0:00:02 > 0:00:03Hello, welcome the show.
0:00:03 > 0:00:06Now, when you're just starting out, getting to grips with property
0:00:06 > 0:00:09investment, it can be a little bit tricky.
0:00:09 > 0:00:11Yeah, but doing your research will go a long way.
0:00:11 > 0:00:13Trust us, we do know our business.
0:00:13 > 0:00:15Yes, and when it becomes a little less daunting,
0:00:15 > 0:00:20maybe that's the time to head down to your local property auction.
0:00:46 > 0:00:48From what I've seen throughout my years,
0:00:48 > 0:00:52the best advice I can give someone purchasing at auction is go in with
0:00:52 > 0:00:54a good idea, and knowing what you want.
0:00:54 > 0:00:57Yes, but with a huge variety of property on offer,
0:00:57 > 0:00:59sometimes you need to be flexible,
0:00:59 > 0:01:01maybe altering your ideas or even your budget.
0:01:01 > 0:01:04Can this be said for any of the buyers onto today's show?
0:01:04 > 0:01:06Let's find out what they bought.
0:01:07 > 0:01:09In East Peckham, Kent,
0:01:09 > 0:01:11this three-bed chalet bungalow makes me feel like
0:01:11 > 0:01:14I'm in The Day Of The Triffids.
0:01:14 > 0:01:16These plants feel like they're coming to eat you!
0:01:17 > 0:01:20Beauty is in the eye of the beholder with my heavy plant at the site of a
0:01:20 > 0:01:23former care home in Tredegar in Wales.
0:01:23 > 0:01:27So, actually, this is a bit of a bonus.
0:01:27 > 0:01:31The drive's blocked at this three-bed end terrace in Warwickshire.
0:01:31 > 0:01:33To fell or not to fell?
0:01:33 > 0:01:35That is the question.
0:01:35 > 0:01:37Before you do anything, do your research.
0:01:39 > 0:01:41All of these properties have been sold at auction,
0:01:41 > 0:01:44and we'll find out who bought them and what they paid for them when
0:01:44 > 0:01:47- they went under the hammer. - It's yours, sir.
0:01:50 > 0:01:52Now, to East Peckham.
0:01:52 > 0:01:56No, not the Del Boy and Rodney one in London, you plonker!
0:01:56 > 0:01:59This village in Kent, about five miles from Tunbridge.
0:01:59 > 0:02:02The oast houses here reveal that it was once the centre of the
0:02:02 > 0:02:04hop-growing industry,
0:02:04 > 0:02:08and it's still surrounded by beautiful Kent countryside.
0:02:08 > 0:02:11On the outskirts of this sleepy village is the property I'm here to see.
0:02:11 > 0:02:13It's a semidetached,
0:02:13 > 0:02:17three-bedroom house that's described as a chalet-style bungalow.
0:02:17 > 0:02:20And it has a guide price of £195,000+.
0:02:22 > 0:02:25Look, you certainly get plenty foliage for your money.
0:02:25 > 0:02:28You're going to need to get your gardening gloves on for this one,
0:02:28 > 0:02:30because...
0:02:30 > 0:02:31# It's a jungle out there
0:02:31 > 0:02:34# It's a jungle out there... #
0:02:36 > 0:02:39I made it through the nettles unscathed.
0:02:39 > 0:02:45Oh... OK, this is what's known in the industry as really stinky.
0:02:45 > 0:02:47The smell hits you straightaway.
0:02:47 > 0:02:50To my left, let's see, a kitchen, good size.
0:02:50 > 0:02:52That's the only good thing I can say about it.
0:02:52 > 0:02:55It needs to come out. It's covered in grime!
0:02:55 > 0:02:57Just grime on top of grime.
0:02:57 > 0:03:00Oh, you need a new kitchen in there.
0:03:00 > 0:03:03I think these walls, at some point, might have been white,
0:03:03 > 0:03:06but they've yellowed over the years.
0:03:06 > 0:03:07There's cobwebs everywhere.
0:03:07 > 0:03:09Through to reception room.
0:03:09 > 0:03:12You could salvage the fireplace.
0:03:12 > 0:03:14It's quite nice, a brick fireplace.
0:03:15 > 0:03:21Windows are double glazed, but old and...
0:03:21 > 0:03:23Yeah, you need to modernise them, too.
0:03:23 > 0:03:24Likewise, the door.
0:03:24 > 0:03:27Do you see the theme here? Everything needs to go.
0:03:29 > 0:03:32So far, I don't think there's much to be salvaged.
0:03:32 > 0:03:35The radiators look way past their sell-by date.
0:03:35 > 0:03:38The light fitting and hi-fi are definitely low rent,
0:03:38 > 0:03:43but it's the overwhelming smell that pervades, and not just in this room,
0:03:43 > 0:03:45it's next door, too.
0:03:47 > 0:03:49I'd say this is an extension.
0:03:49 > 0:03:51There are a few telltale signs.
0:03:51 > 0:03:55It feels a lot flimsier than the rest of the house, so...
0:03:55 > 0:03:59And looking up, you've got a problem here.
0:03:59 > 0:04:00It looks like damp.
0:04:00 > 0:04:04Perhaps there's been a leak, but you can see right through to upstairs,
0:04:04 > 0:04:07and then... OK, let's look for plusses.
0:04:07 > 0:04:08You do have patio doors.
0:04:08 > 0:04:11You might need new ones, but it leads out into a garden.
0:04:11 > 0:04:13It's not half a garden, is it?
0:04:13 > 0:04:15These plants feel like they're coming to eat you!
0:04:15 > 0:04:17They feel like they're going to break into the house.
0:04:20 > 0:04:23Maybe I've been watching too many scary movies,
0:04:23 > 0:04:28but doesn't this house remind you of the set of a certain carnivore
0:04:28 > 0:04:29plant film?
0:04:29 > 0:04:30# Little shoppa horrors
0:04:30 > 0:04:33# Bop sh'bop, little shoppa terror
0:04:33 > 0:04:34# Watch 'em drop
0:04:34 > 0:04:36# Little shoppa horrors
0:04:36 > 0:04:39# No, oh, oh, no-oh! #
0:04:39 > 0:04:43Phew! Lucky I haven't seen any man-eating plants in this garden...
0:04:43 > 0:04:46Yet! You could have a big space to play with here,
0:04:46 > 0:04:50but it's so overgrown that you'd need to remove all of the foliage to
0:04:50 > 0:04:53find out. I spy a garage next to the
0:04:53 > 0:04:56house, as well, but I won't go inside.
0:04:56 > 0:04:59I'd rather not risk being fed to the plants.
0:05:02 > 0:05:04Are there any more little horrors inside this house?
0:05:06 > 0:05:08Up the stairs.
0:05:08 > 0:05:10Lots of animal hair on these stairs.
0:05:10 > 0:05:13And I'm almost intrigued to know what colour these yellow walls
0:05:13 > 0:05:17originally were. Through to a bedroom, which is an OK size.
0:05:17 > 0:05:20It's quite narrow. You'll want to look at your electrics,
0:05:20 > 0:05:23make sure everything's safe.
0:05:23 > 0:05:26The boiler's really old, needs updating.
0:05:26 > 0:05:29And quite an odd-looking platform.
0:05:29 > 0:05:31It seems a bit out of place.
0:05:31 > 0:05:32When you're coming upstairs, of course,
0:05:32 > 0:05:35this is your headroom as you're coming up the stairs,
0:05:35 > 0:05:39but you could really utilise this dead space and make it...
0:05:39 > 0:05:41Just make it a bit cleaner.
0:05:41 > 0:05:45So, you would have wardrobes, perhaps, here, some sort of storage space.
0:05:45 > 0:05:49Oh. When the outside comes in, darling.
0:05:49 > 0:05:52I like it. It's a bit of a feature, isn't it?
0:05:52 > 0:05:55So, your plants are literally coming inside your house.
0:05:55 > 0:05:57No need to buy too many pot plants, I guess.
0:05:58 > 0:06:02All of this ivy and other plant life could be causing issues with the
0:06:02 > 0:06:05masonry, but you wouldn't know until you hack it back.
0:06:07 > 0:06:09And, arachnophobes, look away now!
0:06:09 > 0:06:13Because while the second bedroom down the hall doesn't have a forest,
0:06:13 > 0:06:18it does have its own type of outside predators sneaking in.
0:06:18 > 0:06:23# A spider web and I'm caught in the middle... #
0:06:23 > 0:06:25Across from the second bedroom,
0:06:25 > 0:06:29there's a rather gritty-looking bathroom that needs stripping out.
0:06:29 > 0:06:32Upstairs looks just as neglected as downstairs,
0:06:32 > 0:06:35and we still have one more room to go.
0:06:35 > 0:06:38Through to... OK, this is a really long bedroom.
0:06:38 > 0:06:40Now, the reason it's long...
0:06:40 > 0:06:44Remember downstairs, I said I thought there was an extension on the house?
0:06:44 > 0:06:48Well, you'll find that the house originally stops here.
0:06:48 > 0:06:49It's been made longer.
0:06:49 > 0:06:53So, it's elongated, good, good size and, actually,
0:06:53 > 0:06:56you've got a toilet off there, so that all works.
0:06:56 > 0:06:57What doesn't work...
0:06:58 > 0:07:00The holes I've spotted.
0:07:00 > 0:07:03Yes. Downstairs, I spotted holes in the ceiling.
0:07:03 > 0:07:05These are the holes from the floor.
0:07:05 > 0:07:07It looks pretty wet and damp.
0:07:07 > 0:07:10You may find there's been a burst pipe, the bathroom's next door.
0:07:10 > 0:07:12It just needs some investigation.
0:07:12 > 0:07:16And if you can see past the grime and the hole, you know,
0:07:16 > 0:07:18the potential could be great.
0:07:18 > 0:07:21We asked a local estate agent to make his way through the jungle and
0:07:21 > 0:07:26give us his opinion on the bungalow, guided at £195,000+.
0:07:26 > 0:07:29# I was standing in the jungle
0:07:29 > 0:07:31# I was feeling all right... #
0:07:34 > 0:07:36This property is not very nice at all.
0:07:36 > 0:07:40In fact, it's one of the worst I've seen in 40 years in the business.
