0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Now, an auction really does offer a unique opportunity to find
0:00:06 > 0:00:09that fascinating property at an affordable price.
0:00:09 > 0:00:12Yeah, but it's not all about just opening that auction catalogue
0:00:12 > 0:00:14and choosing your favourite property.
0:00:14 > 0:00:15It's all about the research.
0:00:15 > 0:00:18Yeah, I sometimes feel a bit like a schoolteacher.
0:00:18 > 0:00:21The number of times I say you have to do your homework,
0:00:21 > 0:00:25especially if you're buying your next property under the hammer.
0:00:51 > 0:00:55Now, buying at auction can be a really efficient way
0:00:55 > 0:00:57of purchasing property.
0:00:57 > 0:00:59You can own it within a month.
0:00:59 > 0:01:00Yeah, but do me a favour,
0:01:00 > 0:01:04please try and look at the place some time before you bid.
0:01:04 > 0:01:06You'd be amazed at the amount of buyers
0:01:06 > 0:01:08we meet on this show who didn't.
0:01:08 > 0:01:11Let's hope it's not the case today. Let's find out.
0:01:13 > 0:01:15This two-up-two-down in Merseyside's a pretty picture.
0:01:15 > 0:01:17Am I painting a picture here of a house
0:01:17 > 0:01:19that is pretty much all together?
0:01:19 > 0:01:21It's a bit of a no-brainer really, isn't it?
0:01:22 > 0:01:25This Derby terrace is a '50s throwback.
0:01:25 > 0:01:28Look at those cupboards, they work perfectly!
0:01:28 > 0:01:31They are now retro and would cost you a lot of money.
0:01:33 > 0:01:36The kitchen cabinets are in the bedroom in this Dulwich flat.
0:01:36 > 0:01:39I'm hoping the final piece of the jigsaw will fall into place,
0:01:39 > 0:01:42because right now, it's just not quite making sense.
0:01:43 > 0:01:45The gentleman stood up...
0:01:45 > 0:01:47All these properties have been sold at auction.
0:01:47 > 0:01:50And we'll find out who bought them and what they paid
0:01:50 > 0:01:52- when they went under the hammer. - Sold!
0:01:56 > 0:01:59This is St Helens in Merseyside.
0:01:59 > 0:02:03The whole area was once a centre of industry,
0:02:03 > 0:02:05mainly mining and glass-making.
0:02:05 > 0:02:10And the site of the old Sutton Manor colliery, which closed in 1991,
0:02:10 > 0:02:15is now marked by this impressive 66-foot sculpture called Dream.
0:02:15 > 0:02:17# Dreams can come true
0:02:17 > 0:02:20# Look at me, babe, I'm with you
0:02:20 > 0:02:22# You know you gotta have hope
0:02:22 > 0:02:25# You know you gotta be strong... #
0:02:25 > 0:02:30So, am I here to see a dream of a property, or a bit of a nightmare?
0:02:30 > 0:02:32Well, St Helens is well located,
0:02:32 > 0:02:34halfway between Manchester and Liverpool,
0:02:34 > 0:02:36lots of local employment, which is good.
0:02:36 > 0:02:39And the property I'm here to see sounds appealing.
0:02:39 > 0:02:43It's a mid-terrace, £35,000, plus two bedrooms.
0:02:43 > 0:02:44Let's have a look.
0:02:46 > 0:02:48Well, you know, even after doing this for 14 years,
0:02:48 > 0:02:51I never lose that excitement of what you're going to find
0:02:51 > 0:02:54when you walk through the front door of even something as basic as this,
0:02:54 > 0:02:57a sort of what would originally have been a two-up-two-down terrace.
0:02:57 > 0:03:01Because even though the properties themselves are often the same
0:03:01 > 0:03:04from the outside, just inside, you just never know,
0:03:04 > 0:03:05and that's why it's really important
0:03:05 > 0:03:07to look round properties that you see at auction.
0:03:07 > 0:03:10You've got to see it, because you can't tell from the outside.
0:03:10 > 0:03:12So, in that case, what's this one like? Well, pretty standard.
0:03:12 > 0:03:15You've got a little porch area. We like that, it keeps the cold out.
0:03:15 > 0:03:19A reasonable quality and reasonable sized front living room,
0:03:19 > 0:03:21so that's pretty good.
0:03:21 > 0:03:23No smell of damp, looks to be in reasonable condition.
0:03:23 > 0:03:27This middle room would have been originally the rear of the property.
0:03:27 > 0:03:30My guess is that the stairs would have gone up there.
0:03:30 > 0:03:32But somebody's obviously done some kind of conversion.
0:03:32 > 0:03:34Because as we walk through,
0:03:34 > 0:03:36you can see the stairs are actually now here.
0:03:36 > 0:03:38That actually opens up the space quite a lot.
0:03:38 > 0:03:40And then, this from here on is an extension.
0:03:40 > 0:03:43You've got a kitchen, fairly standard layout.
0:03:43 > 0:03:45It's sort of a galley kitchen, long and thin.
0:03:45 > 0:03:48And then at the rear of the property, you've got the bathroom.
0:03:48 > 0:03:52Fairly standard. But you know, for this kind of property, pretty good.
0:03:52 > 0:03:53A nice start.
0:03:53 > 0:03:57# Loving you seems to easy
0:03:58 > 0:04:01# No melodramas, no heartache
0:04:02 > 0:04:06# There's no melodramas, no heartache
0:04:07 > 0:04:10# No melodramas, no heartache! #
0:04:12 > 0:04:15A simple redecoration here along with an oven hob
0:04:15 > 0:04:18and some white goods, and I'd say this would be ready to move into.
0:04:20 > 0:04:22I'd want to get that window fixed.
0:04:22 > 0:04:25But outside, the yard is very low maintenance,
0:04:25 > 0:04:27much like the rest of the house.
0:04:31 > 0:04:33So, two bedrooms up here.
0:04:33 > 0:04:35You've got your front bedroom, reasonable condition.
0:04:35 > 0:04:37Actually, even the floorboards look OK.
0:04:37 > 0:04:39And then, your rear bedroom. Not much else to report.
0:04:39 > 0:04:43Apart from the fact it all seems to be in pretty nice condition.
0:04:43 > 0:04:44No obvious signs of damp.
0:04:44 > 0:04:48A bit of a cupboard there with what looks like a relatively new boiler,
0:04:48 > 0:04:51and the central heating seems to be in half-decent condition.
0:04:51 > 0:04:53Double glazing. Am I painting a picture here
0:04:53 > 0:04:56of a house that is pretty much all together?
0:04:56 > 0:04:57Um...
0:04:59 > 0:05:02Yeah, it's a bit of a no-brainer really, isn't it?
0:05:03 > 0:05:08# But it's the simple things that make you smile... #
0:05:14 > 0:05:17The renovation might be simple, but would the decision to sell on
0:05:17 > 0:05:20or rent out this house be as straightforward?
0:05:21 > 0:05:25We've asked along a local estate agent for his opinion on the matter.
0:05:27 > 0:05:29The most buoyant market in this area
0:05:29 > 0:05:31is without a doubt the rental market.
0:05:31 > 0:05:35St Helens as a town is oversaturated with terraced properties,
0:05:35 > 0:05:37so you really do need to get them very cheap
0:05:37 > 0:05:38to make a huge profit on them.
0:05:38 > 0:05:41The best course of action for this property would definitely be
0:05:41 > 0:05:43as a buy-to-let investment.
0:05:43 > 0:05:47OK. So, just what kind of rental return might we expect?
0:05:47 > 0:05:51Once completed, this property should rent for £450 per calendar month.
0:05:51 > 0:05:54That brings in a yearly sum of 5,400,
0:05:54 > 0:05:57which could mean really great yield, depending of course,
0:05:57 > 0:05:59on the level of refurbishment chosen,
0:05:59 > 0:06:03and how close to the £35,000 plus guide price it was bought for.
0:06:05 > 0:06:07What about the sales market, then?
0:06:07 > 0:06:10Could there be money to be made on a quick sale?
0:06:11 > 0:06:13From a sales point of view,
0:06:13 > 0:06:16the property would be worth £70,000, once refurbished.
0:06:16 > 0:06:17Well, it looks like either way,
0:06:17 > 0:06:19you could be onto a winner with this house.
0:06:20 > 0:06:24Well, just remember that guide price, £35,000 plus
0:06:24 > 0:06:27for a pretty decent mid-terrace.
0:06:27 > 0:06:28Yeah, you can't go far wrong with this one.
0:06:28 > 0:06:31Let's see who agreed when it went under the hammer.
0:06:33 > 0:06:34It's a two-bed mid-terrace house
0:06:34 > 0:06:37with double glazing and central heating.
0:06:37 > 0:06:39You've got a guide of £35,000.
0:06:39 > 0:06:41Shall we say 30?
0:06:41 > 0:06:4330. I see two hands.
0:06:43 > 0:06:4830, you. 31, 32, 33, 34, 35.
0:06:48 > 0:06:5036, 37, 38.
0:06:52 > 0:06:54I'll come back to you, it's 37.
0:06:54 > 0:06:56Gentleman stood up, it's against you sitting down.
0:06:56 > 0:06:57Anybody else in, if it's at 38,000?
0:06:57 > 0:06:59At 38, I see now...
0:06:59 > 0:07:01The bids progressed in £500 increments
0:07:01 > 0:07:04and we rejoin the bidding at 41,500.
0:07:04 > 0:07:06..41 for the second time.
0:07:06 > 0:07:08Last couple of seconds, sir, if you want to come back in.
0:07:08 > 0:07:12If not, third and final... You're in at 41.5. New bidder, 42?
0:07:12 > 0:07:1542 and a half now, sitting down. 43.
0:07:15 > 0:07:18And a half? No. 43 is the bid.
0:07:18 > 0:07:21You, sir, by the Together board, are we all done at £43,000?
0:07:21 > 0:07:23Last chance for anybody else.
0:07:23 > 0:07:26Not taken. It's yours. Well done, sir, at 43.
0:07:27 > 0:07:32Picking up this property for 43,000 was Paul and his wife Jan.
0:07:34 > 0:07:37That seems like a really good buy for the money to me.
0:07:37 > 0:07:38So, when they came along to meet me,
0:07:38 > 0:07:43I was interested to hear what they had planned for this house.
