52So what if you went for a more stable income
0:35:52 > 0:35:54and rented the property out
0:35:54 > 0:35:55as a two-bedroomed house?
0:35:57 > 0:35:59I would anticipate a rental income in the region of
0:35:59 > 0:36:02£450 per calendar month.
0:36:02 > 0:36:04That is almost half the money,
0:36:04 > 0:36:06but it is still a good return for half the hassle,
0:36:06 > 0:36:09if you could get it anywhere near
0:36:09 > 0:36:11that £49,000-plus guide price.
0:36:11 > 0:36:14Finally, what about the sales figures?
0:36:15 > 0:36:16Once renovated,
0:36:16 > 0:36:19I would place this property on the market in the region of £80,000.
0:36:23 > 0:36:25Well, sometimes it is hard for little terraces like this
0:36:25 > 0:36:28to differentiate themselves from similar properties
0:36:28 > 0:36:31and yet this one really seems to manage it.
0:36:31 > 0:36:33I don't know what it is about it, but I really like it.
0:36:33 > 0:36:36And for anything like that guide price, a great one to go for.
0:36:36 > 0:36:39Let's see who agreed when it went under the hammer.
0:36:40 > 0:36:42Guide at 49.
0:36:42 > 0:36:44Can I say 45 to start?
0:36:44 > 0:36:4645 to get it going.
0:36:46 > 0:36:4745 bid, thank you.
0:36:47 > 0:36:49At £45,000.
0:36:49 > 0:36:5046 can I see now?
0:36:50 > 0:36:52At 45, 46.
0:36:52 > 0:36:5447.
0:36:54 > 0:36:5548.
0:36:55 > 0:36:5949, 50. 51.
0:36:59 > 0:37:02Half, you are saying. 50.5.
0:37:02 > 0:37:0351.
0:37:03 > 0:37:0551.5.
0:37:05 > 0:37:0652.
0:37:06 > 0:37:08Back in?
0:37:08 > 0:37:10No? At 52 on my left.
0:37:10 > 0:37:12On the back wall. 52.5.
0:37:12 > 0:37:1453, sir?
0:37:15 > 0:37:17No? At 52.5 on the back wall, then.
0:37:17 > 0:37:19£52,500.
0:37:19 > 0:37:23All done now? 52,500 once, then.
0:37:23 > 0:37:27Got you at 53. 53.5.
0:37:27 > 0:37:28No? At 53.5.
0:37:28 > 0:37:30Still on the back wall, then.
0:37:30 > 0:37:3153,500 once, then.
0:37:31 > 0:37:3353,500 twice.
0:37:33 > 0:37:38Third and final time at £53,500.
0:37:40 > 0:37:4154...
0:37:41 > 0:37:43..and a half.
0:37:43 > 0:37:45Sure? OK.
0:37:45 > 0:37:4654 once.
0:37:46 > 0:37:4854 twice. Third and final time.
0:37:50 > 0:37:53£54,500 to you, sir, sold.
0:37:54 > 0:37:56The successful bid was made by
0:37:56 > 0:37:58Chris and his wife Vanessa.
0:37:58 > 0:38:02They managed to secure this house for 54,500,
0:38:02 > 0:38:06which was pretty close to that £49,000-plus guide price.
0:38:08 > 0:38:09Chris came along to tell me
0:38:09 > 0:38:12what they have planned for this terraced property.
0:38:12 > 0:38:13Chris, good to meet you.
0:38:13 > 0:38:15- Good to meet you.- Congratulations.
0:38:15 > 0:38:18- Thank you very much.- Tell me why you wanted to buy this house.
0:38:18 > 0:38:20It ticked the boxes that we were after in a property.
0:38:20 > 0:38:22I am quite happy with it.
0:38:22 > 0:38:24So what do you do when you are not doing this?
0:38:24 > 0:38:25- I'm a plumber by trade. - Oh, OK, plumber?
0:38:25 > 0:38:27- Yeah...- That is useful.
