0:00:02 > 0:00:05Hello and welcome to the show. Now, year-on-year, people are choosing
0:00:05 > 0:00:07bricks and mortar as their favoured way to invest their money.
0:00:07 > 0:00:10Yes, and if you're looking for potentially good returns
0:00:10 > 0:00:16and a decent yield, then, I believe property auctions are the way to go.
0:00:16 > 0:00:20But do remember to do your homework, because it is really good to know
0:00:20 > 0:00:23what you're getting into if you buy under the hammer.
0:00:49 > 0:00:52If you're thinking of taking on your first property project,
0:00:52 > 0:00:55be careful not to bite off more than you can chew.
0:00:55 > 0:00:57Yeah, it's good to have an ambitious start,
0:00:57 > 0:01:01but make sure you can afford what you're getting into
0:01:01 > 0:01:03in terms of both time and money.
0:01:03 > 0:01:07Yeah, let's find out what our three sets of buyers tackled on today's programme.
0:01:08 > 0:01:10In Haslington, Cheshire,
0:01:10 > 0:01:14I'm finding solutions to problems and playing the name game.
0:01:14 > 0:01:16Bob's your uncle, Dion's your presenter.
0:01:18 > 0:01:22You can't solve the location issue at this Maryport, Cumbria property.
0:01:22 > 0:01:24It's in a cemetery.
0:01:25 > 0:01:27So it's not going to be to everyone's taste.
0:01:28 > 0:01:32Perhaps more to everyone's tastes is a near-perfect house in Derby.
0:01:33 > 0:01:37Whoever buys this house, well, they could be sitting pretty.
0:01:40 > 0:01:42All these properties have been sold at auction,
0:01:42 > 0:01:44and we will find out who bought them and what they paid
0:01:44 > 0:01:46when they went under the hammer.
0:01:46 > 0:01:48Third and final time...
0:01:51 > 0:01:55This is Haslington, a historic village in Cheshire
0:01:55 > 0:01:57about two miles north-east of Crewe.
0:01:57 > 0:02:00Now, you wouldn't know it from these tranquil scenes,
0:02:00 > 0:02:03but this village has a violent history.
0:02:03 > 0:02:04During the English Civil War,
0:02:04 > 0:02:08this area was a site of various attacks and skirmishes
0:02:08 > 0:02:11between the Parliamentarians and the Royalist troops.
0:02:11 > 0:02:13Thankfully it's a lot more peaceful today.
0:02:21 > 0:02:23I am half a mile from Haslington
0:02:23 > 0:02:27and what I'm here to see is a two-bed terrace cottage
0:02:27 > 0:02:30that has a guide price of £69,000.
0:02:30 > 0:02:32What I can see, it's very pretty.
0:02:32 > 0:02:35Let's hope the inside is just as good.
0:02:41 > 0:02:43OK.
0:02:43 > 0:02:47Right, outside, very pretty-looking cottage.
0:02:47 > 0:02:49Not so pretty in here.
0:02:49 > 0:02:51Actually it's pretty dated.
0:02:51 > 0:02:56It's pretty dark and that doesn't look too good, either.
0:02:56 > 0:02:57That...
0:02:57 > 0:02:59HOLLOW KNOCKING
0:02:59 > 0:03:01..that is rising damp,
0:03:01 > 0:03:05and if you look at how this paper has come way, you can actually see
0:03:05 > 0:03:08underneath this paper. Look at that.
0:03:08 > 0:03:10Look at that, that's just falling away.
0:03:10 > 0:03:12That is not good.
0:03:12 > 0:03:16If we look underneath this carpet, look at that flooring
0:03:16 > 0:03:18they're covering up just there.
0:03:18 > 0:03:23That is original flooring and that won't have a damp course going through at all.
0:03:23 > 0:03:27What a pity. Get that cleaned up and it would be very, very nice.
0:03:27 > 0:03:30Not a bad size front room, though.
0:03:30 > 0:03:35Into the second reception room, again you've got a fireplace there.
0:03:35 > 0:03:39Underneath here you've got a bit of cloakroom space under there as well.
0:03:39 > 0:03:41A small second reception room
0:03:41 > 0:03:44and further down on the right-hand side you have the stairs
0:03:44 > 0:03:48going up to the bedrooms, and then at the end of the house
0:03:48 > 0:03:50you have got the kitchen.
0:03:50 > 0:03:53And it's incredibly tight, incredibly small.
0:03:53 > 0:03:56How can you create a bit more space in here?
0:03:57 > 0:03:59Shall we look outside, see what we find?
0:03:59 > 0:04:01Follow me. Follow me.
0:04:01 > 0:04:03Come on. Around here, round the door.
0:04:03 > 0:04:05That's it. Perfect, you can do it.
0:04:05 > 0:04:07What else have we got?
0:04:07 > 0:04:10So here we've got a building that has been put on a little bit later
0:04:10 > 0:04:13and what have they put in here?
0:04:13 > 0:04:16A downstairs toilet.
0:04:16 > 0:04:21Now, if there's a toilet upstairs, we can get rid of that,
0:04:21 > 0:04:24create a little bit more space inside the kitchen,
0:04:24 > 0:04:25make this inside space,
0:04:25 > 0:04:28put a window in there to look over the garden.
0:04:29 > 0:04:31Bob's your uncle. Dion's your presenter.
0:04:31 > 0:04:33MUSIC: Easy Like Sunday Morning by The Commodores
0:04:33 > 0:04:35Oh, I make it sound so easy.
0:04:35 > 0:04:37But that's my job.
0:04:37 > 0:04:39But it's someone else's job to make it happen.
0:04:39 > 0:04:43- # That's why I'm easy - Ah-ah-ah-ah... #
0:04:45 > 0:04:48Right, upstairs we've got two bedrooms.
0:04:48 > 0:04:51Just here we have the front bedroom, a double bedroom, it's a good size.
0:04:51 > 0:04:55There are lots of cracks in the walls there.
0:04:55 > 0:04:59I think it is basically old plaster because of the age of the property,
0:04:59 > 0:05:01but it is always worth getting it checked out
0:05:01 > 0:05:04and always check the roof as well.
0:05:04 > 0:05:05Not a bad-sized room.
0:05:05 > 0:05:09Bedroom number two, again, not a bad size.
0:05:09 > 0:05:12But there's a bathroom.
0:05:12 > 0:05:16Your bathroom is off your bedroom.
0:05:16 > 0:05:19There's a way and a solution you could NOT walk through this bedroom
0:05:19 > 0:05:22and get to the bathroom. You could quite easily...
0:05:22 > 0:05:24Oops. There is a hole here somewhere.
0:05:24 > 0:05:26There it is. Just there.
0:05:26 > 0:05:29Need to watch my footing.
0:05:29 > 0:05:34Nearly went in there. Right, you could easily put a wall along here,
0:05:34 > 0:05:36all the way along, all the way along,
0:05:36 > 0:05:39and then put the door to the bedroom just there.
0:05:39 > 0:05:43Therefore that would give you a separate corridor
0:05:43 > 0:05:45going into the bathroom.
0:05:45 > 0:05:47Now there's an expensive way of doing that.
0:05:47 > 0:05:50You could get the specialists in, you could get the professionals in
0:05:50 > 0:05:53and they'll tell you how much it is going to cost,
0:05:53 > 0:05:54where walls need to be.
0:05:54 > 0:05:59There's also a very clever and a lot cheaper way of doing it.
0:05:59 > 0:06:02And you get to know your neighbours as well.
0:06:02 > 0:06:04Chat to the neighbours!
0:06:04 > 0:06:07Find out how they came up with a solution
0:06:07 > 0:06:08with this same problem.
0:06:08 > 0:06:10This is a row of terraced houses.
0:06:10 > 0:06:13They'll all have had this problem to deal with.
0:06:13 > 0:06:17And you might even get a chance to see how they finished it
0:06:17 > 0:06:21and then you could choose a solution which suits you best.
0:06:21 > 0:06:22And it won't cost you anything.
0:06:22 > 0:06:25# And I want to be free... #
0:06:28 > 0:06:32A slightly more urgent issue is the cause of that hole in the floor.
0:06:32 > 0:06:38Woodworm. You can see here, this piece has already come away.
0:06:38 > 0:06:41There's lots of little holes in here.
0:06:41 > 0:06:45This is the larvae from the woodworm that's causing the problem.
0:06:45 > 0:06:50I would suggest that you replace the damaged wood and treat the rest.
0:06:51 > 0:06:53And I'd also recommend a survey
0:06:53 > 0:06:56to see if it's anywhere else as well.
0:06:56 > 0:06:59What can an agent from the auction house who sold it tell us about
0:06:59 > 0:07:02this property, guided at 69 grand?
0:07:02 > 0:07:06It's a typical workers' cottage, probably built around 1860, 1870,
0:07:06 > 0:07:08that sort of period.
0:07:08 > 0:07:11It needs a lot of work doing to it, obviously.
0:07:11 > 0:07:13I don't think a great deal has been done since it was built.
0:07:13 > 0:07:16Pretty much needs going back to brick, I think, and starting again.
0:07:18 > 0:07:20Indeed, there's a lot to do.
0:07:20 > 0:07:23What could this house be worth when renovated and complete?
0:07:23 > 0:07:25Once the property is completed,
0:07:25 > 0:07:29I would say the property would be in the region of £110,000.
0:07:29 > 0:07:31And what about the rental value?
0:07:31 > 0:07:33It would rent really easily in Haslington, actually,
0:07:33 > 0:07:40and it would achieve probably around £525 to £550 per calendar month.
0:07:41 > 0:07:44I actually really like this little terraced cottage,
0:07:44 > 0:07:47and it's in a very nice village as well.
