Episode 58

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0:00:02 > 0:00:04Hello, and welcome to the show. Now, investing in property

0:00:04 > 0:00:08does come with its risks, but if you get it right,

0:00:08 > 0:00:11it has been shown to be a proven way to make money.

0:00:11 > 0:00:14Yes. If you do your research, it will increase your chances of making that

0:00:14 > 0:00:16right decision with your dough.

0:00:16 > 0:00:19So, why not get a handle on things and head down to your local

0:00:19 > 0:00:22property auction?

0:00:47 > 0:00:49Now, for those who are more experienced,

0:00:49 > 0:00:52they know that property auctions can be a happy hunting ground.

0:00:52 > 0:00:54Yeah, and for those that are not so experienced,

0:00:54 > 0:00:57- let's hope that's something they'll learn along the way.- Yes.

0:00:57 > 0:01:00So what did today's property buyers lay their hands on?

0:01:00 > 0:01:03Let's find out.

0:01:03 > 0:01:07In Epsom, I'm getting hands on in a flat where the renovations can't start

0:01:07 > 0:01:09soon enough.

0:01:09 > 0:01:11It needs...just helping them get started.

0:01:13 > 0:01:15In this Cornish bungalow,

0:01:15 > 0:01:18there's an issue that has me at breaking point.

0:01:18 > 0:01:22As has some of the floor. That is not good at all.

0:01:23 > 0:01:25And in Wolverhampton,

0:01:25 > 0:01:28this house has a mystery that has me knocking for answers.

0:01:30 > 0:01:32What is that hiding?

0:01:35 > 0:01:37All these properties have been sold at auction,

0:01:37 > 0:01:40and we'll find out who bought them and what they paid when they went

0:01:40 > 0:01:42under the hammer.

0:01:42 > 0:01:44Thank you.

0:01:45 > 0:01:49This is Epsom, in Surrey, which lies at the foot of the North Downs,

0:01:49 > 0:01:52about 15 miles from London.

0:01:52 > 0:01:54Epsom was once a spa town,

0:01:54 > 0:01:57famous for its magnesium sulphate rich water,

0:01:57 > 0:02:00which came to be known as Epsom salts.

0:02:00 > 0:02:04During the spa period, horse racing on the Downs was a big attraction

0:02:04 > 0:02:06and continues to this day,

0:02:06 > 0:02:10with Epsom Racecourse hosting the famous derby.

0:02:10 > 0:02:14So will the property I'm here to see go the distance and be a sure bet?

0:02:14 > 0:02:17Or will it be off the pace and a bit lame?

0:02:23 > 0:02:25I'm around a mile from the centre of Epsom,

0:02:25 > 0:02:27which has its own train station.

0:02:27 > 0:02:33This is the A24, and it's only a short drive to access the M25.

0:02:33 > 0:02:37So this really is a great location for a commute into London.

0:02:37 > 0:02:40The property I'm here to see, it's in this building here.

0:02:40 > 0:02:42It's a first floor, two-bedroom flat

0:02:42 > 0:02:46with a guide price of £150,000 plus.

0:02:46 > 0:02:47Let's go look.

0:02:54 > 0:02:57First impressions, the foyer is in good nick.

0:02:57 > 0:03:01I'm wondering about any communal cleaning charges that might apply here.

0:03:03 > 0:03:06OK. Inside, small hall area.

0:03:06 > 0:03:08Someone's used it to hang up their coats.

0:03:08 > 0:03:12On this side, some interesting rooms going on, and I'll come back to that in a minute.

0:03:12 > 0:03:14But first of all, this side of the flat.

0:03:14 > 0:03:20So, a really nicely-sized reception area, good proportions.

0:03:20 > 0:03:23And then you have your kitchen, which is dated.

0:03:23 > 0:03:25Could do with coming out.

0:03:25 > 0:03:27It's separate from your reception room.

0:03:27 > 0:03:29It's quite fashionable to have things open-plan,

0:03:29 > 0:03:31but it might not work in this flat.

0:03:31 > 0:03:33It's not always the solution.

0:03:33 > 0:03:39And then a small, pretty poky bedroom. I'd say that's a single bedroom,

0:03:39 > 0:03:41pushing it to call it a double.

0:03:41 > 0:03:43But this size here is great.

0:03:43 > 0:03:48You've got your central heating, double glazing, you know, it's unloved.

0:03:48 > 0:03:51It needs...just helping them get started.

0:03:51 > 0:03:54It needs a lot of TLC.

0:03:54 > 0:03:57Over in the corner here, I've sort of spotted a bit of a damp issue.

0:03:57 > 0:04:02Now, it may be as superficial as mildew. This place hasn't been lived in for a while.

0:04:02 > 0:04:04That could be the issue.

0:04:04 > 0:04:07Or it could be something more fundamentally wrong.

0:04:07 > 0:04:09It could be something to do with the guttering.

0:04:09 > 0:04:12But you need investigating that to find out what the issue is.

0:04:12 > 0:04:15But, all in all, this flat, well, so far, so good.

0:04:16 > 0:04:19# So far so good So don't turn back

0:04:19 > 0:04:21# So far so good

0:04:21 > 0:04:26# It's been hard Tryin' to find the best of it... #

0:04:32 > 0:04:36The bathroom, well, you can see it's what it is. It needs taking out.

0:04:36 > 0:04:40It's an OK space. You don't have enough room for a second shower and bath.

0:04:40 > 0:04:41The shower would have to be in the bath,

0:04:41 > 0:04:46but it serves the size of this flat pretty well.

0:04:46 > 0:04:49Back into the hall, and this room, to this side of the flat is...

0:04:49 > 0:04:53Now, this is a nice-sized double bedroom.

0:04:53 > 0:04:54Whoever lived here liked mirrors,

0:04:54 > 0:04:56and you've got your fitted wardrobes,

0:04:56 > 0:04:58which dates the place slightly, but,

0:04:58 > 0:05:00you know, it's also a great use of space.

0:05:00 > 0:05:04Your fitted wardrobes are fully with mirrors,

0:05:04 > 0:05:07almost from the floor to the ceiling. It reminds me of, you know,

0:05:07 > 0:05:09getting your legwarmers on, having a wee dance practice.

0:05:09 > 0:05:13It's like a dance studio of your own. You could do a few moves.

0:05:13 > 0:05:17So, as we say in Scotland, I think this flat is a bit of a wee dancer!

0:05:31 > 0:05:33As you can tell, I think this is a great wee flat,

0:05:33 > 0:05:35but will a local estate agent

0:05:35 > 0:05:38make as much of a song and dance about it?

0:05:38 > 0:05:43Let's see what he thought of the property guided at £150,000 plus.

0:05:45 > 0:05:47So, first impressions of the property...

0:05:47 > 0:05:49It's very sizeable, got generous rooms throughout.

0:05:49 > 0:05:50Does need some modernisation, though.

0:05:50 > 0:05:53It's going to need probably... redecorating throughout, plus a new

0:05:53 > 0:05:56kitchen and a new bathroom to get it to the kind of level where you would

0:05:56 > 0:05:58expect to be able then to sell it.

0:05:58 > 0:06:01So, once the flat is ready for the sales market,

0:06:01 > 0:06:03how much could you be looking at?

0:06:05 > 0:06:07So, when the property is completed, we would expect it

0:06:07 > 0:06:11to fetch anywhere between sort of 340 to £350,000.

0:06:11 > 0:06:15What about holding on to it as a long-term let?

0:06:15 > 0:06:18So, when the property is completed, we would expect it to bring in anywhere

0:06:18 > 0:06:21between 1,100 to £1,200 per calendar month.

0:06:22 > 0:06:24This flat, it's got a lot going for it.

0:06:24 > 0:06:29Those two bedrooms, a great location, and a good guide price.

0:06:29 > 0:06:32So I'd expect there to be a lot of interest.

0:06:32 > 0:06:36Let's find out if that was the case when it went under the hammer.

0:06:36 > 0:06:38First floor flat.

0:06:38 > 0:06:40Not far from Epsom town centre.

0:06:40 > 0:06:44Kick-off at 150, go upwards from there.

0:06:44 > 0:06:46Who would like to start? 150 with you?

0:06:46 > 0:06:49150, 155 in front.

0:06:49 > 0:06:52160. 165.

0:06:52 > 0:06:57170. 175. 180.

0:06:57 > 0:06:58The bids were steady,

0:06:58 > 0:07:03then dropped to increments of £2,000 as interest slowed.

0:07:03 > 0:07:07We rejoin with the auctioneer looking for £224,000.

0:07:07 > 0:07:09224, well done.

0:07:09 > 0:07:15226. 228. 228, 230.

0:07:15 > 0:07:19Crunch bid. This one is a crunch one, 232.

0:07:19 > 0:07:22232. Yeah?

0:07:22 > 0:07:24Yes, no, I want you to be in unison.

0:07:24 > 0:07:26No arguments.

0:07:26 > 0:07:27230 with you.

0:07:27 > 0:07:29232, elsewhere.

0:07:29 > 0:07:31If not, 230.

0:07:31 > 0:07:35First time, second time, third and last time...

0:07:37 > 0:07:38Sold, 230.

0:07:40 > 0:07:44Hidden from our camera's view on the day were Rika and Alan, who bought

0:07:44 > 0:07:47the flat for £230,000,

0:07:47 > 0:07:51but I made sure to catch up with them and hear all about the new plans

0:07:51 > 0:07:55whilst son Sven checked out the rest of the flat.

0:07:55 > 0:07:56Rika. Pleased to meet you.