0:07:40 > 0:07:42No argument from me on that.
0:07:42 > 0:07:44This is a really big project.
0:07:44 > 0:07:46What could it cost to renovate?
0:07:46 > 0:07:48If I was managing this project,
0:07:48 > 0:07:52I would expect to spend approximately 40,000 doing it up.
0:07:52 > 0:07:53But would it be worth the bother?
0:07:53 > 0:07:56It's guided at £195,000+.
0:07:56 > 0:07:58What could it sell for once done up?
0:07:58 > 0:08:01When this property is refurbished to a decent standard,
0:08:01 > 0:08:06I would suggest the value is approximately £335,000.
0:08:06 > 0:08:10This house clearly hasn't been loved for a very long time,
0:08:10 > 0:08:14so whoever buys it needs to strip it back to make sure it's brought up to
0:08:14 > 0:08:16modern standards. And then you've got that hole in the roof.
0:08:16 > 0:08:20But despite these problems, this could be a great project for someone.
0:08:20 > 0:08:25Let's find out who saw the potential when it went under the hammer.
0:08:25 > 0:08:28We'll start at 200 on this, go up.
0:08:28 > 0:08:30205 anywhere?
0:08:30 > 0:08:34I've got 200 down here. Anyone else? 200?
0:08:34 > 0:08:37First time, second time, third and last time...
0:08:39 > 0:08:42I know! Well, you've bid.
0:08:42 > 0:08:44I'll take yours, cos, well done.
0:08:44 > 0:08:46205. I'm just having a bit of fun, really.
0:08:46 > 0:08:49205. 210. You thought you'd got it, didn't you?
0:08:49 > 0:08:52- Hard luck!- This lot proved popular.
0:08:52 > 0:08:55We rejoin the bidding at £257,000.
0:08:55 > 0:08:56257.
0:08:56 > 0:08:59It's worth a go. 259.
0:08:59 > 0:09:00Now, this is the crunch one.
0:09:00 > 0:09:03261? Just over that limit.
0:09:04 > 0:09:06259 in the aisle.
0:09:06 > 0:09:10First time, second time, third and last time...
0:09:12 > 0:09:14Sold, 259.
0:09:17 > 0:09:21The successful bid of £259,000 came from Natalie,
0:09:21 > 0:09:24and this particular project is a venture with her husband,
0:09:24 > 0:09:26brother-in-law, and a friend.
0:09:26 > 0:09:30I met her at the very tired bungalow to find out why they
0:09:30 > 0:09:35had been prepared to spend 64 grand over the guide price to get it.
0:09:37 > 0:09:38Natalie, hello.
0:09:38 > 0:09:40- Hi.- Pleased to meet you. - Nice to meet you.
0:09:40 > 0:09:41- And congratulations.- Thank you.
0:09:41 > 0:09:44Now, is this a first for you?
0:09:44 > 0:09:47So, my husband and I have got a few rental properties that we've sort of
0:09:47 > 0:09:50done over the last ten years - ten, 15 years.
0:09:50 > 0:09:55And last year we did a smaller, much smaller project than this.
0:09:55 > 0:09:58It was a flat. This is the first time I've bought at auction,
0:09:58 > 0:10:01and it's a much bigger project than I've done before.
0:10:01 > 0:10:04OK. So, it's more distressed than anything you've been used to?
0:10:04 > 0:10:07Yes. Yes, looking round it today, as well,
0:10:07 > 0:10:09it's slightly worse than I remember it being.
0:10:09 > 0:10:12- Oh, really?- Yes!- So, you did come to see this property before you bid?
0:10:12 > 0:10:15- I did, yes.- Nothing about it put you off?
0:10:15 > 0:10:17No, I actually got a really nice feel for it.
0:10:17 > 0:10:21And like I say, it was, I thought, in slightly better condition.
0:10:21 > 0:10:24But actually, coming back today, it's fine.
0:10:24 > 0:10:26What scares me is out the back.
0:10:26 > 0:10:29It's... But I think that's just clearing.
0:10:29 > 0:10:31So, hopefully it will be all right.
0:10:31 > 0:10:33- You said the garden was scaring you. - Mm.
0:10:33 > 0:10:35See, I wouldn't be scared by the garden so much.
0:10:35 > 0:10:37I would just be like, well, you know,
0:10:37 > 0:10:39you just clearing it all out and turf it or pave it,
0:10:39 > 0:10:41but what's scaring you about that?
0:10:41 > 0:10:44Just the volume of stuff out there.
0:10:44 > 0:10:47And obviously, you can't even get in to the garden at the moment,
0:10:47 > 0:10:48it's so overgrown
0:10:48 > 0:10:50Yeah, you're probably right, actually.
0:10:50 > 0:10:53Once we get it moving, and just start clearing things out,
0:10:53 > 0:10:55then it probably won't take as long as I think it does,
0:10:55 > 0:10:57or I think it's going to.
0:10:57 > 0:10:59Talk me through your plans.
0:10:59 > 0:11:02So, you come in the door, what are you doing?
0:11:02 > 0:11:05I don't think, structurally, we're looking to do anything major.
0:11:05 > 0:11:08We're not going to build a big extension or anything like that.
0:11:08 > 0:11:11It'll be a case of, if we can keep the walls, great, if not,
0:11:11 > 0:11:13we might need to redo the walls.
0:11:13 > 0:11:16Probably re-plaster some of the ceilings.
0:11:16 > 0:11:18New kitchen, new bathroom.
0:11:18 > 0:11:21I think possibly make the bathroom slightly bigger,
0:11:21 > 0:11:25if we can take a little bit of room off one of the other bedrooms.
0:11:25 > 0:11:27There's a sloping wall in one of the bedrooms,
0:11:27 > 0:11:30so either block that in or make it into a cupboard.
0:11:30 > 0:11:32And then it will be just making sure
0:11:32 > 0:11:35it's then done up to sort of sell on,
0:11:35 > 0:11:39- so...- You do have, as you say, you do have an issue with the ceiling...
0:11:39 > 0:11:40- Yes.- ..in one part.
0:11:40 > 0:11:42It looks very wet.
0:11:42 > 0:11:45- It looks like there's been a leak there somehow.- A leak, yeah.
0:11:45 > 0:11:49I think the joists do feel a bit damp, so if they're OK,
0:11:49 > 0:11:50then, fine, we'll keep them,
0:11:50 > 0:11:53but if not we might just need to replace some of those.
0:11:53 > 0:11:58Natalie will be project managing this on behalf of her three
0:11:58 > 0:12:01business partners. They hope it will be the first of many,
0:12:01 > 0:12:03and it looks like she's all over this one,
0:12:03 > 0:12:07with a sensible timescale of up to six months,
0:12:07 > 0:12:09and a budget of 40 grand.
0:12:09 > 0:12:12I can tell you're just one of those people that can come in, see past
0:12:12 > 0:12:14all the kind of dirt and rubbish,
0:12:14 > 0:12:16and you've got a real clear idea in your head,
0:12:16 > 0:12:18so I can't wait to see what that idea translates to.
0:12:18 > 0:12:20- OK.- Best of luck. - Thank you very much.
0:12:20 > 0:12:22- And congratulations again. - Lovely. Thank you.
0:12:22 > 0:12:27- Thank you.- Natalie's the kind of woman who instils confidence.
0:12:27 > 0:12:30She's looking to expand her property experience from rentals to
0:12:30 > 0:12:35renovations, and she's pretty sure she's got a sound property.
0:12:35 > 0:12:39But will she find any more cracks or holes in her plan?
0:12:39 > 0:12:45Let's hope not. You can find out what happens later in the show.
0:12:45 > 0:12:47# Ar ben Waun Tredegar
0:12:47 > 0:12:50# Mae 'nghariad i'n byw... #
0:12:50 > 0:12:55I'm In the Ashvale suburb of Tredegar in south-east Wales,
0:12:55 > 0:12:5730 miles from Cardiff.
0:12:57 > 0:13:01Tredegar is famous as the birthplace of Aneurin Bevan,
0:13:01 > 0:13:04the creator of the National Health Service.
0:13:04 > 0:13:07Well, not surprisingly, they are hugely proud of their
0:13:07 > 0:13:10association with Nye Bevan around here.
0:13:10 > 0:13:14And amongst other things, they named the local nursing home after him.
0:13:14 > 0:13:18Well, unfortunately, that nursing home has now gone,
0:13:18 > 0:13:20leaving this plot of land.
0:13:20 > 0:13:21Which is a good coincidence,
0:13:21 > 0:13:23because this is the thing that was up for auction,
0:13:23 > 0:13:27with a guide price of £100,000 to £120,000.
0:13:27 > 0:13:290.9 acres...
0:13:29 > 0:13:31Well, let's explore.
0:13:34 > 0:13:37All that's left of the former care home is a bit of hard standing.
0:13:37 > 0:13:41Three stone walls, quite a few weeds and an electricity substation,
0:13:41 > 0:13:43which I'm a bit wary of.
0:13:43 > 0:13:48# Well, I look at it myself as the beginning really of an exploration
0:13:48 > 0:13:52# That's the reason we're exploring... #
0:14:02 > 0:14:04So, it's a good-sized plot.
0:14:04 > 0:14:08What we really want to know is, what could it be used for?
0:14:08 > 0:14:09What is its potential to be
0:14:09 > 0:14:12something you could build on, therefore?
0:14:12 > 0:14:15That's the kind of question a developer will be asking before they
0:14:15 > 0:14:18took the project on. Well, the good news is,
0:14:18 > 0:14:20it has had a building on here before,
0:14:20 > 0:14:22so it's what they call a brownfield site.
0:14:22 > 0:14:24So, that's good news. This second thing is,
0:14:24 > 0:14:27you are within the local development zone, if you like.
0:14:27 > 0:14:29You can see, you're surrounded by houses.
0:14:29 > 0:14:32So, again, that is good news.
0:14:32 > 0:14:35You could make something called a pre-application, a pre-app,
0:14:35 > 0:14:38to the council. That's where, even before you get involved in the
0:14:38 > 0:14:40planning process, you can get in contact with them, even over the
0:14:40 > 0:14:43phone, sometimes as informally as that, and say,
0:14:43 > 0:14:45what do you think would be allowed on this plot?