0:07:47 > 0:07:50But it does have its problems.
0:07:50 > 0:07:52Who was willing to take those problems on
0:07:52 > 0:07:54when it went under the hammer?
0:07:56 > 0:07:5965, can I start it at 65?
0:07:59 > 0:08:01Thank you. 65, seated, at £65,000.
0:08:01 > 0:08:0370 can we see now?
0:08:03 > 0:08:0670. £70,000.
0:08:06 > 0:08:0775, sir?
0:08:08 > 0:08:0971.
0:08:09 > 0:08:1171.
0:08:11 > 0:08:16One to you as well, sir, 72. 73. 74.
0:08:16 > 0:08:1875. 75.
0:08:20 > 0:08:2276, seated left. No?
0:08:22 > 0:08:2376, first bid.
0:08:23 > 0:08:25£76,000.
0:08:25 > 0:08:2777 anywhere else?
0:08:27 > 0:08:30Are we all done then at 76?
0:08:30 > 0:08:33At 76 then for the first time.
0:08:33 > 0:08:36£76,000 for the second time.
0:08:36 > 0:08:40Third and final time, £76,000.
0:08:40 > 0:08:42Your lot, sir. Well done.
0:08:42 > 0:08:47# It's a long, long way from home... #
0:08:47 > 0:08:50That final bid was made by Paul and Maria,
0:08:50 > 0:08:55who have a small portfolio and hope to add this one to it.
0:08:55 > 0:08:57The interesting thing is their other properties are
0:08:57 > 0:09:02in and around Southampton, which is 200 miles south of here.
0:09:02 > 0:09:04I met them at the house to find out a bit more.
0:09:05 > 0:09:07- Paul, nice to meet you.- Thank you, Dion.
0:09:07 > 0:09:08- Maria.- How do you do?
0:09:08 > 0:09:11Nice to meet you, and congratulations to both of you.
0:09:11 > 0:09:12Thank you.
0:09:12 > 0:09:15So, hold on, I'm trying to figure this out. Southampton and Crewe.
0:09:15 > 0:09:19Where we live, the property yields just aren't very good at all,
0:09:19 > 0:09:22so we decided to look a bit more towards the north.
0:09:22 > 0:09:25In the honest truth, this was the first property that we looked at
0:09:25 > 0:09:26when we came up to Crewe
0:09:26 > 0:09:28on a very wet day.
0:09:28 > 0:09:32We walked in here and I said to my wife as we walked out,
0:09:32 > 0:09:35"There is no way we are buying this house. There's too much to do!"
0:09:35 > 0:09:37- Is that what you said? - Yes, that's what was said!
0:09:39 > 0:09:42Anyway, what are we, six weeks later? Here we are.
0:09:42 > 0:09:43And here we are on this show.
0:09:43 > 0:09:46We think it's a lovely village and it will rent out easily.
0:09:46 > 0:09:50It's an up-and-coming village and what's not to love about it, really?
0:09:50 > 0:09:52- Very pretty, isn't it? - Yes, very pretty.
0:09:52 > 0:09:54Lovely, lovely little village location.
0:09:54 > 0:09:58Just outside of Crewe, a couple of nice pubs down the road, you know,
0:09:58 > 0:09:59what more could you want?
0:09:59 > 0:10:01There's always a common denominator in buying a property.
0:10:01 > 0:10:03You've got to have a nice pub nearby!
0:10:03 > 0:10:06It's now yours. You're three and a half hours away from home.
0:10:06 > 0:10:09What are you going to do with this property?
0:10:09 > 0:10:13I think the main problem we've got is the bathroom being off one of the bedrooms.
0:10:13 > 0:10:17We've got the idea of taking some room from the second bedroom,
0:10:17 > 0:10:22or alternatively turning the stairs round and taking some room
0:10:22 > 0:10:26from the, from this room, up, so that's our first issue.
0:10:26 > 0:10:27OK. There's a few other issues.
0:10:27 > 0:10:29I've had a wander around. There's a few bits and bobs.
0:10:29 > 0:10:33You've obviously noticed those other issues, yes.
0:10:33 > 0:10:36Well, it's a total replastering job to start,
0:10:36 > 0:10:37all the way through.
0:10:37 > 0:10:40A loo that attaches to the back of the kitchen.
0:10:40 > 0:10:42We're probably going to move that back,
0:10:42 > 0:10:45but the main thing already goes from upstairs, what we do there,
0:10:45 > 0:10:50because if we put the stairs going from the front, upwards,
0:10:50 > 0:10:52we're then going to lose part of this room,
0:10:52 > 0:10:55which then means probably we'll have to take out that chimney breast.
0:10:55 > 0:10:58And it's a double chimney which backs onto next door,
0:10:58 > 0:11:01which then gets its own problems there.
0:11:01 > 0:11:04- Ah.- Behind, there's a chimney breast there - that's a single one
0:11:04 > 0:11:06which we'd like to move
0:11:06 > 0:11:09and if we do the corridor by leaving the stairs where they are,
0:11:09 > 0:11:11then we can then take out that chimney breast,
0:11:11 > 0:11:13which will give it a bit more room in there.
0:11:13 > 0:11:16- Yes, just to create that little bit more space.- It's not perfect.
0:11:16 > 0:11:20- It's not huge, but it's a bit of space you could do with. - Yes. Definitely.
0:11:20 > 0:11:23It'll help with putting a bed in there, flush against the wall.
0:11:23 > 0:11:25Very flush, your bed!
0:11:25 > 0:11:27LAUGHTER
0:11:27 > 0:11:30Little bit of rising damp as well.
0:11:30 > 0:11:32You noticed that as well.
0:11:32 > 0:11:34Yes, I've noticed that. We'll get to that in a minute.
0:11:34 > 0:11:36The cracks are not worrying you at all?
0:11:36 > 0:11:38We think it's just a question of replastering,
0:11:38 > 0:11:42and we have noticed the damp and we will get that looked at and fixed.
0:11:42 > 0:11:44What are you going to have to spend on this?
0:11:44 > 0:11:47Well, we've been talking and I think, realistically,
0:11:47 > 0:11:49it's going to be about 20,000,
0:11:49 > 0:11:51with a contingency of five sitting in there as well,
0:11:51 > 0:11:53because we don't know what we're going to find.
0:11:53 > 0:11:55The woodworm problem, that might bring extra problems.
0:11:55 > 0:11:57- Sorry about that.- Yes, it's fine.
0:11:57 > 0:12:00Any reconfiguration down here?
0:12:00 > 0:12:03Down here I think it depends what we do upstairs,
0:12:03 > 0:12:06what we do with these chimney breasts.
0:12:06 > 0:12:09We did say we were going to knock down this wall here to make it all one through room.
0:12:09 > 0:12:12- OK.- I'd forgotten that.- Quite a few of the properties along here
0:12:12 > 0:12:14have done that and it's really nice.
0:12:14 > 0:12:16- That'll create a lot of space, won't it?- It will.- Yeah.
0:12:16 > 0:12:19Paul and Maria have a decent amount of work ahead of them,
0:12:19 > 0:12:21including fixing that woodworm problem.
0:12:21 > 0:12:25And they're allowing themselves eight months to get all the work
0:12:25 > 0:12:27done, because they live three and a half hours away.
0:12:27 > 0:12:30They're going to have to find a new build team
0:12:30 > 0:12:33but they have found a project manager, which means
0:12:33 > 0:12:37they can carry on with their day jobs in the finance sector
0:12:37 > 0:12:38and look after their other properties.
0:12:38 > 0:12:41But just in case you thought they were being a little bit tardy...
0:12:43 > 0:12:46We've already put an offer in on another property, actually,
0:12:46 > 0:12:49in Crewe, which has been accepted, so two now.
0:12:49 > 0:12:51- Well, I wish you all the best. - Thank you.
0:12:51 > 0:12:54You have been taken out of your comfort zone, so to speak.
0:12:54 > 0:12:56- You're giving it a go. - You could say that.
0:12:56 > 0:12:57Pretty much like me.
0:12:57 > 0:12:58THEY LAUGH
0:12:58 > 0:13:02- Good luck.- Thank you.- All the best. - Thank you.- Good luck.- Thank you.
0:13:03 > 0:13:06So, Paul and Maria are experienced property developers,
0:13:06 > 0:13:09but they've never bought a property up north before.
0:13:09 > 0:13:12They've also never bought a property with so many issues they're going
0:13:12 > 0:13:14to have to overcome - a bit of rising damp,
0:13:14 > 0:13:16they've got woodworm upstairs
0:13:16 > 0:13:18and they're going to have to figure out access to that bathroom
0:13:18 > 0:13:21without going through a bedroom.
0:13:21 > 0:13:24How will they get on with this long-distance development?
0:13:24 > 0:13:26You can find out later in the programme.
0:13:30 > 0:13:32MUSIC: My Heart Will Go On by Celine Dion
0:13:36 > 0:13:39Today, I'm in Maryport on the southern tip of the Solway Firth,
0:13:39 > 0:13:42in beautiful Cumbria, surrounded by
0:13:42 > 0:13:44an Area of Outstanding Natural Beauty.
0:13:44 > 0:13:48The town itself is a Georgian place, well preserved.
0:13:48 > 0:13:52It's actually most famous as the home of Thomas Henry Ismay
0:13:52 > 0:13:56of the White Star Line, famous, of course, for the Titanic.
0:13:56 > 0:14:00Let's hope today's property has a slightly happier story to tell.
0:14:03 > 0:14:07But where Ismay invested in boats, I'm turning my course more inland.