0:38:27 > 0:38:32..which will be certainly useful when it comes down to renovating.
0:38:32 > 0:38:36But we do get a lot of other people in to give us a hand.
0:38:36 > 0:38:38Gas, electric and things like that.
0:38:38 > 0:38:40Have you done anything like this before?
0:38:40 > 0:38:43We've done one other property, full refurb...
0:38:43 > 0:38:45- OK.- ..on another house that we own.
0:38:45 > 0:38:49And then really it has been projects for customers.
0:38:49 > 0:38:52You know, sizeable projects where it started down the line of,
0:38:52 > 0:38:55"Maybe we should do this for ourselves."
0:38:55 > 0:38:56Yeah, definitely.
0:38:56 > 0:38:59So what have you bought it for? What is the reason?
0:38:59 > 0:39:00Well, we're looking to rent it
0:39:00 > 0:39:02to start with.
0:39:02 > 0:39:06But it is one of potentially three that we want to sort of
0:39:06 > 0:39:07- pass on to the kids...- Oh, great.
0:39:07 > 0:39:09..as they get older and perhaps move out.
0:39:09 > 0:39:11Right. How old are your children?
0:39:11 > 0:39:13I've got one at 13 - me son's 13 -
0:39:13 > 0:39:15two daughters, seven and four.
0:39:15 > 0:39:18Oh, wow. So a while before your four-year-old must get out.
0:39:18 > 0:39:19Yeah, we've got a bit of time.
0:39:19 > 0:39:22Yeah, I'm starting to panic about the 13-year-old.
0:39:22 > 0:39:24Great. So is that sort of forward thinking about, you know,
0:39:24 > 0:39:26the fact that, when they come to need a house,
0:39:26 > 0:39:28the house prices will have gone up?
0:39:28 > 0:39:30Yeah, well, I mean, looking back
0:39:30 > 0:39:31when we got on the ladder,
0:39:31 > 0:39:34it was quite difficult and quite strenuous
0:39:34 > 0:39:36and it is only going to get worse.
0:39:36 > 0:39:39We just thought, "Well, it will benefit us in the short term,
0:39:39 > 0:39:41- "and them in the long term." - Brilliant.
0:39:43 > 0:39:46Long-term thinking is good when it comes to property and children.
0:39:46 > 0:39:47It is good that Ethan,
0:39:47 > 0:39:49Matilda and little Olivia
0:39:49 > 0:39:52will have a stake in the future, while Mum and Dad
0:39:52 > 0:39:56can take an income from the rental in the meantime
0:39:56 > 0:40:00and, of course, it will be home for someone for a while to come.
0:40:00 > 0:40:02But before it becomes a home to anyone,
0:40:02 > 0:40:04Chris will have to get back down to work.
0:40:08 > 0:40:12Now, what is his plumber's view on the downstairs bathroom scenario?
0:40:12 > 0:40:15Any thoughts about trying to change that position,
0:40:15 > 0:40:16or is it too much trouble?
0:40:16 > 0:40:18Yeah, not in the short-term with, obviously,
0:40:18 > 0:40:21drains and things where they are.
0:40:21 > 0:40:23A lot of terraced houses are set up like this.
0:40:23 > 0:40:27- Yeah.- So it is probably more the fact that we will leave it as it is.
0:40:27 > 0:40:32It has been mentioned, but I think, from a cost perspective, we will
0:40:32 > 0:40:33probably leave the layout...
0:40:33 > 0:40:36Leave it as it is. So what are you planning to do exactly?
0:40:36 > 0:40:38It will be a full rewire.
0:40:38 > 0:40:40There is no central heating in,
0:40:40 > 0:40:43so it will be a full central heating system put in.
0:40:43 > 0:40:47New kitchen, new bathroom, and then fully decorated all through.
0:40:47 > 0:40:49OK, and how much of that can you do?
0:40:49 > 0:40:53Well, the electrician will come in and do the electrics.