0:14:45 > 0:14:48And you can do that before the auction, which is a great thing to do.
0:14:48 > 0:14:51And then you go through the whole process of getting your planning
0:14:51 > 0:14:53permission. Now, glancing around, seeing what I've seen,
0:14:53 > 0:14:58knowing what I know, I reckon this could be a real doozy of a plot.
0:14:58 > 0:15:01# Exploration... #
0:15:01 > 0:15:03But you know what they say - don't count your bizarre,
0:15:03 > 0:15:07unexpected and extremely large doozies before they hatch.
0:15:07 > 0:15:08Or should that be chickens?
0:15:08 > 0:15:12Well, whatever. Remember, plots have a tendency to thicken.
0:15:15 > 0:15:16So, it's all looking good.
0:15:16 > 0:15:20However, this is where it's really important that you read the legal
0:15:20 > 0:15:23pack, because you could think, well, this is a really interesting,
0:15:23 > 0:15:27moneymaking opportunity... And it probably is.
0:15:27 > 0:15:30However, the person who's selling it has also recognised that,
0:15:30 > 0:15:33so they've put into the contract of sale something called an overage
0:15:33 > 0:15:39clause. And overage clauses take all sorts of different styles, types,
0:15:39 > 0:15:43whatever, but it's basically saying, if in the future the value of this
0:15:43 > 0:15:46land, or what you build on it, goes up,
0:15:46 > 0:15:49then you have to pay the person who's selling it a bit more money.
0:15:49 > 0:15:51Now, that could be the value of the land,
0:15:51 > 0:15:53if it goes up because of planning permission,
0:15:53 > 0:15:58or it could be the development value of the finished properties.
0:15:58 > 0:16:01It could amount to a significant amount of money.
0:16:01 > 0:16:04And as long as you factor that into your thought processes, that's fine.
0:16:04 > 0:16:06But to find out suddenly,
0:16:06 > 0:16:08as you're about to sell all your properties for a lot of money that
0:16:08 > 0:16:11you have to give 50% back, that would be bad.
0:16:11 > 0:16:13In this particular case,
0:16:13 > 0:16:17the overage clause is on the rising value of the land once it gains
0:16:17 > 0:16:21planning permission, not on any properties built here, so that's good.
0:16:21 > 0:16:24It often pays to look for the good in things.
0:16:28 > 0:16:30Well, situated in the core of the plot is this.
0:16:30 > 0:16:33It is an electricity substation.
0:16:33 > 0:16:36You can actually hear it humming with those millions of watts of power.
0:16:36 > 0:16:39Is it a good thing to have it there? Well, normally not.
0:16:39 > 0:16:43However, I think this could actually be a bit of a bonus because one of
0:16:43 > 0:16:46the things you really need when you're building a development like
0:16:46 > 0:16:49this, putting houses on it, is you're going to need your services.
0:16:49 > 0:16:50Under normal circumstances,
0:16:50 > 0:16:54you might have to pay to have a bigger supply that could cope with
0:16:54 > 0:16:55all the houses you might build here put in especially.
0:16:55 > 0:16:58But the fact this is here already means you can run all your
0:16:58 > 0:17:01cables or whatever to the houses you might build really easily.
0:17:01 > 0:17:05So, actually, this is a bit of a bonus.
0:17:05 > 0:17:07See what I mean? Not so bad after all.
0:17:07 > 0:17:11But the substation is not the only stationary thing on site that you're
0:17:11 > 0:17:13not allowed to touch.
0:17:14 > 0:17:19Well, situated at the front of the site is this absolutely magnificent
0:17:19 > 0:17:22oak tree. I'm not the only person who thinks it's magnificent
0:17:22 > 0:17:26because it has got what's called a tree preservation order on it.
0:17:26 > 0:17:30And those are put on trees which the experts think are worthy of protection.
0:17:30 > 0:17:34So, you can't legally chop that down, and quite rightly so.
0:17:34 > 0:17:37However, if you buy this plot of land, you need to know what trees,
0:17:37 > 0:17:40if maybe there are other ones, or whatever,
0:17:40 > 0:17:44that have got these things, TPOs on them, tree preservation orders.
0:17:44 > 0:17:45There isn't a big sign on it
0:17:45 > 0:17:47which says, "This tree is protected," either,
0:17:47 > 0:17:49so you have to go to the local planning authorities -
0:17:49 > 0:17:50they have lists of these kind of things -
0:17:50 > 0:17:52and then you will know what trees, if any,
0:17:52 > 0:17:55on a site are actually protected.
0:17:55 > 0:17:58And it's not something the authorities deal with lightly.
0:17:58 > 0:18:04Ignore a TPO and risk facing a £20,000 fine.
0:18:04 > 0:18:08Clearly, there's more to brownfield site development than first meets
0:18:08 > 0:18:13the eye. We called in a local estate agent to give us her lowdown.
0:18:13 > 0:18:16The main things to look out for when purchasing a plot of land -
0:18:16 > 0:18:18restriction on access rights,
0:18:18 > 0:18:22if there's any preservation on any trees within the land,
0:18:22 > 0:18:24any planning restrictions.
0:18:24 > 0:18:25So, all these things are a main
0:18:25 > 0:18:27factor when looking at purchasing land,
0:18:27 > 0:18:29and you'd be wise to look into that and get them checked out.
0:18:29 > 0:18:31What sort of developments are you
0:18:31 > 0:18:34likely to get planning permission for on this site?
0:18:34 > 0:18:38The ideal properties for this land would be starter homes,
0:18:38 > 0:18:40so you'd be looking at two-bedroom semis,
0:18:40 > 0:18:44or three-bedroom semidetached, affordable housing.
0:18:44 > 0:18:46There is a demand for that in this area.
0:18:46 > 0:18:49For your two-bedroom semidetached,
0:18:49 > 0:18:52the average cost for build is around £70,000.
0:18:52 > 0:18:56For a three-bedroom, you'd probably be looking £75,000 to £80,000.
0:18:56 > 0:19:01So, would you risk £100,000 to £120,000 on this plot?
0:19:01 > 0:19:05To me, it seems like a bit of a no-brainer.
0:19:05 > 0:19:08Let's see who agreed when it went under the hammer.
0:19:09 > 0:19:12There's a last-minute addendum to the guide price and, on the day,
0:19:12 > 0:19:14it was set much lower.
0:19:15 > 0:19:19Now guided at a lot less.
0:19:19 > 0:19:21Guided at £58,000.
0:19:21 > 0:19:23Will you start me somewhere near 58?
0:19:23 > 0:19:26Make it £50,000, start me.
0:19:26 > 0:19:27A lot of site, there, for just £50,000.
0:19:27 > 0:19:29Thank you, 50, I've got you there, at 50.
0:19:29 > 0:19:31Now, 51, can I see? Thank you.
0:19:31 > 0:19:3351. 52 now.
0:19:33 > 0:19:37The bidding got up to the new £58,000 guide price in a flurry,
0:19:37 > 0:19:39but then surprisingly slowed right down.
0:19:39 > 0:19:41We rejoin at 59,000.
0:19:41 > 0:19:45At 59 on my right-hand side, and make no mistake, you're now out,
0:19:45 > 0:19:49it's going to be sold. At 59,000 for the first time...
0:19:49 > 0:19:54Second time... Third and last time at £59,000.
0:19:54 > 0:19:57Yours, number 70, thank you very much.
0:19:57 > 0:20:00The top bid was placed on behalf of company managing director Darren,
0:20:00 > 0:20:04who we've featured before when his company bought this site of a
0:20:04 > 0:20:08former school in Ebbw Vale in July 2014.
0:20:08 > 0:20:09And when we last saw him,
0:20:09 > 0:20:14his company was in dispute over the overage valuation of that land.
0:20:14 > 0:20:17The local authority was saying the land was worth 200,000,
0:20:17 > 0:20:21and both ours and our respectful client was saying 100.
0:20:21 > 0:20:24The dispute was resolved by binding arbitration,
0:20:24 > 0:20:27which agreed with the 100 grand valuation,
0:20:27 > 0:20:29meaning a saving of 50 grand to his company.
0:20:31 > 0:20:36Clearly, the potential pitfalls of overage clauses don't faze Darren.
0:20:36 > 0:20:39He bought this one for 59 grand.
0:20:39 > 0:20:44In a previous career, Darren worked on developing an early GPS system.
0:20:44 > 0:20:48No surprises then that he had no trouble finding me on-site.
0:20:48 > 0:20:50Darren, good to see you again.
0:20:50 > 0:20:52- Good to see you again.- How are you?
0:20:52 > 0:20:55- Very well, thank you. - So another plot of land.
0:20:55 > 0:20:58- Yes.- You're developing Wales.
0:20:58 > 0:21:01In our own small way, yes, we are, yeah.
0:21:01 > 0:21:04So, what attracted you to this site?
0:21:04 > 0:21:06- A very late phone call before the auction.- What?
0:21:06 > 0:21:09- We had a phone call, an hour before the auction.- No?
0:21:09 > 0:21:11From a local housing association,
0:21:11 > 0:21:13who are not allowed to bid at auction and they said,
0:21:13 > 0:21:15were we aware of the site?
0:21:15 > 0:21:17So, my partner went to the auction
0:21:17 > 0:21:19and I scurried off to the solicitors.
0:21:19 > 0:21:22I think we were made aware at 4pm and by 5:15pm,
0:21:22 > 0:21:23- the hammer had gone down.- So,
0:21:23 > 0:21:26they've already said that they might be interested in some of the houses
0:21:26 > 0:21:27- that you build.- All of the houses.
0:21:27 > 0:21:29It will be what we call a turnkey opportunity,
0:21:29 > 0:21:32where we will take it through all the planning process,
0:21:32 > 0:21:35get the designs done, agree a contract sum, and then on day one,
0:21:35 > 0:21:38it will transfer ownership to the housing association.
0:21:38 > 0:21:41Oh, wow, so you're building it, knowing that you've got it sold?
0:21:41 > 0:21:44- Pretty much, yes.- This seems like an arrangement where everyone wins,
0:21:44 > 0:21:48the housing association gets new homes for their tenants,
0:21:48 > 0:21:52Darren gets his development work and the council will get something out
0:21:52 > 0:21:54of the uplift.