0:07:56 > 0:07:58- Pleased to meet you.- Alan.

0:07:58 > 0:08:00- Pleased to meet you. - So, congratulations.

0:08:00 > 0:08:02- Thank you very much.- You've got yourself a flat.

0:08:02 > 0:08:04- Is this a first?- It's not the first.

0:08:04 > 0:08:05It's not the first, no.

0:08:05 > 0:08:08We've been in the game for a number of years.

0:08:08 > 0:08:10About 15, 16 years so far.

0:08:10 > 0:08:16We have about 20 properties, at the moment, which we manage and let out.

0:08:16 > 0:08:18I have to ask firstly, where's the accent from?

0:08:18 > 0:08:21- It's a lovely accent.- From Croatia, yeah.

0:08:21 > 0:08:23Mine is much stronger than my wife's, obviously.

0:08:23 > 0:08:28We've been here for a number of years, around 20 years.

0:08:28 > 0:08:31You're seasoned property buyers. Did you do all the right things?

0:08:31 > 0:08:34You came to view it? You read the legal pack?

0:08:34 > 0:08:37Yes. We... I viewed it, but it was a very quick viewing.

0:08:37 > 0:08:42We checked out the legal pack. We did everything we could, but still,

0:08:42 > 0:08:43it's not always enough.

0:08:43 > 0:08:46So was there any hidden nasties with this property?

0:08:46 > 0:08:48There is actually one thing,

0:08:48 > 0:08:51and that's that the property hasn't got planning permission,

0:08:51 > 0:08:55which basically means that this property is not

0:08:55 > 0:08:57a flat recognised by the council.

0:08:57 > 0:09:00So whoever owns the freehold here carved it up, but never got permission?

0:09:00 > 0:09:02That's correct, yes.

0:09:02 > 0:09:05They didn't ask for retrospective planning permission,

0:09:05 > 0:09:08so we are going to do that. We would like to make sure that all the

0:09:08 > 0:09:10paperwork is correct.

0:09:10 > 0:09:14What will you do if you don't get planning permission?

0:09:14 > 0:09:17There is a certificate of lawfulness, that for a residential property,

0:09:17 > 0:09:21if we can prove that the property has been used as a dwelling,

0:09:21 > 0:09:26as this one, for four or more years, that you will get retrospective,

0:09:26 > 0:09:30sort of, either planning consent or a certificate of lawfulness,

0:09:30 > 0:09:33and that will sort the whole matter out.

0:09:36 > 0:09:40Ouch! Just goes to show that even the most consummate professionals can get

0:09:40 > 0:09:42their fingers burned.

0:09:42 > 0:09:46Fortunately, Rika and Alan have that evidence the flat has been used as a

0:09:46 > 0:09:51dwelling in the form of EPC certificates and council tax bills.

0:09:51 > 0:09:54But if they can't get the certificate they need,

0:09:54 > 0:09:55they will put it back on the market.

0:09:55 > 0:09:59However, if they do, they'll start the renovations.

0:09:59 > 0:10:04We will probably do everything. We'll put in a new kitchen, new bathroom,

0:10:04 > 0:10:05new boiler.

0:10:05 > 0:10:09New floors, get rid of the wallpaper.

0:10:09 > 0:10:12The second bedroom is a bit small, so we're planning to

0:10:12 > 0:10:16bring it out a little bit.

0:10:16 > 0:10:19And take a little bit away from the reception.

0:10:19 > 0:10:20The reception is very big.

0:10:20 > 0:10:24So it'll still remain a really good size,

0:10:24 > 0:10:28and the bedroom will be extended by about a metre.

0:10:28 > 0:10:31The door into the bedroom won't be off the reception room,

0:10:31 > 0:10:35but off the little hallway which we're going to create.

0:10:35 > 0:10:38That's the only sort of structural change we're hoping to do.

0:10:38 > 0:10:41But we have to get the permission of the freeholder first.

0:10:41 > 0:10:43What's your budget to carry out all the work?

0:10:43 > 0:10:45It's going to be around £20,000,

0:10:45 > 0:10:50because, initially, we didn't think of bringing that wall out.

0:10:51 > 0:10:55Although, this is not an extremely expensive exercise,

0:10:55 > 0:10:58but it will carry some sort of cost.

0:10:58 > 0:11:03Yeah, £20,000 plus, you know, let's say £2,000 for a contingency.

0:11:03 > 0:11:04What's your timescale?

0:11:04 > 0:11:07We have a holiday to go to.

0:11:08 > 0:11:11We need a bit of a holiday.

0:11:11 > 0:11:13- So, maybe...- Most of the builders are on holiday as well, so

0:11:13 > 0:11:17I would say probably eight to ten weeks, in total,

0:11:17 > 0:11:19that everything should be finished.

0:11:21 > 0:11:26Once the renovation's complete, Rika and Alan plan to sell the property on,

0:11:26 > 0:11:29but if they can't get the right price, they'll hold on to it

0:11:29 > 0:11:32and add it to their rental portfolio.

0:11:32 > 0:11:35Only time will tell. Best get on with the work

0:11:35 > 0:11:36which they'll be project managing.

0:11:36 > 0:11:39But, will son, Sven, be roped in too?

0:11:39 > 0:11:43He would like to get involved and help out as much as he can.

0:11:43 > 0:11:46He can clear out the rubbish and that sort of stuff,

0:11:46 > 0:11:50and help us bring the staging goods in, and, yeah,

0:11:50 > 0:11:51he looks forward to it as well.

0:11:51 > 0:11:53And go to the skip!

0:11:53 > 0:11:55I feel for Sven's sake we should commit to it on camera -

0:11:55 > 0:11:58is this free labour, or is he getting good pocket money?

0:11:58 > 0:12:01- There is going to be some pocket money, of course.- Definitely.

0:12:01 > 0:12:04- Now he can't get out of it. - Yeah!- No!

0:12:04 > 0:12:06Best of luck, and I can't wait to see the results.

0:12:06 > 0:12:08- Thanks, Rika.- Thank you, Martel.

0:12:08 > 0:12:12- Good luck, Alan.- Thank you very much.

0:12:12 > 0:12:15I've got no doubt Rika and Alan will do a fantastic job

0:12:15 > 0:12:17on refurbing this property.

0:12:17 > 0:12:20But it just goes to show that, even if you do read that legal pack,

0:12:20 > 0:12:21there can be hidden nasties.

0:12:21 > 0:12:24It's always worth getting a solicitor to check over, and

0:12:24 > 0:12:27hopefully they do sort that lack of planning permission.

0:12:27 > 0:12:29You can find out what does happen later in the show.

0:12:36 > 0:12:39I'm in the village of Ashton in Cornwall,

0:12:39 > 0:12:41only a mile from the coast,

0:12:41 > 0:12:43perfect for those looking for a more rural lifestyle.

0:12:45 > 0:12:47Well, unfortunately,

0:12:47 > 0:12:51the property that was up for auction isn't quite as rurally situated as

0:12:51 > 0:12:56you might like, because it's right by the side of this very busy main road.

0:12:56 > 0:12:59But, the house itself, not bad.

0:12:59 > 0:13:03It's a bungalow. Guide price was 150 to £175,000,

0:13:03 > 0:13:07which, when I tell you it's actually got five bedrooms,

0:13:07 > 0:13:09not the two or three you might expect, suddenly

0:13:09 > 0:13:12sounding quite interesting.

0:13:16 > 0:13:21So, straight into the kitchen, which is in reasonable condition,

0:13:21 > 0:13:25with a slight glint towards sauna on the roof there.

0:13:25 > 0:13:28But...layout, it's a bit odd.

0:13:28 > 0:13:31Straight from the kitchen there into this long corridor here

0:13:31 > 0:13:34with bedrooms going off it, and then through into this room,

0:13:34 > 0:13:37where you've got this range cooker thing going on.

0:13:37 > 0:13:38Cladding on the walls.

0:13:38 > 0:13:42I mean, straightaway, it's this kind of mishmash of styles,

0:13:42 > 0:13:44fabrics, coverings, materials.

0:13:45 > 0:13:50It's this little rabbit warren that's really difficult to get your head around.

0:13:50 > 0:13:51# Run, rabbit, run

0:13:51 > 0:13:55# As fast as you can... #

0:13:55 > 0:14:00Back here in a lean-to extension is a downstairs bathroom.

0:14:00 > 0:14:02Not my ideal place for it,

0:14:02 > 0:14:05but it means living accommodation across the ground floor,

0:14:05 > 0:14:07a key selling point to a bungalow.

0:14:09 > 0:14:13This one has already been extended up into the roof space,

0:14:13 > 0:14:16and offers pretty decent head height

0:14:16 > 0:14:18as well as another bathroom.

0:14:20 > 0:14:25And down the hall, three more bedrooms, which are a bit small,

0:14:25 > 0:14:27but perfectly usable.

0:14:31 > 0:14:34So far, so good.

0:14:34 > 0:14:35Ah!

0:14:35 > 0:14:40Famous last words. So, in one of the bedrooms here...

0:14:40 > 0:14:43I presume it's a bedroom.

0:14:44 > 0:14:47Clearly a bit of an issue.

0:14:47 > 0:14:51The joists which support the floor have completely rotted away,

0:14:51 > 0:14:55as has some of the floor. That is not good at all.

0:14:55 > 0:14:58So, what's caused that? It's damp of some sort.

0:14:58 > 0:15:01What's going on? Now, there's an air brick there,

0:15:01 > 0:15:05that feels to me like that has been blocked up.