0:40:53 > 0:40:56I've got a friend of mine who does gas,
0:40:56 > 0:40:58so he will come and sort all that.
0:40:58 > 0:41:00And the rest, really, we will probably do ourselves.
0:41:00 > 0:41:02OK, good to save a bit of cost.
0:41:02 > 0:41:05So what is the budget for that?
0:41:05 > 0:41:07Between eight and ten.
0:41:07 > 0:41:09But I am pretty confident
0:41:09 > 0:41:11- it will be closer to eight.- Right.
0:41:11 > 0:41:15Just because of how much we will be doing ourselves.
0:41:15 > 0:41:17So you got it for what I think is quite a good price.
0:41:17 > 0:41:18What did you think about that?
0:41:18 > 0:41:19Over the moon.
0:41:19 > 0:41:21Over the moon with the price.
0:41:21 > 0:41:23We were willing to go quite a bit more.
0:41:23 > 0:41:25How much more?
0:41:25 > 0:41:26Between 60 and 65.
0:41:26 > 0:41:31Right. So if you were willing to go 65 and paid 54,500, was it?
0:41:31 > 0:41:34- Yeah.- So if you are adding say ten for doing renovations, it is almost
0:41:34 > 0:41:36like you got the renovation for free.
0:41:36 > 0:41:38Yeah! So that would have been...
0:41:38 > 0:41:40- Yeah, it is good.- Great.
0:41:40 > 0:41:43What is the timescale for your work?
0:41:43 > 0:41:46Juggling this and working as well,
0:41:46 > 0:41:49so we don't want to put too much pressure on it.
0:41:49 > 0:41:51So we're looking at six months.
0:41:51 > 0:41:53If we could get it turned around, that would be great.
0:41:53 > 0:41:57- But if work is busy, then obviously that takes priority.- Yeah, yeah.
0:41:57 > 0:41:59- Well, listen, congratulations. - Thank you very much.
0:41:59 > 0:42:01- Good luck with it. - Yeah, it should be fun.
0:42:01 > 0:42:04- We will see how you go. - Thanks very much.
0:42:04 > 0:42:07So, Chris, getting the property to provide income in the short term,
0:42:07 > 0:42:10but somewhere for his growing family in the long term.
0:42:10 > 0:42:11What a great strategy.
0:42:11 > 0:42:13And a lovely house.
0:42:13 > 0:42:15I think he got it at a really good price.
0:42:15 > 0:42:17How will he get on sorting it out?
0:42:17 > 0:42:19You can find out later in the show.
0:42:23 > 0:42:25Earlier, we saw what happened to the first property.
0:42:25 > 0:42:27But what about the other two?
0:42:27 > 0:42:29Yes, have there been major transformations,
0:42:29 > 0:42:31or just a few minor tweaks?
0:42:31 > 0:42:33Let's go back and find out.
0:42:35 > 0:42:39Time to ramble through the beautiful countryside of the Peak District
0:42:39 > 0:42:41to the town of Matlock,
0:42:41 > 0:42:43where Lucy saw this dilapidated hotel.
0:42:46 > 0:42:48I think I am right in saying this is no five star.
0:42:48 > 0:42:51In fact, it is just a building site.
0:42:51 > 0:42:55# Cos she's a hotel detective
0:42:55 > 0:42:59# A little hotel detective... #
0:43:00 > 0:43:04And more investigations from Lucy suggested that not only was this
0:43:04 > 0:43:10125,000-guided property lacking running water and gas,
0:43:10 > 0:43:15it was unlikely to be receiving guests any time soon.
0:43:15 > 0:43:18That is until Kate and Mark came along,
0:43:18 > 0:43:20drawn in by the amazing views.
0:43:20 > 0:43:22They wanted to make their home here
0:43:22 > 0:43:25and convert the other floors into holiday lets.
0:43:26 > 0:43:30So where do you start with something like this?
0:43:30 > 0:43:31In a caravan.
