0:00:02 > 0:00:03Hello, and welcome to the programme.
0:00:03 > 0:00:06If you've got money you're thinking about investing in property,
0:00:06 > 0:00:09it can be a really exciting, profitable and fun thing to do.
0:00:09 > 0:00:13Yes, there's nothing better than finding an old house and bringing it back
0:00:13 > 0:00:14to its former glory.
0:00:14 > 0:00:18Yes, the feeling of accomplishment is something really quite special.
0:00:18 > 0:00:21But as we all know, there are lots of boxes to tick before you even
0:00:21 > 0:00:25consider buying your home under the hammer.
0:00:51 > 0:00:55Now, buying at auction can be a pretty simple way of purchasing a house
0:00:55 > 0:00:58- these days.- Yes, you can save time and, more importantly,
0:00:58 > 0:01:00you can save money as well,
0:01:00 > 0:01:02but you've got to have nailed your research first.
0:01:02 > 0:01:06Yes, and did our buyers do that before they put their hands in the air?
0:01:06 > 0:01:08Let's find out. Here's what they bought.
0:01:10 > 0:01:11In Littleover, Derbyshire,
0:01:11 > 0:01:15it's claimed this two-bed has been recently renovated.
0:01:15 > 0:01:16I'm not convinced.
0:01:16 > 0:01:19Strikes me as a coat of paint, between you and me.
0:01:20 > 0:01:23This Barking, London, four-bed needs more than a lick of paint.
0:01:23 > 0:01:25Something doesn't smell right.
0:01:25 > 0:01:27So I've smelt damp, mould before.
0:01:27 > 0:01:29There's something entirely different.
0:01:30 > 0:01:35But I'm meeting bears and bear hugging this Cheshire shop and flat,
0:01:35 > 0:01:37because I love it.
0:01:38 > 0:01:39This place is fantastic.
0:01:41 > 0:01:44All these properties have been sold at auction and we'll find out who
0:01:44 > 0:01:48bought them and what they paid for them when they went under the hammer.
0:01:48 > 0:01:50And that's how you're supposed to celebrate.
0:01:57 > 0:02:01Off to Derbyshire, and the village of Littleover,
0:02:01 > 0:02:06a desired location not far from Derby city centre with major road links,
0:02:06 > 0:02:09which, of course, can have a downside.
0:02:11 > 0:02:16Well, you are right by the side of this busy road, which isn't ideal,
0:02:16 > 0:02:21but being on a major thoroughfare does have its advantages.
0:02:21 > 0:02:25A bus stop. Transport links, yes, that's ideal.
0:02:25 > 0:02:27Certainly in a lot of people's cases,
0:02:27 > 0:02:29having a bus stop there would be a major advantage.
0:02:29 > 0:02:33The property I'm here to see is a two-bed semidetached.
0:02:33 > 0:02:36It's actually on this corner plot.
0:02:36 > 0:02:40Um, as you can see, benefiting from a really nice-sized front garden there.
0:02:40 > 0:02:43The catalogue says it's been recently improved, so that bodes well,
0:02:43 > 0:02:45but you never know.
0:02:45 > 0:02:47# You never know
0:02:47 > 0:02:49# You never know
0:02:49 > 0:02:51# You never know
0:02:51 > 0:02:52# You will never know... #
0:02:52 > 0:02:57What I do know is that this house has a guide price of 100 grand.
0:02:57 > 0:03:00It's on a sizeable plot and has off-street parking.
0:03:00 > 0:03:02So now YOU know.
0:03:03 > 0:03:05So what kind of design are we in for?
0:03:05 > 0:03:08Well, through the front door, little area here,
0:03:08 > 0:03:12stairs up to the bedrooms and then a kitchen that way.
0:03:12 > 0:03:15Looks to be fairly dated, for sure.
0:03:15 > 0:03:18The boiler, well, that looks
0:03:18 > 0:03:20certainly in need of probably throwing away
0:03:20 > 0:03:24and replacing with something a bit more modern, energy efficient and safe.
0:03:24 > 0:03:29But down here, really, the kitchen, and this room is what you've got.
0:03:29 > 0:03:31It's a living room. Nice big window.
0:03:31 > 0:03:35Very, very, very big pillars on that.
0:03:35 > 0:03:37I don't know... Interesting construction.
0:03:37 > 0:03:38But it's not a bad-sized space.
0:03:38 > 0:03:42And it has to be said, this room looks freshly decorated.