0:15:05 > 0:15:08Now, the idea of those air bricks is that they allow a flow of

0:15:08 > 0:15:10air underneath the floor.

0:15:10 > 0:15:13That's what you need in houses, lots of air flow. Gets rid of the damp,

0:15:13 > 0:15:15it stops stagnation, etc, etc.

0:15:15 > 0:15:18And any water that gets in there can be, basically,

0:15:18 > 0:15:19got rid of by that airflow.

0:15:19 > 0:15:22If they're blocked up... And it's a really easy thing to do.

0:15:22 > 0:15:24Maybe somebody's painting or cementing outside the house.

0:15:24 > 0:15:28You don't have that airflow, this is exactly what happens.

0:15:28 > 0:15:31So, first thing here, sort out the air flow, second thing,

0:15:31 > 0:15:37get somebody in to replace all these joists, and that's going to be expensive.

0:15:37 > 0:15:42# Do you think I am made of stone?

0:15:43 > 0:15:47# Cold and unfeeling. #

0:15:47 > 0:15:51One big bonus is this nice garden, but with every up

0:15:51 > 0:15:55seems to come a down.

0:15:55 > 0:15:58Here's a design idea.

0:15:58 > 0:16:02Why not convert your rainwater goods into a garden water feature?

0:16:09 > 0:16:14Yes, the house set back in this garden does look quite appealing,

0:16:14 > 0:16:16but the gutters really need down pipes installed,

0:16:16 > 0:16:20with proper drainage to avoid any issues with damp.

0:16:20 > 0:16:25And there's another thing to make me feel a bit broken-hearted about this house.

0:16:27 > 0:16:31Well, one potentially problematic legacy

0:16:31 > 0:16:37of the Cornish mining industry is that a lot of the mining residue

0:16:37 > 0:16:41was used in the construction of the properties here.

0:16:41 > 0:16:44Now, when you are buying properties in certain areas of Cornwall,

0:16:44 > 0:16:47what you will be required to do is actually have some kind of a test.

0:16:47 > 0:16:50It means drilling into the block of the construction,

0:16:50 > 0:16:52maybe the foundations, and finding out what it's made of.

0:16:52 > 0:16:56This property has had one of those tests, here, for instance,

0:16:56 > 0:16:58and in other areas.

0:16:58 > 0:17:03Bad news, furnace ash, basically, the ash from these furnaces,

0:17:03 > 0:17:05was used in the construction of some of blocks.

0:17:05 > 0:17:08And that is considered a potential problem, and it basically,

0:17:08 > 0:17:11to cut a very long story short,

0:17:11 > 0:17:13means the house is probably unmortgageable.

0:17:15 > 0:17:18Furnace ash, or black ash, like other similar materials

0:17:18 > 0:17:22can lead to damage due to chemical reactions over time.

0:17:22 > 0:17:25It appears mostly on properties built between the war and

0:17:25 > 0:17:27the 1960s, but, of course,

0:17:27 > 0:17:31many people occupy houses like this without too much concern.

0:17:32 > 0:17:35And if you need to make the property mortgageable, you can fix the

0:17:35 > 0:17:40problem. The cost? Well, that would depend on how severe the problem is.

0:17:42 > 0:17:46And if that issue was sorted, what other changes could be made here?

0:17:46 > 0:17:49Well, I've asked along a local estate agent for her opinion

0:17:49 > 0:17:51on this bungalow.

0:17:53 > 0:17:55The bungalow itself is a really, really good size.

0:17:55 > 0:17:57Quite deceiving from the outside.

0:17:57 > 0:18:00Upstairs, I think it would benefit from maybe knocking a couple of

0:18:00 > 0:18:04rooms into one, so you have a small amount of bedrooms, but larger.

0:18:04 > 0:18:06It needs updating inside.

0:18:06 > 0:18:08But I think it could be really, really nice

0:18:08 > 0:18:11once someone spend some money on it.

0:18:11 > 0:18:14So if the cash was splashed, just what kind of return

0:18:14 > 0:18:19could you expect on this bungalow, guided at 150 to £175,000?

0:18:21 > 0:18:24I think someone who bought this property, if they completely renovated it throughout

0:18:24 > 0:18:26to a really good standard and made it into a nice-sized

0:18:26 > 0:18:29four-bedroom, rather than a small five-bedroom,

0:18:29 > 0:18:33I think you could achieve around the 175 to £200,000 mark.

0:18:33 > 0:18:36That sounds like an OK return on doing the cosmetic work.

0:18:36 > 0:18:42But what kind of impact would sorting the ash in the construction have on the property value?

0:18:42 > 0:18:46If the person who bought the property was to rectify the wall issue and

0:18:46 > 0:18:49make it mortgageable, you're probably looking in the region of

0:18:49 > 0:18:52sort of 225 or £250,000.

0:18:56 > 0:18:58There are some significant issues with this place

0:18:58 > 0:19:03that whoever bought it needed to know about before they actually put

0:19:03 > 0:19:05their hand in the air. Let's find out who that was,

0:19:05 > 0:19:08when it went under the hammer.

0:19:08 > 0:19:10And this is the property in Cornwall.

0:19:10 > 0:19:13It's a detached five-bedroom property,

0:19:13 > 0:19:15dormer bungalow with garden and garage.

0:19:15 > 0:19:18Somebody like to start off in the room here? Anywhere you like.

0:19:18 > 0:19:21Somewhere in the middle of the guide price would be great. 150, 160,

0:19:21 > 0:19:23whatever you like. In your hands.

0:19:23 > 0:19:25Anyone like to have a bid on this at 160?

0:19:25 > 0:19:28Thank you, 160. 65, somewhere else, if I can?

0:19:28 > 0:19:30We have 160 seated.

0:19:30 > 0:19:31165 now?

0:19:31 > 0:19:33165 here at the front.

0:19:33 > 0:19:37170. 175?

0:19:38 > 0:19:41No? At £170,000, we call it for the first time.

0:19:41 > 0:19:43At 170.

0:19:43 > 0:19:46Second time at 170. 175 now?

0:19:46 > 0:19:49£175,000 against you now.

0:19:49 > 0:19:50Or anywhere else in the room.

0:19:50 > 0:19:54I'll call it for the first time, let's be quite clear, 175 here.

0:19:54 > 0:19:57Second time at 175,000.

0:19:57 > 0:20:02Are you sure you're done? Third and last time at £175,000.

0:20:04 > 0:20:06Yours at 175. Thank you very much.

0:20:06 > 0:20:08The successful bid was made by Bernard.

0:20:10 > 0:20:15He's semi-retired, and used to live and work in Orpington, Kent,

0:20:15 > 0:20:18which is a fair trek away.

0:20:18 > 0:20:23So I was keen to find out why he spent £175,000 on this bungalow.

0:20:24 > 0:20:27- Bernard, great to meet you. - Hi.- Congratulations.

0:20:27 > 0:20:30Tell me why you wanted to buy this place?

0:20:30 > 0:20:34Well, firstly, I was looking for a house in the area to be near my

0:20:34 > 0:20:36relatives - my brother and people who live down here.

0:20:36 > 0:20:38So I was looking for a property in the area.

0:20:38 > 0:20:44And this actually became... When I saw it the first time, I thought,

0:20:44 > 0:20:46"Oh, I like the look of that one."

0:20:46 > 0:20:51And then, of course, I found it was going up for auction, so...

0:20:51 > 0:20:53..well, went there and had a go, and here we are.

0:20:53 > 0:20:57So, the house, though... Let's say what are we going to do to it.

0:20:57 > 0:21:01Right, well, obviously there are a few issues. That's the reason

0:21:01 > 0:21:02why it came up for auction.

0:21:02 > 0:21:07There was, at some point, when they did the... They did various...

0:21:07 > 0:21:10..drilled various holes around to check the concrete, the base,

0:21:10 > 0:21:14and everything else. And there seems to be one of them which failed

0:21:14 > 0:21:15at the front,

0:21:15 > 0:21:21but I thought the issues here were not great enough to be of a major

0:21:21 > 0:21:24problem. I thought it's something that can be easily fixed.

0:21:24 > 0:21:28It's just a question of how much the property is going to cost,

0:21:28 > 0:21:30and how much I'd go to.

0:21:30 > 0:21:34But it seems to me that there was enough here that was viable,

0:21:34 > 0:21:36that I'd think, "No, this is OK."

0:21:36 > 0:21:39And also, I could move into it, live in it now

0:21:39 > 0:21:42if I really wanted to, without doing anything.

0:21:42 > 0:21:45But, presumably, it limited your options for finance?

0:21:45 > 0:21:49Yes, the main thing is dealing with

0:21:49 > 0:21:51the essential problem that's there.

0:21:51 > 0:21:55And get it back to a point where it is mortgageable again.

0:21:55 > 0:22:00I think the fundamental things, I can do something about now,

0:22:00 > 0:22:03like blocking up the air vents underneath the house and everything,

0:22:03 > 0:22:06no airflow.

0:22:06 > 0:22:10The first thing I did when I got here was to break them all open to let

0:22:10 > 0:22:11the air get back under the house.

0:22:11 > 0:22:16- Good call.- It's been drying out quite nicely since I've opened it all up.

0:22:16 > 0:22:20Simple solutions! What about sorting out

0:22:20 > 0:22:22the problems with the stonework? What's the steps for that?

0:22:22 > 0:22:28Right, well, as far as the foundation goes, that needs to be a point where,

0:22:28 > 0:22:32until we do a little dig down there to find out, well, what's the issue

0:22:32 > 0:22:36with it, it might just need digging out and refilling.