0:14:11 > 0:14:14Well, the property I'm here to see is certainly unusual,
0:14:14 > 0:14:16I'll give it that. Good news to start off with -
0:14:16 > 0:14:20it's got great views of the sea and the local golf course.
0:14:20 > 0:14:24Bad news is it's actually the lodge of the local cemetery.
0:14:24 > 0:14:26So it's not going to be to everyone's taste.
0:14:31 > 0:14:33Well, it's certainly a unique location,
0:14:33 > 0:14:36but it is not looking too inspiring from outside.
0:14:36 > 0:14:42Still, two bedrooms, two reception rooms, guide price was £50,000 to £60,000.
0:14:42 > 0:14:43Dare I take a look inside?
0:14:49 > 0:14:52So through the front door you've got a large reception room to the right,
0:14:52 > 0:14:55and then this smaller one to the left.
0:14:55 > 0:14:58Now, it is all a bit dark and dingy but that is partly because the windows
0:14:58 > 0:15:00have been boarded up,
0:15:00 > 0:15:03but the whole house has a sort of slightly cramped,
0:15:03 > 0:15:05dark, labyrinth-type feel to it,
0:15:05 > 0:15:08which I don't know how you'd sort out.
0:15:08 > 0:15:11Nowhere more so than at the back here, because you come through
0:15:11 > 0:15:14what I imagine was the rear entrance to the property
0:15:14 > 0:15:18into what I think is some kind of an extension.
0:15:18 > 0:15:21As you can see, it is in a bit of a state.
0:15:21 > 0:15:23All the ceilings really bowed,
0:15:23 > 0:15:25so you're going to have to do work in here.
0:15:25 > 0:15:30But all in all, not really getting a good feel from this place, yet.
0:15:30 > 0:15:33# You either like it or you don't like it
0:15:33 > 0:15:39# I know because I see it... #
0:15:39 > 0:15:42This certainly isn't for everyone and it's not just the location that
0:15:42 > 0:15:45could put you off this lodge.
0:15:45 > 0:15:46It's in a right state.
0:15:48 > 0:15:52This really needs to be taken back to the bare brick and given a fresh start.
0:15:52 > 0:15:55Plumbing, damp course, plastering, the lot.
0:15:57 > 0:16:01Upstairs, two bedrooms and, a bit like the rest of the house,
0:16:01 > 0:16:03it's a case of good and bad.
0:16:03 > 0:16:05Bad, well...
0:16:06 > 0:16:09..look at the state. Obviously a major damp problem here.
0:16:09 > 0:16:12On the walls, doesn't look like the ceilings are in that good a state
0:16:12 > 0:16:13and I'd be concerned about the floorboards.
0:16:13 > 0:16:18That's the bad. The good news, well, nice, high ceilings
0:16:18 > 0:16:21and things like the original shutters there.
0:16:21 > 0:16:22Lovely features,
0:16:22 > 0:16:26and then the view out of the window, across the golf course,
0:16:26 > 0:16:29the Solway Firth, priceless.
0:16:29 > 0:16:33# You've got a beautiful view
0:16:33 > 0:16:38# You're gonna shake it off... #
0:16:38 > 0:16:41The view on the inside is less impressive.
0:16:41 > 0:16:44It looks like lots of work and expense
0:16:44 > 0:16:46and then there's that other viewpoint.
0:16:48 > 0:16:51Well, when you're buying a property like this,
0:16:51 > 0:16:56especially in a location like this, you're going to have to be really,
0:16:56 > 0:16:58really careful about several things.
0:16:58 > 0:17:01One of which is where the boundaries to the property lie.
0:17:01 > 0:17:04In this case, you have rights of way down this little pathway,
0:17:04 > 0:17:08you own part of this grass area here.
0:17:08 > 0:17:11Obviously you're bounded by the road on that side, but then
0:17:11 > 0:17:14question marks about the front of the property, so it's all something
0:17:14 > 0:17:17that your solicitor will have to work overtime on
0:17:17 > 0:17:19and you must, must, MUST read the legal pack.
0:17:19 > 0:17:22The other issue is what you can and can't use this property for.
0:17:22 > 0:17:27Clearly you have to be very sensitive about the fact that you are next to a graveyard,
0:17:27 > 0:17:30so again, it's things which really need to be considered
0:17:30 > 0:17:31before you buy this property.
0:17:34 > 0:17:35This won't be straightforward.
0:17:35 > 0:17:38The cemetery is a publicly maintained space
0:17:38 > 0:17:40and will need respecting.
0:17:40 > 0:17:44So permissions will need to be obtained for all manner of things,
0:17:44 > 0:17:48and I suspect just putting a skip near the building will need permission.
0:17:48 > 0:17:51Noise disruption will have to be kept to a minimum,
0:17:51 > 0:17:53so I hope whoever buys it likes paperwork,
0:17:53 > 0:17:56because I expect there may be a fair bit.
0:17:56 > 0:17:59# It's too complicated It's too complicated
0:17:59 > 0:18:01# I just wanna know the score... #
0:18:03 > 0:18:05But will these complications be worth overcoming?
0:18:05 > 0:18:07What does the auctioneer that sold it think?
0:18:09 > 0:18:12It wouldn't be a mainstream property,
0:18:12 > 0:18:16but I think there is a strong demand for unusual properties.
0:18:16 > 0:18:18And if you looked in a westerly direction,
0:18:18 > 0:18:22you'd see the Scottish hills which has got to be a positive.
0:18:22 > 0:18:26The outlook might be positive from his point of view.
0:18:26 > 0:18:29I am more interested in its financial outlook
0:18:29 > 0:18:33for a property that was guided at 50,000 to 60,000.
0:18:33 > 0:18:35I think the end value, depending on the spec,
0:18:35 > 0:18:38would be in the region of £150,000.
0:18:38 > 0:18:42I think the potential rental income would be in the region
0:18:42 > 0:18:44of £550 per calendar month.
0:18:48 > 0:18:50Well, for lots of reasons,
0:18:50 > 0:18:54this house is not going to be everyone's cup of tea.
0:18:54 > 0:18:59There is a lot of work to be done and obviously the location
0:18:59 > 0:19:03won't suit everybody. Still, the guide price was very reasonable,
0:19:03 > 0:19:07so let's see who was tempted when it went under the hammer.
0:19:09 > 0:19:12This is a good one, ladies and gentlemen.
0:19:12 > 0:19:15Last quoted guide, then, put me in, 60?
0:19:15 > 0:19:1755.
0:19:17 > 0:19:1855 I've got.
0:19:18 > 0:19:21At £55,000 to the rear.
0:19:21 > 0:19:2355, I'll take it in twos.
0:19:23 > 0:19:2657 I've got. Can I say 59, madam?
0:19:26 > 0:19:27And 61 shall I say?
0:19:27 > 0:19:2961 and a half. 63.
0:19:29 > 0:19:3165.
0:19:31 > 0:19:33At £65,000.
0:19:33 > 0:19:3565 and a half, I'll take it.
0:19:35 > 0:19:37Might be too early but I'll take it.
0:19:37 > 0:19:3866 and a half.
0:19:39 > 0:19:41Shake of the head at a half.
0:19:41 > 0:19:42At £66,000.
0:19:43 > 0:19:4566.
0:19:45 > 0:19:47Last time England had a team.
0:19:47 > 0:19:50At £66,000, all done?
0:19:50 > 0:19:54First time, second time, third and final time.
0:19:54 > 0:19:55GAVEL BANGS
0:19:55 > 0:19:59And the happy, successful bidder for the Maryport lot was Ali.
0:19:59 > 0:20:04# You know I'm happy now You know I'm happy now... #
0:20:06 > 0:20:11And I met her back at the lodge to find out why she was so pleased to get this unusual property.
0:20:13 > 0:20:14Ali, lovely to meet you.
0:20:14 > 0:20:16Congratulations.
0:20:16 > 0:20:19Tell me why you wanted to buy this place.
0:20:19 > 0:20:21Price, really. And I wanted,
0:20:21 > 0:20:25the only really way I could get somewhere to do up was somewhere
0:20:25 > 0:20:27a bit quirky that other people might avoid.
0:20:27 > 0:20:30And something with a lot of work, just to make it cheaper.
0:20:30 > 0:20:32- It's all three of those things, isn't it?- Yes.
0:20:32 > 0:20:35Quirky one that people want to avoid and does need a lot of work.
0:20:35 > 0:20:37Are you up for a challenge?
0:20:37 > 0:20:38Yes. Just as well!
0:20:38 > 0:20:39THEY LAUGH
0:20:39 > 0:20:41Tell me a bit about you.
0:20:41 > 0:20:45I'm from the north-east. I ran a restaurant there for 19 years,
0:20:45 > 0:20:48put it on the market when my mum became ill a year ago
0:20:48 > 0:20:51just because your priorities change when that kind of thing happens.
0:20:51 > 0:20:54Sadly, we lost her. I was going to come and look after her
0:20:54 > 0:20:58but we lost her and I thought, just keep going with the sale
0:20:58 > 0:20:59and have a lifestyle change.
0:20:59 > 0:21:02So I came over here and I've been renovating my mum's property,
0:21:02 > 0:21:04which has been left to me and my brother,
0:21:04 > 0:21:07and that's going to be a holiday rental in the Lake District.
0:21:07 > 0:21:09So I'm just about finished doing that one,
0:21:09 > 0:21:11so it's time to do something else.
0:21:11 > 0:21:13Now, location.
0:21:13 > 0:21:15It's beautiful here. We've got the golf club, we've got the sea,
0:21:15 > 0:21:17it's beautiful here.
0:21:17 > 0:21:21You've skipped merrily over the fact that it's on the cemetery.