0:21:54 > 0:21:56Do you have any indication at this stage,
0:21:56 > 0:21:58what you might be able to build here?
0:21:58 > 0:22:00We've done an outline with a local architect
0:22:00 > 0:22:03- and we think we we'll get 15 houses on here.- 15.
0:22:03 > 0:22:05- A mixture of two- and three-bed houses.- OK.
0:22:05 > 0:22:06At the moment,
0:22:06 > 0:22:09the housing association are in discussions with the local authority
0:22:09 > 0:22:13to see what the requirement is, maybe a couple of flats may go on here,
0:22:13 > 0:22:16but certainly around the 15 level is what will go on here.
0:22:16 > 0:22:18OK. So what will the build costs be for those?
0:22:18 > 0:22:20You're looking, for a two- or three-bedroom house,
0:22:20 > 0:22:25around £75,000, for the build costs of the house from DPC up.
0:22:25 > 0:22:28You've then got the infrastructure costs and the services,
0:22:28 > 0:22:31so if you rounded that up to around about £100,000,
0:22:31 > 0:22:33that would not be far away, that would be a guide.
0:22:33 > 0:22:37- You would be looking about 1.5 million build.- OK.- Overall.
0:22:37 > 0:22:41- And potential sales value? - About 1.9.
0:22:41 > 0:22:44That would give you a profit of about 30%, would it?
0:22:44 > 0:22:48- Ish? Is that what you work on? - Probably a little bit less than that. That'd be ideal.
0:22:48 > 0:22:50If we could get over the high 20s, then we would be very happy.
0:22:50 > 0:22:53A couple of issues, obviously there is a substation where you would not
0:22:53 > 0:22:56want it to ideally be. What are you going to do about that?
0:22:56 > 0:22:59That sits off the site, there is an easement around the substation,
0:22:59 > 0:23:01so we cannot build within three metres of it.
0:23:01 > 0:23:03It will remain part of the development,
0:23:03 > 0:23:06but owned by Western Power.
0:23:06 > 0:23:09So, that just leaves the tree issue.
0:23:09 > 0:23:11We hope that will stay within the development.
0:23:11 > 0:23:13It is certainly protected by the authorities,
0:23:13 > 0:23:14so we will work within the guidelines,
0:23:14 > 0:23:16the environment team within the authority
0:23:16 > 0:23:19- and it will be a nice feature of the development.- Right.
0:23:19 > 0:23:21Anything else you can see, which immediately sets
0:23:21 > 0:23:24sort of alarm bells ringing or are you happy?
0:23:24 > 0:23:26I think some of the retaining walls around the site
0:23:26 > 0:23:28will give it a nice secure feel.
0:23:28 > 0:23:30- People like to feel secure in their properties.- Yeah.
0:23:30 > 0:23:33It almost gives it a sort of gated community feel to it.
0:23:33 > 0:23:37We've got some local amenities close by, local school around the corner,
0:23:37 > 0:23:39so it's a really nice development opportunity.
0:23:39 > 0:23:41What's the timescale?
0:23:41 > 0:23:44Realistically, about 12 months,
0:23:44 > 0:23:46I think on our last development we were a little bit more optimistic.
0:23:46 > 0:23:49We were talking six to nine, but 12 months to get through planning,
0:23:49 > 0:23:52get all the contracts agreed, get the design sorted,
0:23:52 > 0:23:54and hopefully start in 12 months' time.
0:23:54 > 0:23:56Right. And then the build?
0:23:56 > 0:23:59Probably just under a year. Maybe 40 weeks.
0:23:59 > 0:24:00Well done. Congratulations.
0:24:00 > 0:24:01- Thank you, Martin.- I look forward to
0:24:01 > 0:24:05- seeing another one of your developments.- Thank you very much.
0:24:05 > 0:24:08Well, there are still a few hurdles to cross,
0:24:08 > 0:24:09not least planning permission,
0:24:09 > 0:24:15however, this could well be another fantastic development for Darren and
0:24:15 > 0:24:18his team.
0:24:18 > 0:24:20Will they manage to get 15 houses on here?
0:24:20 > 0:24:22Will they stick within budget?
0:24:22 > 0:24:24How will the time frames go? You know the usual questions.
0:24:24 > 0:24:26You can find out later in the show.
0:24:28 > 0:24:29Still to come...
0:24:29 > 0:24:32Is this end-of-terrace in Warwickshire a sound property?
0:24:34 > 0:24:36Why does that sound like that?
0:24:36 > 0:24:38HOLLOW KNOCKING
0:24:38 > 0:24:41In Tredegar, an end is in sight.
0:24:41 > 0:24:44We will start constructing the kerb lines and the front gardens to all
0:24:44 > 0:24:47the properties, as we work our way out of the site.
0:24:53 > 0:24:57Time to get your explorer gear on as we head back to East Peckham in Kent
0:24:57 > 0:25:01where earlier I made my way through the tangled undergrowth to visit
0:25:01 > 0:25:06this chalet bungalow, guided at £195,000+.
0:25:06 > 0:25:09Grime covered every surface on this place,
0:25:09 > 0:25:11from the three bedrooms upstairs to the kitchen.
0:25:15 > 0:25:19The extension wasn't any better and the whole place felt like a jungle,
0:25:19 > 0:25:21inside and out.
0:25:21 > 0:25:25We've all heard of bringing the outdoors in, but this was ridiculous!
0:25:25 > 0:25:27You do have patio doors.
0:25:27 > 0:25:29You might need new ones, but it leads out into a garden.
0:25:29 > 0:25:31It's not half a garden, is it?
0:25:31 > 0:25:33These plants feel like they're coming to eat you.
0:25:33 > 0:25:35They feel like they are going to break into the house.
0:25:39 > 0:25:42The plants didn't just look like they were coming inside the house,
0:25:42 > 0:25:44they actually were inside the house!
0:25:44 > 0:25:47Ivy was growing through the window in the first bedroom.
0:25:47 > 0:25:52This was one problem you definitely couldn't "leaf" alone.
0:25:52 > 0:25:56Ready to get to the root of the problem was Natalie who snapped it
0:25:56 > 0:25:59up at auction as a joint venture between her husband,
0:25:59 > 0:26:03his brother and a family friend, with Natalie project managing.
0:26:03 > 0:26:10They paid £259,000 - a whopping 64 grand above the guide price.
0:26:11 > 0:26:14And Natalie wasn't just going to get the garden shears out -
0:26:14 > 0:26:17this needed the full works.
0:26:17 > 0:26:19New kitchen, new bathroom,
0:26:19 > 0:26:21I think possibly make the bathroom slightly bigger,
0:26:21 > 0:26:25if we can take a little bit of room off one of the bedrooms.
0:26:25 > 0:26:28And there's a sloping wall in one of the bedrooms,
0:26:28 > 0:26:31so either block that in or make it into a cupboard.
0:26:31 > 0:26:35No amount of fancy carpets would cover up the joists that were
0:26:35 > 0:26:38rotting from the third bedroom all the way to the extension.
0:26:38 > 0:26:41This property was going to take a lot of work.
0:26:41 > 0:26:43Would their budget of 40 grand
0:26:43 > 0:26:45stretch to fixing all of these issues?
0:26:45 > 0:26:50Natalie originally gave herself a timescale of six months and we are
0:26:50 > 0:26:51back even sooner than that -
0:26:51 > 0:26:54just five months later - and I can feel it.
0:26:54 > 0:26:57There has been a rumble in the jungle!
0:26:57 > 0:27:00# Jungle boogie
0:27:00 > 0:27:02# Jungle boogie Get it on
0:27:02 > 0:27:03# Jungle boogie
0:27:03 > 0:27:06# Jungle boogie Get it on
0:27:06 > 0:27:09# Jungle boogie Get up with the boogie
0:27:09 > 0:27:11# Jungle boogie Get up with the get down
0:27:11 > 0:27:13# Jungle boogie Down with the boogie
0:27:13 > 0:27:17# Jungle boogie Come and shake it around... #
0:27:17 > 0:27:20Natalie has certainly found her groove when it comes to developing
0:27:20 > 0:27:24property. Downstairs is unrecognisable.
0:27:24 > 0:27:25What are the changes here?
0:27:27 > 0:27:29So, in the kitchen,
0:27:29 > 0:27:33we had the original door where you came into the kitchen over here on
0:27:33 > 0:27:36the right. We have blocked that up.
0:27:36 > 0:27:38On this other side, we've moved
0:27:38 > 0:27:41the original back door from the corner
0:27:41 > 0:27:45so we can actually make a bit more of a kitchen space and we have
0:27:45 > 0:27:48removed one wall between the kitchen and the lounge.
0:27:49 > 0:27:53There was once a rather large hole in the ceiling of this now stylish
0:27:53 > 0:27:55room. How did they fix that?
0:27:55 > 0:27:57When we investigated the roof,
0:27:57 > 0:28:00which is a flat-roof extension at the back of the house,
0:28:00 > 0:28:03we found that the joists were completely rotten.
0:28:03 > 0:28:05The felting on the flat roof basically
0:28:05 > 0:28:07had not been put down correctly or properly.
0:28:07 > 0:28:11So it had been dripping through and basically rotted all the joists.
0:28:11 > 0:28:14So we had to have all the joists replaced and we have replaced
0:28:14 > 0:28:17obviously the floorboards and everything in the main bedroom
0:28:17 > 0:28:18and the ceiling underneath.
0:28:19 > 0:28:21After fixing the joists,
0:28:21 > 0:28:25Natalie had to turn her attention to the botanical garden growing in the
0:28:25 > 0:28:29first bedroom. The ivy had taken root in the water pipes, which meant
0:28:29 > 0:28:32they all had to be replaced.
0:28:32 > 0:28:36The creepy crawlies have now been banished to the outdoors, leaving
0:28:36 > 0:28:38three beautiful-looking bedrooms.
0:28:42 > 0:28:47The stairway headspace that was in the first bedroom has been boxed in
0:28:47 > 0:28:51and the en-suite bathroom in the third bedroom has been removed to
0:28:51 > 0:28:54create more potential storage space.
0:28:56 > 0:28:59Natalie said they might make the bathroom bigger.
0:28:59 > 0:29:02- Is it?- In the bathroom we have put a false wall in,
0:29:02 > 0:29:05which makes the bathroom slightly smaller,
0:29:05 > 0:29:08but actually it suits the layout of the bathroom much better.