0:22:36 > 0:22:40I've already looked at things about the possible drainage issues,

0:22:40 > 0:22:43because all the water has to run away from the house.

0:22:43 > 0:22:45Well, it is, to a certain extent,

0:22:45 > 0:22:49but it wasn't helping if you had no downpipes, or missing,

0:22:49 > 0:22:52and water flushing straight into the walls of the house.

0:22:52 > 0:22:55So, they're an easy fix.

0:22:55 > 0:22:58So, what about, those are the big things,

0:22:58 > 0:23:01what about the internal bits that you...?

0:23:01 > 0:23:05Internally, yeah, it needs a bit of a face-lift, really.

0:23:05 > 0:23:10The first issues will be having the floors, having it repainted,

0:23:10 > 0:23:14doing a few other bits and pieces around the place to sort that out

0:23:14 > 0:23:16and make it tidy. The double glazing,

0:23:16 > 0:23:21there's condensation gone down the inside, so that all need to be...

0:23:21 > 0:23:23..sorted out.

0:23:23 > 0:23:26And then, of course, just trying to make it,

0:23:26 > 0:23:28trying to put some of me into it.

0:23:28 > 0:23:30So what's the budget for all the work you've got planned?

0:23:30 > 0:23:34Well, I'm thinking roughly may be about 25,000.

0:23:35 > 0:23:38To do a half decent job on it.

0:23:38 > 0:23:41But then, I don't know, it could come out less than that.

0:23:41 > 0:23:43But I doubt that it'll come out more.

0:23:43 > 0:23:46- What about a timescale?- Erm...

0:23:46 > 0:23:47I hadn't set a timescale.

0:23:47 > 0:23:51I thought, "Yes, I'll do this gradually over a year."

0:23:51 > 0:23:53- Essential things.- Living in it at the same time?

0:23:53 > 0:23:55Yeah. But...

0:23:56 > 0:24:00..the major issues, get those done early on,

0:24:00 > 0:24:02so I'm going to take things one step at a time.

0:24:02 > 0:24:04Sounds good.

0:24:04 > 0:24:05And then move in, which is great.

0:24:05 > 0:24:07Well, congratulations, and good luck with it.

0:24:07 > 0:24:10- We look forward to seeing how you get on.- Yes. OK.

0:24:12 > 0:24:16Well, Bernard moving down to Cornwall to be closer to his family

0:24:16 > 0:24:20and hopefully relax, but a bit of work to do before he can do that,

0:24:20 > 0:24:21to sort this place out.

0:24:21 > 0:24:25I'm a little bit concerned that that budget isn't going to be enough,

0:24:25 > 0:24:28especially to sort out that problematic wall.

0:24:28 > 0:24:30How will he get on?

0:24:30 > 0:24:31We'll find out later in the show.

0:24:33 > 0:24:38Coming up, I want to try and do the splits at this house in Wolverhampton.

0:24:38 > 0:24:43If you put a wall along here, make that a bedroom, and that a bedroom.

0:24:46 > 0:24:49And find out if Bernard's bungalow has been a big rebuild.

0:24:50 > 0:24:53So, literally, I've taken the whole floor up.

0:24:58 > 0:25:00Time to head back to Epsom in Surrey, where,

0:25:00 > 0:25:02just a mile from the town centre,

0:25:02 > 0:25:05I saw this first floor two-bedroom flat with a guide price

0:25:05 > 0:25:08of £150,000 plus.

0:25:10 > 0:25:14Straight away, I was keen as the foyer looked well cared for.

0:25:14 > 0:25:16And inside the flat, it was pretty good too.

0:25:16 > 0:25:20A bit shabby, but the reception area had generous proportions.

0:25:22 > 0:25:24Though I thought the separate kitchen would need to stay,

0:25:24 > 0:25:28there was barely enough space to swing a cat in the first bedroom,

0:25:28 > 0:25:31but there was space for a bit of Swan Lake in the other.

0:25:32 > 0:25:34It reminds me of, you know, getting your legwarmers on,

0:25:34 > 0:25:37having a wee dance practice, like a dance studio of your own.

0:25:37 > 0:25:39Do a few moves!

0:25:40 > 0:25:44PLIE-ased with their successful bid of 230 grand

0:25:44 > 0:25:47were professional property developers Rika and Alan,

0:25:47 > 0:25:50who planned to renovate the flat and sell on.

0:25:50 > 0:25:55But even the best laid plans of professionals can go awry at times.

0:25:55 > 0:26:01We checked out the legal pack. We did everything we could, but still,

0:26:01 > 0:26:02it's not always enough.

0:26:02 > 0:26:06And so was there any hidden nasties with this property?

0:26:06 > 0:26:08There is actually one thing,

0:26:08 > 0:26:10and that's that the property hasn't got planning permission,

0:26:10 > 0:26:13which basically means that this property

0:26:13 > 0:26:16is not a flat recognised by the council.

0:26:16 > 0:26:19So whoever owns the freehold here carved it up, but never got permission?

0:26:19 > 0:26:21That's correct, yes.

0:26:22 > 0:26:27Cool customers Rika and Alan didn't seem too worried about the potential

0:26:27 > 0:26:28spanner in the works,

0:26:28 > 0:26:32and thought they could turn the flat around in eight to ten weeks at a

0:26:32 > 0:26:33cost of 20 grand.

0:26:33 > 0:26:36Not forgetting their two grand contingency.

0:26:37 > 0:26:41So, would these pros show us how it was done when we returned just eight

0:26:41 > 0:26:43weeks later?

0:26:43 > 0:26:45# This is how we do it. #

0:26:57 > 0:27:00The changes in the flat are truly stunning,

0:27:00 > 0:27:04and the real triumph here is the new layout of the entrance hall.

0:27:04 > 0:27:07By nicking some space from the reception room,

0:27:07 > 0:27:10the kitchen and bedroom are now accessed through the hall,

0:27:10 > 0:27:12rather than the living space.

0:27:12 > 0:27:14There's now some much-needed built in storage,

0:27:14 > 0:27:19and moving the wall in the living room means more space in previously

0:27:19 > 0:27:21poky bedroom.

0:27:27 > 0:27:30Rika and Alan really have shown us how it's done.

0:27:30 > 0:27:33And I'd expect nothing less from a couple of pros.

0:27:33 > 0:27:35But the burning question is,

0:27:35 > 0:27:38did they manage that retrospective planning permission?

0:27:39 > 0:27:43This property has been established as a flat.

0:27:43 > 0:27:45I don't see that there are any problems with it.

0:27:45 > 0:27:49There is indemnity insurance in place at the moment by the

0:27:49 > 0:27:54freeholder. However, the new buyers could have their own policy as well.

0:27:54 > 0:27:58So that would be acceptable to most lenders.

0:27:58 > 0:28:03The freeholder's indemnity insurance policy will cover Rika and Alan in

0:28:03 > 0:28:08the event that the flat would have had to be reverted back to part of the original house,

0:28:08 > 0:28:13which means the flat will be mortgageable when it goes to market.

0:28:13 > 0:28:16With the planning situation, a development can become immune

0:28:16 > 0:28:19from planning enforcement if no action has

0:28:19 > 0:28:22been taken within a specified time limit.

0:28:22 > 0:28:24In this case, four years.

0:28:24 > 0:28:27My advice? Talk to your local planners first.

0:28:27 > 0:28:31It saves everyone a lot of unforeseen issues.

0:28:31 > 0:28:36- Talking of which...- We had the extra costs that we had to pay to the

0:28:36 > 0:28:41freeholder premium for getting permission to make an alteration to

0:28:41 > 0:28:47the flat, to move the stud wall about one metre, to extend the second bedroom.

0:28:47 > 0:28:51So, negotiating a price for permission ended up costing them.

0:28:51 > 0:28:55But how much? And how did that impact the 20 grand budget?

0:28:55 > 0:28:58Did they use that all-important two grand contingency?

0:29:01 > 0:29:03So, it went to £30,000. With £2,000 contingency!

0:29:03 > 0:29:08So it was £32,000 for the works alone.

0:29:08 > 0:29:13Obviously, we had to pay a premium to the freeholder for extending the

0:29:13 > 0:29:16second bedroom. That was an additional £5,000

0:29:16 > 0:29:18with all the legal fees included.

0:29:18 > 0:29:21But it was worth it. We can see where the money went,

0:29:21 > 0:29:25and, hopefully, it will be recognised, and hopefully,

0:29:25 > 0:29:29we'll be able to sell this, and somebody will find it a nice home.

0:29:31 > 0:29:35I'm sure finding a buyer for this gorgeous flat won't be hard.

0:29:35 > 0:29:39Their new builder has really delivered the goods, and bang on schedule too.

0:29:39 > 0:29:43But what about apprentice, and son, Sven? Did he get stuck in?

0:29:44 > 0:29:49School had already started, so he had to go back to school.

0:29:49 > 0:29:50He was not happy about that.

0:29:50 > 0:29:54He likes doing bits and pieces, and helping out.

0:29:54 > 0:29:55He's always hands on.

0:29:55 > 0:29:57So it wasn't the fact that he tried to get out of it.

0:29:57 > 0:30:00It was more the fact that, really, there wasn't an opportunity.

0:30:00 > 0:30:02Well, maybe next time, Sven.

0:30:02 > 0:30:06But first, let's see how Rika and Alan have done on this one.

0:30:06 > 0:30:10They've spent £267,000 on the flat,

0:30:10 > 0:30:13but do two local estate agents think it's worth it?

0:30:13 > 0:30:15Let's start with the agent who saw it earlier on.