0:03:42 > 0:03:45It's certainly in better nick than the kitchen.
0:03:45 > 0:03:49The flooring in the hall, well, that could benefit from a clean-up,
0:03:49 > 0:03:53and the garden, though big, does not exactly have kerb appeal.
0:03:53 > 0:03:57# No, it's not love
0:03:57 > 0:04:01# But it's not bad. #
0:04:02 > 0:04:05So upstairs and...
0:04:05 > 0:04:08Pretty much what you might expect.
0:04:08 > 0:04:10Bathroom and the loo, obviously.
0:04:10 > 0:04:14Now, doesn't seem to be in that nice a condition.
0:04:14 > 0:04:20This whole "recently refurbished" scenario strikes me as a coat of paint,
0:04:20 > 0:04:22between you and me. But anyway.
0:04:22 > 0:04:25Because you'd need to replace the kitchen and you'd need to replace the bathroom,
0:04:25 > 0:04:27and the boiler and stuff, but anyway, whatever.
0:04:27 > 0:04:31Um, two bedrooms, one at the back there, one at the front.
0:04:31 > 0:04:33It's a good size.
0:04:33 > 0:04:36At least you've got double glazing on the windows, which is nice,
0:04:36 > 0:04:38keep some of the road noise down.
0:04:38 > 0:04:39And...
0:04:39 > 0:04:44You know, I mean, coming back to this refurbished thing,
0:04:44 > 0:04:47I'd still want to just...
0:04:47 > 0:04:50..rip all of it out and start again.
0:04:50 > 0:04:53# Help me understand
0:04:53 > 0:04:56# Well, take me as I am
0:04:56 > 0:04:59# Anything for you
0:04:59 > 0:05:02# Got the whole world in our hands
0:05:02 > 0:05:06# Come on, take a chance and start anew. #
0:05:06 > 0:05:08It's a funny one, this one.
0:05:08 > 0:05:11It certainly doesn't feel like it's reaching its potential.
0:05:11 > 0:05:13Perhaps outside could offer some options.
0:05:15 > 0:05:19Well, out the back of the property, there is yet more land.
0:05:19 > 0:05:23And of course when you see this much land around the house,
0:05:23 > 0:05:25the first thing you think is, well,
0:05:25 > 0:05:29what's the opportunity for potential expansion,
0:05:29 > 0:05:31building some kind of an extension?
0:05:31 > 0:05:34And then of course you get into the realms of planning permission.
0:05:34 > 0:05:35You could do permitted development,
0:05:35 > 0:05:38but if you want to do something more extensive,
0:05:38 > 0:05:40and I think the property would certainly cope with that,
0:05:40 > 0:05:42you're going to have to get planning permission.
0:05:42 > 0:05:46Well, the good news is in the past, planning permission has been granted
0:05:46 > 0:05:49for a two-storey extension here.
0:05:49 > 0:05:51That planning permission has now lapsed,
0:05:51 > 0:05:55but the fact that it's been basically passed in the past,
0:05:55 > 0:05:58so highways approved it, the neighbours approved it,
0:05:58 > 0:06:02and the designs were generally approved by the planners, that's good news.
0:06:02 > 0:06:04It doesn't mean you would necessarily get it again,
0:06:04 > 0:06:07but the odds are certainly stacked in your favour.
0:06:07 > 0:06:13The 64,000 question is, would a two-storey extension be a wise move?
0:06:13 > 0:06:16After all, no-one has used that permission.
0:06:16 > 0:06:19It makes you wonder why not.
0:06:19 > 0:06:21Would you be in danger of overdeveloping the site?
0:06:22 > 0:06:25Any developer needs to know the ceiling price in the area
0:06:25 > 0:06:27before they decide.
0:06:27 > 0:06:31So time to get some info from an agent from the auction house who
0:06:31 > 0:06:34sold this two-bed guided at 100,000.
0:06:34 > 0:06:36Having had a look around the property,
0:06:36 > 0:06:38I can see that some work has taken place.
0:06:38 > 0:06:39It's had new windows,
0:06:39 > 0:06:42it appears the electrical installation has been upgraded,
0:06:42 > 0:06:45it has gas central heating, but it does still need some decoration,
0:06:45 > 0:06:47new carpets maybe to freshen it up.
0:06:47 > 0:06:50There's certainly scope to extend this property to the side,
0:06:50 > 0:06:53to create further living space and maybe an additional bedroom.