0:07:43 > 0:07:46- Paul, Jan, great to meet you both. - You too.- Congratulations!
0:07:46 > 0:07:48- Thank you.- Tell me why you wanted to buy this place?
0:07:48 > 0:07:51We go to quite a lot of auctions and we buy quite a lot of properties
0:07:51 > 0:07:54in and out of them and it was just one that came up.
0:07:54 > 0:07:56We thought it was a reasonable price.
0:07:56 > 0:07:59We bought one down the road a couple of months back before, didn't we?
0:07:59 > 0:08:01- Mm-hm.- So, yeah, bought this one.
0:08:01 > 0:08:04Good. I mean, there doesn't seem anything wrong with it.
0:08:04 > 0:08:06It's just a nice, solid sort of clean property.
0:08:06 > 0:08:08Yeah, generally. It's in pretty good nick, yeah.
0:08:08 > 0:08:09So, you say you've bought others.
0:08:09 > 0:08:12Is this what you do, then? Is this your day job?
0:08:12 > 0:08:15- Are you both property investors? - Yeah.- Well, Paul is, really. I help.
0:08:15 > 0:08:18OK! Very important help, I'm sure.
0:08:18 > 0:08:20- She's the interior designer. - I do the interiors.
0:08:20 > 0:08:21I see, yeah, very important.
0:08:21 > 0:08:23- We do it abroad as well.- Do you?
0:08:23 > 0:08:25We do quite a lot of work in Portugal as well.
0:08:25 > 0:08:28- Portugal, oh, wow.- Yeah.- Bit warmer, but a bit further away.
0:08:28 > 0:08:31- Yeah!- Bit further to travel.
0:08:31 > 0:08:33- Yeah, yeah.- How did this start?
0:08:33 > 0:08:36How long have you been doing sort of buying and selling properties?
0:08:36 > 0:08:39I've been in the building industry 25 years.
0:08:39 > 0:08:41And it started from then.
0:08:41 > 0:08:44- So, I've always done it.- Right. And what do you generally do?
0:08:44 > 0:08:47Do you do them up and sell them on, or do you rent them out, or what?
0:08:47 > 0:08:49Both, really, yeah. Some for rent and some for sale.
0:08:49 > 0:08:52- This is going to go for sale. - OK.- Same as the one down the road.
0:08:52 > 0:08:55- So, we've completely gutted it... - OK.
0:08:55 > 0:08:57So, tell me what you're going to do to it, then.
0:08:59 > 0:09:02As you said at the beginning, Martin, it's in pretty good nick.
0:09:02 > 0:09:05I mean, through the back, we're going to open up the back
0:09:05 > 0:09:09and open up that staircase to give it a much more brighter feel.
0:09:09 > 0:09:12- OK.- So, I think the kitchen will lead into the dining room
0:09:12 > 0:09:14and it'll become a dining-kitchen.
0:09:14 > 0:09:16General decoration throughout.
0:09:16 > 0:09:18We'll change the kitchen and we'll change the bathroom.
0:09:18 > 0:09:20- OK.- Fully tile the bathroom.
0:09:20 > 0:09:25The kitchen we'll partially tile and partially splashback it all.
0:09:25 > 0:09:27OK. There's no chance of moving anything upstairs
0:09:27 > 0:09:30- in terms of the loo, is there? There's not enough space.- No, no.
0:09:30 > 0:09:32You take too much room off the bedrooms in these houses,
0:09:32 > 0:09:35if you move that up, so that'll stay where it is, yeah.
0:09:35 > 0:09:37So, what about timescale for doing it?
0:09:37 > 0:09:39Well, we're committed on other projects
0:09:39 > 0:09:42and we can't actually start for two or three months now.
0:09:42 > 0:09:44But when we actually do start, four to five weeks.
0:09:44 > 0:09:48So, what's the sort of budget for the work you're planning?
0:09:49 > 0:09:51Probably about 8,000 on this one.
0:09:51 > 0:09:54So, that puts you at about 51, 52, plus some costs.
0:09:54 > 0:09:57- Yeah.- What do you think you might be able to get back if you sell it?
0:09:57 > 0:10:00Hoping to achieve about 70, between 65 and 70.
0:10:00 > 0:10:0370, yeah, you can't get much more than that in this area.
0:10:03 > 0:10:05- It's the ceiling price on the area, you know.- OK.
0:10:07 > 0:10:12This experienced pair know what the top price is around here.
0:10:12 > 0:10:15With a quick flip, you must make sure you leave yourself
0:10:15 > 0:10:18enough room for profit, subtracting not just the purchase price
0:10:18 > 0:10:22and renovation costs, but always calculating any auction fees,
0:10:22 > 0:10:25estate agency costs to sell, and of course,
0:10:25 > 0:10:27legal fees for buying and selling.
0:10:27 > 0:10:30You should also make sure you know which taxes you might incur.
0:10:33 > 0:10:36Paul and Jan's £8,000 budget is quite low
0:10:36 > 0:10:38for the amount of work they want to do.
0:10:38 > 0:10:40But that's because they're getting stuck in themselves
0:10:40 > 0:10:43and helping with some of the labour-intensive works.
0:10:44 > 0:10:48I do the smashing and bashing bits and clean it out.
0:10:48 > 0:10:50Jan gets involved in that as well and helping out.
0:10:50 > 0:10:52Yeah, I do the carrying into the skip.
0:10:52 > 0:10:56- Oh, good! Really hands-on, then. That's good.- She's very hands-on.
0:10:56 > 0:10:58And then Marcus, he's my cousin...
0:10:59 > 0:11:01..who was round with us to view the property
0:11:01 > 0:11:03and have a good look at it and that,
0:11:03 > 0:11:06he's more the technical guy and he helps me...
0:11:06 > 0:11:08Well, he does the building
0:11:08 > 0:11:09and I give him a lift with it, really, then.
0:11:09 > 0:11:11Right, so he's a bit of an adviser.
0:11:11 > 0:11:13- He's had a look round with you. - He's very good.
0:11:13 > 0:11:16- He's a qualified electrician.- He's an electrician, plumber, plasterer.
0:11:16 > 0:11:18- Yeah.- Does everything.
0:11:18 > 0:11:19- Yeah, he's pretty good.- Great.
0:11:19 > 0:11:21Doing it yourselves is going to keep the costs down,
0:11:21 > 0:11:24which as we've already established, is pretty important on this one.
0:11:24 > 0:11:27- Yeah, yeah.- And if you can't sell it, I mean,
0:11:27 > 0:11:30would you drop the price, or would you consider renting it out,
0:11:30 > 0:11:32or does it not quite meet your criteria?
0:11:32 > 0:11:35It doesn't quite meet the criteria in what you'd achieve
0:11:35 > 0:11:37on the rental value to make it worthwhile.
0:11:37 > 0:11:41But if I feel like the market's in such a way
0:11:41 > 0:11:43that we can't get it, then yeah, we would rent it.
0:11:43 > 0:11:45- We'd have to rent it.- Yeah, good.
0:11:45 > 0:11:48What do you enjoy about doing this whole thing?
0:11:48 > 0:11:50Well, obviously I enjoy the end bit.
0:11:50 > 0:11:52You know, choosing the kitchens, the bathrooms,
0:11:52 > 0:11:56the decor and seeing it finished at the end.
0:11:56 > 0:11:58It looks amazing when you've walked into it...
0:11:58 > 0:12:00This isn't too bad a property.
0:12:00 > 0:12:03But when you walk into some and then you see the end result,
0:12:03 > 0:12:05it's quite exciting, really.
0:12:05 > 0:12:07- Well, listen, congratulations. Good luck with it.- Thank you.
0:12:07 > 0:12:11- I look forward to seeing how you get on.- Thank you.- Yeah.
0:12:11 > 0:12:12Well, bing, bang, boom!
0:12:12 > 0:12:16Paul and Jan adopting the quick-in-quick-out approach.
0:12:16 > 0:12:19I don't know - I think, as a rental earner, this one,
0:12:19 > 0:12:21not a bad property to go for.
0:12:21 > 0:12:23However, they're going to sell on.
0:12:23 > 0:12:27How will they get on sorting it out? You can find out later in the show.
0:12:27 > 0:12:30Oh, and I guess it's not going to be long before they're off to Portugal.
0:12:30 > 0:12:32And I guess, on a day like today, who can blame them?
0:12:35 > 0:12:38DION: This is the civil parish of Heanor and Loscoe,
0:12:38 > 0:12:40just north of Derby.
0:12:40 > 0:12:44I'm in the village of Loscoe, and in the 19th and 20th centuries,
0:12:44 > 0:12:49Loscoe was a mining village and it had three mines,
0:12:49 > 0:12:53which were Old Loscoe, Bailey Brook and Ormonde,
0:12:53 > 0:12:55and they all provided jobs for the local people
0:12:55 > 0:12:58until the closure of the last one in 1970.
0:12:59 > 0:13:03# All I wanna hear her say is are you mine? #
0:13:03 > 0:13:07I'm here today to look at one of the terraced houses that were built
0:13:07 > 0:13:09back in the day for the miners and their families.
0:13:09 > 0:13:13That was when they were still churning out black gold.
0:13:13 > 0:13:17Now, there's great road links not too far away to Nottingham, Derby
0:13:17 > 0:13:19and at a push, Sheffield.
0:13:19 > 0:13:21This is our pad.
0:13:21 > 0:13:25It's got a guide price of £55,000 plus.
0:13:25 > 0:13:27Intriguingly, the catalogue describes this house
0:13:27 > 0:13:30as having two/three bedrooms.
0:13:30 > 0:13:32More of that later.
0:13:32 > 0:13:34Let's have a look and see what you get for your dough.
0:13:34 > 0:13:36# Are you mine? #
0:13:38 > 0:13:40Nice.
0:13:40 > 0:13:42A nice big porchway here.
0:13:42 > 0:13:46I'm taking a guess it wasn't like this when it was built.
0:13:47 > 0:13:50That being false, they must have nicked a bit of space
0:13:50 > 0:13:53from whatever's on the other side of this, which is...