0:30:16 > 0:30:18They've made a number of changes,

0:30:18 > 0:30:20they've done really, really well with what they've done.

0:30:20 > 0:30:22Especially where they've given themselves,

0:30:22 > 0:30:24in the second bedroom, a little bit of extra space.

0:30:24 > 0:30:25It really does change things.

0:30:25 > 0:30:28It now makes it two doubles rather than a single and a double.

0:30:28 > 0:30:29I love the big windows.

0:30:29 > 0:30:31And the bright feel to it.

0:30:31 > 0:30:33It feels really airy.

0:30:33 > 0:30:35And it just feels modern and clean.

0:30:35 > 0:30:37There's a lot of young professional buyers

0:30:37 > 0:30:39moving out from London to get a little bit more

0:30:39 > 0:30:41for their money in this area,

0:30:41 > 0:30:44and they will certainly appreciate a good quality finish.

0:30:44 > 0:30:47That sounds pretty unanimous to me.

0:30:47 > 0:30:49But what about the values?

0:30:49 > 0:30:53Could Rika and Alan see a return on their 267-grand investment?

0:30:55 > 0:30:57If we were to bring it to the market,

0:30:57 > 0:31:00we would expect it to come on for around the sort of £350,000 mark.

0:31:00 > 0:31:03And we'd look to really have offers in and around that level.

0:31:03 > 0:31:06I would value this property at £350,000.

0:31:06 > 0:31:08- That's great.- That's brilliant.

0:31:08 > 0:31:10We hoped for that sort of figure.

0:31:10 > 0:31:14We had some valuations as well before that came slightly lower,

0:31:14 > 0:31:17at the 330 mark,

0:31:17 > 0:31:21but we believe that 350, in the region of, it's great.

0:31:21 > 0:31:23Very pleased.

0:31:23 > 0:31:26The couple's 15 years in the field are evident,

0:31:26 > 0:31:30in that potential profit of 83 grand before taxes and fees.

0:31:32 > 0:31:34But, come on, guys, give us some tips.

0:31:35 > 0:31:40Be brave. Work out the finances in advance.

0:31:40 > 0:31:43And know exactly how much you can spend,

0:31:43 > 0:31:46because there is always a risk involved.

0:31:46 > 0:31:49But you can prepare yourself, and minimise it.

0:31:52 > 0:31:54# I want to ride my bicycle

0:31:54 > 0:31:58# I want to ride my bike

0:31:58 > 0:32:00# I want to ride my bicycle

0:32:00 > 0:32:04# I want to ride it where I like. #

0:32:04 > 0:32:06DION: Wolverhampton in the West Midlands

0:32:06 > 0:32:09has long been an area of manufacturing.

0:32:09 > 0:32:12Indeed, if you were riding a bike in the 1970s,

0:32:12 > 0:32:15chances are it was made in the city of Wolverhampton.

0:32:17 > 0:32:22Nowadays, it focuses its engineering prowess into the aerospace industry,

0:32:22 > 0:32:24and as a university city,

0:32:24 > 0:32:29is developing the next generation of engineers to continue its cycle on.

0:32:32 > 0:32:36I'm just a ten-minute walk away from the centre of Wolverhampton.

0:32:36 > 0:32:38And we have got, on this very busy main road,

0:32:38 > 0:32:40student accommodation there,

0:32:40 > 0:32:43student accommodation there, and here we are,

0:32:43 > 0:32:47a semidetached house with a guide price of £50,000,

0:32:47 > 0:32:49and it's got three bedrooms.

0:32:49 > 0:32:51Sounds like it's got to be worth a look.

0:32:54 > 0:32:56Nice surprise.

0:32:57 > 0:33:00As soon as you come in, a little portrait here.

0:33:00 > 0:33:02Original Minton tiles.

0:33:02 > 0:33:04Really nice feature.

0:33:04 > 0:33:07Then you step up into the hallway,

0:33:07 > 0:33:10and, let me just check to see if they continue.

0:33:10 > 0:33:13Yeah, they continue all the way down the hallway.

0:33:13 > 0:33:16First reception room on my right-hand-side, it's a good size,

0:33:16 > 0:33:18nice high ceilings.

0:33:18 > 0:33:20Don't like the look of those walls, though.

0:33:20 > 0:33:21We'll come back to that.

0:33:21 > 0:33:24You've got your stairs going up to the bedrooms,

0:33:24 > 0:33:26central heating, which is good.

0:33:26 > 0:33:30And, like I said, those original Minton tiles continue.

0:33:30 > 0:33:31Another reception room there.

0:33:32 > 0:33:34I can't see any central heating in there.

0:33:34 > 0:33:40Then you go to this really grand kitchen, massive kitchen, actually.

0:33:40 > 0:33:43No hob or anything, but it's a really nice size.

0:33:43 > 0:33:44It's not in great condition.

0:33:44 > 0:33:47You would have to start again in here,

0:33:47 > 0:33:50and at the end, you've got a sort of box room there.

0:33:50 > 0:33:51It may have been a utility room

0:33:51 > 0:33:54where you keep your cans and your tins.

0:33:54 > 0:33:56Or you could make it into a downstairs toilet,

0:33:56 > 0:33:58which would be handy.

0:33:58 > 0:34:01I'm pretty sure a house like this, a grand house like this,

0:34:01 > 0:34:04was a family home back in the day.

0:34:04 > 0:34:06But...

0:34:06 > 0:34:12More recently, I'm taking a guess that this was a shared house.

0:34:12 > 0:34:14And that would make sense,

0:34:14 > 0:34:16because you've got student accommodation that way,

0:34:16 > 0:34:19and that way. And maybe this was the same.

0:34:19 > 0:34:22# And you see my writing on the wall

0:34:26 > 0:34:29# Writing on the wall... #

0:34:29 > 0:34:33And the writing might also be on the wall for the boiler.

0:34:33 > 0:34:34I've also got some concerns

0:34:34 > 0:34:36about what to read into the state of the walls

0:34:36 > 0:34:38in the front reception room.

0:34:39 > 0:34:43I just wanted to show you something, and let you hear something.

0:34:43 > 0:34:46Listen to this. Now, this is a solid wall.

0:34:46 > 0:34:50Yeah? Agreed? And down here you've got normal skirting boards.

0:34:50 > 0:34:52Albeit very small. But that's all normal.

0:34:52 > 0:34:54Over on this side, you've got...

0:34:55 > 0:35:00..some boards, and inverted skirting boards, I like to call them.

0:35:00 > 0:35:02My big question is...

0:35:03 > 0:35:06What is that hiding?

0:35:06 > 0:35:08# It's a mystery

0:35:08 > 0:35:10# Oh, it's a mystery

0:35:10 > 0:35:15# I'm still searching for a clue

0:35:15 > 0:35:19# It's a mystery... #

0:35:20 > 0:35:23So, upstairs into the three bedrooms,

0:35:23 > 0:35:26and this one is at the back of the property.

0:35:26 > 0:35:28A good-sized bedroom, looking out onto the back garden.

0:35:28 > 0:35:30Family bathroom here.

0:35:30 > 0:35:32It's seen better days, I would say.

0:35:32 > 0:35:35Get those tiles off, get that bathroom and get that sink out,

0:35:35 > 0:35:38start again. Something nice and fresh and new in there.

0:35:38 > 0:35:41Down the hallway, second bedroom, good...

0:35:41 > 0:35:45In fact, this is a very big bedroom, actually. Nice high ceilings.

0:35:45 > 0:35:47And then a little bit further down the hallway,

0:35:47 > 0:35:49we've got the master bedroom.

0:35:49 > 0:35:53But this is a student area, so let's think,

0:35:53 > 0:35:55how can you maximise your money?

0:35:55 > 0:35:57You could actually make this bedroom, because it's so big,

0:35:57 > 0:35:59you could make it into two,

0:35:59 > 0:36:02and as you've got a single bed in here already,

0:36:02 > 0:36:05this gives you an indication of how big the bedrooms would be.

0:36:05 > 0:36:08So if you were to put... Let's have a look now.

0:36:08 > 0:36:12You put a wall along here, make that a bedroom and that a bedroom,

0:36:12 > 0:36:15it would come sort of this way, along here.

0:36:15 > 0:36:16Stop about here.

0:36:16 > 0:36:20You'd have a door here, going into that bedroom,

0:36:20 > 0:36:23and a door here, going into that bedroom.

0:36:23 > 0:36:28One bedroom becomes two bedrooms, more income from the students...

0:36:30 > 0:36:33Money well spent, I would say.

0:36:44 > 0:36:48To get those extra financial gains for a house of multiple occupancy,

0:36:48 > 0:36:49first, you need to make sure

0:36:49 > 0:36:53you comply with the local council regulations.

0:36:53 > 0:36:56This can dictate the amount of shared bathrooms

0:36:56 > 0:37:00and things such as adequate fire escapes and smoke detectors.

0:37:00 > 0:37:02By splitting that bedroom, you could end up with

0:37:02 > 0:37:06as many as six separate rooms in this house.

0:37:06 > 0:37:09What does an agent from the auction house that sold it think?

0:37:10 > 0:37:13As far as the property is concerned,

0:37:13 > 0:37:17the conversion to bedsits should be fairly straightforward.

0:37:17 > 0:37:22Up to a certain number, you find that there is no planning required.

0:37:22 > 0:37:25However, if they try to be a little overzealous

0:37:25 > 0:37:29and get some more rooms out of it by subdividing rooms,

0:37:29 > 0:37:33they may find that they would need to obtain proper permission.