0:06:53 > 0:06:56Whether that will prove cost-effective or not, I'm not completely sure.
0:06:56 > 0:07:01I certainly wouldn't do it if it was with a view to maximising my investment.
0:07:01 > 0:07:04So, taking into consideration the cost of extending,
0:07:04 > 0:07:08it doesn't sound like a project for an investor chasing profit,
0:07:08 > 0:07:11but may be a great one for a family looking for a bigger house.
0:07:11 > 0:07:13That might be a possibility.
0:07:13 > 0:07:15Anyway, how do the numbers stack up?
0:07:17 > 0:07:19Once renovated, as a two-bedroom property,
0:07:19 > 0:07:22I would anticipate a sale being achieved somewhere in the region of
0:07:22 > 0:07:24£128,000.
0:07:24 > 0:07:26If the property were extended and fully renovated,
0:07:26 > 0:07:30I would anticipate a sale being achieved on the sales market somewhere in
0:07:30 > 0:07:33the region of £140,000 at best, to a high standard.
0:07:34 > 0:07:36Well, with a bit of refurbishment of
0:07:36 > 0:07:41the recently refurbishment-ness, if you know what I mean,
0:07:41 > 0:07:44this place could actually be pretty nice,
0:07:44 > 0:07:49and it does benefit from this corner plot with that potential to extend.
0:07:49 > 0:07:50So, yeah, a good one to go for.
0:07:50 > 0:07:53Let's see who agreed when it went under the hammer.
0:07:56 > 0:08:00What am I saying for this one? 95,000 for it, 95.
0:08:00 > 0:08:0392,000 to start me?
0:08:03 > 0:08:0692,000 I've got as an opening bid.
0:08:06 > 0:08:09At 92,000, 93 is bid here.
0:08:09 > 0:08:1393. 94. 95. 96.
0:08:13 > 0:08:17The lot has plenty of interest and the bids keep climbing.
0:08:17 > 0:08:20We rejoin with the auctioneer looking for 119,000.
0:08:20 > 0:08:24119. Gentleman's bid at 119.
0:08:24 > 0:08:27120. 120, done?
0:08:27 > 0:08:30At £120,000,
0:08:30 > 0:08:33once, twice, third chance.
0:08:33 > 0:08:36Sold here, madam, thank you, 120.
0:08:37 > 0:08:40One of the bidders, Lee, looks a bit unsure, but the other is smiling,
0:08:40 > 0:08:42and that's Jane.
0:08:42 > 0:08:45They paid 120 grand for the corner site house,
0:08:45 > 0:08:47so I met up with Jane to find out more.
0:08:49 > 0:08:50Jane, lovely to meet you.
0:08:50 > 0:08:53- Hello, Martin.- Congratulations!
0:08:53 > 0:08:56- Thank you!- Tell me why you wanted to buy this place.
0:08:56 > 0:09:00Well, we were looking at three properties on the auction.
0:09:00 > 0:09:04The first two went, so this one we were successful on.
0:09:04 > 0:09:07- Brilliant. You say "we" - who's we? - My partner, business partner.
0:09:07 > 0:09:10OK. Is this something you do, then?
0:09:10 > 0:09:12It's something we're starting to do.
0:09:12 > 0:09:14- OK.- Yeah.
0:09:14 > 0:09:16What's prompted the start of this business?
0:09:16 > 0:09:19Not able to get into our line of work in England,
0:09:19 > 0:09:22so we were basically,
0:09:22 > 0:09:25in the interviews told that our skills were non-transferable.
0:09:25 > 0:09:28So what were you doing? Where did you come from for a start?
0:09:28 > 0:09:29- Zimbabwe.- Oh, wow!
0:09:29 > 0:09:32- Yes!- How recently were you there?
0:09:32 > 0:09:34Well, we've been here for five years now.
0:09:34 > 0:09:36OK. What were your skills in?
0:09:36 > 0:09:38Real estate.
0:09:38 > 0:09:39- Oh, right!- Yes!
0:09:39 > 0:09:41And they weren't transferable?
0:09:41 > 0:09:43- No.- OK.
0:09:43 > 0:09:46I might have a job, then - what's this?
0:09:46 > 0:09:49Why weren't they considered transferable?
0:09:49 > 0:09:51Well, I'm not sure about that, to be honest.
0:09:51 > 0:09:53- You were an estate agent there, sort of thing?- Yes.
0:09:53 > 0:09:56We don't have any of those in this country.
0:09:56 > 0:09:57That's maybe why then!