0:13:54 > 0:13:57..I would imagine it would have been two rooms back in the day,
0:13:57 > 0:13:59but it's now one big lounge
0:13:59 > 0:14:02and taking the space into the porchway
0:14:02 > 0:14:04hasn't really hindered this lounge whatsoever.
0:14:04 > 0:14:06I can see...
0:14:07 > 0:14:10..a little bit of rising damp in the corner here, look.
0:14:10 > 0:14:12Let's have a look at this.
0:14:12 > 0:14:14Yes.
0:14:14 > 0:14:16It isn't... It isn't actually...
0:14:16 > 0:14:20It isn't actually too bad and that is solvable.
0:14:20 > 0:14:22But get it solved pretty sharpish.
0:14:22 > 0:14:23Lots of space in this area as well.
0:14:23 > 0:14:26This would have been the second reception room.
0:14:27 > 0:14:30'80s solid fireplace.
0:14:30 > 0:14:32'70s carpet.
0:14:32 > 0:14:34And we have on here...
0:14:34 > 0:14:37Oh, OK, we're taking safety to the next level here.
0:14:37 > 0:14:40We've got the fire alarm on top of the fire.
0:14:41 > 0:14:42Can't be too careful.
0:14:42 > 0:14:44Right, what else have we got?
0:14:44 > 0:14:46Down here, we've got the kitchen.
0:14:46 > 0:14:49Stairs just there, going up to the bedrooms.
0:14:50 > 0:14:53Now, I've seen some dated kitchens in my time,
0:14:53 > 0:14:56but this one is proper dated.
0:14:56 > 0:14:58There's hardly any kitchen in here, to be honest with you.
0:14:58 > 0:15:01Just a few cupboards, a few sliding cupboards here.
0:15:01 > 0:15:04There's your worktop. A little bit of a worktop there.
0:15:04 > 0:15:05It does feel a bit tight.
0:15:07 > 0:15:10Take this all out, get something modern in here.
0:15:10 > 0:15:12And look at these beauties. Ha!
0:15:12 > 0:15:14We used to have these back in the day.
0:15:14 > 0:15:17Look at those cupboards. They work perfectly.
0:15:18 > 0:15:21They are now retro and will cost you a lot of money.
0:15:22 > 0:15:24And all the way down towards the bottom,
0:15:24 > 0:15:27we've got a door there just going out to the back garden,
0:15:27 > 0:15:30and at the end, you've got the bathroom.
0:15:30 > 0:15:32Your toilet, your sink and your bath.
0:15:32 > 0:15:34It does need to be redone.
0:15:34 > 0:15:37You've got polystyrene tiles here, so they're a safety hazard.
0:15:37 > 0:15:41Get rid of those. Needs modernising.
0:15:41 > 0:15:44The whole of this downstairs needs to be freshened up.
0:15:44 > 0:15:48But there's enough space to make it pretty cool,
0:15:48 > 0:15:51pretty bright and more accepting of Mr Dublin.
0:15:59 > 0:16:01These dinky units could be resold
0:16:01 > 0:16:05to anyone looking for a vintage kitchen.
0:16:05 > 0:16:06They're in good nick.
0:16:06 > 0:16:10Or they could be handy in a workroom or a shed.
0:16:10 > 0:16:13Upcycle where you can. That's what I say.
0:16:14 > 0:16:17But when it comes to the old polystyrene tiles,
0:16:17 > 0:16:19they just have to go.
0:16:19 > 0:16:22The old ones were often not treated for fire retardant,
0:16:22 > 0:16:27meaning the tiles or the adhesive could present a fire hazard.
0:16:27 > 0:16:29Time to have a look at the first bedroom.
0:16:29 > 0:16:32OK, upstairs, we've got three bedrooms,
0:16:32 > 0:16:34this being the first one I've seen.
0:16:34 > 0:16:38Nice and bright, white walls,
0:16:38 > 0:16:40not my choice of carpet, I've got to say.
0:16:40 > 0:16:43I'm pretty sure my grandma had this back in the day.
0:16:43 > 0:16:47Nice, long, spacious back garden, which is good.
0:16:47 > 0:16:48In here, we've got...
0:16:49 > 0:16:54..a boiler, combi boiler as well, which doesn't look too bad at all.
0:16:54 > 0:16:55Good start here.
0:16:58 > 0:17:01But when it comes to the other two bedrooms across the hall, well,
0:17:01 > 0:17:03things start to get a bit strange.
0:17:06 > 0:17:10The catalogue describes this house as a two/three bedroom,
0:17:10 > 0:17:11and here's why.
0:17:12 > 0:17:14So, they've made... Right, just follow me.
0:17:14 > 0:17:17Follow me. This is pretty strange, this.
0:17:17 > 0:17:22First and foremost, concrete floors upstairs, which is pretty strange.
0:17:22 > 0:17:26So, this is your bedroom, and then you've got another bedroom there.
0:17:26 > 0:17:27This used to be one, I'm pretty sure of it.
0:17:27 > 0:17:29Now, they've made two, which is fine,
0:17:29 > 0:17:31try and squeeze another bedroom in.
0:17:31 > 0:17:35But why would you have the door just there?
0:17:35 > 0:17:37OK, why not have the door here?
0:17:38 > 0:17:42Create a bit of a hallway here. Maybe just... You come in here.
0:17:42 > 0:17:46You step to the left and you walk that way into that bedroom,
0:17:46 > 0:17:49and have a door just here for this bedroom.
0:17:49 > 0:17:52At the moment, if you can imagine, if someone's asleep in there.
0:17:52 > 0:17:54Imagine this, that's my bedroom.
0:17:56 > 0:17:59I've been to the pub and I've had one pint of ale, right?
0:17:59 > 0:18:00OK, can you imagine?
0:18:09 > 0:18:10That ain't going to work.
0:18:10 > 0:18:12# He gotta work it out
0:18:13 > 0:18:15# He gotta work it out... #
0:18:15 > 0:18:19Working out how to get a bathroom up here would mean a plumbing nightmare
0:18:19 > 0:18:21because of the concrete floors.
0:18:21 > 0:18:25So, it looks as if the bathroom might have to stay downstairs.
0:18:26 > 0:18:29OK, let's find out if it's likely to be an issue in the local market
0:18:29 > 0:18:31from the auctioneer who sold this house
0:18:31 > 0:18:34that was guided at £55,000 plus.
0:18:35 > 0:18:37People like the bathroom to be upstairs.
0:18:37 > 0:18:39Obviously, it's down here at the moment.
0:18:39 > 0:18:41Normally, you would put your pipework and hide everything
0:18:41 > 0:18:44between the timber floor and the ceiling of the ground floor.
0:18:44 > 0:18:47Having that concrete floor means that that just isn't possible,
0:18:47 > 0:18:50so you'd have to surface mount everything, from the electrics
0:18:50 > 0:18:52to the pipework for that bathroom.
0:18:52 > 0:18:54So that isn't something I would consider.
0:18:54 > 0:18:56You could actually remove those floors.
0:18:56 > 0:18:58It does only affect the front of the house.
0:18:58 > 0:19:01And you could bring those floors down and replace them
0:19:01 > 0:19:03with a timber structure with a ceiling,
0:19:03 > 0:19:05and below, a traditional joist underneath.
0:19:05 > 0:19:08My only caveat there would be until you bring those floors down,
0:19:08 > 0:19:12you don't really know what exactly you're going to be dealing with.
0:19:12 > 0:19:15In this case, it's best the bathroom stays put,
0:19:15 > 0:19:18unless you're feeling very flush indeed.
0:19:18 > 0:19:22So, based on renovating the house to a good standard
0:19:22 > 0:19:25with a downstairs loo and reconfiguring the bedrooms,
0:19:25 > 0:19:27what could this house be worth?
0:19:27 > 0:19:29If this property were renovated to a good standard,
0:19:29 > 0:19:31I would anticipate a sale being achieved
0:19:31 > 0:19:33somewhere in the region of £85,000.
0:19:34 > 0:19:37I think we've got a good, solid house here.
0:19:37 > 0:19:40Lots of space inside, lots of space outside. DOG BARKS
0:19:40 > 0:19:42Neighbours have just popped in to say hello as well.
0:19:42 > 0:19:44It's just a little bit skew-whiff to me.
0:19:44 > 0:19:46One-bedrooms becomes two-bedrooms.
0:19:46 > 0:19:48It needs to be reconfigured.
0:19:48 > 0:19:50Let's find out who wanted to reconfigure this place
0:19:50 > 0:19:53and get it back up and running, when it went under the hammer.
0:19:58 > 0:20:01A larger than average two/three-bedroom mid-terrace house.
0:20:01 > 0:20:04The guide price today is £55,000.
0:20:04 > 0:20:07Where do you want to start with this? 50?
0:20:07 > 0:20:09We're going to get further than this, I know we are.
0:20:09 > 0:20:11At £50,000, I'm looking for.
0:20:11 > 0:20:14Thank you, sir. At £50,000 is the opening bid.
0:20:14 > 0:20:1551 now.
0:20:15 > 0:20:17At £50,000, 51.
0:20:17 > 0:20:2051 here, 52.
0:20:20 > 0:20:2352 is bid. 53, 53.
0:20:23 > 0:20:2554. 54 is bid.
0:20:25 > 0:20:2855, 55 now.
0:20:28 > 0:20:3056, sir. 56 is bid.
0:20:30 > 0:20:3457, 58, 59.
0:20:34 > 0:20:38Shakes his head. With you, sir, at £58,000.
0:20:38 > 0:20:4059 now? No.
0:20:40 > 0:20:43At £58,000, seated on the aisle, then,
0:20:43 > 0:20:47I shall sell for the first time at £58,000,
0:20:47 > 0:20:49for the second time,
0:20:49 > 0:20:53third and final time, the hammer's up, fair warning, £58,000, it goes.
0:20:53 > 0:20:57Sold. Well bought, sir, at £58,000, and thank you.
0:21:00 > 0:21:05Buying the house with a top bid of £58,000 was Steve.
0:21:05 > 0:21:08We met him back at the house for a chat about his plans.
0:21:08 > 0:21:10- Steve, nice to meet you. - Nice to meet you.
0:21:10 > 0:21:11- Congratulations, pal.- Thank you.
0:21:11 > 0:21:14What was it that made you buy this particular place, then?
0:21:14 > 0:21:16I'd actually got nine I'd been to view.