0:21:21 > 0:21:22Yes!
0:21:22 > 0:21:26Mention the sea, mention the golf course, but don't mention the cemetery!
0:21:26 > 0:21:28Did that not put you off, at all,
0:21:28 > 0:21:29that it's on an active cemetery?
0:21:29 > 0:21:33It didn't put me off. For sale in the future it might.
0:21:33 > 0:21:35Rental, I don't think it'll matter that much.
0:21:35 > 0:21:39I think it would make a good holiday rental with the golf course and the beach.
0:21:39 > 0:21:42- A holiday rental?- Well, if you wouldn't want to stay here for good,
0:21:42 > 0:21:45you could stay for a week and then leave.
0:21:45 > 0:21:47People like quirky, don't they?
0:21:47 > 0:21:50They like staying in castles, they like staying in windmills,
0:21:50 > 0:21:52so, hey.
0:21:52 > 0:21:53Speaking of windmills,
0:21:53 > 0:21:58it's easy to see why Ali is a big fan of this quirky property.
0:21:58 > 0:22:00But as she is no longer running a business,
0:22:00 > 0:22:02getting finance on this lodge was tricky.
0:22:04 > 0:22:07The banks, building societies, wouldn't touch me, really.
0:22:07 > 0:22:10Because until I start getting something going with
0:22:10 > 0:22:14renting my own house off, renting Keswick off, I have no income kind of thing.
0:22:14 > 0:22:16So how did you get the money at all?
0:22:16 > 0:22:18Through an independent mortgage advisor.
0:22:18 > 0:22:19If you hadn't got the money...?
0:22:19 > 0:22:22It would have been a real worry.
0:22:22 > 0:22:26I probably would have had to either lose my 10% or try and get the money
0:22:26 > 0:22:29elsewhere like credit cards and balance transfer
0:22:29 > 0:22:32until I got some rent coming in and then I could reapply for a mortgage.
0:22:32 > 0:22:34It was a problem. It was a worry.
0:22:34 > 0:22:38OK, wow. What about the complications of buying somewhere like this?
0:22:38 > 0:22:43I imagine the definition of where your land begins and ends has been quite interesting.
0:22:43 > 0:22:46Yes, and then there's public rights of way as well, round the side,
0:22:46 > 0:22:50so it is awkward. It's not a normal, cut and dried property.
0:22:50 > 0:22:52So tell me what you're going to do to sort it out.
0:22:52 > 0:22:54I think all the plaster's going to have to come off.
0:22:54 > 0:22:57It's pretty much a mess inside.
0:22:57 > 0:23:01I'd like to try and squeeze a bathroom in upstairs if it's possible.
0:23:01 > 0:23:03Then I could open out to all the back area.
0:23:03 > 0:23:06The back bit's more modern. It doesn't look too nice,
0:23:06 > 0:23:11so I'd like to try and tidy it so it looks more like the original age of the building.
0:23:11 > 0:23:14Ali is not totally sure about budget or timescale.
0:23:14 > 0:23:17She vaguely thinks 15,000 to 20,000
0:23:17 > 0:23:20and maybe up to a year to do the work.
0:23:20 > 0:23:23And then this would be a holiday let,
0:23:23 > 0:23:26blimey, with a difference!
0:23:26 > 0:23:29And how hands-on and day-to-day are you going to be involved in it?
0:23:29 > 0:23:33I'll do as much as I can. I'm good at donkey work - decorating, tiling,
0:23:33 > 0:23:37bit of basic woodwork, that kind of thing. I enjoy doing it, so...
0:23:37 > 0:23:40And living here at the same time, or not?
0:23:40 > 0:23:43I'll probably have to, actually, just to make sure
0:23:43 > 0:23:46the place is safe and sound and secure.
0:23:46 > 0:23:49But I'd prefer a bit of a bathroom in first.
0:23:49 > 0:23:51There's not a lot there, unless I use the sea.
0:23:51 > 0:23:53It's a bit of a long hike.
0:23:53 > 0:23:57Well, good on you. You've got a few challenges ahead but we're really
0:23:57 > 0:24:01looking forward to seeing how you get on. We wish you all the best.
0:24:01 > 0:24:02THEY LAUGH
0:24:03 > 0:24:05- Good luck with it.- Thank you.
0:24:05 > 0:24:06Thanks.
0:24:06 > 0:24:07- Hmm. - HE SUCKS HIS TEETH
0:24:07 > 0:24:12Well, whilst I really admire Ali's optimism, I am sure you will agree
0:24:12 > 0:24:15there are a lot of hoops to jump through
0:24:15 > 0:24:18before this place becomes a holiday let.
0:24:18 > 0:24:20How will she get on?
0:24:20 > 0:24:22You can find out later in the show.
0:24:24 > 0:24:30Coming up, this three-bed in Derby leaves me FLOORED with its features.
0:24:30 > 0:24:35They are SO highly sought after and look at these wee fellas.
0:24:35 > 0:24:40But has Ali found the ceiling of her budget in Maryport, Cumbria?
0:24:40 > 0:24:42The money, you've used half of it to live on
0:24:42 > 0:24:44while you're waiting for everything happening.
0:24:50 > 0:24:54Now we head back to Haslington near Crewe in Cheshire.
0:24:54 > 0:24:58This two-bed cottage had a guide price of 69 grand.
0:24:58 > 0:25:01It has some hidden gems and some hidden nasties.
0:25:01 > 0:25:04More obvious problems needed addressing,
0:25:04 > 0:25:09like the old bathroom off a bedroom conundrum.
0:25:10 > 0:25:13Put a wall along here, all the way along,
0:25:13 > 0:25:18all the way along, and then put the door to the bedroom just there.
0:25:18 > 0:25:21Therefore that'll give you a separate corridor
0:25:21 > 0:25:22going into the bathroom.
0:25:23 > 0:25:28# So no problems, no problems
0:25:28 > 0:25:31# Only solutions... #
0:25:31 > 0:25:36And I was on a roll when it came to solutions for that cramped kitchen.
0:25:36 > 0:25:38The answer was out the back.
0:25:38 > 0:25:39Downstairs toilet.
0:25:39 > 0:25:44Now, if there's a toilet upstairs, we can get rid of that,
0:25:44 > 0:25:47create a little bit more space INSIDE the kitchen,
0:25:47 > 0:25:48Bob's your uncle,
0:25:48 > 0:25:51Dion's your presenter.
0:25:51 > 0:25:55And Paul and Mary were the buyers, paying 76 grand.
0:25:55 > 0:25:58They had come all the way from Southampton
0:25:58 > 0:26:00to start a rental portfolio in Crewe
0:26:00 > 0:26:05and Paul felt they may not have got off on the right foot.
0:26:05 > 0:26:09The honest truth, this was the first property that we looked at when
0:26:09 > 0:26:12we came up to Crewe on a very wet day.
0:26:12 > 0:26:15Walked in here and I said to my wife as we walked out,
0:26:15 > 0:26:19"There is no way we are buying this house. There's too much to do!"
0:26:19 > 0:26:22- Is that what you said? - Yeah. That's what was said.
0:26:25 > 0:26:27By hiring a local builder,
0:26:27 > 0:26:30doing a bit of the work themselves and spending 20 grand,
0:26:30 > 0:26:35they hoped to get this place ready in about eight months and tenanted.
0:26:37 > 0:26:39After a year, we are back.
0:26:39 > 0:26:41So how have they got on?
0:26:41 > 0:26:45# Lucky for you that's what I like That's what I like
0:26:45 > 0:26:49# Lucky for you that's what I like That's what I like... #
0:26:51 > 0:26:54This downstairs looks so much better.
0:26:54 > 0:26:58A bigger and brighter living room and an extended kitchen.
0:26:58 > 0:27:01# That's what I like, lucky for you That's what I like
0:27:01 > 0:27:06# That's what I like... #
0:27:06 > 0:27:11I think we basically created a silk purse out of a sow's ear, to be fair.
0:27:11 > 0:27:15Effectively, as you walked in before, you had two rooms and we've taken
0:27:15 > 0:27:18down the dividing wall, so we've made it into one room.
0:27:18 > 0:27:21The main thing which is the thing you don't actually see, because it's
0:27:21 > 0:27:25hidden by the new carpet, is the fact that the whole of the floor was
0:27:25 > 0:27:29excavated and obviously a damp-proof course has been put in.
0:27:29 > 0:27:33So when we first bought the property, there was a kitchen which adjoined
0:27:33 > 0:27:38an outside toilet which could only be accessed by going outside.
0:27:38 > 0:27:41So we've knocked the wall down between those two buildings
0:27:41 > 0:27:43to merge the toilet with the kitchen,
0:27:43 > 0:27:49creating a bigger kitchen and added an extra window in there to create some more light.
0:27:52 > 0:27:55They promised to fix the layout problems upstairs.
0:27:55 > 0:27:58# I'll never make a promise that I can't keep
0:27:58 > 0:28:01# I promise that your smile It'll never be... #
0:28:01 > 0:28:03And they have done just that.
0:28:03 > 0:28:07You no longer have to walk through the bedroom to get to the bathroom.
0:28:07 > 0:28:10# That's what I like That's what I like... #
0:28:10 > 0:28:15So what's changed upstairs is that we put a corridor in, so that you
0:28:15 > 0:28:18have got separate access into the bathroom.
0:28:18 > 0:28:21We put new windows into the front bedroom,
0:28:21 > 0:28:24we've replastered all the walls
0:28:24 > 0:28:28and put a new bathroom in with a nice skylight.
0:28:29 > 0:28:32The house and the back garden are now in great shape.