0:37:33 > 0:37:36Yes, you should always check out the regulations with your council

0:37:36 > 0:37:39to find out if you require a HMO licence.

0:37:40 > 0:37:42Would that be the best option?

0:37:42 > 0:37:45The house had a guide price of £50,000.

0:37:45 > 0:37:48So what kind of value could it achieve?

0:37:48 > 0:37:51First, as a single house for resale.

0:37:51 > 0:37:53I would imagine that you'd achieve

0:37:53 > 0:37:59something in the region of £130,000, £135,000?

0:37:59 > 0:38:01Well, if you were to get it for anything like the guide,

0:38:01 > 0:38:04there could be a smart profit.

0:38:04 > 0:38:07What about my notion of making this a student rental?

0:38:07 > 0:38:11What could you make if all five rooms were let?

0:38:11 > 0:38:16Probably in the region of £20,000 to £22,000 per year.

0:38:16 > 0:38:21However, that would also include for any outgoings such as gas,

0:38:21 > 0:38:23electricity, that type of thing.

0:38:25 > 0:38:29I think this house is perfect for student accommodation.

0:38:29 > 0:38:33That could be a fantastic return on your money.

0:38:33 > 0:38:36Let's see who saw the pound signs when it went under the hammer.

0:38:39 > 0:38:44Next lot is a fairly substantial freehold, semidetached house,

0:38:44 > 0:38:46at £50,000, am I bid?

0:38:46 > 0:38:49At £50,000, to get a starter, buy this or bid.

0:38:49 > 0:38:51At 50,000. How good is it? 60 now.

0:38:51 > 0:38:53At 60? Thank you, sir, at 60.

0:38:53 > 0:38:56Is it 70 now? At 70 and thank you.

0:38:56 > 0:38:58Is it 80? 75?

0:38:58 > 0:38:5975, madam, thank you.

0:38:59 > 0:39:01I've got you first at 75.

0:39:01 > 0:39:04After a bit of a slow start, things hotted up.

0:39:04 > 0:39:09We rejoin the bidding, going up in halves at £104,000.

0:39:09 > 0:39:12104, 104 and a half?

0:39:12 > 0:39:14105? 105.

0:39:14 > 0:39:17105 and a half?

0:39:17 > 0:39:19No? £105,000.

0:39:19 > 0:39:22Are we all done, sir? Definitely?

0:39:22 > 0:39:25Thank you. One, two, three...

0:39:25 > 0:39:27105,000.

0:39:29 > 0:39:34And so for over double the guide price at £105,000,

0:39:34 > 0:39:37a successful bid was made by Abby.

0:39:37 > 0:39:38She works in retail,

0:39:38 > 0:39:42and was bidding on behalf of her London-based auntie, Jean.

0:39:42 > 0:39:45I met her back at the house to find out a little bit more.

0:39:47 > 0:39:48Abby, nice to meet you.

0:39:48 > 0:39:49Nice to meet you too.

0:39:49 > 0:39:52You've got yourself a very nice property, I think.

0:39:52 > 0:39:53Thank you very much.

0:39:53 > 0:39:55Now you've got it, what are you going to do with it?

0:39:55 > 0:39:57We want to convert all the rooms to bedrooms,

0:39:57 > 0:40:01so it's a multiple occupancy, and we want to try and target students.

0:40:01 > 0:40:03Was this your university?

0:40:03 > 0:40:05Yeah, I just graduated, September.

0:40:05 > 0:40:07- Did you do well?- Yes, I got a 2:1.

0:40:07 > 0:40:09Look at you, showing off on telly!

0:40:09 > 0:40:10THEY LAUGH

0:40:10 > 0:40:14- Thank you.- Is this your first venture, together with your auntie?

0:40:14 > 0:40:17- Yeah.- And did you want something this big,

0:40:17 > 0:40:19or did you just want something for students?

0:40:19 > 0:40:21Well, I was thinking something small at first,

0:40:21 > 0:40:24but she was thinking more multiple occupancy, big,

0:40:24 > 0:40:26so this was perfect, really.

0:40:26 > 0:40:30So I suppose, dive in the deep end, it's better, isn't it? So...

0:40:30 > 0:40:33- You're not messing about. You've gone for it, haven't you?- Yeah!

0:40:35 > 0:40:36Well, she might only be 22,

0:40:36 > 0:40:39but she's really stepping up to the plate here,

0:40:39 > 0:40:43and having been a recent graduate in Childhood and Family Studies,

0:40:43 > 0:40:45she's completely switched on

0:40:45 > 0:40:48to what students need in their accommodation.

0:40:48 > 0:40:50New kitchen, new bathroom.

0:40:50 > 0:40:52Another bathroom down here to cater

0:40:52 > 0:40:54to the extra bedrooms we're adding in.

0:40:54 > 0:40:56So this will be your...

0:40:56 > 0:40:58- Extra bathroom.- Extra bathroom here.

0:40:58 > 0:41:00And the two rooms you've got down here,

0:41:00 > 0:41:02what are you going to do with that? Are they going to be...?

0:41:02 > 0:41:04- Bedrooms as well.- Both bedrooms?

0:41:04 > 0:41:06- Yeah.- Upstairs, any changes upstairs at all?

0:41:06 > 0:41:08Potentially, may be looking at splitting the front bedroom.

0:41:08 > 0:41:10Because of how big it is.

0:41:10 > 0:41:12That's what I was thinking. That's what I was thinking!

0:41:12 > 0:41:16- Good on you.- Then, obviously that's an extra income from another person.

0:41:16 > 0:41:20What I have noticed, as I'm walking around myself, the very front room,

0:41:20 > 0:41:23some plasterboard, and it doesn't look great.

0:41:23 > 0:41:26We're not sure what's behind it, but we think it's hiding something,

0:41:26 > 0:41:30so we planned it into the timescale and the budget

0:41:30 > 0:41:34just in case it does add extra time and money to everything.

0:41:34 > 0:41:36What kind of budget are we talking about?

0:41:36 > 0:41:38We want to say 30.

0:41:39 > 0:41:42Along with Auntie Jean's budget of 30 grand,

0:41:42 > 0:41:47Abby's project managing should keep her busy for around six months,

0:41:47 > 0:41:49with a plan to have the house ready for occupation

0:41:49 > 0:41:52in time for the next academic year.

0:41:52 > 0:41:54Have you still got pals at uni?

0:41:54 > 0:41:56Yeah, yeah.

0:41:56 > 0:41:59Some of them, like, my friends I've met through other people.

0:41:59 > 0:42:01They've lived in houses, they used to live in halls.

0:42:01 > 0:42:05- So they prefer to get together... - And get a shared property.

0:42:05 > 0:42:08Yeah. You're in already. That's fantastic.

0:42:08 > 0:42:10All you've got to do is send a few texts out.

0:42:10 > 0:42:13- "I've got a property for you." - Basically!

0:42:13 > 0:42:15- Are you excited?- Yeah, definitely.

0:42:15 > 0:42:18Is this something that you want to do? Is this a one-off?

0:42:18 > 0:42:20No, it's something I've always had an interest in.

0:42:20 > 0:42:22It's always something, like, how am I going to get started?

0:42:22 > 0:42:24I don't really have the money.

0:42:24 > 0:42:26But, obviously, with my auntie's support

0:42:26 > 0:42:28like, I can get to know what it's like,

0:42:28 > 0:42:31what I need to do, then I'll have the experience to do it myself.

0:42:31 > 0:42:33I think this is a really nice place.

0:42:33 > 0:42:36A really nice place. If you get it right,

0:42:36 > 0:42:38I think it's going to be money well spent.

0:42:38 > 0:42:39I hope you make lots of money,

0:42:39 > 0:42:42and Auntie Jean just gives you a little bit too!

0:42:42 > 0:42:45- Good luck, Abby. I wish you all the best.- Thank you very much.

0:42:46 > 0:42:49That is a brave and mature young lady.

0:42:49 > 0:42:53Taking on a property of this size for her first project,

0:42:53 > 0:42:55at the age of 22, wow!

0:42:55 > 0:42:57What I will say, though - she knows the area.

0:42:57 > 0:43:01She knows there is a demand for more student property.

0:43:01 > 0:43:05My only concern is that plasterboard in the front room.

0:43:05 > 0:43:06What's behind there?

0:43:06 > 0:43:10And has she set aside enough money to put it right if needed?

0:43:10 > 0:43:13You can find out how she gets on later in the programme.

0:43:17 > 0:43:19Well, we're often told that good things come in threes.

0:43:19 > 0:43:22I wonder if that's the case for the properties on today's show?

0:43:22 > 0:43:23That's absolutely right, Martin.

0:43:23 > 0:43:25Well, we know how one buyer got on.

0:43:25 > 0:43:27- So how about the other two?- Yes. That wait's over.

0:43:27 > 0:43:29Let's find out how they got on.

0:43:29 > 0:43:31Back to the Cornish countryside now.

0:43:33 > 0:43:36I saw a bungalow which had two bedrooms on the ground floor,

0:43:36 > 0:43:38as well as plenty of living space.

0:43:41 > 0:43:44It had also been extended up into the loft to add another bathroom

0:43:44 > 0:43:46and three further bedrooms.

0:43:48 > 0:43:50So far, so good.

0:43:51 > 0:43:53Ah!

0:43:53 > 0:43:56Famous last words. The joists which support the floor

0:43:56 > 0:44:00have completely rotted away, as has some of the floor.

0:44:00 > 0:44:03That is not good at all.