0:21:16 > 0:21:18- Hold it, hold it. How many?- Nine.
0:21:18 > 0:21:21I'd been to nine viewings at nine different properties,
0:21:21 > 0:21:23and I just got lucky on this one.
0:21:23 > 0:21:25- You must have done a lot of research.- Yeah.
0:21:25 > 0:21:28It was a week or so's research, all the legal packs,
0:21:28 > 0:21:30going through all the visits.
0:21:30 > 0:21:31- But basically, the guide price...- OK.
0:21:31 > 0:21:35..was where I wanted to be and this was in the bracket.
0:21:35 > 0:21:40# If you want to do something now, do it right... #
0:21:40 > 0:21:43Potential property developers, take note.
0:21:43 > 0:21:46Steve has definitely gone about this the right way.
0:21:46 > 0:21:50Research, research, and just a little bit more research.
0:21:50 > 0:21:52So, it's hardly surprising
0:21:52 > 0:21:56Steve knows exactly what he's going to do with this property.
0:21:56 > 0:21:59Downstairs, probably reduce the size of the porch,
0:21:59 > 0:22:00probably put a false ceiling in,
0:22:00 > 0:22:02- drop the ceiling to hide all the wires.- OK.
0:22:02 > 0:22:06- Because of the concrete ceiling above.- Yeah.
0:22:06 > 0:22:08Completely new kitchen.
0:22:08 > 0:22:10There's very little in the kitchen, isn't there?
0:22:10 > 0:22:13Yeah, there's not much really at all, is there?
0:22:13 > 0:22:15So, no, the plan is to have a full new kitchen in there.
0:22:15 > 0:22:19- Yeah.- Both sides.- Bathroom?- Just a bit of cleaning up, tidying up,
0:22:19 > 0:22:21that's all pretty straightforward, I think, in there.
0:22:21 > 0:22:24So, what about upstairs then, Steve? It's a little bit...
0:22:24 > 0:22:26- It's a bit strange up there, isn't it?- Yes.
0:22:26 > 0:22:29- All the paperwork said two/three bedrooms.- Yes!
0:22:29 > 0:22:31So, I'm thinking, well, how does it mean two or three?
0:22:31 > 0:22:34- How can it be one or t'other? - What's the stroke for?
0:22:34 > 0:22:35Yes, exactly.
0:22:35 > 0:22:38But I think, once you go up there, you find out.
0:22:38 > 0:22:39OK, how are you going to sort that?
0:22:39 > 0:22:41- Plan is to put a small stud wall in. - Yeah.
0:22:41 > 0:22:43Take a bit off the small one,
0:22:43 > 0:22:45giving access then to the second bedroom.
0:22:45 > 0:22:49- Yes.- So, all three have got an individual access.
0:22:49 > 0:22:53Steve has £8,500 to spend on the renovation,
0:22:53 > 0:22:57which includes the work he plans to do in the garden.
0:22:57 > 0:23:01Re-fencing one side and adding decking and gravel at the bottom.
0:23:03 > 0:23:05The work should take around eight to ten weeks,
0:23:05 > 0:23:07with Steve doing most of the work himself,
0:23:07 > 0:23:10and he'll be doing the renovation full-time.
0:23:10 > 0:23:13Steve previously worked as a draughtsman for 30 years
0:23:13 > 0:23:16until sadly, his wife passed away.
0:23:18 > 0:23:22- Things transpired and the head just wasn't quite with it.- OK.
0:23:22 > 0:23:26And I've always enjoyed doing DIY to quite a high level, so I thought,
0:23:26 > 0:23:29- well, now or never. Why not?- Good for you.
0:23:29 > 0:23:32- You've taken DIY to the next level. - Well, yes. Yeah, yeah, yeah!
0:23:32 > 0:23:35- So, I've done one already. - Yeah.- And I enjoyed it.
0:23:35 > 0:23:38Will you continue doing it when you've sold this one?
0:23:38 > 0:23:40Yeah, I'm enjoying it, so, you know,
0:23:40 > 0:23:44it gives a good quality of life, I think, you know.
0:23:44 > 0:23:46- Good luck, Steve.- Thank you, Dion. - Wish you all the best.
0:23:46 > 0:23:47Cheers, thank you.
0:23:49 > 0:23:51So, Steve's going to be selling on,
0:23:51 > 0:23:54but he's got a few jobs to do before he does that.
0:23:54 > 0:23:57First one, reconfigure those bedrooms upstairs,
0:23:57 > 0:23:58which is a must.
0:23:58 > 0:24:01I'm intrigued to find out what else Steve's got up his sleeve.
0:24:01 > 0:24:04You can find out how he gets on later in the programme.
0:24:05 > 0:24:07MARTEL: Coming up, it's a tight squeeze
0:24:07 > 0:24:10in the second bedroom of this Dulwich flat.
0:24:10 > 0:24:12I can definitely touch, if I do that.
0:24:12 > 0:24:15And if you did get a double bed in, you'd have to roll out off it.
0:24:16 > 0:24:18DION: And in Loscoe,
0:24:18 > 0:24:20Steve was visited by someone born in the house.
0:24:20 > 0:24:22Nearly finished the job and she came in
0:24:22 > 0:24:25and said what a wonderful job you'd done, and that was a real buzz.
0:24:28 > 0:24:30MARTIN: Back again now to St Helens on Merseyside,
0:24:30 > 0:24:33and this good-conditioned two-bedroom
0:24:33 > 0:24:35mid-terrace that I saw earlier.
0:24:35 > 0:24:37You've got your front bedroom, reasonable condition.
0:24:37 > 0:24:40Actually, even the floorboards look OK.
0:24:40 > 0:24:43And then your rear bedroom, not much else to report.
0:24:43 > 0:24:46Bit of a cupboard there, with what looks like a relatively new boiler
0:24:46 > 0:24:49and the central heating seems to be in half-decent condition.
0:24:49 > 0:24:51Double glazing.
0:24:51 > 0:24:53Am I painting a picture here of a house
0:24:53 > 0:24:54that is pretty much all together?
0:24:57 > 0:25:00Yeah, it's a bit of a no-brainer, really, isn't it?
0:25:00 > 0:25:05The house was bought by Paul and Jan for £43,000.
0:25:05 > 0:25:08They bought a similar house in the same road recently.
0:25:09 > 0:25:12- I do the smashing and bashing bits. - HE LAUGHS
0:25:12 > 0:25:15And clean it out. Jan gets involved in that as well.
0:25:15 > 0:25:17Yeah, I do the carrying into the skip.
0:25:17 > 0:25:19Oh, good, really hands-on, then!
0:25:19 > 0:25:21She's very hands-on.
0:25:21 > 0:25:24And then Marcus, he's my cousin,
0:25:24 > 0:25:26he does the building and I give him a lift with it, really.
0:25:26 > 0:25:29- He's a qualified electrician. - An electrician, plumber, plasterer.
0:25:29 > 0:25:31- Yeah, he's pretty good. - And what do you generally do?
0:25:31 > 0:25:34Do you do them up and sell them on, or do you rent them out, or what?
0:25:34 > 0:25:37Both, really, yeah. Some for rent and some for sale.
0:25:37 > 0:25:40- This is going to go for sale. - OK.- Same as the one down the road.
0:25:40 > 0:25:44Paul and Jan have developing experience here and abroad.
0:25:44 > 0:25:47So, they and qualified electrician, cousin Marcus,
0:25:47 > 0:25:51plan to meet some other commitments and then get stuck into this
0:25:51 > 0:25:53on a four to five-week timescale.
0:25:53 > 0:25:55Well, we're back three months later.
0:25:55 > 0:25:59# I just wanna be part of your symphony... #
0:26:01 > 0:26:04I must say, opening the staircase has lifted this room immensely.
0:26:04 > 0:26:09And the open spindles will allow more light onto the stairs.
0:26:09 > 0:26:11And they've opened up the kitchen entrance.
0:26:19 > 0:26:21The kitchen worktops add a touch of luxury.
0:26:25 > 0:26:28With the house being in good order to start with,
0:26:28 > 0:26:30Paul and Jan have been able to spend more of their budget
0:26:30 > 0:26:32on fixtures and fittings.
0:26:36 > 0:26:40The bathroom has feature tiling and has the only tiled floor.
0:26:40 > 0:26:44They're confident the improved spec will help sell the property.
0:26:51 > 0:26:54In the past, Paul and Jan have had good results furnishing the way
0:26:54 > 0:26:56they would their own house,
0:26:56 > 0:26:58and as this is to be sold rather than rented,
0:26:58 > 0:27:03feature walls feature in both the lounge and the smallest bedroom.
0:27:05 > 0:27:08Like the rest of the house, brightness is the order of the day.
0:27:11 > 0:27:13In the larger of the two bedrooms, too.
0:27:20 > 0:27:23As predicted, Paul and Jan did the smashing and bashing,
0:27:23 > 0:27:26but today, Marcus has made an appearance.
0:27:28 > 0:27:30We took out all this wall there.
0:27:30 > 0:27:33We took out the back here, the doorway into the kitchen,
0:27:33 > 0:27:36and then left you with the technical bit.
0:27:36 > 0:27:38Yeah, you did all the fun stuff by knocking it all out,
0:27:38 > 0:27:41and then I had to put it all back together.
0:27:41 > 0:27:43Put the new banister in and the spindles,
0:27:43 > 0:27:47made all the plaster good, took this doorway out, opened it all up.
0:27:47 > 0:27:52- And it just really changes the room, it makes it more modern.- Yeah.
0:27:52 > 0:27:54I bet we all wish we had a cousin like Marcus!
0:27:54 > 0:27:57But he's going now, so come on, Paul, just between us,
0:27:57 > 0:27:59has it all been happy families?
0:28:00 > 0:28:04I think working with my cousin is really beneficial.
0:28:04 > 0:28:07We've got a good working relationship.
0:28:07 > 0:28:11He's always... He's always ready to do favours as well when needed,
0:28:11 > 0:28:14and we work well together, and good friends.
0:28:14 > 0:28:16What a jolly useful chap to have around.
0:28:16 > 0:28:20Mates' rate on labour must be one cost-cutting measure.