0:09:57 > 0:09:59We do!
0:09:59 > 0:10:00We have loads! OK.
0:10:00 > 0:10:03So, you were a bit disheartened at first then, were you?
0:10:03 > 0:10:04Very disheartened.
0:10:04 > 0:10:07So we've actually sold our main residence
0:10:07 > 0:10:10and now we're using that cash to make money.
0:10:10 > 0:10:13While some high street estate agents might have advised Jane
0:10:13 > 0:10:17that her skills weren't transferable here, it's hard to see why,
0:10:17 > 0:10:22as she has quite a property record, developing in America and Australia,
0:10:22 > 0:10:27while both she and Lee have developed properties in both Zimbabwe and Bulgaria.
0:10:27 > 0:10:31Quite a pair of property globetrotters and this is their first in the UK.
0:10:33 > 0:10:35So what are your plans for it?
0:10:35 > 0:10:40We're wanting to extend the property so it'll be a side extension,
0:10:40 > 0:10:45double side extension, which will move the kitchen across into this side.
0:10:45 > 0:10:49- OK.- And basically open the whole downstairs space up.- Nice.
0:10:49 > 0:10:51And then above, what, an extra bedroom?
0:10:51 > 0:10:53Yeah, extra bedroom, bathroom.
0:10:53 > 0:10:57Basically, it will become a four-bedroom, three-bathroom home,
0:10:57 > 0:10:59if we can go up into the loft as well.
0:10:59 > 0:11:02Oh, wow, so you're thinking about putting a dormer up there or something?
0:11:02 > 0:11:05- Yes.- Oh, my gosh. So have you checked the sort of ceiling price of
0:11:05 > 0:11:08properties, this is the top price that properties in this area would get
0:11:08 > 0:11:10for what you are suggesting?
0:11:10 > 0:11:17Yes. The side road, basically, up to about 120 for a semi.
0:11:17 > 0:11:19But the main road,
0:11:19 > 0:11:21um, up to 200,000.
0:11:21 > 0:11:23- Oh, wow.- Maybe just over,
0:11:23 > 0:11:27so we are trying to change the frontage of the property,
0:11:27 > 0:11:29from the side road to the front.
0:11:29 > 0:11:33And just by changing the entrance could add £80,000 on to the price!
0:11:33 > 0:11:35Well, we hope!
0:11:35 > 0:11:38Because that's going to come down to what the highways authority say,
0:11:38 > 0:11:41- isn't it?- That's right.- Whether they want that on to the main road. - Yeah.
0:11:41 > 0:11:43Just so we're all clear,
0:11:43 > 0:11:46Jane thinks moving the entrance to the front of the property
0:11:46 > 0:11:50on to the larger road will increase the value by up to £80,000.
0:11:50 > 0:11:52Novel thinking.
0:11:53 > 0:11:55But I do hope their thinking is right.
0:11:55 > 0:11:59They've calculated 30 grand to do a straight refurbishment,
0:11:59 > 0:12:01but if they add the side extension dormer,
0:12:01 > 0:12:07they've budgeted 65,000, which should take them up to 185 grand,
0:12:07 > 0:12:08a sizeable investment.
0:12:10 > 0:12:13- Are you nervous about that? - I am nervous.
0:12:13 > 0:12:15I am nervous. But at the same time,
0:12:15 > 0:12:18I really want to try and reach the full potential of the property.
0:12:18 > 0:12:23So by the time you see us next, we'll have decided on the best route.
0:12:23 > 0:12:25- And hopefully done it? - Yes, hopefully.
0:12:25 > 0:12:27Yeah, yeah.
0:12:27 > 0:12:28What's the sort of timescale?
0:12:28 > 0:12:30About five months.
0:12:30 > 0:12:32With planning permission, I would think.
0:12:32 > 0:12:35If it's successful, you will do other projects?
0:12:35 > 0:12:38- Yes, absolutely.- One, two, whatever it is in the year?
0:12:38 > 0:12:39As many as we can.
0:12:39 > 0:12:43Try and transition over into that being our full-time income.
0:12:43 > 0:12:45Well, it's lovely to meet you. Congratulations with it.
0:12:45 > 0:12:49- We look forward to seeing how you get on.- Thank you, Martin.
0:12:49 > 0:12:53So, a new career in the UK as a property developer for Jane,
0:12:53 > 0:12:55and a really interesting project for her to take on.