0:43:33 > 0:43:36Sacrifices would have to be made for their
0:43:36 > 0:43:39£133,000 purchase,
0:43:39 > 0:43:41including their living arrangements,
0:43:41 > 0:43:43as Mark and Kate hoped they would
0:43:43 > 0:43:46have their dream home and three other flats
0:43:46 > 0:43:51in 18 months on a tight, maximum £200,000 budget.
0:43:51 > 0:43:53Costed as such as builder by trade Mark
0:43:53 > 0:43:56would be doing nearly all the work himself.
0:43:56 > 0:43:58# She said where do you want to go?
0:43:59 > 0:44:01# How much you want to risk...? #
0:44:01 > 0:44:03It is nearly three years later,
0:44:03 > 0:44:06and immediately it looks so much better,
0:44:06 > 0:44:09and I can see a fabulous balcony.
0:44:09 > 0:44:10So what is inside?
0:44:11 > 0:44:14# I want something just like this
0:44:20 > 0:44:24# I want something just like this... #
0:44:24 > 0:44:27It is a staggering transformation.
0:44:27 > 0:44:29There is so much to take in,
0:44:29 > 0:44:31and not just those views that
0:44:31 > 0:44:34Mark and Kate have made such a feature.
0:44:34 > 0:44:37At the top is a plush studio apartment
0:44:37 > 0:44:40that feels cosy but not cramped.
0:44:40 > 0:44:41Heading downstairs,
0:44:41 > 0:44:43we find a two-bed apartment,
0:44:43 > 0:44:45mirrored by an identical one on the floor below.
0:44:45 > 0:44:47With en suite bedrooms
0:44:47 > 0:44:50and modern, open-plan kitchens,
0:44:50 > 0:44:53they are spacious and bright.
0:44:53 > 0:44:55# I want something just like this... #
0:44:59 > 0:45:02And there are some clever touches,
0:45:02 > 0:45:03like incorporating York stone
0:45:03 > 0:45:06that Mark unearthed in the basement.
0:45:07 > 0:45:10The ground floor will be Mark and Kate's
0:45:10 > 0:45:12glorious four-bedroom apartment,
0:45:12 > 0:45:15but it is still under construction, as is the basement,
0:45:15 > 0:45:17which will be a garage and workshop.
0:45:17 > 0:45:19It has been a massive undertaking,
0:45:19 > 0:45:23and it has taken a lot longer than the original 18-month timescale.
0:45:25 > 0:45:28We put in for planning permission, so it went to committee,
0:45:28 > 0:45:30then we had to wait again for it to go to committee.
0:45:30 > 0:45:32So that pushed us back, timewise, again.
0:45:32 > 0:45:35So you're talking probably nearly six months of waiting.
0:45:35 > 0:45:37Once it was accepted,
0:45:37 > 0:45:40then we had to find a good architect.
0:45:40 > 0:45:43Then, once we got together what we wanted,
0:45:43 > 0:45:45we had to then go back to the council
0:45:45 > 0:45:47and we had to submit all the materials
0:45:47 > 0:45:50that we wanted to use in the project.
0:45:50 > 0:45:52We are now, I would say, in our third year.
0:45:52 > 0:45:54Six to eight months down the line,
0:45:54 > 0:45:56I think we will pretty much have it finished.
0:45:57 > 0:45:59Once the planning was approved,
0:45:59 > 0:46:02Mark's hard work could begin.
0:46:04 > 0:46:05For a whole year,
0:46:05 > 0:46:06every week, all I heard was,
0:46:06 > 0:46:08"I'm just bringing in a new steel."
0:46:09 > 0:46:12- For a whole year.- Yeah, there's, er...
0:46:12 > 0:46:14I mean, two of the steels,
0:46:14 > 0:46:17I think weighed two-thirds of a tonne each,
0:46:17 > 0:46:18at the bottom of the building.
0:46:18 > 0:46:19And no cranes.