0:28:20 > 0:28:23And when sourcing materials for the renovations,
0:28:23 > 0:28:26Paul and Jan keep their eyes open for a bargain.
0:28:26 > 0:28:28We were keeping our eye on the online auction sites
0:28:28 > 0:28:30for a fireplace.
0:28:30 > 0:28:34We couldn't manage to secure any for the price we wanted,
0:28:34 > 0:28:37and we were just sat at the traffic lights,
0:28:37 > 0:28:39and I looked to the left and there was a second-hand shop.
0:28:39 > 0:28:42So, Paul jumped out the car, I spotted the fireplace,
0:28:42 > 0:28:45he jumped out of the car and bought it,
0:28:45 > 0:28:49- while I drove round the block to come back to...- Load it up.
0:28:49 > 0:28:51A wise buy, by the sound of it.
0:28:51 > 0:28:54So, what effect did these money-saving measures
0:28:54 > 0:28:56have on their £8,000 budget?
0:28:56 > 0:29:00We actually came in at slightly under that at 6,700,
0:29:00 > 0:29:01which was pleasing.
0:29:01 > 0:29:04If you would employ a contractor to do the whole thing,
0:29:04 > 0:29:06it probably would have come in at about 12,000.
0:29:06 > 0:29:10But doing it the way we do it, we obviously keep costs tight.
0:29:10 > 0:29:14What effect did renovating two properties on the same street
0:29:14 > 0:29:17with home-grown labour have on the timescale?
0:29:17 > 0:29:19We originally thought four to five weeks.
0:29:19 > 0:29:23We were a bit late starting due to commitments on other work.
0:29:23 > 0:29:27But when we got going, it was four weeks, as we anticipated.
0:29:27 > 0:29:29So, yeah, it went straightforward on that score.
0:29:29 > 0:29:35Paul and Jan paid £43,000 at auction and £6,700 refurbishing,
0:29:35 > 0:29:37and they're confident of making a profit
0:29:37 > 0:29:40based on their other property in the same road.
0:29:40 > 0:29:42We had an offer within two weeks,
0:29:42 > 0:29:45so we are expecting it to sell, no problem.
0:29:47 > 0:29:51And who better to say if the same approach is going to work here
0:29:51 > 0:29:55than two local estate agents we've called in to give us their take?
0:29:55 > 0:29:58First, the chap who saw it first time round.
0:29:58 > 0:30:01The price bracket that it's in is open to buy-to-let investors
0:30:01 > 0:30:03because it's quite a strong yield that the property has, but also,
0:30:03 > 0:30:06first-time buyers cos of the standard of finish on this home.
0:30:06 > 0:30:08The property's been done to a really high standard.
0:30:08 > 0:30:10There's been a great attention to detail.
0:30:10 > 0:30:14I think even the decor is of a modern standard,
0:30:14 > 0:30:17it's going to be really attractive to potential purchasers.
0:30:17 > 0:30:19Paul and Jan are interested in only selling.
0:30:19 > 0:30:25So, what's the likely outcome their £49,700 spend?
0:30:25 > 0:30:29OK, so there's a reasonable demand for property in the immediate area.
0:30:29 > 0:30:31I think in terms of price,
0:30:31 > 0:30:34we'd be looking in the region of about 75,000
0:30:34 > 0:30:35as an asking price for the property.
0:30:35 > 0:30:39As a resale value, I would value this property at £75,000.
0:30:39 > 0:30:44A £25,300 profit before taxes and expenses.
0:30:44 > 0:30:48The valuation we had was 80, but we're happy to put it on at 75
0:30:48 > 0:30:51because we do want a quick sale and we think that's more realistic
0:30:51 > 0:30:53for the property in this area.
0:30:53 > 0:30:54In the immediate future,
0:30:54 > 0:30:57the couple have work continuing developing in Portugal.
0:30:57 > 0:31:01But do they have any advice for non-jetsetting renovators?
0:31:03 > 0:31:06All I'd say is just make sure you scrutinise everything
0:31:06 > 0:31:09before you start, because it's more costly if you've got to do it
0:31:09 > 0:31:11at the end of the job instead of doing it
0:31:11 > 0:31:13at the beginning of the job.
0:31:13 > 0:31:15One job Paul missed until late on
0:31:15 > 0:31:19was a small tree growing out of the chimney stack.
0:31:19 > 0:31:21It was eventually spotted when accessing the roof
0:31:21 > 0:31:23to re-do the chimney flashing.
0:31:23 > 0:31:26So, apart from Portugal, any other plans?
0:31:26 > 0:31:28Yeah, we're viewing a property today,
0:31:28 > 0:31:31but it's not an auction property. But it is a complete refurb.
0:31:31 > 0:31:33Straight from this!
0:31:33 > 0:31:35Well, there's no substitute for enthusiasm.
0:31:40 > 0:31:43MARTEL: South London now and the area of Dulwich.
0:31:43 > 0:31:47With its bars and restaurants, parks and transport links,
0:31:47 > 0:31:50Dulwich is one of the most popular areas of London to live.
0:31:50 > 0:31:52# London
0:31:53 > 0:31:57# Keep on going back to London... #
0:31:59 > 0:32:03The property I'm here to see is on one of the busiest roads,
0:32:03 > 0:32:06as you can see and hear, in this area of London.
0:32:06 > 0:32:08And right now, it's one of the wettest, too.
0:32:08 > 0:32:11That might not be so much of a bone of contention
0:32:11 > 0:32:14because it's in a very desirable part of London.
0:32:14 > 0:32:17That said, it's something you definitely want to take
0:32:17 > 0:32:19into consideration because this is it right here,
0:32:19 > 0:32:21it's just off the road,
0:32:21 > 0:32:25it's a two-bedroom flat with a guide price of £190,000.
0:32:25 > 0:32:27Let's go look.
0:32:27 > 0:32:33# And the rain comes down, but nobody seems to notice
0:32:35 > 0:32:36# In London... #
0:32:38 > 0:32:41Even before I go inside, my initial thought is
0:32:41 > 0:32:43I'd want to put this door, the front door here.
0:32:43 > 0:32:47We could make a nice wee porch area. Why is this outside?
0:32:47 > 0:32:49You could have your cupboards inside and feel you're getting
0:32:49 > 0:32:51a wee bit more internal space...
0:32:53 > 0:32:55..which it turns out you need.
0:32:55 > 0:32:58Of course, in a leasehold flat like this,
0:32:58 > 0:33:01moving the front door might be classed as a structural change,
0:33:01 > 0:33:04which would require the permission of the freeholder.
0:33:05 > 0:33:07I like this, by the way, I like this colour.
0:33:07 > 0:33:10I don't know what it is - teal, turquoise - it's good.
0:33:11 > 0:33:15This is not a big work space, is it?
0:33:15 > 0:33:17When you're talking about a kitchen, I mean,
0:33:17 > 0:33:19I've not seen one smaller than this.
0:33:19 > 0:33:24Erm, I'm just thinking, it actually has the feel of a caravan.
0:33:24 > 0:33:26It feels quite ramshackley.
0:33:26 > 0:33:29And through to the bathroom, pretty cramped,
0:33:29 > 0:33:31needs to come out, modernise.
0:33:31 > 0:33:33If you were keeping the bath there,
0:33:33 > 0:33:36you wouldn't have room for a separate shower.
0:33:36 > 0:33:38It looks like there's no shower in it just now.
0:33:38 > 0:33:40And the interesting jazzy carpet continues.
0:33:40 > 0:33:43I'd imagine that's where that musty smell is coming from.
0:33:43 > 0:33:46If you took that out, most of your problem's solved.
0:33:46 > 0:33:48The carpet goes through to the bathroom.
0:33:48 > 0:33:51And then, a really small bedroom.
0:33:51 > 0:33:54I mean, you could get a double bed in, but not much more than that.
0:33:55 > 0:33:59I'm hoping that when I see the next bedroom, this is a two-bed,
0:33:59 > 0:34:02the final piece of the jigsaw will fall into place because right now,
0:34:02 > 0:34:04it's just not quite making sense.
0:34:05 > 0:34:09# I can't work it out but I'm never gonna quit
0:34:09 > 0:34:13# I won't let you go, gonna make the pieces fit
0:34:13 > 0:34:17# Working on this puzzle, I'm about to lose my mind... #
0:34:24 > 0:34:27Well, I was hoping for more a master bedroom,
0:34:27 > 0:34:30but this is pretty narrow and long.
0:34:30 > 0:34:33I mean, I can almost touch, really almost,
0:34:33 > 0:34:35I can definitely touch, if I do that.
0:34:35 > 0:34:39And if you did get a double bed in, you'd have to roll out of it.
0:34:39 > 0:34:40Because there's no room either side.
0:34:40 > 0:34:43So, again, the caravan theme continues.
0:34:43 > 0:34:45Good news, I've found the rest of the kitchen.
0:34:45 > 0:34:48So, you've got cupboards along the wall.
0:34:48 > 0:34:49This place is a bit odd.
0:34:51 > 0:34:53I thought it might have been a one-bed
0:34:53 > 0:34:55that was carved up into two smaller rooms.
0:34:55 > 0:34:56That would have made sense.
0:34:56 > 0:34:59But I think it was just built like this.
0:34:59 > 0:35:00I don't want to be too disparaging either,
0:35:00 > 0:35:02because if you can get away with it in London
0:35:02 > 0:35:05and there's an appetite for it, why not?
0:35:05 > 0:35:08I can't see any signs of heating at all.
0:35:08 > 0:35:12Maybe they had plug-in heaters here.
0:35:12 > 0:35:14Yeah, so back to the plusses.
0:35:14 > 0:35:19Double glazing, so when one door closes, another...window opens?
0:35:20 > 0:35:24This might be a small property, but it's potentially a big job.
0:35:24 > 0:35:27Nothing really works here, for me.
0:35:27 > 0:35:31Would it be better as a one-bed or would that lose revenue?
0:35:31 > 0:35:35Whoever buys this will need to think creatively and practically
0:35:35 > 0:35:36to get the best out of it.
0:35:39 > 0:35:43What I do like about this property is that it's set on a courtyard,
0:35:43 > 0:35:47which is pretty in itself, and then you come through this covered area,
0:35:47 > 0:35:50which is good on a rainy day like today.
0:35:51 > 0:35:53But there's a shared garden for finer weather.