0:12:55 > 0:12:59I guess one of the big issues is that whole planning permission
0:12:59 > 0:13:04and the extension, and making sure she doesn't spend too much money
0:13:04 > 0:13:07taking the price of the property above the ceiling price of some
0:13:07 > 0:13:11of the properties in the area. How will she get on?
0:13:11 > 0:13:13You can find out later in the show.
0:13:20 > 0:13:23This is the town of Barking in the outer London Borough
0:13:23 > 0:13:27of Barking and Dagenham. Full of shops, restaurants and plenty of amenities,
0:13:27 > 0:13:32you'd be barking up the right tree if you enjoy bustling city life.
0:13:32 > 0:13:35But if there is nothing to float your boat here,
0:13:35 > 0:13:38Central London is just a 40-minute commute from Barking railway station.
0:13:38 > 0:13:41# You're barking up the wrong tree
0:13:41 > 0:13:44# That's what she said to me. #
0:13:44 > 0:13:48Less than a ten-minute walk from Barking's train station and shops,
0:13:48 > 0:13:54I'm on this really busy road to see a property which is right behind these
0:13:54 > 0:13:55traffic lights.
0:13:55 > 0:13:59It had a guide price of £500,000 plus at auction.
0:13:59 > 0:14:01It's a four-bedroom house.
0:14:01 > 0:14:03OK, initial impressions,
0:14:03 > 0:14:06we might be on the outskirts of London but half a million pounds?
0:14:06 > 0:14:07It's pretty shabby.
0:14:07 > 0:14:09Really? Let's find out what's inside.
0:14:12 > 0:14:14A bit shabby, no parking whatsoever,
0:14:14 > 0:14:19will it justify the half a million pound guide price when we go in?
0:14:19 > 0:14:21Inside, wow.
0:14:21 > 0:14:25OK, so I've smelt damp, mould before, plenty of times,
0:14:25 > 0:14:26there is something entirely different.
0:14:26 > 0:14:30This is, I'd put my money on some sort of animal urine.
0:14:30 > 0:14:34A fox maybe? Lots of foxes? It is a real stench.
0:14:34 > 0:14:36You've got stairs going up.
0:14:36 > 0:14:39OK, you've got a decent proportioned room here.
0:14:39 > 0:14:42If I was to look for positives, what I would say, and I'm looking hard,
0:14:42 > 0:14:44is that it's a double-fronted house.
0:14:44 > 0:14:46So you have this feeling of light
0:14:46 > 0:14:49coming in from windows on both sides.
0:14:49 > 0:14:50But it's derelict.
0:14:50 > 0:14:55It needs absolutely everything done, rewiring, heating, plumbing,
0:14:55 > 0:15:00everything. And then you come to an extension area, and my goodness,
0:15:00 > 0:15:03look at the joining - it's just a lot of rubble.
0:15:03 > 0:15:07So, walking over that bit,
0:15:07 > 0:15:10you come to this extension which has clearly been started but never
0:15:10 > 0:15:12finished. It's big.
0:15:12 > 0:15:17Maybe it was intended to be some sort of open-plan kitchen diner.
0:15:17 > 0:15:19Well, everything's hanging down from the ceiling.
0:15:19 > 0:15:25You would really need to check that the initial start-up of the extension
0:15:25 > 0:15:26has been done properly,
0:15:26 > 0:15:29otherwise you'd have to rip everything out and start again.
0:15:29 > 0:15:34I'd take you outside to the garden but it's more of a rubbish tip for now.
0:15:34 > 0:15:37Well, I said it didn't look half a million pounds' worth
0:15:37 > 0:15:41and goodness knows how much you'd need to then put it right.
0:15:41 > 0:15:46All I can say is, you're lucky you can't smell what I can.
0:15:46 > 0:15:49# What does the fox say? #
0:15:50 > 0:15:53The kitchen doors haven't been secured,
0:15:53 > 0:15:57so I think there's probably been foxes coming in and doing their business
0:15:57 > 0:15:59in the house. Yuck!
0:16:00 > 0:16:03What's worse, urine, generally speaking,
0:16:03 > 0:16:06can be very difficult to remove from the floorboards.
0:16:06 > 0:16:09On the internet, there are tips for cleaning them,
0:16:09 > 0:16:12but do be careful and take good advice before even mixing household
0:16:12 > 0:16:16solutions. I'd prefer hiring a specialist professional cleaner.
0:16:16 > 0:16:21Regardless, keep the room ventilated when cleaning, or in this case,
0:16:21 > 0:16:24get the place ventilated pronto.