0:46:20 > 0:46:24It is sort of like back to the old times.
0:46:26 > 0:46:28With the structure secure,
0:46:28 > 0:46:30there was still a lot more to do.
0:46:31 > 0:46:33We didn't have any services to the property,
0:46:33 > 0:46:36so we have had to pay a lot of the money to get the services,
0:46:36 > 0:46:38water, gas, electric.
0:46:38 > 0:46:41We had to have sound engineers come in and all the apartments have been
0:46:41 > 0:46:45totally acoustic and fireproofed, fire doors,
0:46:45 > 0:46:48and the budget went up from what we initially thought.
0:46:50 > 0:46:56So how much has it pushed their maximum 200 grand up by?
0:46:56 > 0:47:01I think, at the moment, we have spent about...
0:47:01 > 0:47:04..255,000.
0:47:04 > 0:47:08So we have gone over the budget, but we still know it is worth it.
0:47:08 > 0:47:10The figure is a good figure because
0:47:10 > 0:47:12I have done a lot of the work myself,
0:47:12 > 0:47:13which has kept the costs right down.
0:47:14 > 0:47:18Not a bad overspend, considering the quality and craft
0:47:18 > 0:47:20Mark has brought to this property.
0:47:20 > 0:47:23But how was the comfort of caravan living?
0:47:25 > 0:47:26We were fortunate,
0:47:26 > 0:47:29we didn't have to live in a caravan.
0:47:29 > 0:47:30My parents were really kind.
0:47:30 > 0:47:33My parents live in Nottingham and they have a spare room.
0:47:33 > 0:47:35So that was brilliant.
0:47:35 > 0:47:36We had somewhere to live.
0:47:36 > 0:47:39The downside of it was Mark had to commute from
0:47:39 > 0:47:41Nottingham every day and every night,
0:47:41 > 0:47:43and that was a long, long day.
0:47:43 > 0:47:45He was getting up at six and not returning till
0:47:45 > 0:47:48about eight o'clock every night for a couple of years.
0:47:48 > 0:47:50I feel I have accomplished something.
0:47:50 > 0:47:52I have really enjoyed taking it on, actually
0:47:52 > 0:47:55although it has been very hard along the way.
0:47:55 > 0:47:58So, hopefully, we will get the rewards from it.
0:47:59 > 0:48:01To find out what those rewards might be,
0:48:01 > 0:48:03we asked along a local property expert
0:48:03 > 0:48:05and the auctioneer who sold
0:48:05 > 0:48:08this hotel almost three years ago.
0:48:09 > 0:48:12This is the first time I have been in the property,
0:48:12 > 0:48:14whilst I did sell it by auction three years ago.
0:48:14 > 0:48:16So first impressions today are,
0:48:16 > 0:48:18I think it is a wonderful place.
0:48:18 > 0:48:20Very, very large.
0:48:20 > 0:48:21And the scheme of conversion
0:48:21 > 0:48:23that has been undertaken really is
0:48:23 > 0:48:25very appropriate for the property.
0:48:25 > 0:48:29I think they have done a fabulous job of the finish, I really do.
0:48:29 > 0:48:31Everything they've done is tasteful.
0:48:31 > 0:48:35They have used great imagination and obviously taken on board
0:48:35 > 0:48:38professional advice at various different stages.
0:48:38 > 0:48:43Mark and Kate have invested £388,000 to date,
0:48:43 > 0:48:45and the agents seem impressed how
0:48:45 > 0:48:47they have transformed this former hotel
0:48:47 > 0:48:50into modern, good-quality holiday properties.
0:48:50 > 0:48:53Of course, this is a seasonal business,
0:48:53 > 0:48:55but what kind of rentals could they expect?
0:49:00 > 0:49:03In the low season, the holiday lets market,
0:49:03 > 0:49:06I would expect the studio apartment to get
0:49:06 > 0:49:08£200 per week.