0:35:55 > 0:35:58The flat is set back from the road, so for me,
0:35:58 > 0:36:00the outside ticks all the boxes.
0:36:00 > 0:36:02Inside, well, it's a box.
0:36:02 > 0:36:05So, I'm keen to find out what a local estate agent
0:36:05 > 0:36:09thinks of the flat and its £190,000 guide price.
0:36:11 > 0:36:13Given the market and this type of flat,
0:36:13 > 0:36:16it's going to appeal to a first-time buyer or if it's a rental,
0:36:16 > 0:36:17a young professional.
0:36:17 > 0:36:21So, I think having better space within the living area
0:36:21 > 0:36:24and having it as a good size one-bedroom would probably appeal
0:36:24 > 0:36:27to a wider market than having a smaller second bedroom.
0:36:27 > 0:36:30OK, that's an interesting opinion.
0:36:30 > 0:36:32But do the numbers stack up?
0:36:32 > 0:36:34First, rental.
0:36:34 > 0:36:37A rental market, a flat like this, as a one-bedroom,
0:36:37 > 0:36:41would achieve around £1,100 per calendar month.
0:36:41 > 0:36:45And as a two-bedroom, around £1,250 per calendar month.
0:36:47 > 0:36:49How about on the sales market?
0:36:49 > 0:36:51On the sales market, currently,
0:36:51 > 0:36:54a one-bedroom flat would achieve around £300,000.
0:36:54 > 0:36:55As a two-bedroom,
0:36:55 > 0:36:59you'd be looking to achieve around £325,000
0:36:59 > 0:37:02once the property is done to a good standard.
0:37:02 > 0:37:05This property, well, it's confused.
0:37:05 > 0:37:08It's a two-bed, but seems too small for that.
0:37:08 > 0:37:11I don't quite know how a one-bed would work.
0:37:11 > 0:37:13And it feels like a caravan.
0:37:13 > 0:37:18But it's in a great area of London, particularly desirable just now.
0:37:18 > 0:37:21So, that alone gives it potential.
0:37:21 > 0:37:23Let's find out who saw that potential
0:37:23 > 0:37:25when it went under the hammer.
0:37:28 > 0:37:31Nice ground floor flat in need of modernisation.
0:37:31 > 0:37:32230 anywhere?
0:37:35 > 0:37:37Turn it round, what about 200?
0:37:37 > 0:37:39200 anywhere?
0:37:39 > 0:37:41Thank you, 200 I've got.
0:37:41 > 0:37:44With the first bid of ten grand more than the guide price,
0:37:44 > 0:37:49bidding is thick and fast, to where we rejoin at 230 grand.
0:37:49 > 0:37:53230, 232, 234, sir.
0:37:53 > 0:37:54236.
0:37:56 > 0:38:00If not, gentleman straight ahead, red jacket, it's £234,000,
0:38:00 > 0:38:03it's against you sitting down on my left in the middle.
0:38:03 > 0:38:06234 for the first,
0:38:06 > 0:38:08234 for the second,
0:38:08 > 0:38:11234 for the third and final time.
0:38:11 > 0:38:12All done.
0:38:12 > 0:38:14Sold, 234, well done.
0:38:16 > 0:38:19Selling for 44 grand over the guide price,
0:38:19 > 0:38:23the successful bidders were Michael and his wife Sharon.
0:38:23 > 0:38:25The couple are retired and this will be
0:38:25 > 0:38:28their first venture into property development.
0:38:28 > 0:38:29Sharon, congratulations.
0:38:29 > 0:38:31- Thank you.- Michael, congratulations.
0:38:31 > 0:38:35- Thank you.- I'm pleased to meet you. So, this is a great location.
0:38:35 > 0:38:38- Is that what attracted you to here? - Well, for me, yes, it was.
0:38:38 > 0:38:40Because I knew Dulwich, I knew it was a good area.
0:38:40 > 0:38:44And when it was one of the ones that we looked at coming up
0:38:44 > 0:38:48in the auction, I earmarked it for further investigation.
0:38:48 > 0:38:51Tell me a bit about you. So, where do you live together?
0:38:51 > 0:38:52Well, at the moment,
0:38:52 > 0:38:57we've kind of like not got much of a base because we sold our house,
0:38:57 > 0:38:58which was near to Windsor,
0:38:58 > 0:39:00in order to do this as a project
0:39:00 > 0:39:03and to have a bit of a lifestyle of travelling.
0:39:03 > 0:39:08So, we're heading out to Turkey tomorrow for a time.
0:39:08 > 0:39:11And then, we plan to do Spain later on in the year
0:39:11 > 0:39:14and fit this project in and then hopefully,
0:39:14 > 0:39:17if all goes well here, then do another project.
0:39:17 > 0:39:20So, it's kind of a lifestyle thing we're looking at at the moment.
0:39:20 > 0:39:22We can make that decision when we've done this one
0:39:22 > 0:39:23- and see how everything goes.- Yes.
0:39:23 > 0:39:26Just so I'm getting this right, you're planning on travelling a bit,
0:39:26 > 0:39:32Turkey, Spain, coming back here and really getting down to it,
0:39:32 > 0:39:33- making it work.- Yes.
0:39:33 > 0:39:36And then, are you thinking perhaps of moving in here for a wee bit?
0:39:36 > 0:39:39Certainly, yes, once it's done, or liveable,
0:39:39 > 0:39:42we'll probably certainly live here.
0:39:42 > 0:39:45Get to know the area intimately a little bit better,
0:39:45 > 0:39:49because it's such a fantastic area and while it's on the market.
0:39:49 > 0:39:52That makes sense. It's almost, I don't know, part of your travelling.
0:39:52 > 0:39:55If you've bought here anyway, why not use it as a base?
0:39:55 > 0:39:58- Yes.- You could have good fun. - Well, I think so.
0:39:58 > 0:40:00And especially, you know, at that time of year,
0:40:00 > 0:40:03you know, it's a good time.
0:40:03 > 0:40:04Summertime in London.
0:40:04 > 0:40:06- Probably a good time to be here. - Yeah!
0:40:06 > 0:40:10# We've been having fun all summer long... #
0:40:12 > 0:40:17These guys have a great plan, winter abroad and summer in London,
0:40:17 > 0:40:20and I'm glad to report that although this is their first project,
0:40:20 > 0:40:23they did their homework and viewed the property.
0:40:23 > 0:40:25And they've already started to think about
0:40:25 > 0:40:27how they might reconfigure the space,
0:40:27 > 0:40:29starting with moving the front door.
0:40:30 > 0:40:33So, move it so you've almost got a wee porch area.
0:40:33 > 0:40:37Yes, that's right and there's two cupboard spaces, one either side.
0:40:37 > 0:40:40And then obviously, then...where the kitchen is at the moment,
0:40:40 > 0:40:44move that and obviously make it a bit bigger space.
0:40:44 > 0:40:47The living room's actually not too bad an area
0:40:47 > 0:40:50to have a living room-cum-kitchen in.
0:40:50 > 0:40:51Erm, so, yeah,
0:40:51 > 0:40:54and just obviously we're hoping to do it to a really nice standard,
0:40:54 > 0:40:56that sort of befits the area.
0:40:56 > 0:40:58But that's the plans we have at the moment.
0:40:58 > 0:41:03Move the door for that bedroom and we'd like a walk-in shower.
0:41:03 > 0:41:04We've got to change the...
0:41:04 > 0:41:06All the electrics have got to be done,
0:41:06 > 0:41:10all rewired, heating system in, the floor's got to come up.
0:41:10 > 0:41:13It's quite a small place, but I think there's quite a lot to do.
0:41:13 > 0:41:14A lot to be done, yeah.
0:41:14 > 0:41:17Replastering because I think some of these ceilings,
0:41:17 > 0:41:20we'll prefer to have them, like, skimmed.
0:41:20 > 0:41:22And some of the walls need it anyway,
0:41:22 > 0:41:24so we might be as well to get the lot done.
0:41:24 > 0:41:29The two beds, to me, it feels like it could be a nicer one-bed flat.
0:41:29 > 0:41:32- We thought...- And that may be the case if you're somewhere else
0:41:32 > 0:41:35in the country, but I think you could accept the two beds here,
0:41:35 > 0:41:37it's such a great location.
0:41:37 > 0:41:41Yeah, I think it will put on significantly more money
0:41:41 > 0:41:45at the end of the project to warrant having it two.
0:41:45 > 0:41:47I take your point and at first, that's what we said,
0:41:47 > 0:41:51we'll put a proper kitchen in and have it as a nice one-bed.
0:41:51 > 0:41:56But I think being where it is and what, you know, bedrooms are worth,
0:41:56 > 0:41:59I think two beds is the way to go.
0:41:59 > 0:42:02First of all, what will you do once this is done up?
0:42:02 > 0:42:04Right, well, Plan A will be to sell.
0:42:04 > 0:42:08And if the figures don't work out for us, then we'll rent.
0:42:08 > 0:42:11And either is a good option for us.
0:42:11 > 0:42:12Because it'll increase our income
0:42:12 > 0:42:15and allow us to do what we want to do.
0:42:15 > 0:42:17# Yes, the good life
0:42:19 > 0:42:24# To be free and explore the unknown... #
0:42:28 > 0:42:31Michael and Sharon have a loose timescale of two months, but first,
0:42:31 > 0:42:34there's holiday number one, to relax them, ready to start.
0:42:34 > 0:42:36# So, be honest with... #
0:42:36 > 0:42:38And how long are you in Turkey for?
0:42:38 > 0:42:40- Certainly a month.- Yeah.
0:42:40 > 0:42:42We'll stay away until it gets really hot over there,
0:42:42 > 0:42:45- and then we'll come back here and... - Get stuck in.
0:42:45 > 0:42:48Hopefully, the weather will be not too bad here when we come back.
0:42:48 > 0:42:50This sort of like gives us a bit of a base to come back
0:42:50 > 0:42:52and you're, you know, home.
0:42:52 > 0:42:55Down to the nitty-gritty. What's the budget?
0:42:55 > 0:42:58Maximum... 15-20,000,
0:42:58 > 0:43:03although I think I might be up towards the 20 on it.
0:43:03 > 0:43:06If it goes over, well, it goes over and the funds are there.