0:29:08 > 0:29:11It may be smaller, but it wasn't the biggest challenge.
0:29:11 > 0:29:15That must have been the garden, seeing as there was so much of it.
0:29:15 > 0:29:19You couldn't get into the garden at all and there was so much brambles,
0:29:19 > 0:29:23they actually found bikes, they found three or four bikes in there.
0:29:23 > 0:29:24# I run around town
0:29:24 > 0:29:25# Around round and round
0:29:25 > 0:29:26# The pedal to the metal
0:29:26 > 0:29:28# The pedal to whatever... #
0:29:28 > 0:29:31An opportunity for re...cycling if ever there was one.
0:29:31 > 0:29:34But now that the garden is the belle of the ball,
0:29:34 > 0:29:35did it burst the budget?
0:29:37 > 0:29:42The garden in total cost £10,000 and 3,000 of that was just to clear the
0:29:42 > 0:29:45initial brambles out of the garden.
0:29:45 > 0:29:50That is quite a hit on their original £40,000 budget.
0:29:50 > 0:29:52How much did they end up spending?
0:29:52 > 0:29:55We've actually spent 65,000.
0:29:55 > 0:29:58A huge chunk of which was the joists
0:29:58 > 0:30:01in the bedroom and also the garden, as well.
0:30:01 > 0:30:07So that's a total of £324,000 - a substantial investment.
0:30:07 > 0:30:10We asked two estate agents along to look.
0:30:10 > 0:30:12First, the agent who saw it last time.
0:30:12 > 0:30:16When I was here before, it was really terrible, it was awful,
0:30:16 > 0:30:19one of the worst houses I have seen, as I said, in 40 years.
0:30:19 > 0:30:22I think the changes have made the property feel a little larger and
0:30:22 > 0:30:24certainly brighter.
0:30:24 > 0:30:27The problem is, the accommodation has been reconfigured,
0:30:27 > 0:30:31they've taken some internal walls down, I think that works very well.
0:30:31 > 0:30:36It has transformed it from a fairly limited appeal to a much wider
0:30:36 > 0:30:38selection of the house-buying community.
0:30:39 > 0:30:41This is great news,
0:30:41 > 0:30:45as Natalie and her partners always intended on selling the property.
0:30:45 > 0:30:47They had it valued before we arrived,
0:30:47 > 0:30:51but do the estate agents here think they will make a profit
0:30:51 > 0:30:53on their 324 grand investment?
0:30:54 > 0:30:55If I was asked to market this
0:30:55 > 0:30:57property for sale in the current market,
0:30:57 > 0:31:02I would recommend a guide price of £365,000.
0:31:02 > 0:31:07I would anticipate the property selling in the region of £375,000.
0:31:07 > 0:31:10The valuation we have had was 380,
0:31:10 > 0:31:12which I did think could be on the high side.
0:31:12 > 0:31:17So if we can get anything around 370, 375, then I would be really happy.
0:31:17 > 0:31:22Selling for the estate agent's top estimate of 375 grand would mean a
0:31:22 > 0:31:27potential profit of £51,000, minus taxes and fees.
0:31:27 > 0:31:31Next time around, is there anything Natalie would do differently?
0:31:32 > 0:31:35What I would do differently next time is make sure that I do my
0:31:35 > 0:31:38budgeting properly right from the start.
0:31:38 > 0:31:40I mean, it looks like we are going to make money on this,
0:31:40 > 0:31:43but it could have easily been that we broke even,
0:31:43 > 0:31:46so I will spend more time doing the sums in future.
0:31:52 > 0:31:56We do like an interesting architectural design on the show and
0:31:56 > 0:32:00I have found just that in the Warwickshire village of Hartshill.
0:32:00 > 0:32:06Yes, this is what remains of Hartshill Castle from the 12th century.
0:32:06 > 0:32:08Built in the Norman motte-and-bailey style,
0:32:08 > 0:32:12this involved the tower being built on a very steep,
0:32:12 > 0:32:14man-made mound for protection.
0:32:14 > 0:32:16Beats getting a guard dog, I suppose.
0:32:16 > 0:32:23# Don't rob another man's castle... #
0:32:23 > 0:32:28So, from castles to cul-de-sacs, in this nice little estate,
0:32:28 > 0:32:29we find our property.
0:32:29 > 0:32:34It's an end terrace, it has got three bedrooms and a guide price
0:32:34 > 0:32:39of £90,000+ and the front door is just beyond the garage.
0:32:39 > 0:32:42First impressions, it's a quiet spot,
0:32:42 > 0:32:45when they're not cutting the grass, of course.
0:32:45 > 0:32:48It's certainly leafy, perhaps a little too leafy.
0:32:48 > 0:32:51But more of that later.
0:32:51 > 0:32:55Right, we're in. We have a nice, long hallway
0:32:55 > 0:32:56but it feels pretty dark in here.
0:32:56 > 0:32:58It is bright outside.
0:32:58 > 0:33:01What have we got in here? To start, we have got a downstairs toilet,
0:33:01 > 0:33:03good-sized downstairs toilet,
0:33:03 > 0:33:08some of the piping would look better boxed in, I would say.
0:33:08 > 0:33:11Down the hallway a little bit more, we have got a cupboard.
0:33:12 > 0:33:13Wow.
0:33:17 > 0:33:18Come here, come here, come here.
0:33:18 > 0:33:20Hold it a minute. Hold it a minute.
0:33:20 > 0:33:21KNOCKS ON WALL
0:33:21 > 0:33:23You know what I'm thinking, don't you?
0:33:23 > 0:33:26That could be knocked through as one and you could actually put a
0:33:26 > 0:33:28downstairs bathroom in, if you wanted to.
0:33:28 > 0:33:30Loads of space to play with there.
0:33:30 > 0:33:33Stairs going up to the bedrooms, and in here,
0:33:33 > 0:33:39we've got a really generous-size front reception room.
0:33:39 > 0:33:41Into the kitchen...
0:33:41 > 0:33:43And again, what a good-sized kitchen it is.
0:33:43 > 0:33:48There's enough space in here to create a little bit more surface
0:33:48 > 0:33:50space, so if you started from scratch,
0:33:50 > 0:33:54you could make this layout exactly how you wanted it to.
0:33:54 > 0:33:56Wow. And the windows, I do like the windows,
0:33:56 > 0:34:00they all look pretty sturdy and relatively new and then we come to
0:34:00 > 0:34:02the dining room...
0:34:03 > 0:34:06..again, which is spacious.
0:34:06 > 0:34:10So you've got a false wall here connecting these two rooms together
0:34:10 > 0:34:13and this is the end wall, so that is the end of the house.
0:34:17 > 0:34:19OK. That is strange because that's...
0:34:19 > 0:34:21There's nothing on the other side of this.
0:34:21 > 0:34:22Why does that sound like that?
0:34:22 > 0:34:24HOLLOW KNOCKING
0:34:24 > 0:34:25Now that has confused me.
0:34:26 > 0:34:29I've got to check the rest of these walls out again.
0:34:29 > 0:34:30# Knock, knock
0:34:30 > 0:34:32# I'm tired of fooling around
0:34:32 > 0:34:34# Knock, knock
0:34:34 > 0:34:36# Knock, knock I wanna come in... #
0:34:36 > 0:34:39I guess plasterboard was used for some reason.
0:34:39 > 0:34:41It does give a good finish, but who knows?
0:34:45 > 0:34:51Right. Let's start in this bathroom and what a big bathroom it is.
0:34:51 > 0:34:55Now, it's not very often me and the cameraman share a bathroom.
0:34:55 > 0:34:56We can't normally fit in.
0:34:56 > 0:34:58This is a really big bathroom,
0:34:58 > 0:35:00you've got everything you need in here.
0:35:00 > 0:35:03Shower, bath, toilet seat, everything.
0:35:03 > 0:35:07And you could probably get away with keeping most of that, as well -
0:35:07 > 0:35:08it just needs decorating.
0:35:08 > 0:35:09What a good start.
0:35:09 > 0:35:15Out into the hallway, and you've got a massive bedroom in there,
0:35:15 > 0:35:18needs new flooring, needs decorating, nothing else.
0:35:18 > 0:35:22And the same in bedroom number two, wow!
0:35:22 > 0:35:24All good-sized rooms.
0:35:24 > 0:35:26And you know what? I want to bring you into this room here.
0:35:26 > 0:35:28The smallest room...
0:35:28 > 0:35:31Should I say, the smallest bedroom in the house?
0:35:31 > 0:35:33This is called the box bedroom.
0:35:33 > 0:35:36But you can get a single bed in here no problem at all.
0:35:36 > 0:35:41Really excited about the size of the rooms in this property.
0:35:41 > 0:35:43Gets a massive thumbs up from me.
0:35:46 > 0:35:48There are little spots of damp here and there,
0:35:48 > 0:35:50and whilst I'm a dog lover,
0:35:50 > 0:35:54I suggest the wallpaper goes walkies,
0:35:54 > 0:35:56along with some of the other decoration.
0:35:56 > 0:36:00But when it comes to space, this house just keeps on giving.
0:36:00 > 0:36:02But could it give some more?
0:36:02 > 0:36:04Just wanted to nip out the front of the property,
0:36:04 > 0:36:06just to talk about two things.
0:36:06 > 0:36:08Firstly, the garage.
0:36:08 > 0:36:10It's a really good-sized garage,
0:36:10 > 0:36:13loads of space to work with in there.
0:36:13 > 0:36:15And you know what? Because of the angle of this driveway,
0:36:15 > 0:36:19I'm not even sure you'll really get a car in there in the first place.
0:36:19 > 0:36:22So, could you use that garage space as house space?
0:36:22 > 0:36:24Could you connect the two?
0:36:24 > 0:36:25The second thing is...
0:36:29 > 0:36:31..you've got this massive tree.
0:36:31 > 0:36:35Now, this tree would have been here long before these houses were built,
0:36:35 > 0:36:38and it is a beautiful tree, I've got to say.
0:36:38 > 0:36:43But it is stopping a lot of light getting to the property,
0:36:43 > 0:36:47and these roots may be causing a couple of problems.