0:16:24 > 0:16:26Ugh, let's not linger on this.
0:16:28 > 0:16:31Upstairs, well, first thing I notice is there's no banister.
0:16:31 > 0:16:33You really need to put one in,
0:16:33 > 0:16:35obviously, for health and safety reasons.
0:16:35 > 0:16:40OK, you've got a decent-sized bedroom up here and also there.
0:16:40 > 0:16:42What I will say the place does have going for it,
0:16:42 > 0:16:45there are no pokey rooms,
0:16:45 > 0:16:47and you also have that double-fronted aspect
0:16:47 > 0:16:50where you have windows and a sense of light coming in.
0:16:50 > 0:16:53In each of the bedrooms you have a sink so it has a feel
0:16:53 > 0:16:55that it was a bedsit.
0:16:55 > 0:16:59Bathroom, well, just needs gutted like everything else, taken out.
0:16:59 > 0:17:03They say never go under a ladder. I don't think I have much choice here.
0:17:03 > 0:17:04If you get to the top,
0:17:04 > 0:17:08you will see that a loft conversion has been started.
0:17:08 > 0:17:13That comes as a bit of a surprise, but just like downstairs,
0:17:13 > 0:17:15whoever started it hasn't finished it.
0:17:15 > 0:17:17So, yeah,
0:17:17 > 0:17:21the smell continues and I would say that upstairs isn't any better than
0:17:21 > 0:17:23downstairs.
0:17:23 > 0:17:28# What have we started?
0:17:28 > 0:17:32# I'm so far in this time... #
0:17:32 > 0:17:35Work has clearly been started,
0:17:35 > 0:17:39but there's no guarantee it will be completed to building regs,
0:17:39 > 0:17:43which could mean stripping it all back at a cost to the purchaser.
0:17:43 > 0:17:48This place really needs a big cash injection on top of that guide price of
0:17:48 > 0:17:50half a million pounds.
0:17:50 > 0:17:52Now, just when you thought all was lost,
0:17:52 > 0:17:56just when you were wondering how on earth could anyone make a profit from this,
0:17:56 > 0:17:59I have a golden nugget of information I've been keeping up my sleeve.
0:17:59 > 0:18:02Sorry. So, my confession is this -
0:18:02 > 0:18:04this property comes with planning permission, yes,
0:18:04 > 0:18:08it comes with planning permission to split the house into two
0:18:08 > 0:18:10three-bedroom houses
0:18:10 > 0:18:14so just now it's a four-bedroom house and it really lends
0:18:14 > 0:18:17itself to doing this, splitting it down the middle,
0:18:17 > 0:18:21and then on the first floor you would have two bedrooms on either side.
0:18:21 > 0:18:25In the loft conversion you would have your third bedroom on either side.
0:18:25 > 0:18:28So the figures could really stack up when you come to selling on two
0:18:28 > 0:18:30properties or renting them out.
0:18:30 > 0:18:31Told you it was a game changer.
0:18:33 > 0:18:36So this could actually be two houses for the price of one.
0:18:36 > 0:18:38Now, that is very interesting,
0:18:38 > 0:18:40but what did a local estate agent
0:18:40 > 0:18:42make of the house that went to auction
0:18:42 > 0:18:45with a guide price of half a million pounds?
0:18:47 > 0:18:50The property is what it is.
0:18:50 > 0:18:52It certainly does require a lot of work.
0:18:52 > 0:18:54I can see that they've tried to do some of the development,
0:18:54 > 0:18:57started the development itself.
0:18:57 > 0:19:00Um, questions are going to start coming about whether the people who have
0:19:00 > 0:19:04started it have actually done the right job and whether they developed it
0:19:04 > 0:19:07properly, but it's certainly a good buy.
0:19:07 > 0:19:11Hopefully, it won't be "goodbye" to the building work already started,
0:19:11 > 0:19:14so get in a surveyor to check it out.
0:19:14 > 0:19:16But what about the plans for splitting this house in two?
0:19:16 > 0:19:18Are they any good?
0:19:19 > 0:19:22There aren't many properties that are double fronted within this area,
0:19:22 > 0:19:26so what they've applied for with two three-bedroom houses is probably the
0:19:26 > 0:19:30best use of the space that's here already.
0:19:30 > 0:19:32The demand for three-bedrooms is probably going to be much better
0:19:32 > 0:19:35- than it is for a four.- I like the sound of that,
0:19:35 > 0:19:38but what could a three-bed house fetch in this area?