0:43:06 > 0:43:08I'm a wee bit sick with envy, actually.
0:43:08 > 0:43:10It sounds absolutely brilliant, the set-up you have,
0:43:10 > 0:43:12and I really hope you make a success of it.
0:43:12 > 0:43:14- I'm sure you will.- Hope so.
0:43:14 > 0:43:15- Good luck!- Thank you very much.
0:43:15 > 0:43:18- Thank you.- Thank you. - Thanks, Michael.- Thank you.
0:43:20 > 0:43:22Sharon and Michael want to use this project
0:43:22 > 0:43:25as a launch pad to fund their jet-set lifestyle.
0:43:25 > 0:43:28And to do so, they're keen to maximise their profit
0:43:28 > 0:43:31and keep this as a two-bed flat.
0:43:31 > 0:43:34Time will tell if two beds really are better than one.
0:43:34 > 0:43:37You can find out what happens later in the show.
0:43:41 > 0:43:43So, earlier, we saw property number one.
0:43:43 > 0:43:45But don't worry, we've still got two more to go.
0:43:45 > 0:43:47Did our buyers back a winner?
0:43:48 > 0:43:49Let's go back and find out!
0:43:51 > 0:43:54Time to head back to the village of Loscoe in Derbyshire,
0:43:54 > 0:43:56where I saw this mid-terraced house
0:43:56 > 0:43:59that was much bigger than first expected.
0:43:59 > 0:44:03The porch was massive and the living area had been opened out,
0:44:03 > 0:44:05which I did like.
0:44:05 > 0:44:09However, I didn't like the rising damp in the front.
0:44:09 > 0:44:12The '50s kitchen was cute, but impractical,
0:44:12 > 0:44:17while the polystyrene tiles in the downstairs bathroom just had to go.
0:44:17 > 0:44:20But my biggest gripe was upstairs and that third bedroom,
0:44:20 > 0:44:22which had been created
0:44:22 > 0:44:25by splitting up the front bedroom with a partition wall.
0:44:27 > 0:44:31But why would you have the door just there?
0:44:31 > 0:44:33OK, why not have the door here?
0:44:34 > 0:44:36Create a bit of a hallway here.
0:44:36 > 0:44:38Maybe just...you come in here,
0:44:38 > 0:44:42you step to the left and you walk that way, into that bedroom,
0:44:42 > 0:44:45and have a door just here for this bedroom.
0:44:45 > 0:44:47It also had a concrete floor,
0:44:47 > 0:44:50which would mean even trying to get a bathroom up here
0:44:50 > 0:44:53would be impossible without digging it out.
0:44:53 > 0:44:55Not a small job,
0:44:55 > 0:44:59so probably best stick with my corridor and bedroom plan.
0:44:59 > 0:45:01This idea was shared by Steve,
0:45:01 > 0:45:04who paid 58 grand for this house at auction.
0:45:04 > 0:45:06As well as altering the bedroom access,
0:45:06 > 0:45:10he was going to do a full refurbishment of the house.
0:45:10 > 0:45:12A change of skill set for the former draughtsman.
0:45:12 > 0:45:17I've always enjoyed doing DIY to a quite high level, so I thought,
0:45:17 > 0:45:19now or never. Why not?
0:45:19 > 0:45:21Good for you. You've taken DIY to the next level.
0:45:22 > 0:45:25Steve was going to be working on this house full time
0:45:25 > 0:45:28and hoped to have it all completed within ten weeks.
0:45:29 > 0:45:32But we're actually heading back a whole five months later
0:45:32 > 0:45:34to see how he has got on.
0:45:34 > 0:45:36And he's been working hard.
0:45:37 > 0:45:39# Well, if you want it
0:45:39 > 0:45:42# Go out and get it
0:45:42 > 0:45:43# You've got to do it yourself
0:45:45 > 0:45:46# Do it yourself
0:45:46 > 0:45:48# Well, if you want it
0:45:48 > 0:45:50# Go out and get it
0:45:50 > 0:45:52# You've got to do it yourself
0:45:53 > 0:45:55# Do it yourself... #
0:45:56 > 0:45:58DI-why not?
0:45:58 > 0:46:01Especially if you can do as good a job as Steve.
0:46:01 > 0:46:04This modern kitchen really brightens things up.
0:46:13 > 0:46:16Although there hasn't been huge changes in the bathroom,
0:46:16 > 0:46:19the old polystyrene tiles have gone.
0:46:19 > 0:46:22And all round, it's looking fresh and clean.
0:46:24 > 0:46:28The rising damp has been treated and the porch been made smaller
0:46:28 > 0:46:30to give this room a bit more space.
0:46:32 > 0:46:36Upstairs, the changes are more than just cosmetic.
0:46:36 > 0:46:39The house can now be called a three-bedder,
0:46:39 > 0:46:42as Steve has added a corridor just off the stairs,
0:46:42 > 0:46:44meaning there's a separate bedroom to the right
0:46:44 > 0:46:46and another to the left.
0:46:50 > 0:46:53It's a simple, yet effective change.
0:46:53 > 0:46:56The master bedroom has been given the same level of redecoration
0:46:56 > 0:46:58as the rest of the house.
0:47:02 > 0:47:06There are new radiators and internal doors throughout.
0:47:07 > 0:47:11Outside in the huge garden are also big changes.
0:47:15 > 0:47:18So much work has been done at this house,
0:47:18 > 0:47:20and I can see why it's taken Steve a lot longer
0:47:20 > 0:47:22than his ten-week timescale.
0:47:22 > 0:47:25But he couldn't have done it all himself, surely?
0:47:25 > 0:47:27I did the majority of the work.
0:47:27 > 0:47:30You know, from top to bottom.
0:47:30 > 0:47:35But I did have a plumber in to plumb all the new radiators in.
0:47:35 > 0:47:37I also had a bit of help from my brother,
0:47:37 > 0:47:40who gave me a bit of a refresher course in hanging doors.
0:47:40 > 0:47:42So, he hung the first one for me, which was a great help.
0:47:42 > 0:47:44And then I carried on doing the rest.
0:47:44 > 0:47:47And also, got my dad involved.
0:47:47 > 0:47:49He was a great help doing the kitchen.
0:47:49 > 0:47:51The kitchen worktop's quite a long thing.
0:47:51 > 0:47:53You can't carry all of those on your own.
0:47:53 > 0:47:55So, good old Dad came to the rescue.
0:47:56 > 0:47:59Steve, of course, had a certified professional in
0:47:59 > 0:48:02to take care of the gas, and got a plasterer in
0:48:02 > 0:48:05to redo the walls once the damp had been treated.
0:48:05 > 0:48:09But doing most of the work himself couldn't have been easy.
0:48:09 > 0:48:12I think learn, just crack on.
0:48:12 > 0:48:15Nose to the grindstone, as me mum would say.
0:48:15 > 0:48:18And yeah, just keep working hard and get it all done.
0:48:18 > 0:48:21No need to panic. It will happen when it happens.
0:48:21 > 0:48:23Yeah, just a bit of hard graft and carry on.
0:48:25 > 0:48:29Steve also didn't panic when it came to his £8,500 budget.
0:48:29 > 0:48:32He had to spend a little more to solve the damp issues,
0:48:32 > 0:48:34buy new internal doors.
0:48:34 > 0:48:36And decking in the garden.
0:48:36 > 0:48:39So, it's now at £10,000.
0:48:39 > 0:48:40But it's been fruitful.
0:48:40 > 0:48:42I'm quite happy with the finish.
0:48:42 > 0:48:45Yeah, quite happy, it looks clean and fresh.
0:48:45 > 0:48:47In fact, I had quite a good compliment.
0:48:47 > 0:48:50I'd nearly finished the job and I had a knock on the door.
0:48:50 > 0:48:55And it was actually one of the sellers of the house.
0:48:55 > 0:48:58They came in, and she used to live here. In fact, she was born here.
0:48:58 > 0:49:01And she came in and said what a wonderful job you'd done.
0:49:01 > 0:49:04That was a real buzz. So, I think, yeah, nice job done.
0:49:05 > 0:49:08Let's see if two more visitors give it the thumbs up.
0:49:08 > 0:49:12We've asked along two local property experts for their opinions
0:49:12 > 0:49:14on the changes to this house.
0:49:14 > 0:49:16My first impressions of the property
0:49:16 > 0:49:18are that it is extremely well presented.
0:49:18 > 0:49:19It's clean, it's tidy.
0:49:19 > 0:49:22I mean, clearly everything has been renewed, refurbished.
0:49:22 > 0:49:26So, you'd expect it to look fairly pristine, and that's what it is.
0:49:26 > 0:49:29The change in layout from what I understand the original to be
0:49:29 > 0:49:31is a major improvement.
0:49:31 > 0:49:34It just gives three bedrooms and privacy in each one of those.
0:49:35 > 0:49:37So, they like the job Steve's done on the house,
0:49:37 > 0:49:41but having invested £68,000 on this project,
0:49:41 > 0:49:43will he get rewarded on the sales market?
0:49:43 > 0:49:46I think if this went on the open market,
0:49:46 > 0:49:51you'd probably achieve something between £90,000 and £92,000.
0:49:51 > 0:49:53In terms of sale,
0:49:53 > 0:49:56the owner ought to achieve something in the region of £95,000.
0:49:56 > 0:50:00They would have been my initial feelings for that kind of figure,
0:50:00 > 0:50:04but since then, I've obviously had an increased valuation,
0:50:04 > 0:50:05which it's on the market for.
0:50:05 > 0:50:07So, I think they're probably just a smidge low.
0:50:09 > 0:50:13Steve has put the house on the market for £98,000
0:50:13 > 0:50:16and if he achieves this, would give him a healthy profit
0:50:16 > 0:50:19of £30,000 before taxes and fees.
0:50:21 > 0:50:23So, with this second renovation in the bag,
0:50:23 > 0:50:25what does the future hold for Steve?
0:50:26 > 0:50:29Next on the agenda is a bit of down time, a bit of relaxation,
0:50:29 > 0:50:33participate probably in two of my favourite pastimes, a bit of golf,
0:50:33 > 0:50:36have a couple rounds of golf and then, with a bit of good weather,
0:50:36 > 0:50:39get out in the little American car I've got,
0:50:39 > 0:50:42a Corvette Stingray 5.7 V8,
0:50:42 > 0:50:43have a bit of a trundle round in that.