0:36:47 > 0:36:51Before you think, "Get rid of this tree," check up if it's got any
0:36:51 > 0:36:55preservation orders or if it's in a conservation area.
0:36:55 > 0:36:58# And you're barking up the wrong tree
0:36:58 > 0:37:00# Well, you're barking up the wrong tree
0:37:00 > 0:37:03# Yes, you're barking up the wrong tree... #
0:37:03 > 0:37:06If you want to know if there is a preservation order on a tree,
0:37:06 > 0:37:08then contact your local planning department.
0:37:08 > 0:37:13It's also worth knowing that every tree isn't going to harm your property.
0:37:13 > 0:37:15Get an expert in to check.
0:37:15 > 0:37:18Before you do anything, do your research.
0:37:18 > 0:37:21The new owner of this place will also need to get a locksmith in,
0:37:21 > 0:37:25as the garage door key has gone missing.
0:37:25 > 0:37:26Although it's attached,
0:37:26 > 0:37:29there's no access from the inside to the garage.
0:37:29 > 0:37:33Time to ask a local estate agent for his thoughts on this property,
0:37:33 > 0:37:36guided at £90,000+.
0:37:36 > 0:37:39It's a good end-terrace property, stacks of potential here.
0:37:39 > 0:37:42And I don't think it would cost a great deal to get it right for the
0:37:42 > 0:37:45open market. With regards to the garage at the front,
0:37:45 > 0:37:47I think it has potential to convert to another room,
0:37:47 > 0:37:51subject to planning permission, of course, from the local authority.
0:37:51 > 0:37:53OK, let's get some numbers, then.
0:37:53 > 0:37:55Will it be worth adding a bedroom?
0:37:55 > 0:37:57Rental figures first.
0:37:57 > 0:38:00If you were to rent this property as a three-bedroom house,
0:38:00 > 0:38:04I would say it would be in the region of £600 per calendar month.
0:38:04 > 0:38:07If you were to rent it as a four-bedroom property, converting the garage,
0:38:07 > 0:38:12it would probably be in the region of £650 per calendar month.
0:38:12 > 0:38:14And what about the sales market?
0:38:14 > 0:38:18If you renovated the property and kept it as a three-bedroom property,
0:38:18 > 0:38:23I would envisage it in the region of £140,000.
0:38:23 > 0:38:26If you were to convert the garage, say, into a bedroom,
0:38:26 > 0:38:28and make it a four-bedroom property,
0:38:28 > 0:38:31it could be in the region of £150,000.
0:38:31 > 0:38:35You know what? I do like the potential with this project.
0:38:35 > 0:38:38Not least the layout options you've got on the ground floor -
0:38:38 > 0:38:41you've also got that pretty big garage, as well,
0:38:41 > 0:38:44which you can do with what you want.
0:38:44 > 0:38:46So, let's go to the auction house and find out who fancied it.
0:38:50 > 0:38:53Lot 78, £80,000 to start that one.
0:38:53 > 0:38:5580,000?
0:38:55 > 0:38:5770,000, then.
0:38:57 > 0:39:0160, then. 60 I'm bid there, I'll take 65, sir, can I?
0:39:01 > 0:39:0365. 70, sir?
0:39:03 > 0:39:05Plenty of interest in this one.
0:39:05 > 0:39:08We rejoin bidding at £99,000.
0:39:08 > 0:39:1099, yes, 100, sir.
0:39:10 > 0:39:11100, 101. 100 is there.
0:39:11 > 0:39:15You are out now at the back, you're out, both seated.
0:39:15 > 0:39:17At £100,000, first time.
0:39:19 > 0:39:21Second time. Third and very last time.
0:39:21 > 0:39:24It's yours, sir. 64, thank you very much.
0:39:25 > 0:39:30With that successful bid of 100 grand were couple Nigel and Gail.
0:39:30 > 0:39:32Nigel is a HGV driver,
0:39:32 > 0:39:34and he and Gail are taking their
0:39:34 > 0:39:37first steps into the property market.
0:39:37 > 0:39:39I needed to find out if their
0:39:39 > 0:39:42journey was going to be a long-distance one or not.
0:39:42 > 0:39:43Nigel, nice to meet you.
0:39:43 > 0:39:45- Hi, there. - Gail, nice to meet you, too.
0:39:45 > 0:39:48- Hi.- Well done, guys, this is now your house.
0:39:48 > 0:39:49Yeah!
0:39:49 > 0:39:52What made you want to go into property in the first place?
0:39:52 > 0:39:54- Whose idea was it?- Yours, yours.
0:39:54 > 0:39:57- Well...- You get the blame!- I get the blame for it, yeah, yeah...
0:39:57 > 0:39:59We've been together about two years now,
0:39:59 > 0:40:03and we've got some money sitting in the bank and it's not earning any
0:40:03 > 0:40:07interest, and I had thought about doing this before and thought,
0:40:07 > 0:40:09"Yeah, let's go for it."
0:40:09 > 0:40:10We thought we'd end up with
0:40:10 > 0:40:12a smaller property, so when we saw this,
0:40:12 > 0:40:16and it's quite big, we thought it was really, really good, wasn't it?
0:40:16 > 0:40:19Both of us liked it. We've gone into some pretty wrecked houses,
0:40:19 > 0:40:22- haven't we?- Hey, not as bad as some of the ones I've seen!
0:40:22 > 0:40:24I've seen some real bad ones, let me tell you.
0:40:24 > 0:40:26Was that one of the things that you...
0:40:26 > 0:40:28It's a good selling point, yeah.
0:40:28 > 0:40:30Not a lot to do structurally.
0:40:30 > 0:40:33- Yeah.- But, obviously, you've got the general stuff to do,
0:40:33 > 0:40:35like the kitchen and the bathroom.
0:40:35 > 0:40:38But then, there's options for doing, say, like,
0:40:38 > 0:40:39trying to make a room
0:40:39 > 0:40:41out of the garage, possibly, downstairs shower...
0:40:41 > 0:40:43Nigel's under a lot of pressure, because he's told me -
0:40:43 > 0:40:45cos we've only been together two years -
0:40:45 > 0:40:47he's very good at do-it-yourself and that sort of stuff,
0:40:47 > 0:40:49so the pressure's all on, isn't it?
0:40:49 > 0:40:52- Ah!- Seems that way. - Seems that way, exactly!
0:40:52 > 0:40:53The heat is on Nigel,
0:40:53 > 0:40:57and he'll have to impress his fiancee before the big day.
0:40:57 > 0:40:59We're getting married in about five months.
0:40:59 > 0:41:01Is that right?
0:41:01 > 0:41:02Well, we are planning to at the minute,
0:41:02 > 0:41:06it depends on how many arguments we have doing this!
0:41:06 > 0:41:08- Oh, dear, oh, dear! - It could go horribly wrong!
0:41:08 > 0:41:10# Marry me
0:41:10 > 0:41:14# Marry me, marry me... #
0:41:14 > 0:41:16That is lovely. I'll start shopping for my suit, then!
0:41:16 > 0:41:20Until then, the couple plan to do a lot of the work themselves,
0:41:20 > 0:41:22with added help from friends and family.
0:41:24 > 0:41:26Right, tell us about this place. What are your plans?
0:41:26 > 0:41:29What are you going to do? How is it going to look?
0:41:29 > 0:41:31Well, as you've probably seen,
0:41:31 > 0:41:35that wall over there, towards the kitchen,
0:41:35 > 0:41:36we're going to knock that down,
0:41:36 > 0:41:41so then we are going to do a dining kitchen here, integrated appliances,
0:41:41 > 0:41:44so just try and give it that little higher spec.
0:41:44 > 0:41:48- Yeah.- Um, bathroom, we're going to see what we can do with it.
0:41:48 > 0:41:50Try and salvage a little bit, because, like,
0:41:50 > 0:41:53the toilet and the sink look fairly good.
0:41:53 > 0:41:55Whether the bath is OK, I don't know.
0:41:55 > 0:41:58And just generally re-tile, new door,
0:41:58 > 0:42:01and then new doors in the property itself.
0:42:01 > 0:42:06So, that's inside, but there is the question about outside, and that tree.
0:42:06 > 0:42:11It's stopping a lot of light and draining the soil of moisture.
0:42:11 > 0:42:14Well, my thought process is, there's quite a few bushes,
0:42:14 > 0:42:16so if we sort of get them under control,
0:42:16 > 0:42:18that will let more light in.
0:42:18 > 0:42:21It would be such a shame to lose - I'm a bit of a tree-lover.
0:42:21 > 0:42:22I'm quite happy to...
0:42:22 > 0:42:24But it doesn't seem to have damaged the garage,
0:42:24 > 0:42:26- which is the first thing... - No, true.
0:42:26 > 0:42:29Well, it might be just far away...
0:42:29 > 0:42:32- We're hoping.- ..without causing too much damage.- We're hoping the roots have gone round!
0:42:32 > 0:42:35Around the house and the garage, just for you guys!
0:42:35 > 0:42:37Wishful thinking, maybe.
0:42:37 > 0:42:42Roots can damage drains, cause movement and all sorts of issues,
0:42:42 > 0:42:45so let's hope they are right and it doesn't impact on their 7-10 grand
0:42:45 > 0:42:49budget. They are keeping two grand aside for the garage
0:42:49 > 0:42:52conversion and hope to have the place ready for resale in three
0:42:52 > 0:42:55months, but they are thinking long-term, too.
0:42:55 > 0:42:58We don't want to borrow the money, so we want to, like,
0:42:58 > 0:43:02just make a little bit of extra money, so we can buy the next one,
0:43:02 > 0:43:05and then hopefully keep the odd one or two back for ourselves then,
0:43:05 > 0:43:07then rent them out,
0:43:07 > 0:43:09while still having the money to keep purchasing other ones.
0:43:09 > 0:43:14OK. I think you chose wisely for your first property, well done,
0:43:14 > 0:43:17whoever found it, whoever was responsible.
0:43:17 > 0:43:18We were both responsible.
0:43:18 > 0:43:21We've been looking for a long time, we've been to several options,
0:43:21 > 0:43:23so we're not novice at going to the auction,
0:43:23 > 0:43:25we've just not been lucky enough in getting one.
0:43:25 > 0:43:27I like that you're sharing the load, you see,
0:43:27 > 0:43:29this is a good relationship!