0:19:40 > 0:19:42If split into two three-bedroomed houses,
0:19:42 > 0:19:47I would put this property on the market for £385-£400,000.
0:19:47 > 0:19:50That could be 800 grand in total,
0:19:50 > 0:19:53but how does a four-bed measure up?
0:19:53 > 0:19:59I would put this property on the market for £430-£445,000.
0:19:59 > 0:20:02Well, I hope whoever bought this had done their homework,
0:20:02 > 0:20:04because there's just so much work to do,
0:20:04 > 0:20:08but the real silver lining is that it comes with planning permission,
0:20:08 > 0:20:11so there is huge potential and lots of options.
0:20:11 > 0:20:15Let's find out who agreed when it went under the hammer.
0:20:15 > 0:20:17In Stratford, again...
0:20:17 > 0:20:21Unfortunately, we missed the action on this particular lot
0:20:21 > 0:20:22but the successful bid of
0:20:22 > 0:20:28£530,000 came from property developer Dilawar.
0:20:28 > 0:20:30Regular viewers of the show
0:20:30 > 0:20:33might recognise Dilawar, on the left, and his property
0:20:33 > 0:20:37manager Amrik, as they've been on the show twice before,
0:20:37 > 0:20:40most recently at a property in Forest Gate, London.
0:20:40 > 0:20:45And I caught up with them to hear their plans for this tatty terrace.
0:20:46 > 0:20:49- Dilawar, hello, congratulations. - Thank you.
0:20:49 > 0:20:51Amrik, congratulations.
0:20:51 > 0:20:53- Thank you.- Why did you want this property?
0:20:53 > 0:20:59Well, I like the property because there is scope in it and we always want
0:20:59 > 0:21:01projects like this.
0:21:01 > 0:21:04Do some work and, you know, enhance the value of the property.
0:21:04 > 0:21:06You can't half do some work.
0:21:06 > 0:21:08You got to do a lot of work.
0:21:08 > 0:21:11How long have you been in property?
0:21:11 > 0:21:14I've been in property nearly 50 years.
0:21:14 > 0:21:16Wow. And you've been working together?
0:21:16 > 0:21:18- For the last 20 years.- 20 years.
0:21:18 > 0:21:20How does this relationship work?
0:21:20 > 0:21:26I always buy the properties but he always manages them, the project.
0:21:26 > 0:21:29- So you are the project manager?- I am, yeah.
0:21:29 > 0:21:33He's the big boss who buys the property and gives it to me,
0:21:33 > 0:21:36then I do it up and then it goes to renting or whatever he wants
0:21:36 > 0:21:39- to do with it.- He's the boss?
0:21:39 > 0:21:43No, I'm not the boss, we work as a team, like, you know?
0:21:43 > 0:21:47- Like a family.- Do you ever have any disagreements?
0:21:47 > 0:21:49And if you do, how do you get over them?
0:21:49 > 0:21:51- No, I don't think so, never. - No, we don't
0:21:51 > 0:21:54have any disagreements, there is nothing to disagree about.
0:21:54 > 0:21:56Do you each have your own strengths?
0:21:56 > 0:21:59Do you like doing something and you like doing something else?
0:21:59 > 0:22:00Yeah, that's why we get on with it,
0:22:00 > 0:22:04because he doesn't interfere with what I'm doing and I don't interfere
0:22:04 > 0:22:05with...
0:22:05 > 0:22:07He's the boss, I can't!
0:22:09 > 0:22:11No matter who's the boss,
0:22:11 > 0:22:14it's a partnership that's working out for them so far.
0:22:14 > 0:22:19In fact, Dilawar has renovated so many properties, he's lost count,
0:22:19 > 0:22:22so it's no wonder the planning permission for this property
0:22:22 > 0:22:24caught his eye.
0:22:24 > 0:22:27Well, we are going to do what the planning permission says.
0:22:27 > 0:22:33We are going to make this property into two three-bedroomed dwellings.
0:22:33 > 0:22:37Talk me through what you're going to do to make that happen.
0:22:37 > 0:22:39As the plan says,
0:22:39 > 0:22:44two bedrooms on each floor and two rooms in the loft and bathrooms,
0:22:44 > 0:22:50WCs, and a big dining room and, you know, a reception room.
0:22:50 > 0:22:55So they are very wisely going to go with the plans as outlined.