0:50:47 > 0:50:48Back to Dulwich, South London,
0:50:48 > 0:50:53where earlier I took a look around a two-bedroomed flat with a courtyard
0:50:53 > 0:50:57and shared garden space, but not much square footage.
0:50:57 > 0:51:02My initial thought is, I'd want to put this door, the front door, here.
0:51:02 > 0:51:04You could make a nice wee porch area. Why is this outside?
0:51:04 > 0:51:06You could have your cupboards inside,
0:51:06 > 0:51:09and feel you're getting a wee bit more internal space.
0:51:09 > 0:51:13It was something I was pleased to hear new owners Michael and Sharon
0:51:13 > 0:51:18planned to do. They bought the flat for £234,000 at auction.
0:51:18 > 0:51:22They planned to mix a bit of property developing with travelling,
0:51:22 > 0:51:25using this place as a base before selling it on.
0:51:25 > 0:51:27And they had a plan for this bijou flat.
0:51:27 > 0:51:31The living room is actually not too bad an area to have
0:51:31 > 0:51:35- a living room-cum-kitchen in. - We'd like a walk-in shower.
0:51:35 > 0:51:38We've got to change the... All the electrics have got to be done.
0:51:38 > 0:51:41- Heating system in.- Yeah. - I think the floor's got to come up.
0:51:41 > 0:51:44It's quite a small place, but I think there's quite a lot to do.
0:51:44 > 0:51:45- Yeah.- A lot to be done.
0:51:45 > 0:51:49Re-plastering, because I think some of these ceilings, we'd prefer
0:51:49 > 0:51:53to have them, like, skimmed, and some of the walls need it anyway.
0:51:53 > 0:51:56So it might be as well to get the lot done.
0:51:56 > 0:51:59We're back four months later to have another look.
0:51:59 > 0:52:03The front porch idea didn't come off, as structural changes like that
0:52:03 > 0:52:06required the permission of the freeholder.
0:52:12 > 0:52:15Sharon's taken care of the interior design,
0:52:15 > 0:52:19with coloured splashes dotted around the neutral background.
0:52:19 > 0:52:23They left the plumbing, heating, and electrics to the certified trades.
0:52:23 > 0:52:27Michael fitted and tiled the kitchen, with Sharon's help.
0:52:28 > 0:52:34# Oh, oh, oh, I'm gonna follow you home... #
0:52:34 > 0:52:37The old bathroom layout was cramped, to say the least.
0:52:39 > 0:52:43The new shower cubicle makes the most of the available space,
0:52:43 > 0:52:46but Michael didn't do the tiling here - they got in a tiler,
0:52:46 > 0:52:49a plasterer, and a professional laminate floor fitter
0:52:49 > 0:52:51for the rest of the house.
0:52:51 > 0:52:55Access to the smallest bedroom was improved by knocking down
0:52:55 > 0:52:59a partition wall and moving the door further away from the window.
0:53:01 > 0:53:05# And I've been waiting for a lifetime or so
0:53:05 > 0:53:09# Oh, oh, oh I'm gonna follow you home... #
0:53:13 > 0:53:16The larger of the two bedrooms would take a double,
0:53:16 > 0:53:18but it's just used for storage.
0:53:18 > 0:53:21All in all, it's a good result for their first auction purchase.
0:53:23 > 0:53:26Here's Michael to take up the refurbishment story.
0:53:28 > 0:53:32OK. Well, originally the kitchen was over here,
0:53:32 > 0:53:37and we felt it flowed better and lent itself to go over there.
0:53:37 > 0:53:40In here ,we've made a mini laundrette.
0:53:40 > 0:53:44Originally, there was water tanks there, which we don't need
0:53:44 > 0:53:46because we have a combi boiler.
0:53:46 > 0:53:49So we gained space there, much needed as it was.
0:53:49 > 0:53:54Here, we've reclaimed a scaffold board and cut it up
0:53:54 > 0:53:58and made some shelves. Sharon's very pleased with that, I have to say.
0:53:58 > 0:54:03We've got a little table with two leaves that come out for eating,
0:54:03 > 0:54:07and we've also, down there, we've got a breakfast counter.
0:54:07 > 0:54:10Very pleased with the end result, I have to say,
0:54:10 > 0:54:14and hope everyone else thinks so too because, at the end of the day,
0:54:14 > 0:54:16it's about the market.
0:54:16 > 0:54:21The couple did spend over £1,000 renting a B&B in the early days
0:54:21 > 0:54:24before deciding to move into the work in progress.
0:54:25 > 0:54:28To be honest, we moved in too early,
0:54:28 > 0:54:31and we should have stayed in other accommodation for longer.
0:54:31 > 0:54:37Yeah. We had the floor down and we had a bathroom and we had a bed.
0:54:37 > 0:54:39- That was pretty much what we had when we came in.- Yeah.
0:54:39 > 0:54:41And the rest was like a building site.
0:54:41 > 0:54:44Yeah, so I would not go down that route again.
0:54:44 > 0:54:47What else has been learned from the experience?
0:54:47 > 0:54:49Oh, lots!
0:54:49 > 0:54:54Lots and lots. I can now probably quite easily build a kitchen. Erm...
0:54:56 > 0:55:00Wardrobes. Yeah, I've learnt all these skills, and I have done
0:55:00 > 0:55:02a lot - a LOT - of painting.
0:55:03 > 0:55:04Yes.
0:55:04 > 0:55:08The original timescale was two months after returning from holiday,
0:55:08 > 0:55:12and Michael reckons it's been 11 weeks of work in total,
0:55:12 > 0:55:14with another week of snagging still to do.
0:55:15 > 0:55:18How about the £15,000 to £20,000 budget forecast?
0:55:18 > 0:55:23We've spent, on doing the refurbishment,
0:55:23 > 0:55:27£16,500.
0:55:27 > 0:55:29Yeah, so quite good.
0:55:29 > 0:55:32So we're a little bit over the £15,000, you could say,
0:55:32 > 0:55:34but well under the £20,000.
0:55:34 > 0:55:37And it could have gone higher, because I didn't really have
0:55:37 > 0:55:39any experience about what it might cost.
0:55:41 > 0:55:44Time to find out if their money has been well spent.
0:55:44 > 0:55:47We called in two local estate agents for their opinions.
0:55:49 > 0:55:50Wow, is my first thought.
0:55:50 > 0:55:54It's very small, but very well thought out as well.
0:55:54 > 0:55:56So I think they've done a really clever job in the design,
0:55:56 > 0:55:59and making it feel comfortable and nice.
0:55:59 > 0:56:02It has a nice feel to it, but tiny.
0:56:02 > 0:56:05I think the buyers have done the best they could have done,
0:56:05 > 0:56:08given the existing layout of the property.
0:56:08 > 0:56:11One idea would have possibly been to convert it into
0:56:11 > 0:56:14a very large, into a decent sized one-bedroom flat,
0:56:14 > 0:56:15but in order to maximise their return,
0:56:15 > 0:56:17I guess they wanted to keep it as a two-bedroom.
0:56:17 > 0:56:21That's exactly the reason why Michael and Sharon kept it as
0:56:21 > 0:56:25a two-bedder, having sought advice from their own estate agent.
0:56:25 > 0:56:28The couple are awaiting valuations before deciding whether to rent
0:56:28 > 0:56:32or sell on. In either case, they'll probably live here for a bit longer,
0:56:32 > 0:56:34as they really like Dulwich.
0:56:34 > 0:56:39So, what kind of rental could they expect for their two-bed flat?
0:56:39 > 0:56:43I believe we could achieve in the region of £1,100 and £1,150
0:56:43 > 0:56:44per calendar month.
0:56:44 > 0:56:46If I were renting this property,
0:56:46 > 0:56:49I would be looking for £1,250 per calendar month.
0:56:50 > 0:56:57Well, a little bit... The £1,250, I think is where it ought to be,
0:56:57 > 0:57:00- personally.- Yeah. - I think the other's slightly low.
0:57:00 > 0:57:04The top figure would give them a yield of nearly 6% on their
0:57:04 > 0:57:07total investment of £250,500.
0:57:07 > 0:57:09What about the sales values?
0:57:09 > 0:57:14If I were putting this on the market today, I would ask £325,000.
0:57:14 > 0:57:17If I were to put the property on the market today, I'd put the property
0:57:17 > 0:57:21on the market at somewhere between £300,000 to £315,000.
0:57:21 > 0:57:25We were expecting to get a minimum of £325,000 upwards...
0:57:25 > 0:57:29- Yeah.- ..shall we say. So that £325,000 would be
0:57:29 > 0:57:32the bottom figure that we would be looking at.
0:57:32 > 0:57:33So we'll have to...
0:57:33 > 0:57:36Sharon and I will have a chat now and see what our options are,
0:57:36 > 0:57:39based on those figures. Mm-hm.
0:57:39 > 0:57:40One option, based on the top figure,
0:57:40 > 0:57:48is to sell at a potential profit of £74,500 before taxes and expenses.
0:57:48 > 0:57:50Regardless of that decision, I'm sure Michael and Sharon
0:57:50 > 0:57:54will have made up their minds about where to travel next.
0:57:54 > 0:57:57Probably back to Turkey, I think, and then we're thinking
0:57:57 > 0:57:59maybe, sort of early part of next year,
0:57:59 > 0:58:02we might head off to the Far East for a month or so.
0:58:02 > 0:58:04- Yeah? - Yeah, we'll see.
0:58:04 > 0:58:07- We'll see what they've got to offer. - Yeah.
0:58:07 > 0:58:09Am I jealous? Mm, a wee bit.
0:58:09 > 0:58:11Seriously, you two have a great trip.
0:58:16 > 0:58:17Well, that's your lot for today.
0:58:17 > 0:58:20"Oh, no," I hear you cry, "it can't be true!"
0:58:20 > 0:58:22Yes, that's auction lots Martin's talking about.
0:58:22 > 0:58:24There'll be lots more next time.
0:58:24 > 0:58:26So join us then on Homes Under The Hammer.
0:58:26 > 0:58:27- Goodbye.- Bye-bye.- Bye-bye.