0:28:33 > 0:28:35But it's taken a year to get here,
0:28:35 > 0:28:39rather than their initial eight-month plan.
0:28:39 > 0:28:41Finding a builder was the biggest challenge to begin with.
0:28:41 > 0:28:44That took us a few months, hence why it's taken us a year.
0:28:44 > 0:28:47There's one rule in this business, effectively.
0:28:47 > 0:28:51If a builder's ready to work straightaway, you don't use them.
0:28:51 > 0:28:55That's the main rule, because you know there's so much work about.
0:28:58 > 0:29:00An awful lot of work has been done.
0:29:00 > 0:29:04They gave themselves a 20 grand budget and a five grand contingency,
0:29:04 > 0:29:06so did they stick to it?
0:29:08 > 0:29:11When I originally looked at the budget, that was on the basis that
0:29:11 > 0:29:14I would do quite a bit of work myself, bringing a friend up.
0:29:14 > 0:29:18Given the distance and given his other commitments, we couldn't do that.
0:29:18 > 0:29:22We had a builder in and so he was effectively project managing,
0:29:22 > 0:29:25which added another layer to the costs.
0:29:25 > 0:29:28And at the end of the day, we didn't quite make the 20,000,
0:29:28 > 0:29:32we actually made it for somewhere between 33 and 34,
0:29:32 > 0:29:33so a bit of an overrun.
0:29:35 > 0:29:37And while they've got a great finished product,
0:29:37 > 0:29:42over time and over budget might have led to some short tempers,
0:29:42 > 0:29:44so how have they worked together?
0:29:44 > 0:29:47Paul's really bossy, so I just do as I'm told.
0:29:49 > 0:29:50I'm not making any comment!
0:29:50 > 0:29:52I don't consider myself bossy at all.
0:29:52 > 0:29:55I just consider that I give the appropriate direction
0:29:55 > 0:29:56as and when required!
0:29:56 > 0:29:57SHE LAUGHS
0:29:59 > 0:30:03Well, it's time to find out if two local estate agents think
0:30:03 > 0:30:06this property is, as they say in these parts, "boss",
0:30:06 > 0:30:09which, if you're not familiar, means "outstanding".
0:30:09 > 0:30:11The layout change is brilliant, really,
0:30:11 > 0:30:14because obviously it's sort of quite old-fashioned to have to go to the
0:30:14 > 0:30:17back, to go through a bedroom to get to the bathroom,
0:30:17 > 0:30:20but the thing that I've noticed is, for example, the finish.
0:30:20 > 0:30:22The doors are of really high quality.
0:30:22 > 0:30:24And especially the changes they've made to the kitchen,
0:30:24 > 0:30:27it's made it so much more of a usable space.
0:30:27 > 0:30:28The house is very, very nice.
0:30:28 > 0:30:32What they've done to it is very fashionable with all the grey tones
0:30:32 > 0:30:35that they've used. The selling points of the property are
0:30:35 > 0:30:37the house is absolutely ready to move into.
0:30:37 > 0:30:39Haslington is a very popular village.
0:30:39 > 0:30:41The schools are very well regarded
0:30:41 > 0:30:43and there are several large employers
0:30:43 > 0:30:48that work within easy travelling distance from the property.
0:30:51 > 0:30:54Maria and Paul have spent £110,000
0:30:54 > 0:31:01and the agents think it could fetch a top figure of 120 grand on the resale market.
0:31:02 > 0:31:04That overspend has left them little room,
0:31:04 > 0:31:07as that would mean a profit of ten grand
0:31:07 > 0:31:11before the usual taxes and expenses.
0:31:11 > 0:31:14But perhaps that great finish will aid the rental figure
0:31:14 > 0:31:17and that's really what they're looking for.
0:31:17 > 0:31:21As a rental, I would ask somewhere between £575 per calendar month
0:31:21 > 0:31:26to £595 per calendar month and I would expect to get absolutely that.
0:31:26 > 0:31:28It's in beautiful condition.
0:31:28 > 0:31:31We have a similar property on the rental market at the moment
0:31:31 > 0:31:34that's on the market for 595 per calendar month.
0:31:34 > 0:31:36Well, I think that's spot-on, to be fair.
0:31:36 > 0:31:39We were thinking 575 to 600.
0:31:39 > 0:31:41When we've reviewed the market, it's around those figures,
0:31:41 > 0:31:43so I think that is spot-on.
0:31:43 > 0:31:44Yeah, so we're pleased with that.
0:31:48 > 0:31:55£595 per calendar month would give them a yield of just under 6.5%.
0:31:55 > 0:31:58This is the first Crewe addition to their portfolio,
0:31:58 > 0:32:02so what are their feelings about this project?
0:32:03 > 0:32:07We feel quite pleased that the project has now finished.
0:32:07 > 0:32:10There are a few things that we may have done differently, but
0:32:10 > 0:32:11at the end of the day,
0:32:11 > 0:32:14it's a two-bedroom terrace and it's quite nice.
0:32:14 > 0:32:16We're quite pleased with what we've achieved
0:32:16 > 0:32:17and we've learnt a lot on the way.
0:32:22 > 0:32:26A connection with Derby and deer might not immediately
0:32:26 > 0:32:29spring to mind, but some believe that the origin of the name
0:32:29 > 0:32:33of the city could derive from an old English word, Deorby,
0:32:33 > 0:32:35meaning Village of the Deer.
0:32:37 > 0:32:40Nowadays, Derby's a thriving city in the heart of England,
0:32:40 > 0:32:42popular with commuters and students,
0:32:42 > 0:32:49so will today's property BUCK any trends or have me FAWNING over it?
0:32:49 > 0:32:52OK, I'll stop with the deer thing now!
0:32:52 > 0:32:54Just two miles from the town centre,
0:32:54 > 0:32:57the property I'm here to see should be an attractive proposition for
0:32:57 > 0:33:02developers. It has its own front and back garden and three bedrooms,
0:33:02 > 0:33:07so it would make an ideal family home too, so, on paper, pretty good.
0:33:07 > 0:33:10The guide price was £99,000 plus.
0:33:10 > 0:33:12Let's find out what you get.
0:33:12 > 0:33:15MUSIC: Fool's Gold by The Stone Roses
0:33:16 > 0:33:19Look! Look at these amazing tiles!
0:33:19 > 0:33:22They are SO highly sought-after.
0:33:22 > 0:33:24And look at these wee fellas - they're in brilliant condition.
0:33:24 > 0:33:28You don't find many things like this in such good condition after, what,
0:33:28 > 0:33:30over 100 years?
0:33:30 > 0:33:32There's character to this property already.
0:33:32 > 0:33:36You just get a feeling when you come in a house and the feeling's good here. You've got archways.
0:33:36 > 0:33:39The paint is in really good nick, good condition.
0:33:39 > 0:33:42And through to your reception room, where there's been two rooms
0:33:42 > 0:33:46at one stage and opened up to have this amazing feeling of space.
0:33:46 > 0:33:50You have furniture which, you know, nothing wrong with a lot of it.
0:33:50 > 0:33:55And the kitchen? Well, to my right...a basement...
0:33:56 > 0:33:59..always good news. And then the kitchen itself...
0:34:00 > 0:34:01..is pretty special.
0:34:01 > 0:34:05It's so easy to say, add the wow factor, get a new bathroom,
0:34:05 > 0:34:09get a new kitchen, but why take this out when it's clearly got so much love around it?
0:34:09 > 0:34:11The only negatives I can see so far,
0:34:11 > 0:34:13the flooring's a bit dated and cheap.
0:34:13 > 0:34:15You've got linoleum, you've got laminate flooring.
0:34:15 > 0:34:17You could upgrade that.
0:34:17 > 0:34:20You could maybe upgrade your surfaces,
0:34:20 > 0:34:23but pretty much all smiles from me.
0:34:24 > 0:34:26Wow, you could move straight in here!
0:34:26 > 0:34:29The flooring could do with an update,
0:34:29 > 0:34:31but other than that, this is great.
0:34:31 > 0:34:32Happy days!
0:34:32 > 0:34:35# Sunday, Monday, happy days
0:34:35 > 0:34:37# Tuesday, Wednesday Happy days... #
0:34:37 > 0:34:41Upstairs, starting at the back of the house, a small bedroom,
0:34:41 > 0:34:44no more than a single. The bathroom?
0:34:44 > 0:34:47Perfectly usable, but you'd probably want a new suite in there.
0:34:47 > 0:34:50What is a bit of a problem, the first one I've spotted, is some damp.
0:34:50 > 0:34:52You want to investigate that.
0:34:52 > 0:34:55It doesn't look too serious - fingers crossed it isn't.
0:34:55 > 0:34:57And then, OK, a good size.
0:34:57 > 0:35:01That's more like it. A good-sized double bedroom.
0:35:01 > 0:35:03A lot of pine furniture,
0:35:03 > 0:35:05which lends me to think that perhaps
0:35:05 > 0:35:07this was last decorated in the '80s,
0:35:07 > 0:35:10but pine furniture, although not in vogue just now,
0:35:10 > 0:35:13can easily be upcycled.
0:35:13 > 0:35:15This is a great master bedroom.
0:35:15 > 0:35:17It's bright, it's airy, it's in good condition
0:35:17 > 0:35:23and whoever buys this house, well, they could be sitting pretty.
0:35:23 > 0:35:27# Relax, take it easy
0:35:27 > 0:35:31# For there is nothing that we can do
0:35:31 > 0:35:32# Relax... #
0:35:32 > 0:35:36I reckon you could sort this out without breaking a sweat.