0:43:29 > 0:43:31You're going to win together, you're going to lose together.
0:43:31 > 0:43:33- Correct.- Good on you. Listen, Nigel, good luck to you.
0:43:33 > 0:43:37- Nice to have met you, Gail. Good luck.- And you, thank you. - All the best.
0:43:37 > 0:43:40So, this is a brand-new venture for Nigel and Gail.
0:43:40 > 0:43:42It's not exactly a new house,
0:43:42 > 0:43:46but we'll definitely have a brand-new Mr and Mrs very soon.
0:43:46 > 0:43:48Congratulations, guys.
0:43:48 > 0:43:50Will this place remain a three-bedroom,
0:43:50 > 0:43:52or will it become a four-bedroom?
0:43:52 > 0:43:56We won't know that until we find out what's in that garage.
0:43:56 > 0:43:58You can find out if you stay tuned.
0:44:02 > 0:44:05Timescale, budgets, deadlines,
0:44:05 > 0:44:08there's a lot to think about in the old property game.
0:44:08 > 0:44:10Yes, things don't always go to plan,
0:44:10 > 0:44:14and I'm sure even experienced property developers would agree with
0:44:14 > 0:44:17- me on that one.- Yes, have our two remaining buyers got it right,
0:44:17 > 0:44:20or has it all gone in the wrong direction? Let's find out.
0:44:21 > 0:44:25We're going back now to Tredegar in South East Wales, where, earlier,
0:44:25 > 0:44:27I saw this brownfield site.
0:44:27 > 0:44:31It had a few issues, like a tree preservation order,
0:44:31 > 0:44:32and an overage clause,
0:44:32 > 0:44:36meaning that any added value to the land as a result of planning
0:44:36 > 0:44:39permission being granted had to be split with the vendor.
0:44:41 > 0:44:44It could amount to a significant amount of money,
0:44:44 > 0:44:47and as long as you factor that into your thought processes, that's fine,
0:44:47 > 0:44:48but to find out suddenly,
0:44:48 > 0:44:51as you are about to sell all your properties for loads of money,
0:44:51 > 0:44:54that you have to give 50% back, that would be bad.
0:44:56 > 0:45:01This 0.9-acre site was bought for a construction company whose managing
0:45:01 > 0:45:04director, Darren, I met on site to discuss his purchase,
0:45:04 > 0:45:07originally guided at 100,000 to 120,000,
0:45:07 > 0:45:12which was reduced to 58,000 and finally bought for 59,000.
0:45:13 > 0:45:16What attracted you to this site?
0:45:16 > 0:45:18A very late phone call before the auction.
0:45:18 > 0:45:21- What?- We had a phone call an hour before the auction.
0:45:21 > 0:45:26- No!- I think we were made aware at 4pm, and by sort of 5:15pm the hammer had gone down.
0:45:27 > 0:45:31Darren's original timescale was 12 months for the planning and 40 weeks
0:45:31 > 0:45:34to build. Having got planning permission within six months,
0:45:34 > 0:45:37there were further delays due to its stipulations.
0:45:40 > 0:45:43We had an ecology condition on the planning,
0:45:43 > 0:45:48which meant we had to do surveys for reptiles and insects on the site.
0:45:48 > 0:45:50Unfortunately, at that time of the year,
0:45:50 > 0:45:52the temperatures were below 10 degrees,
0:45:52 > 0:45:57so we had to wait three months until the ground temperatures lifted,
0:45:57 > 0:46:00and then we could do an accurate survey to see if there were any
0:46:00 > 0:46:03species of interest on the site, prior to commencement.
0:46:03 > 0:46:05Also at the planning stage,
0:46:05 > 0:46:07Darren tackled the overage clause in
0:46:07 > 0:46:10the light of their previous experience.
0:46:10 > 0:46:12So, we were able to agree the overage value very quickly,
0:46:12 > 0:46:15based on the data that we had done previously.
0:46:15 > 0:46:20But it is an area that would-be developers need to be very aware of,
0:46:20 > 0:46:23if they are entering into developments with overage clauses
0:46:23 > 0:46:25built into the contracts.
0:46:25 > 0:46:28With the uplift value from planning permission agreed upfront,
0:46:28 > 0:46:32Darren worked out that each plot of land was going to cost just £7,000
0:46:32 > 0:46:37per house, but the planning department did cut back its original
0:46:37 > 0:46:4015-unit plan to 14.
0:46:40 > 0:46:42Darren also commissioned a ground survey.
0:46:42 > 0:46:46The survey result meant a different kind of foundation was needed.
0:46:48 > 0:46:51Unlike the traditional strip foundation that most people would be
0:46:51 > 0:46:54familiar with, we've got raft foundations, which are heavily reinforced -
0:46:54 > 0:46:58the property that sits on the raft is not affected by any ground
0:46:58 > 0:46:59movement in later years.
0:46:59 > 0:47:01Establishing the different site levels,
0:47:01 > 0:47:06reinforcing them and excavating is a costly business just to get out of
0:47:06 > 0:47:09the ground. It obviously affects the bottom line,
0:47:09 > 0:47:12and Darren thinks it is an area they could have improved on.
0:47:13 > 0:47:15Well, my engineer tells me I'm wrong,
0:47:15 > 0:47:19but every time I look at a lorry full of muck departing the site,
0:47:19 > 0:47:22I think that's money going out of the gate,
0:47:22 > 0:47:24so I think next time we look at the development,
0:47:24 > 0:47:28we look at the ground levels far more closely than we have to date.
0:47:28 > 0:47:30But the site is now a haven of activity.
0:47:33 > 0:47:37So, as you see the site today, we're working round anticlockwise.
0:47:37 > 0:47:39These are the first seven units that are taken up now to second fix
0:47:39 > 0:47:43stage. So, roofs are on, windows are on, they are watertight.
0:47:43 > 0:47:44And we are now starting
0:47:44 > 0:47:47the painting, tiling, kitchen-fitting, etc.
0:47:47 > 0:47:50This unit on my right is coming up to wall plate,
0:47:50 > 0:47:52so in about two weeks' time, we expect to see the roof on that,
0:47:52 > 0:47:54then we start rendering.
0:47:54 > 0:47:57Over on the far right of the site, we've got the least-developed area,
0:47:57 > 0:48:01where we are putting in precast units as a retaining structure.
0:48:01 > 0:48:03Those will go in now over the next couple of weeks,
0:48:03 > 0:48:04then we'll build the foundations,
0:48:04 > 0:48:07and then we'll start completing those houses.
0:48:07 > 0:48:08As soon as these two houses are up,
0:48:08 > 0:48:12we'll start constructing the kerb lines and the front gardens to all
0:48:12 > 0:48:14the properties, as we work our way out of the site.
0:48:14 > 0:48:18It turned out there were two oak trees protected by TPOs.
0:48:18 > 0:48:21One of them was in danger of falling into the road,
0:48:21 > 0:48:23so permission was given to remove it.
0:48:24 > 0:48:27The remaining oak has been trimmed and treated and it's in good health,
0:48:27 > 0:48:31and that will sit as a main feature of the development once completed.
0:48:31 > 0:48:34They've also agreed a tree-planting strategy with the planners to
0:48:34 > 0:48:36enhance the site.
0:48:36 > 0:48:39To reduce the hum of the substation,
0:48:39 > 0:48:42an acoustic fence will be erected around it.
0:48:42 > 0:48:45The nearest house has been designed to be five metres away.
0:48:47 > 0:48:49The original timescale allowed for 12 months' planning
0:48:49 > 0:48:52and a 40-week build.
0:48:52 > 0:48:54Whilst the time on site will be a calendar year,
0:48:54 > 0:48:57we were probably 15 months in the pre-planning stage.
0:48:57 > 0:49:00So, slightly longer than anticipated,
0:49:00 > 0:49:01but only by a small amount.
0:49:01 > 0:49:04Darren's initial build budget was 1.5 million.
0:49:04 > 0:49:08How does it look now that seven out of the 14 properties are nearing
0:49:08 > 0:49:14- completion?- The spend to date on the site is just over a million pounds.
0:49:14 > 0:49:17A large proportion of the spend is in the ground,
0:49:17 > 0:49:18but as we speak at the moment,
0:49:18 > 0:49:21we are bang on track to where we thought we would be,
0:49:21 > 0:49:23both in time and expenditure.
0:49:24 > 0:49:28Darren has a fixed contract with his housing-association client,
0:49:28 > 0:49:32but is intending to take the company into the private-build sector.
0:49:33 > 0:49:37So, we called in an estate agent to get some valuations for sale.
0:49:37 > 0:49:39For the two-bed properties,
0:49:39 > 0:49:44I would expect them to be in the region of £115,000 to £125,000.
0:49:44 > 0:49:46And for the three-bed properties,
0:49:46 > 0:49:51I would be expecting between £130,000 and £140,000.
0:49:51 > 0:49:56To attain values in excess of 120,000 to 135,000,
0:49:56 > 0:49:58it is good for all parties concerned.
0:49:58 > 0:50:00And for the bungalow?
0:50:00 > 0:50:02I would expect the bungalow probably
0:50:02 > 0:50:05to be in the region of £160,000 to £170,000.
0:50:05 > 0:50:09The bungalow would be at the 150, 160 mark,
0:50:09 > 0:50:11because there's not a great deal of those in the area,
0:50:11 > 0:50:15so I think the Housing Association will be very pleased with those
0:50:15 > 0:50:16valuations.
0:50:18 > 0:50:21There's a new development to the specification here.
0:50:21 > 0:50:26These red nozzles will be appearing in all new-build Welsh properties.
0:50:29 > 0:50:32One of the interesting things of this particular development is,
0:50:32 > 0:50:35we have introduced sprinklers into all the properties,
0:50:35 > 0:50:38as a requirement for new-build housing now within Wales.
0:50:38 > 0:50:43Keeping up with best practice and legislation is all part of the steep
0:50:43 > 0:50:46learning curve developers ride.
0:50:46 > 0:50:49We will be taking all the learning experience from our last two
0:50:49 > 0:50:51developments onto the next development,
0:50:51 > 0:50:54which will be our bespoke housing for private sale.
0:50:54 > 0:50:57Any reflections on the project?