0:49:08 > 0:49:10In the high season,
0:49:10 > 0:49:12probably £600 per week.
0:49:12 > 0:49:16The two-bed apartment would rent out for
0:49:16 > 0:49:19£250 per week in the low season
0:49:19 > 0:49:23and as much as £800 per week in the high season.
0:49:23 > 0:49:24- Wow.- It is a massive change.
0:49:24 > 0:49:26Yeah. Yeah.
0:49:26 > 0:49:29I know it is a hard business, doing holiday rental,
0:49:29 > 0:49:31I've heard this,
0:49:31 > 0:49:34but obviously the price justifies the hard work you put into doing the
0:49:34 > 0:49:36kind of business like that.
0:49:36 > 0:49:40An average across the season could see them make up to 20% yield.
0:49:40 > 0:49:43And while it is tricky to value the building with so much
0:49:43 > 0:49:44still needing to be done,
0:49:44 > 0:49:47they had an independent valuation indicating the building
0:49:47 > 0:49:49could be worth up to 800,000.
0:49:55 > 0:49:58A lot of money, a lot of time, a lot of effort.
0:49:58 > 0:50:01But the valuations that you have told us today
0:50:01 > 0:50:02make it all worthwhile
0:50:02 > 0:50:04and we're still very happy with the property
0:50:04 > 0:50:06and very happy with the location.
0:50:06 > 0:50:08So I am just very much looking forward to the future with it.
0:50:15 > 0:50:18We find ourselves back in Staffordshire now,
0:50:18 > 0:50:20and the town of Stoke-on-Trent.
0:50:20 > 0:50:22It was in potters' country that
0:50:22 > 0:50:25we found this mid-terrace two-bed property
0:50:25 > 0:50:28that had a guide price of £49,000-plus.
0:50:29 > 0:50:32Despite being dated on the inside,
0:50:32 > 0:50:36it had good proportions and nice period features.
0:50:36 > 0:50:38Plus, it was just one mile from the train station
0:50:38 > 0:50:41and walking distance to the local university.
0:50:41 > 0:50:44So immediately I could see loads of potential either
0:50:44 > 0:50:47as an HMO or as a straight rental.
0:50:48 > 0:50:51This is one of those really good auction finds.
0:50:53 > 0:50:56# Hey, good looking... #
0:50:56 > 0:50:58It eventually went for £54,500
0:50:58 > 0:51:00to husband-and-wife team
0:51:00 > 0:51:03Chris and Vanessa.
0:51:03 > 0:51:05£54,500 to you, sir, sold.
0:51:07 > 0:51:08It was plumber Chris who met
0:51:08 > 0:51:11me back of the property to tell me the rather
0:51:11 > 0:51:14brilliant reason he and his wife had bought the house.
0:51:14 > 0:51:16It is one of potentially three that we want to
0:51:16 > 0:51:19- sort of pass on to the kids... - Oh, great.
0:51:19 > 0:51:20..as they get older and perhaps move out.
0:51:20 > 0:51:22Right. How old are your children?
0:51:22 > 0:51:24I've got one at 13 - me son's 13 -
0:51:24 > 0:51:26two daughters, seven and four.
0:51:26 > 0:51:29Oh, wow, so a while before the four-year-old must get out.
0:51:29 > 0:51:31Yeah, we've got a bit of time.
0:51:31 > 0:51:34Yeah, I'm starting to panic about the 13-year-old.
0:51:34 > 0:51:38# Don't mind doing it for the kids... #
0:51:38 > 0:51:41Well, until young Ethan is ready to move in,
0:51:41 > 0:51:43this house will be rented out.
0:51:43 > 0:51:46His parents plan to carry out a full renovation
0:51:46 > 0:51:48and all for a budget of £8,000 to £10,000
0:51:48 > 0:51:51and a rough timescale of six months.
0:51:54 > 0:51:56So here we are, almost a year-and-a-half later,
0:51:56 > 0:52:00to see if the potential of this property has been realised.