0:35:36 > 0:35:39OK, that touch of damp is worth getting an expert eye
0:35:39 > 0:35:45to check it over, and the bathroom isn't quite up to standard,
0:35:45 > 0:35:50but step outside and again you really don't need to do much at all,
0:35:50 > 0:35:54other than relax and maybe potter around in the shed.
0:35:54 > 0:35:58So, this place, compared with other properties I've seen, is a breeze.
0:36:00 > 0:36:03But what does a local estate agent make of the house
0:36:03 > 0:36:05and the location it's in?
0:36:05 > 0:36:10We're in an area of Derby that's a very popular residential area
0:36:10 > 0:36:12and it's also popular for students.
0:36:12 > 0:36:16The students do like to be close to the city centre, which this is.
0:36:16 > 0:36:18I think the property needs some TLC.
0:36:18 > 0:36:23Perhaps put some new carpets down, internal doors, that kind of thing.
0:36:23 > 0:36:26Unless it is that they look to do the investment market,
0:36:26 > 0:36:29in which case they might look to split the property
0:36:29 > 0:36:31into what we call a HMO,
0:36:31 > 0:36:37where they do the student lets with multiple occupancy.
0:36:37 > 0:36:40The definition of a House of Multiple Occupation
0:36:40 > 0:36:43isn't that simple, but generally it's a house or flat
0:36:43 > 0:36:46let out to three or more people
0:36:46 > 0:36:50who are from more two or more households and share facilities.
0:36:50 > 0:36:53It does mean additional expenditure and, possibly,
0:36:53 > 0:36:56you'll need to obtain a licence from your local council,
0:36:56 > 0:36:59so when it comes to the numbers,
0:36:59 > 0:37:04how does renting this as a family home versus an HMO look?
0:37:05 > 0:37:10Three-bedroom terraced properties in this area for residential tend to
0:37:10 > 0:37:15rent for around the £700 to £750 per calendar month.
0:37:15 > 0:37:19As a student accommodation, you could get anywhere from
0:37:19 > 0:37:23£1,200 per calendar month to £1,400 per calendar month.
0:37:23 > 0:37:27That would entail turning the sitting room into a bedroom to give
0:37:27 > 0:37:30you another lettable room.
0:37:30 > 0:37:34But what could this house, guided at 99 grand-plus, sell for?
0:37:34 > 0:37:38If it had some modernisation, some work done to it,
0:37:38 > 0:37:42it could sell for in the region of £145,000.
0:37:43 > 0:37:45Other than that spot of damp,
0:37:45 > 0:37:49I'm struggling to find anything negative to say about this house.
0:37:49 > 0:37:52You could have grand plans and transform it into something truly
0:37:52 > 0:37:56spectacular, or with a lick of paint you could move in straightaway.
0:37:56 > 0:37:59I'm sure lots of people wanted it.
0:37:59 > 0:38:03Let's find out who got it when it went under the hammer.
0:38:04 > 0:38:06A mid-terrace property.
0:38:06 > 0:38:09Start the bidding at 95,000.
0:38:09 > 0:38:11Here. At 95,000 I'm away.
0:38:11 > 0:38:1596. 97. 98. 99.
0:38:17 > 0:38:18At 100, sir.
0:38:18 > 0:38:20100 is bid. 101.
0:38:20 > 0:38:23And, as I thought, this was a popular lot.
0:38:23 > 0:38:28We rejoin the bidding at £120,000, going up in 500s.
0:38:29 > 0:38:30120.
0:38:30 > 0:38:32And a half? No.
0:38:32 > 0:38:36At £120,000 with the gentleman at the back of the room
0:38:36 > 0:38:40for the first time. At £120,000 for the second time.
0:38:40 > 0:38:42For the third and final time.
0:38:42 > 0:38:44And a half. 121.
0:38:44 > 0:38:45121.
0:38:45 > 0:38:48And a half. 122? No.
0:38:48 > 0:38:52At £121,500, the lady's bid seated,
0:38:52 > 0:38:53for the first time.
0:38:53 > 0:38:55For the second time.
0:38:55 > 0:38:58Third and final time. The hammer's up, fair warning.
0:38:58 > 0:39:00It goes at £121,500.
0:39:00 > 0:39:03Sold. It's yours. And your paddle number, madam?
0:39:03 > 0:39:09The house was bought for £121,500 by Alison and her son Sam.
0:39:09 > 0:39:11Alison's a former primary school teacher
0:39:11 > 0:39:14who switched to property developing three years ago.
0:39:14 > 0:39:18Sam has just finished his degree in music technology.
0:39:18 > 0:39:20Dog Alfie checked out the back garden
0:39:20 > 0:39:22whilst I chatted to Alison and Sam.
0:39:22 > 0:39:24Alison, hello. Pleased to meet you.
0:39:24 > 0:39:26- I'm pleased to meet you, too. - Sam.- Nice to meet you.
0:39:26 > 0:39:29Pleased to meet you too. So, is this a venture together?
0:39:29 > 0:39:30It is, yes, it is.
0:39:30 > 0:39:33We're both going to work on this one.
0:39:33 > 0:39:34And how many properties do you...?
0:39:34 > 0:39:40We've got four properties now, two in Leicester and two here.
0:39:40 > 0:39:43One of the Leicester ones is a three-student,
0:39:43 > 0:39:45the other Leicester is a family let.
0:39:45 > 0:39:49Samuel is living in the student let that we've got here in Derby
0:39:49 > 0:39:51and this will, hopefully, be another three-person student let.
0:39:51 > 0:39:53This will be a student let?
0:39:53 > 0:39:54It will, yeah.
0:39:54 > 0:39:55Lucky students!
0:39:55 > 0:40:00- I know.- So why particularly are student lets your bag?
0:40:00 > 0:40:02Why is that the area you've chosen?
0:40:02 > 0:40:05You get a lot more rental income.
0:40:05 > 0:40:11Obviously, you have to furnish it and you have a lot more turnover of tenants.
0:40:11 > 0:40:14But you do get a much higher rental income.
0:40:16 > 0:40:20Houses of multiple occupancy can give a bigger yield for sure,
0:40:20 > 0:40:24but you do need to make the property compliant with the regulations,
0:40:24 > 0:40:26so fire alarms, fire doors and so on.
0:40:26 > 0:40:29And student lets generally run for only nine months
0:40:29 > 0:40:32and then, not only do you need to find new tenants,
0:40:32 > 0:40:35but the properties may need to be cleaned and refurbished
0:40:35 > 0:40:38to get them ready to go again.
0:40:38 > 0:40:41So they do require more work and attention
0:40:41 > 0:40:44and they're definitely not for everyone.
0:40:44 > 0:40:47You'll have seen a lot of student properties.
0:40:47 > 0:40:49- Yes.- How does this compare?
0:40:49 > 0:40:53Already, from some of the ones I went to look at,
0:40:53 > 0:40:54this is already a good spec.
0:40:54 > 0:40:59Good spec?! My student days are well behind me, but this is palatial
0:40:59 > 0:41:01compared to many you get.
0:41:01 > 0:41:05So what do you want to do to improve it?
0:41:05 > 0:41:08We're going to re-carpet everywhere.
0:41:08 > 0:41:10We'll redecorate everywhere.
0:41:10 > 0:41:13It's got a very small third bedroom at the moment.
0:41:13 > 0:41:15Not really a study bedroom.
0:41:15 > 0:41:17So we're actually going to build a wall between
0:41:17 > 0:41:22the lounge and the dining room to establish a third double bedroom.
0:41:22 > 0:41:25So what would the smaller room upstairs be?
0:41:25 > 0:41:28That's debatable at the moment.
0:41:28 > 0:41:31We are still wondering whether to put another set of facilities in.
0:41:31 > 0:41:34One of our lets has been really successful
0:41:34 > 0:41:36because it's got two lots of facilities.
0:41:36 > 0:41:39It's got a shower room and a bathroom in it.
0:41:39 > 0:41:41And we've never had any trouble getting students in there.
0:41:41 > 0:41:43What's the budget coming in at?
0:41:43 > 0:41:45Ten to 12?
0:41:45 > 0:41:47It is, yeah.
0:41:47 > 0:41:50Alison will have the damp checked over by a professional
0:41:50 > 0:41:54and, fingers crossed, they hope to complete it within 12 weeks,
0:41:54 > 0:41:58so that it's then ready for the next student intake.
0:41:58 > 0:42:00How will the work be split?
0:42:00 > 0:42:02What do you both intend to do?
0:42:02 > 0:42:05I'm going to try and do as much as I can, you know,
0:42:05 > 0:42:11see if I can learn a few things, like maybe replacing a floor or...
0:42:11 > 0:42:14- Yes.- Certain things like that which will obviously save costs.
0:42:17 > 0:42:19And it's not just effort Sam's putting in.
0:42:19 > 0:42:22Nope, he's putting in his own dosh.
0:42:22 > 0:42:27I had some inheritance which I've decided to put into this,
0:42:27 > 0:42:31just so, instead of it gathering interest in a bank,
0:42:31 > 0:42:33I thought it was a better option. It's putting it to good use.
0:42:33 > 0:42:36And who knows? I might be able to make something from it as well.
0:42:36 > 0:42:38It truly is a joint venture.
0:42:38 > 0:42:40Yes. That's right, yeah.
0:42:40 > 0:42:41- And do you both get on?- Yeah.
0:42:41 > 0:42:44Yeah, we are pretty good at getting on, aren't we?
0:42:44 > 0:42:47Yeah, we're both quite, erm...
0:42:48 > 0:42:50What's the word? I don't want to say controlling!
0:42:51 > 0:42:54But, yeah... You do listen to me though.
0:42:54 > 0:42:56- We are both quite sort of leader-type people, so...- Yeah.