0:44:03 > 0:44:06And there was even more to be worried about, as this bungalow,

0:44:06 > 0:44:09as is common in properties like this in Cornwall,

0:44:09 > 0:44:12had been tested to see if its walls and foundations

0:44:12 > 0:44:16had been made with mining waste, generally known as Mundeck.

0:44:16 > 0:44:18Everything hinged on the results of the board test,

0:44:18 > 0:44:21so what would its presence mean?

0:44:22 > 0:44:25Bad news, furnace ash.

0:44:25 > 0:44:27Basically, the ash from the furnaces

0:44:27 > 0:44:29was used in the construction of some of these blocks.

0:44:29 > 0:44:33And that is considered a potential problem, and it basically,

0:44:33 > 0:44:35to cut a very long story short,

0:44:35 > 0:44:37means the house is probably unmortgageable.

0:44:38 > 0:44:45This didn't stop Bernard from buying this property for £175,000.

0:44:45 > 0:44:48He planned on moving to Cornwall to retire near his family,

0:44:48 > 0:44:51who live in the area, and none of the property's faults put him off.

0:44:52 > 0:44:57I thought the issues here were not great enough

0:44:57 > 0:44:59to be of a major problem.

0:44:59 > 0:45:01I thought it's something that can be easily fixed.

0:45:01 > 0:45:05It's just a question of how much the property was going to cost,

0:45:05 > 0:45:07and how much I'd go to.

0:45:07 > 0:45:08And also, I could move into it

0:45:08 > 0:45:11and live in it now if I really wanted to.

0:45:11 > 0:45:12Without doing anything.

0:45:12 > 0:45:16Bernard thought all the work would be done in around 12 months.

0:45:16 > 0:45:20But we are actually heading back, well, quite a bit later than that.

0:45:20 > 0:45:23It's been three years,

0:45:23 > 0:45:27so I think we're overdue a visit to see how Bernard has been getting on.

0:45:29 > 0:45:31# Settle down

0:45:31 > 0:45:35# Don't settle down without me

0:45:35 > 0:45:38# No, no, settle down

0:45:38 > 0:45:41# I'll settle down for good

0:45:41 > 0:45:45# Yeah, settle down

0:45:45 > 0:45:49# I'll settle down around you

0:45:49 > 0:45:52# Yeah, settle down

0:45:52 > 0:45:58# I'll settle down for sure, yeah... #

0:45:58 > 0:46:01Bernard hasn't done too much to the property,

0:46:01 > 0:46:04besides putting in some new windows where the old ones had failed,

0:46:04 > 0:46:06and a general lick of paint throughout.

0:46:08 > 0:46:11Plain sailing so far, although he did have to get stuck in

0:46:11 > 0:46:14when it came to the rotten floor in this room.

0:46:14 > 0:46:18# Whatever I can do, I will

0:46:18 > 0:46:22# Cos I'm good like that... #

0:46:22 > 0:46:25That corner here was where the floor had rotted.

0:46:25 > 0:46:29So, literally, I've taken the whole floor up.

0:46:29 > 0:46:33Completely replaced it with new joists, everything.

0:46:33 > 0:46:37And then re-floored it with new laminate flooring.

0:46:37 > 0:46:41Painted all the walls, so it's now a little living room now,

0:46:41 > 0:46:43where you can sit down and read the paper, or read a book,

0:46:43 > 0:46:45whenever you like.

0:46:45 > 0:46:47# Yeah, yeah, settle down

0:46:47 > 0:46:53# I'll settle down for sure, yeah... #

0:46:53 > 0:46:54A lot of the issues in this house

0:46:54 > 0:46:58were caused by the absence of guttering and pipe maintenance,

0:46:58 > 0:47:00which Bernard has sorted out.

0:47:00 > 0:47:03But he's been relaxed about the mine waste issues,

0:47:03 > 0:47:05since, out of nine samples,

0:47:05 > 0:47:08only one came back as possibly being affected.

0:47:08 > 0:47:12And since he's not selling on, he's in no hurry to tackle it.

0:47:12 > 0:47:15I haven't set a timescale on it.

0:47:15 > 0:47:20I know roughly how much it will cost to do it, and probably,

0:47:20 > 0:47:23maybe 10,000 to 15,000.

0:47:23 > 0:47:24But that's at the top end.

0:47:26 > 0:47:28Bernard also plans on re-concreting the driveway

0:47:28 > 0:47:30at some stage in the future.

0:47:30 > 0:47:32So when that's been done,

0:47:32 > 0:47:33he'll have the repairs made

0:47:33 > 0:47:37to the furnace ash affecting the front wall.

0:47:37 > 0:47:40He originally had a total budget of £25,000.

0:47:40 > 0:47:44So how much of a dent has the work he's done so far made in that?

0:47:44 > 0:47:47To be honest with you, it's less than 2,000.

0:47:47 > 0:47:51If I'd had the floor, someone in to do it, yes, it would have cost me,

0:47:51 > 0:47:52probably, a lot more.

0:47:52 > 0:47:56If it's something I can do, I am retired now,

0:47:56 > 0:47:59so I need things to do in my retirement!

0:47:59 > 0:48:01Things like that suit me fine.

0:48:01 > 0:48:06There's one thing, when you've been working day in, day out,

0:48:06 > 0:48:09and you don't really have the chance to do things,

0:48:09 > 0:48:13I want to take advantage of it, just for a little while.

0:48:13 > 0:48:16So I can sort of get up when I want to, do whatever I want to do,

0:48:16 > 0:48:18and just relax.

0:48:18 > 0:48:22So I'm having the holiday now that I haven't had for years,

0:48:22 > 0:48:23so there you go.

0:48:25 > 0:48:27Bernard has been living near his brother,

0:48:27 > 0:48:30and been able to take in all the nice outdoor spots

0:48:30 > 0:48:33that Cornwall has to offer over the last three years.

0:48:33 > 0:48:36This seems like it's been a wise purchase.

0:48:38 > 0:48:41As far as I'm concerned, I'm glad I bought the house.

0:48:41 > 0:48:45I got a feeling about the place when I bought it.

0:48:45 > 0:48:48And I think if you're buying a place to live in it,

0:48:48 > 0:48:50it's what your heart tells you.

0:48:50 > 0:48:53You think, "Yes, I like this, I really feel I could live here."

0:48:53 > 0:48:56I like the area, I've got family down here.

0:48:56 > 0:48:58So, no problem.

0:48:58 > 0:48:59I'm happy.

0:49:00 > 0:49:04Well, Bernard might be settled, and isn't planning on selling,

0:49:04 > 0:49:07but what would the agents recommend he should do

0:49:07 > 0:49:09to get the best price

0:49:09 > 0:49:12if he wanted to make a profit from this property?

0:49:12 > 0:49:15Let's hear from the agent who saw it last time.

0:49:15 > 0:49:18If Bernard was going to sell the property,

0:49:18 > 0:49:20I would suggest a new kitchen,

0:49:20 > 0:49:21new bathroom,

0:49:21 > 0:49:24maybe new flooring, just general redecoration.

0:49:26 > 0:49:29And how does the other agent think any potential sales here

0:49:29 > 0:49:33would be affected by the front wall still containing mining waste?

0:49:33 > 0:49:35At the moment, it is fine.

0:49:35 > 0:49:39It's not causing any structural anomalies to the property.

0:49:39 > 0:49:43But it's just something to bear in mind in the future, going forward,

0:49:43 > 0:49:46if he was to ever sell the property, get it looked at, get it fixed,

0:49:46 > 0:49:48get a clean bill of health,

0:49:48 > 0:49:49and it can be back up to full market value.

0:49:51 > 0:49:53Bearing in mind that Bernard has spent

0:49:53 > 0:49:56a total of £177,000 on it already,

0:49:56 > 0:49:58and could spend as much as £20,000

0:49:58 > 0:50:02on a new drive and sorting out the front wall,

0:50:02 > 0:50:04what exactly would be full market value

0:50:04 > 0:50:08for this five-bedroom bungalow?

0:50:08 > 0:50:09If it was all mortgageable,

0:50:09 > 0:50:12all fixed, I would market the property at £230,000.

0:50:12 > 0:50:14If the structural issues were to be sorted,

0:50:14 > 0:50:16and the property was improved,

0:50:16 > 0:50:19I would recommend a guide price of around £250,000.

0:50:19 > 0:50:22It's not even in my mind, what I can make on this.

0:50:22 > 0:50:25My point is, I thought, "Yes, I want a nice house

0:50:25 > 0:50:28"that will suit me for my retirement."

0:50:28 > 0:50:30At the end of the day,

0:50:30 > 0:50:34I know that I'm going to be happy, and, also, obviously,

0:50:34 > 0:50:36I'm with family nearby.

0:50:36 > 0:50:38And, um...

0:50:38 > 0:50:40It sort of makes a big difference.

0:50:41 > 0:50:44Well, Bernard, I hope you enjoy your retirement

0:50:44 > 0:50:46on the beautiful Cornish coast.

0:50:54 > 0:50:57Within easy reach of Wolverhampton University

0:50:57 > 0:51:00was where I looked at this three-bed semi

0:51:00 > 0:51:04with two public rooms, and, given its location,

0:51:04 > 0:51:08I think the writing was on the wall for its future, as well as its past.

0:51:10 > 0:51:14I'm taking a guess that this was a shared house.

0:51:14 > 0:51:19With potentially five letting rooms on offer, a large kitchen, bathroom,

0:51:19 > 0:51:23and room to add more, this was surely destined to be a HMO.

0:51:23 > 0:51:26Or a house of multiple occupancy.