0:50:57 > 0:51:00We were sat reading the legal pack as the auction progressed,
0:51:00 > 0:51:04on the phone to the solicitor when it came for the bids to go into the
0:51:04 > 0:51:07auctioneer. So, perhaps not the right way to do it,
0:51:07 > 0:51:09but in this instance, it worked well for us.
0:51:09 > 0:51:11Well, at least you did read it!
0:51:15 > 0:51:18Let's head back to the Warwickshire village of Hartshill,
0:51:18 > 0:51:21where I saw this three-bed end-terrace property
0:51:21 > 0:51:23guided at £90,000+.
0:51:23 > 0:51:27Things were looking pretty promising in the form of a downstairs toilet
0:51:27 > 0:51:30and a spacious living accommodation.
0:51:30 > 0:51:32And on closer inspection,
0:51:32 > 0:51:36a false wall meant ample opportunity was knocking for some open-plan
0:51:36 > 0:51:38living. So, you've got
0:51:38 > 0:51:41a false wall here connecting these two rooms together,
0:51:41 > 0:51:44and this is the end wall, so that's the end of the house.
0:51:48 > 0:51:52OK, that's strange, because there's nothing on the other side of this.
0:51:52 > 0:51:55Why does that sound like that? HOLLOW KNOCKING
0:51:55 > 0:51:57Now, that's confused me.
0:51:57 > 0:51:59# I hear knock, knock
0:51:59 > 0:52:02# I think she's back for more... #
0:52:02 > 0:52:04Less confusing was the upstairs layout,
0:52:04 > 0:52:07which boasted a huge bathroom and three good-sized bedrooms,
0:52:07 > 0:52:11although some of the decor was a little "ruff"!
0:52:11 > 0:52:14Outside, the garage was under lock and key,
0:52:14 > 0:52:18but the towering oak in the front did have me wondering if it could
0:52:18 > 0:52:21cause structural damage to the house.
0:52:21 > 0:52:24Come auction day, it was couple Nigel and Gail who picked up the
0:52:24 > 0:52:25property for 100 grand.
0:52:25 > 0:52:28While it was their first venture into development,
0:52:28 > 0:52:30they already had lots of plans.
0:52:30 > 0:52:34After all, Nigel was - allegedly - a dab hand at DIY.
0:52:34 > 0:52:37Obviously, you've got the general stuff to do,
0:52:37 > 0:52:41like your kitchen and your bathroom, but then, there's options for doing,
0:52:41 > 0:52:44say, trying to make a room out of the garage, possibly,
0:52:44 > 0:52:46- downstairs shower...- Nigel's under a lot of pressure,
0:52:46 > 0:52:49because he's told me - cos we've only been together two years -
0:52:49 > 0:52:51he's very good at do-it-yourself and that sort of stuff,
0:52:51 > 0:52:53so the pressure's all on, isn't it?
0:52:53 > 0:52:56- Ah!- Seems that way. - Seems that way, exactly!
0:52:56 > 0:53:01With a 7-10 grand budget and an additional two grand in the event
0:53:01 > 0:53:02of converting the garage,
0:53:02 > 0:53:07they were ready to get cracking and get it done in three months...
0:53:07 > 0:53:10..with good reason, as they were getting married in five.
0:53:10 > 0:53:14So would this house be ready to go back on the market before Nigel and
0:53:14 > 0:53:15Gail get hitched?
0:53:16 > 0:53:20We're back just under four months later.
0:53:20 > 0:53:22# Cos true love lasts forever
0:53:22 > 0:53:25# And now we're back together
0:53:25 > 0:53:28# As if he never met her
0:53:28 > 0:53:32# So looking back I'm glad I crashed the wedding... #
0:53:32 > 0:53:33What a transformation.
0:53:33 > 0:53:38Nigel and Gail have opened up the kitchen and dining room to make way
0:53:38 > 0:53:40for some open-plan, modern living.
0:53:43 > 0:53:45The front room is fresh,
0:53:45 > 0:53:48and vertical radiators are a real space-saver.
0:53:54 > 0:53:58The addition of a shower in the downstairs toilet is a great idea.
0:53:58 > 0:54:02And upstairs, the master bathroom is a thing of beauty.
0:54:02 > 0:54:06In fact, the whole upstairs is looking brand-spanking-new.
0:54:06 > 0:54:10For first-timers, they have really pulled it out of the bag.
0:54:10 > 0:54:13So, was it as straightforward as they first anticipated?
0:54:13 > 0:54:15It wouldn't have been so bad,
0:54:15 > 0:54:18but when we started stripping the walls, cos we thought, "Oh,
0:54:18 > 0:54:20"we'll strip all the walls, get the wallpaper off,"
0:54:20 > 0:54:24that's when we realised how bad the walls were.
0:54:24 > 0:54:27So, we ended up virtually re-plastering the whole house.
0:54:27 > 0:54:30So, that was something we really hadn't banked on.
0:54:30 > 0:54:33In addition to paying a plasterer,
0:54:33 > 0:54:37another unforeseen job was getting a plumber in to install a brand-new
0:54:37 > 0:54:41combi boiler. Those additional costs meant that converting the garage at
0:54:41 > 0:54:44this point wasn't financially viable.
0:54:44 > 0:54:47But on the bright side, they did manage to get it open.
0:54:47 > 0:54:50And I can't help but notice that something outside has remained
0:54:50 > 0:54:55- the same, too.- The tree is fine, as in structural for the house.
0:54:55 > 0:54:59I mean, the garage is the furthest thing forward on the house,
0:54:59 > 0:55:02and there's no damage inside the garage, the concrete floor,
0:55:02 > 0:55:06the brickwork on the outside is fine, so, luckily, the roots seem to
0:55:06 > 0:55:10be going in the right direction - away from the house.
0:55:12 > 0:55:16The couple have also been led to believe that the tree is under a
0:55:16 > 0:55:21preservation order and is part of a boundary line, so it's staying put.
0:55:21 > 0:55:23However, from the sounds of it,
0:55:23 > 0:55:27what has grown roots is that 7-10 grand budget.
0:55:27 > 0:55:29The budget wasn't too bad, but then,
0:55:29 > 0:55:34when you take into account the full boiler system we had done,
0:55:34 > 0:55:38and all the work that involved, the new radiators downstairs,
0:55:38 > 0:55:42- we came in around 14,000.- Yeah.
0:55:42 > 0:55:45A £4,000 overspend isn't ideal,
0:55:45 > 0:55:48but it's their first time and they have accomplished loads.
0:55:48 > 0:55:52Is that because Nigel lived up to his handyman reputation?
0:55:52 > 0:55:54When Nigel and I got together, he kept saying he was really good at
0:55:54 > 0:55:57do-it-yourself, and I was a little bit nervous about it,
0:55:57 > 0:56:00but I think he's really done a good job, and done all the tiles,
0:56:00 > 0:56:03and I've been quite impressed. I did wonder whether you...
0:56:03 > 0:56:06- Thank you!- ..whether you'd, you know...
0:56:06 > 0:56:08Yeah, your painting's not been too bad.
0:56:11 > 0:56:14I think you've got away with it this time, Nigel!
0:56:14 > 0:56:17But what will two local estate agents think of the couple's
0:56:17 > 0:56:20£114,000 investment?
0:56:20 > 0:56:23Let's hear from the agent who saw it before the work started.
0:56:24 > 0:56:27It's transformed out of recognition from the first time I saw it.
0:56:28 > 0:56:32Great kitchen, great bathroom -
0:56:32 > 0:56:35they are the two main selling points of any property.
0:56:35 > 0:56:37And they've done a great job of both of those.
0:56:37 > 0:56:42On initial inspection, some great, spacious accommodation,
0:56:42 > 0:56:45clearly a lot of attention to detail with some high-specification
0:56:45 > 0:56:49fixtures and fittings. Very spacious, so,
0:56:49 > 0:56:52great for a young family looking to grow into the property,
0:56:52 > 0:56:55and definitely in a quiet cul-de-sac location.
0:56:55 > 0:56:57Plenty of plus points there,
0:56:57 > 0:57:01but will there be a positive number in Nigel and Gail's bank account,
0:57:01 > 0:57:03should they sell the property on?
0:57:03 > 0:57:08I believe that the property would fetch £145,000 to £150,000.
0:57:08 > 0:57:11The open market value of this property in its current condition
0:57:11 > 0:57:13would be £155,000.
0:57:13 > 0:57:15- BOTH: Wow!- Wow.
0:57:15 > 0:57:18That's about what I was hoping.
0:57:18 > 0:57:25I actually thought, um, that we'd get 140, maybe 145 if we were lucky.
0:57:25 > 0:57:27- That's brilliant.- That's good.
0:57:27 > 0:57:28It's definitely sell for me.
0:57:28 > 0:57:32And me, yeah, we'll sell. And then, we may do it again!
0:57:32 > 0:57:34Ooh!
0:57:35 > 0:57:40Well, the potential profit, minus taxes and fees, of £41,000,
0:57:40 > 0:57:43certainly gives them the capital to invest again.
0:57:43 > 0:57:45But before they hit the auction house,
0:57:45 > 0:57:47they're going to need to hit the aisle.
0:57:47 > 0:57:49Good luck!
0:57:49 > 0:57:53Well, in a couple of months or so, you know, we'll be getting married.
0:57:53 > 0:57:56Hopefully do a bit of skiing in the New Year.
0:57:56 > 0:57:59And then just see if we can get a nice holiday now,
0:57:59 > 0:58:01because we've sort of forfeited it this year.
0:58:01 > 0:58:03So, yeah, a holiday.
0:58:03 > 0:58:06Just get a bit of life back, I think,
0:58:06 > 0:58:09- back to seeing some family.- Yeah.
0:58:13 > 0:58:17We hope today's stories have given you a few tips and the ins and outs
0:58:17 > 0:58:18of what to do in property developing.
0:58:18 > 0:58:21Maybe they've inspired you to come up with some ideas.
0:58:21 > 0:58:24Whatever you do, don't duck away from your responsibilities!
0:58:24 > 0:58:26Who knows? It might be you we see next time,
0:58:26 > 0:58:28bidding on Homes Under The Hammer.
0:58:28 > 0:58:30- Bye-bye.- Bye-bye.- Goodbye.