0:42:56 > 0:42:59Sometimes we butt heads when we are very opinionated on something.
0:42:59 > 0:43:02We are actually quite patient with each other as well.
0:43:02 > 0:43:03We don't argue, do we?
0:43:03 > 0:43:06- No.- No.- So maybe more than controlling,
0:43:06 > 0:43:09a better way of saying it, you're more organised and you know your minds
0:43:09 > 0:43:10and you're going to do a cracking job.
0:43:10 > 0:43:14And I can't wait to see what you do.
0:43:14 > 0:43:16- Good luck.- Thank you very much.
0:43:16 > 0:43:18- Thank you, Alison.- Thank you.
0:43:18 > 0:43:19Thank you.
0:43:20 > 0:43:25It's lovely to see this family affair with a mother and son team coming together.
0:43:25 > 0:43:27It seems like they have everything covered.
0:43:27 > 0:43:30They know the student rental market, they know the location.
0:43:30 > 0:43:33However, I'm not sure about those carpets.
0:43:33 > 0:43:36Better to have something for students that they can wipe down.
0:43:36 > 0:43:39You can find out what they opted for later in the show.
0:43:43 > 0:43:46So, our first set of buyers can take a well-earned rest.
0:43:46 > 0:43:47What about the other two?
0:43:47 > 0:43:50Yes, will it be a stunning winner or a dodgy own goal?
0:43:50 > 0:43:51Let's find out.
0:43:54 > 0:43:56We return now to Cumbria
0:43:56 > 0:44:00and the southernmost town on the Solway Firth of Maryport.
0:44:01 > 0:44:04We floated in almost six years ago
0:44:04 > 0:44:07to have a look at, shall we say, a unique property?
0:44:07 > 0:44:11Well, the property I'm here to see is certainly unusual.
0:44:11 > 0:44:13I'll give it that. Good news to start off with -
0:44:13 > 0:44:16it's got great views of the sea and the local golf course.
0:44:16 > 0:44:21Bad news is it's actually the lodge of the local cemetery.
0:44:21 > 0:44:25So it's not going to be to everyone's taste.
0:44:25 > 0:44:30Yes, this two-bedroom detached property sat in the grounds of the current town graveyard.
0:44:30 > 0:44:33But it was the inside that gave me the real chills.
0:44:35 > 0:44:42The whole house has a sort of slightly cramped, dark, labyrinth-type feel to it.
0:44:44 > 0:44:46To say there was plenty of work to do here was
0:44:46 > 0:44:47something of an understatement.
0:44:47 > 0:44:50Plus, you would have to take into account all the legal red tape
0:44:50 > 0:44:55that would go along with buying a property like this.
0:44:55 > 0:44:57A simple project this was not.
0:45:00 > 0:45:03Still, at a guide price of £50,000 to £60,000,
0:45:03 > 0:45:07it did have one or two brave souls interested on auction day.
0:45:07 > 0:45:08Third and final time...
0:45:11 > 0:45:13The happy buyer was Ali.
0:45:13 > 0:45:18Former restaurateur Ali bought the property for £66,000.
0:45:18 > 0:45:22She was up for the challenge and was nothing if not positive.
0:45:23 > 0:45:25Did that not put you off at all, an active cemetery?
0:45:25 > 0:45:27It didn't put me off.
0:45:27 > 0:45:30It would make a good holiday rental with the golf course and the beach.
0:45:30 > 0:45:32A holiday rental?!
0:45:32 > 0:45:34Well, if you wouldn't want to stay here for good...
0:45:34 > 0:45:37you could stay for a week and then leave.
0:45:37 > 0:45:40# Holiday... #
0:45:40 > 0:45:43Ooh, that might be a tough sell, but people do like quirky.
0:45:45 > 0:45:48Ali certainly had some challenges ahead of her.
0:45:49 > 0:45:51She earmarked a timeframe of one year
0:45:51 > 0:45:55and a budget of £20,000 to renovate this dilapidated lodge.
0:46:00 > 0:46:02Well, it's almost six years later
0:46:02 > 0:46:06and we've returned to see just how well she's been getting on.
0:46:06 > 0:46:08# I'm ready for the good life... #
0:46:22 > 0:46:25Now, there's still obviously plenty to do here,
0:46:25 > 0:46:30but Ali has managed to make this old cemetery lodge look something like a cosy home
0:46:30 > 0:46:31and it's not been easy,
0:46:31 > 0:46:34especially when it came to red tape.
0:46:34 > 0:46:38It was difficult for the services in the first place, because
0:46:38 > 0:46:40the water was still connected to the graveyard taps.
0:46:40 > 0:46:45The electric was still connected to the disused chapel in the far corner of the graveyard.
0:46:45 > 0:46:48And it took three years until everything was separated and in my name.
0:46:50 > 0:46:53The kitchen is still a work in progress obviously,
0:46:53 > 0:46:55as is much of the downstairs, bar the living room.
0:46:57 > 0:47:00Upstairs though there are significant improvements.
0:47:00 > 0:47:03The aforementioned bathroom is modern and attractive
0:47:03 > 0:47:05and thankfully working.
0:47:07 > 0:47:10There's two great-sized double bedrooms up here.
0:47:12 > 0:47:14And Ali looked right at home.
0:47:17 > 0:47:20One of the main problems here for Ali was outdoor space.
0:47:20 > 0:47:24She has overcome that issue with a bit of a compromise.
0:47:35 > 0:47:37This space can't officially be called a roof garden
0:47:37 > 0:47:39because of the access,
0:47:39 > 0:47:42but it does give her the outdoor space she wanted
0:47:42 > 0:47:45whilst still respecting the cemetery grounds.
0:47:45 > 0:47:48Ali has been living here and doing lots of the work at the same time,
0:47:48 > 0:47:50which is pretty tough.
0:47:50 > 0:47:54I've done most of the joinery work myself.
0:47:54 > 0:47:56All the small bits of plastering, I've done myself.
0:47:56 > 0:47:58Decorating, obviously myself.
0:47:58 > 0:48:03I did the bathroom, 95% of the bathroom work I did myself.
0:48:03 > 0:48:05Just a little bit of help with the plumbing.
0:48:05 > 0:48:07I'll have to have help with plastering the kitchen,
0:48:07 > 0:48:09but I'll try and do the rest myself.
0:48:09 > 0:48:11Fingers crossed.
0:48:11 > 0:48:13There's still lots to do,
0:48:13 > 0:48:17but lots of the specialists and trades have already done their bit.
0:48:17 > 0:48:21There's been extensive plastering in the more inaccessible spots
0:48:21 > 0:48:23and all the windows have been replaced
0:48:23 > 0:48:25after obtaining planning permission.
0:48:25 > 0:48:29A new central heating system has been installed and the house rewired.
0:48:29 > 0:48:34The dampness, which was mostly due to issues with drains, has been sorted
0:48:34 > 0:48:36and the roof re-slated.
0:48:36 > 0:48:41So Ali has pretty much taken on a shell and rebuilt it.
0:48:41 > 0:48:44This was funded by the sale of her mum's former property.
0:48:44 > 0:48:48But she does like a challenge and in the meantime took on
0:48:48 > 0:48:50another property which is a holiday let.
0:48:50 > 0:48:54No wonder it took a lot longer than she thought.
0:48:54 > 0:48:56I think originally I said a year, timescale, to do the place up.
0:48:56 > 0:48:58Obviously I'm a bit over.
0:48:58 > 0:49:00It's about five years over.
0:49:01 > 0:49:03Due to the fact that, well...
0:49:03 > 0:49:05you haven't even got the money for a pot of paint,
0:49:05 > 0:49:07never mind putting a roof on.
0:49:07 > 0:49:09And things like planning permission take so long,
0:49:09 > 0:49:11the money you had put aside,
0:49:11 > 0:49:15you've used half of it to live on while you're waiting for everything happening,
0:49:15 > 0:49:16so that didn't help.
0:49:16 > 0:49:17So, two houses done up later,
0:49:17 > 0:49:20I'm now working on this one full-time.
0:49:20 > 0:49:21SHE CHUCKLES
0:49:21 > 0:49:24I've gone over the budget a bit but not too much.
0:49:24 > 0:49:27I originally thought about 20,000.
0:49:27 > 0:49:28I'm only up to about 23.
0:49:28 > 0:49:30There's not a great deal more to do
0:49:30 > 0:49:31and the main things are done
0:49:31 > 0:49:32and I do most of the work myself,
0:49:32 > 0:49:34so that helps keep the cost down.
0:49:36 > 0:49:40So far, Ali has invested a total of £89,000 here.
0:49:41 > 0:49:45Having bought another holiday let, she now lives here full-time and has
0:49:45 > 0:49:49no intention in selling or renting the property.
0:49:49 > 0:49:51So it's interesting to know what kind of value she's added.
0:49:53 > 0:49:55We asked two local estate agents for their opinion,
0:49:55 > 0:49:58starting with the agent who saw it originally.
0:49:59 > 0:50:02You are restricted with the confines of the property.
0:50:02 > 0:50:05There's not a lot of land beyond the walls of the house.
0:50:05 > 0:50:08What you've got to do is alter the footprint
0:50:08 > 0:50:12to make it work well and make sure you don't make it top-heavy,
0:50:12 > 0:50:14make sure you don't make bottom-heavy,
0:50:14 > 0:50:17and it's balanced well and it flows quite well as a property.
0:50:17 > 0:50:20First impressions of the property,
0:50:20 > 0:50:23it's quite a nice, quirky property, quite a good size,
0:50:23 > 0:50:25full of unique charm and character
0:50:25 > 0:50:29and it would be really nice to see what it's like when it's finished.