0:52:21 > 0:52:22Wow. Rewired,
0:52:22 > 0:52:24replastered,
0:52:24 > 0:52:26repainted, reborn!
0:52:26 > 0:52:29It is one of those properties unrecognisable
0:52:29 > 0:52:30from what it was before.
0:52:31 > 0:52:33The new kitchen has a lowered ceiling
0:52:33 > 0:52:36to allow for its modern spotlighting
0:52:36 > 0:52:38and the new bathroom is clean and contemporary.
0:52:38 > 0:52:40Ideal for renters.
0:52:43 > 0:52:44I like the features in this place
0:52:44 > 0:52:46and I'm glad to see Chris and Vanessa
0:52:46 > 0:52:51have embraced a particularly nice find, the Minton tiles.
0:52:51 > 0:52:56These are lovely and their history stems right from here in Stoke
0:52:56 > 0:52:59where Minton was a popular ceramics company.
0:52:59 > 0:53:02We just wanted to really keep those traditional features but also give
0:53:02 > 0:53:04it a nice, modern look as well.
0:53:04 > 0:53:06And I think we have combined the two.
0:53:12 > 0:53:14Upstairs and the good work continues,
0:53:14 > 0:53:16especially in the master bedroom,
0:53:16 > 0:53:19where they have squeezed in an en-suite toilet,
0:53:19 > 0:53:21excellent use of space,
0:53:21 > 0:53:24and a proper little bonus for a property like this.
0:53:26 > 0:53:30Not only was this project done for the family, but also by the family,
0:53:30 > 0:53:33with both Chris and Vanessa mucking in to get the job done.
0:53:35 > 0:53:38Working together has been really good, to be honest.
0:53:38 > 0:53:41Vanessa was really enthusiastic about
0:53:41 > 0:53:43getting fully-blown hands-on.
0:53:43 > 0:53:46I think that was the thing for me, I wanted to learn
0:53:46 > 0:53:47and understand.
0:53:47 > 0:53:49Understand what actually went on,
0:53:49 > 0:53:51because I don't think people realise
0:53:51 > 0:53:53actually what goes on behind the scenes.
0:53:53 > 0:53:57So, for me, it has been a huge learning curve, but a very good one.
0:53:57 > 0:54:00I don't think we have had any arguments...
0:54:00 > 0:54:02We have had one or two.
0:54:02 > 0:54:04..until last week.
0:54:05 > 0:54:08Well, if you only have one or two ding-dongs,
0:54:08 > 0:54:10you're doing pretty well.
0:54:10 > 0:54:12The project took almost three times
0:54:12 > 0:54:14the original timescale of six months,
0:54:14 > 0:54:17thanks in part to Chris taking on full-time work
0:54:17 > 0:54:20and, unfortunately, for a rather sadder reason.
0:54:22 > 0:54:26One of the reasons we got into property in the first place was the
0:54:26 > 0:54:28influence of my dad.
0:54:28 > 0:54:32He wanted us to get into the investment property.
0:54:32 > 0:54:38Unfortunately, he did pass away during the renovation of the house.
0:54:38 > 0:54:40But during the process of the renovation,
0:54:40 > 0:54:43I would send him the odd picture to show him what I had been doing
0:54:43 > 0:54:49and I know he was very proud then and I'm sure he is very proud now.
0:54:49 > 0:54:50I am certain of it.
0:54:50 > 0:54:54This is a lovely house with real care and attention put into it.
0:54:54 > 0:54:55However, let's talk money.
0:54:55 > 0:54:59How is that £8,000 to £10,000 budget looking now?
0:55:01 > 0:55:05We spent probably somewhere in the region,
0:55:05 > 0:55:07just under 12,000 on the renovation.
0:55:07 > 0:55:11One of the reasons obviously we have gone over the budget is
0:55:11 > 0:55:14because we've decided to do the windows because, ultimately,
0:55:14 > 0:55:16if we didn't do the windows now,
0:55:16 > 0:55:18the windows would have had to be done
0:55:18 > 0:55:20in say 18 months' to two years' time.