0:51:26 > 0:51:28And it was bought for £105,000

0:51:28 > 0:51:33as a joint venture between Abby and her Auntie Jean.

0:51:33 > 0:51:37Having only just graduated from the nearby university,

0:51:37 > 0:51:41Abby was well placed to know what was required, and, as such,

0:51:41 > 0:51:45was going to oversee the spending of Jean's 30-grand budget.

0:51:45 > 0:51:48She hoped to complete the work in around six months,

0:51:48 > 0:51:51ready for the next academic year.

0:51:51 > 0:51:53Is this your first venture together with your auntie?

0:51:53 > 0:51:55- Yeah.- And did you want something this big,

0:51:55 > 0:51:58or did you just want something for students?

0:51:58 > 0:52:00I was thinking something small at first,

0:52:00 > 0:52:03but she was thinking more multiple occupancy, big.

0:52:03 > 0:52:06So this was perfect, really.

0:52:06 > 0:52:09I suppose, dive in the deep end, it's better, isn't it? So...

0:52:09 > 0:52:11You're not messing about, you've gone for it, haven't you!

0:52:11 > 0:52:13Yeah!

0:52:13 > 0:52:16# Go for it, yeah

0:52:16 > 0:52:20# Go for it, yeah... #

0:52:20 > 0:52:22So, did they really go for it?

0:52:22 > 0:52:25Well, just under seven months on, and we are back.

0:52:33 > 0:52:37That's a pretty impressive kitchen, with bags of personality,

0:52:37 > 0:52:41and the rear utility room is now a plush new shower room.

0:52:43 > 0:52:45Great minds, eh, Abby, great minds!

0:52:45 > 0:52:47But what about the five lettable rooms?

0:52:47 > 0:52:50Have they been given the personal touch?

0:52:52 > 0:52:56Each room that we have here is also named after my great grandparents,

0:52:56 > 0:52:58so we've got, like, for example,

0:52:58 > 0:53:00Richard, or Dorothy, and, obviously,

0:53:00 > 0:53:02each room has its own different theme.

0:53:05 > 0:53:07So, downstairs, say hello to Dorothy.

0:53:10 > 0:53:12Merris, hi, Merris.

0:53:12 > 0:53:15And luckily, neither Dorothy nor Merris

0:53:15 > 0:53:17are hiding anything behind

0:53:17 > 0:53:19the strange boarding I saw on my first visit.

0:53:21 > 0:53:24All the walls were as sound as a pound.

0:53:24 > 0:53:25While, upstairs, we have Sam.

0:53:25 > 0:53:26Hello, Sam.

0:53:31 > 0:53:34Effeginia, which has remained as one bedroom.

0:53:35 > 0:53:38Which just leaves bedroom number five, Richard.

0:53:43 > 0:53:46And they all share a bathroom called Dion.

0:53:46 > 0:53:48No, they don't,

0:53:48 > 0:53:50I'm just trying to get in on the act!

0:53:50 > 0:53:52Who did Abby call in to do the work?

0:53:52 > 0:53:57# Call me in a sweet design Call me... #

0:53:57 > 0:54:00The majority of the work has been done by the builder that we found.

0:54:00 > 0:54:02It took us a long time to find him, because, like,

0:54:02 > 0:54:04a lot of the builders we had before

0:54:04 > 0:54:07wanted us to tell them what we wanted to do,

0:54:07 > 0:54:09which we didn't really know.

0:54:09 > 0:54:12We wasn't sure. We needed them to sort of advise us.

0:54:12 > 0:54:14And, obviously, we found our builder.

0:54:14 > 0:54:16He knew what he was doing straightaway.

0:54:16 > 0:54:19And once they found the right builder,

0:54:19 > 0:54:23the bulk of the work was complete within their six-month timescale.

0:54:23 > 0:54:26There's a back garden that still has some finishing off to do,

0:54:26 > 0:54:28tidying up, planting, etc.

0:54:28 > 0:54:31But how involved did Abby and Auntie Jean get?

0:54:32 > 0:54:35I have a job that I do full time, I work in retail.

0:54:35 > 0:54:37So where as I was meant to play a huge role,

0:54:37 > 0:54:39because of her living in London and not here,

0:54:39 > 0:54:41it sort of had to switch up,

0:54:41 > 0:54:44and she had to spend the majority of her time down here.

0:54:44 > 0:54:45But, in the long run, it was better,

0:54:45 > 0:54:49because then I learned properly how to do stuff from her.

0:54:49 > 0:54:51And she learned some stuff along the way.

0:54:52 > 0:54:57And, very wisely, Jean took a course on how to run a HMO.

0:54:57 > 0:55:01Meanwhile, Abby's full-time job and returning to study

0:55:01 > 0:55:03meant Jean took over,

0:55:03 > 0:55:06but she still managed to be involved in this project.

0:55:06 > 0:55:08So how did the partnership work?

0:55:10 > 0:55:12Working with my aunt has been interesting.

0:55:12 > 0:55:14She's a bit of a perfectionist.

0:55:14 > 0:55:16Say, if something was put in a certain way,

0:55:16 > 0:55:18I'd be like, "I don't mind that."

0:55:18 > 0:55:20She'd be like, "No, no, it's got to be done this way."

0:55:20 > 0:55:24We managed to compromise and get through it, so it's been good.

0:55:24 > 0:55:27And if there was perhaps a slight change in the roles played here,

0:55:27 > 0:55:29there was also a change in the thinking

0:55:29 > 0:55:31of what the house could be used for.

0:55:31 > 0:55:34After speaking to the landlords that have HMOs,

0:55:34 > 0:55:38we realised that it would be better for us to let to professionals,

0:55:38 > 0:55:41because then we could have longer tenancy agreements.

0:55:41 > 0:55:42Whereas, probably, every two years,

0:55:42 > 0:55:45we've got to find new tenants from students,

0:55:45 > 0:55:47and they're not going to be living here for a full year,

0:55:47 > 0:55:48just during term time.

0:55:50 > 0:55:51Totally get that.

0:55:51 > 0:55:54Student lets aren't for everyone.

0:55:54 > 0:55:56Financially rewarding, but hard work.

0:55:57 > 0:56:00Talking about money, though...

0:56:00 > 0:56:02Our original budget was £30,000.

0:56:02 > 0:56:03We increased it a bit,

0:56:03 > 0:56:05just in case the walls in the reception rooms

0:56:05 > 0:56:07needed extra work doing.

0:56:07 > 0:56:09But, in the end, we only spent £23,000.

0:56:11 > 0:56:14That is good going, as it includes the building work,

0:56:14 > 0:56:16materials, carpets, furniture,

0:56:16 > 0:56:20but there were another £5,000 in fees.

0:56:20 > 0:56:24Money well spent. Well, what do two local property experts think?

0:56:26 > 0:56:28It's my second visit to the property.

0:56:28 > 0:56:31And, yep, they've really done it out well.

0:56:31 > 0:56:33I think the layout of the property is very good,

0:56:33 > 0:56:36because you've created an extra shower room downstairs.

0:56:36 > 0:56:39So you've got shower rooms on both floors,

0:56:39 > 0:56:41you've got a nice big kitchen.

0:56:41 > 0:56:42Yeah, the layout works really well.

0:56:44 > 0:56:47This is Abby and her auntie's first property venture together.

0:56:47 > 0:56:50But is it a financially successful one,

0:56:50 > 0:56:54with an outlay of £133,000 on the house?

0:56:54 > 0:56:57I would feel that they would achieve

0:56:57 > 0:57:01something between £170,000 and £175,000.

0:57:01 > 0:57:05Fully occupied, you're going to be looking in the region of £170,000.

0:57:05 > 0:57:11So a potential pre-tax profit of between £37,000 and £42,000.

0:57:11 > 0:57:14But it's the rentals that's really important here.

0:57:14 > 0:57:15We have one single in the property,

0:57:15 > 0:57:18which is going to be in the region of £90 per week,

0:57:18 > 0:57:20and the doubles do vary slightly in sizes,

0:57:20 > 0:57:24but they are going to be anywhere up to £120, maybe £130 per week.

0:57:24 > 0:57:27The smaller rooms in the property

0:57:27 > 0:57:31would rent out at £90 to £100 per week.

0:57:33 > 0:57:38And the larger rooms would be in the region of £110 to £115.

0:57:38 > 0:57:42The figures for the rental values of the room are quite good.

0:57:42 > 0:57:46They are similar to ours, so that's great.

0:57:46 > 0:57:48Those figures will equate

0:57:48 > 0:57:51to an annual income of around £25,000 to £30,000,

0:57:51 > 0:57:54or a yield of about 20%.

0:57:54 > 0:57:55Good on you, girls.

0:57:55 > 0:57:58So will this property partnership continue?

0:58:00 > 0:58:02Yeah, definitely, I would work with her again.

0:58:02 > 0:58:04It's been fun to learn more about each other,

0:58:04 > 0:58:06especially seeing as she doesn't live here.

0:58:06 > 0:58:09You know, spending a bit more time with each other.

0:58:09 > 0:58:12So, yeah, looking forward to the next one, definitely.

0:58:14 > 0:58:17Well, it's not unusual to have the odd hiccup here and there

0:58:17 > 0:58:19when it comes to property developing.

0:58:19 > 0:58:20Yeah, that is true.

0:58:20 > 0:58:22But if you do it right, the returns can be rewarding.

0:58:22 > 0:58:23Indeed, they can.

0:58:23 > 0:58:26So join us next time for more auction stories

0:58:26 > 0:58:28on Homes Under The Hammer.

0:58:28 > 0:58:29- ALL:- Goodbye.