0:50:29 > 0:50:31So, let's see what it could be worth when it's finished,
0:50:31 > 0:50:35bearing in mind that £89,000 investment so far.
0:50:37 > 0:50:41Once the work is completed, I would expect the property to be
0:50:41 > 0:50:43worth in the region of £140,000 to £150,000.
0:50:43 > 0:50:46It's a difficult one at this stage, but I think done up, pristine
0:50:46 > 0:50:48condition, showroom condition,
0:50:48 > 0:50:50smelling like a new hotel,
0:50:50 > 0:50:52all done and dusted and finished,
0:50:52 > 0:50:55I think you're in the region of £150,000.
0:50:55 > 0:50:58I'm quite pleased with those valuations, yes.
0:50:58 > 0:51:00I bought it for 66 in the first place
0:51:00 > 0:51:03and I spent a lot of work and a lot of time,
0:51:03 > 0:51:06but I'm quite pleased with that, yeah.
0:51:06 > 0:51:11That means, as it stands, Ali would make a pre-tax profit of 61,000.
0:51:11 > 0:51:14And whilst this was initially an investment,
0:51:14 > 0:51:17it's now a labour of love and Ali couldn't be happier.
0:51:18 > 0:51:22I love this place. I want to be here for an awful long time,
0:51:22 > 0:51:24as long as I can, perhaps until the day I die.
0:51:31 > 0:51:34I visited Derby earlier in the show
0:51:34 > 0:51:37and this property, guided at £99,000 plus,
0:51:37 > 0:51:43was a characterful three-bed that was almost in perfect nick.
0:51:43 > 0:51:46It's in good condition and whoever buys this house, well,
0:51:46 > 0:51:49they could be sitting pretty.
0:51:49 > 0:51:50# No, I'm never gonna be
0:51:50 > 0:51:51# Cos I don't wanna be
0:51:51 > 0:51:53# I don't wanna sit still Look pretty... #
0:51:53 > 0:51:56Sold, it's yours and your paddle number, madam?
0:51:56 > 0:51:59And it didn't sit still for long in the auction room.
0:51:59 > 0:52:05Mum and son team Alison and Sam paid £121,500 for it as a joint venture
0:52:05 > 0:52:09and they were looking to turn it into a student HMO.
0:52:09 > 0:52:10And do you both get on?
0:52:10 > 0:52:13- Yeah.- We are pretty good at getting on, aren't we?
0:52:13 > 0:52:16Yeah, we're both quite, erm...
0:52:17 > 0:52:20What's the word? I don't want to say controlling!
0:52:20 > 0:52:21THEY LAUGH
0:52:21 > 0:52:25- But, yeah... You do listen to me though, don't you?- We are both quite sort of leader-type people, so...
0:52:25 > 0:52:29- Yeah.- Sometimes we butt heads when we are very opinionated on something.
0:52:29 > 0:52:34This was Sam's first financial and physical investment in a property project.
0:52:34 > 0:52:38However, with three other properties in their portfolio,
0:52:38 > 0:52:41he was able to rely on mum and dad's experience.
0:52:41 > 0:52:44With a 12 grand budget, they had to get this ready for
0:52:44 > 0:52:49the new semester and had a 12-week timescale.
0:52:49 > 0:52:51# Sit still, look pretty... #
0:52:51 > 0:52:52Three months later,
0:52:52 > 0:52:58right at the cusp of the new university year, we're back.
0:52:58 > 0:53:00MUSIC: Here To Learn by Clearlake
0:53:05 > 0:53:10# You're here to learn
0:53:10 > 0:53:14# You're here to learn... #
0:53:17 > 0:53:21Well, the students might have come to Derby to learn,
0:53:21 > 0:53:24but this house is an education in maximising space
0:53:24 > 0:53:27and creating good-quality student digs.
0:53:27 > 0:53:29By restoring the wall in the living room,
0:53:29 > 0:53:33they've created a fourth bedroom AND retained the living space.
0:53:34 > 0:53:37They've also retained the character features throughout, which I love...
0:53:38 > 0:53:43..and added modern touches like good quality carpets and a new bathroom suite.
0:53:43 > 0:53:46The question of the renovation is answered,
0:53:46 > 0:53:50but now the big question - how did mum and son get on?
0:53:50 > 0:53:54# You're here to learn... #
0:53:59 > 0:54:00I think we've got on really well.
0:54:00 > 0:54:04- We have.- We have. I think we've agreed on a lot of things and when
0:54:04 > 0:54:06- we've not agreed, we've... - We've talked it through.
0:54:06 > 0:54:09- Yeah, we've talked it through. - One or two challenges.
0:54:09 > 0:54:12Yeah. I've really enjoyed it as a whole, actually.
0:54:12 > 0:54:15I've really enjoyed doing it and the excitement of doing something
0:54:15 > 0:54:18different every day and it's just really rewarding
0:54:18 > 0:54:21to do work on something and see your work pay off, I guess.
0:54:21 > 0:54:27- Yeah.- I think I've got the bug from you to do some in the future myself.
0:54:29 > 0:54:31It might have been exciting for Sam
0:54:31 > 0:54:36but this wasn't a renovation that was straightforward.
0:54:36 > 0:54:38It's an old house.
0:54:38 > 0:54:41There's going to be issues, going to be problems.
0:54:41 > 0:54:45Some of the house had some bits of damp that you could see.
0:54:45 > 0:54:51That had been rectified by putting mortar in at the end of the gable
0:54:51 > 0:54:55in the back bedroom. We also had the flashing replaced on the chimney,
0:54:55 > 0:54:56so now we've got new gutters
0:54:56 > 0:54:59that should have stopped that water coming in, too.
0:54:59 > 0:55:05Initially we only wanted to have the radiators done, didn't we?
0:55:05 > 0:55:08But in the end, splashed out on a new boiler
0:55:08 > 0:55:10which was an unexpected cost.
0:55:10 > 0:55:13Contractors helped them put the roof and damp right
0:55:13 > 0:55:17and Sam's girlfriend, Sophie, has done all the painting.
0:55:17 > 0:55:22But all that additional work has added a little to their timescale of 12 weeks,
0:55:22 > 0:55:25as they still have some snagging left to do.
0:55:25 > 0:55:28Has it affected the 12 grand budget though?
0:55:28 > 0:55:32We think on the renovation that we spent about 15, don't we?
0:55:32 > 0:55:35- We do.- But that's excluding furnishing for
0:55:35 > 0:55:38the tenants to move in, which is obviously...
0:55:40 > 0:55:42- ..a little bit more than that. - Yes, yes.
0:55:44 > 0:55:47While the students can look forward to new surroundings,
0:55:47 > 0:55:50Sam's looking to the job market, as he's recently graduated.
0:55:52 > 0:55:55I am still job searching, I may be...
0:55:55 > 0:55:58I was looking at the music industry but I'm actually...
0:55:58 > 0:56:03I've enjoyed this so much that I'd quite like to look at certain things in this industry as well.
0:56:03 > 0:56:06And in the future, I definitely want to have some buy-to-lets for myself
0:56:06 > 0:56:09and I'll continue to help Mum and Dad with theirs
0:56:09 > 0:56:10whenever they need me.
0:56:13 > 0:56:16Congratulations, Sam, and good luck with the job hunt.
0:56:16 > 0:56:21And good luck to both Alison and Sam with their estate agent valuations.
0:56:21 > 0:56:25Let's start with the thoughts of the agent who saw it before renovation.
0:56:26 > 0:56:30Arriving here today, it's a huge transformation with what they've
0:56:30 > 0:56:31done to the property,
0:56:31 > 0:56:35in the upgrade that they've done to the kitchen and the ground floor
0:56:35 > 0:56:38accommodating another bedroom.
0:56:38 > 0:56:39Having looked around the property,
0:56:39 > 0:56:41I think it's in a reasonable condition.
0:56:41 > 0:56:44It's been done to a standard which is perfect for rental,
0:56:44 > 0:56:46be that student or normal residential.
0:56:46 > 0:56:50Layout works well with the separation of this room
0:56:50 > 0:56:54to produce a bedroom rather than a lounge,
0:56:54 > 0:56:56maximising the rental income.
0:56:57 > 0:57:05Alison and Sam spent £136,500 buying and renovating this property.
0:57:05 > 0:57:10They'll be keen to know the monthly rental for all four rooms let out.
0:57:10 > 0:57:13Rental value for a student HMO let would be around
0:57:13 > 0:57:15£1,300 per calendar month.
0:57:15 > 0:57:19In the current marketplace, we have tenants lined up
0:57:19 > 0:57:23for this property at £1,200 per calendar month.
0:57:23 > 0:57:26We thought we were doing really well
0:57:26 > 0:57:30with getting four rooms rented, so actually,
0:57:30 > 0:57:33maybe next year, we'll have to put the prices up a bit!
0:57:35 > 0:57:41They've achieved £1,200 per calendar month for nine months of the year
0:57:41 > 0:57:44and that gives them a yield of 8%.
0:57:44 > 0:57:47So would they recommend property development to other people?
0:57:50 > 0:57:52It's a bit of an adventure.
0:57:52 > 0:57:54Yeah, it's good fun.
0:57:57 > 0:57:59There's no denying it.
0:57:59 > 0:58:03Most property projects we see on the show do provide testing times
0:58:03 > 0:58:04for our developers.
0:58:04 > 0:58:07Yes, but there are rich rewards if you get it right.
0:58:07 > 0:58:10Yeah, we'll have plenty more stories for you next time
0:58:10 > 0:58:11on Homes Under The Hammer.
0:58:11 > 0:58:13- Bye-bye.- Bye-bye.