0:55:20 > 0:55:22So we would have had to take the windows out
0:55:22 > 0:55:24and then replastered again around the windows.
0:55:24 > 0:55:27So it just made sense to do it all now.
0:55:27 > 0:55:30So one of the reasons we went over the budget.
0:55:32 > 0:55:35With a total investment in the region of 67,000,
0:55:35 > 0:55:36and the couple keen to rent,
0:55:36 > 0:55:38it is time to find out the opinions
0:55:38 > 0:55:40of two local estate agents.
0:55:41 > 0:55:44First, let's hear from the agent who saw it last time.
0:55:47 > 0:55:48First impressions of the property is
0:55:48 > 0:55:50that it is a very good finish,
0:55:50 > 0:55:52good-quality bathroom,
0:55:52 > 0:55:53good-quality kitchen.
0:55:53 > 0:55:57And really, he's made the most use of the available space.
0:55:57 > 0:55:58It is the whole package.
0:55:58 > 0:56:01A very, very impressive new bathroom
0:56:01 > 0:56:03with separate shower,
0:56:03 > 0:56:04impressive kitchen.
0:56:04 > 0:56:08It has been done completely all the way through,
0:56:08 > 0:56:13and that is the selling point of this property.
0:56:13 > 0:56:14Impressed, then.
0:56:14 > 0:56:16But will it reflect in their valuations?
0:56:17 > 0:56:20If we were to place this property on the market,
0:56:20 > 0:56:24I would be looking at an asking price of £90,000.
0:56:24 > 0:56:27I would place the property for resale purposes
0:56:27 > 0:56:29in the region of £90,000.
0:56:29 > 0:56:31Very happy with that.
0:56:31 > 0:56:34That is more than we originally thought.
0:56:34 > 0:56:38We were probably thinking more around £80,000.
0:56:38 > 0:56:41So, yeah, we would be very happy with 90.
0:56:41 > 0:56:45That would mean a pre-tax profit of 23,500.
0:56:45 > 0:56:48However, it is the rental the couple are interested in now.
0:56:50 > 0:56:52I would anticipate rental income in the region of
0:56:52 > 0:56:56£450 to £470 per calendar month.
0:56:56 > 0:56:58Looking at the rental market,
0:56:58 > 0:57:01an appropriate figure would be
0:57:01 > 0:57:04£475 per calendar month.
0:57:04 > 0:57:06Yeah, we would be happy with...
0:57:06 > 0:57:07Around the 450 mark.
0:57:07 > 0:57:09- That is good, I think.- Yeah,
0:57:09 > 0:57:12I think that is where we thought it would be, somewhere around there.
0:57:12 > 0:57:17The lower £450 figure would give them a yield of just over 7%.
0:57:17 > 0:57:18So that is one property.
0:57:18 > 0:57:22But they have three kids, so they need another two properties.
0:57:22 > 0:57:24But will they be doing those together?
0:57:26 > 0:57:28Yeah. I think we have...
0:57:28 > 0:57:30I have learned a lot off Chris.
0:57:30 > 0:57:33I must say that I have been quite surprised
0:57:33 > 0:57:36about what he actually knows.
0:57:36 > 0:57:39So, yeah, I have learned a lot of things.
0:57:39 > 0:57:41So I think we do work well together.
0:57:41 > 0:57:44- Yeah, definitely.- We bounce off each other quite well.
0:57:44 > 0:57:46Especially when he listens to me!
0:57:53 > 0:57:56Well, that is all we have got time for, but please join us again
0:57:56 > 0:57:58as we follow the ups and downs of property development.
0:57:58 > 0:58:01Yeah, hopefully not too many downs.
0:58:01 > 0:58:03Join us next time for more Homes Under The Hammer.
0:58:03 > 0:58:05- Bye-bye.- Goodbye.