0:22:55 > 0:22:58However, he's taken some advice from a structural surveyor
0:22:58 > 0:23:02and is going to have to change some of the work that has been done.
0:23:02 > 0:23:08They haven't done the work according to the building regulations,
0:23:08 > 0:23:10so we have to put that right.
0:23:10 > 0:23:13Is that the extension we are standing in now?
0:23:13 > 0:23:14The extension, yeah.
0:23:14 > 0:23:16So, structurally, what has to happen here?
0:23:16 > 0:23:19Does this have to be demolished and start again?
0:23:19 > 0:23:22We shouldn't think so, no, but at the same time, we have to rectify...
0:23:23 > 0:23:25..certain things.
0:23:25 > 0:23:28We have to make sure the building control...
0:23:29 > 0:23:31..are happy with what we do.
0:23:32 > 0:23:35Part of Dilawar and Amrik's
0:23:35 > 0:23:40£120-£150,000 budget will be spent on hiring an architect to right
0:23:40 > 0:23:42all the wrongs in the building work
0:23:42 > 0:23:45so the two properties will be safe for the tenants,
0:23:45 > 0:23:49as Dilawar plans to rent them out once complete.
0:23:51 > 0:23:53How long are you thinking this will take? What's your timescale?
0:23:53 > 0:23:56Once all the planning, I mean, the building control,
0:23:56 > 0:23:58everything is in plan, once we,
0:23:58 > 0:24:01like, start,
0:24:01 > 0:24:03we should finish within six months.
0:24:03 > 0:24:07And do you have your tradespeople lined up, who you have used before,
0:24:07 > 0:24:10people that you trust to know what they are doing?
0:24:10 > 0:24:12Yeah, that's right, yeah. Always,
0:24:12 > 0:24:16we have teams of people who work alongside us and mostly
0:24:16 > 0:24:21we supply them all the time, so hopefully once it's started,
0:24:21 > 0:24:24then to the end, get it in better condition.
0:24:24 > 0:24:27Congratulations again and good luck, can't wait to see what you do.
0:24:27 > 0:24:28Thank you.
0:24:30 > 0:24:33Owner Dilawar and project manager Amrik make a great team
0:24:33 > 0:24:36and they've got loads of experience between them,
0:24:36 > 0:24:39which is just as well in a property like this.
0:24:39 > 0:24:43But how much repair will that extension need and how much will it cost
0:24:43 > 0:24:46to make this into two houses?
0:24:46 > 0:24:47Will the figures stack up?
0:24:47 > 0:24:49You can find out later in the show.
0:24:50 > 0:24:53Coming up, this shop in Congleton, Cheshire,
0:24:53 > 0:24:56has possibly the oddest decoration I've ever seen.
0:24:56 > 0:25:00Not sure why he's there, but if you bear with me, I'll find out.
0:25:02 > 0:25:03And in Barking, London,
0:25:03 > 0:25:06Dilawar and Amrik have found the previous works carried out at their
0:25:06 > 0:25:08property to be grisly.
0:25:08 > 0:25:12We had to start from the beginning, basically.
0:25:14 > 0:25:18Earlier in the show, I was in the Derbyshire village of Littleover,
0:25:18 > 0:25:22where I saw this two-bed semi on a substantial corner plot,
0:25:22 > 0:25:24guided at 100,000.
0:25:24 > 0:25:25I was optimistic,
0:25:25 > 0:25:29as the catalogue stated that it was recently refurbished and
0:25:29 > 0:25:32the living room and bedroom seemed to be in reasonable condition.
0:25:32 > 0:25:37But the dated kitchen and tired bathroom had me thinking otherwise.
0:25:37 > 0:25:42I'd still want to just rip a lot of it out and start again.
0:25:42 > 0:25:45# I've got to rip it out
0:25:45 > 0:25:47# Rip it out!
0:25:47 > 0:25:50# I've got to tear it down... #
0:25:50 > 0:25:52Not a great start.
0:25:52 > 0:25:55However, it was something else in the catalogue that caught my eye.
0:25:56 > 0:26:01In the past, planning permission has been granted for a two-storey
0:26:01 > 0:26:04extension. The planning permission has now lapsed,
0:26:04 > 0:26:05but that's good news.
0:26:05 > 0:26:07It doesn't mean you would necessarily get it again,
0:26:07 > 0:26:10but the odds are certainly stacked in your favour.
0:26:10 > 0:26:13Buying the property for 120,000 on auction day
0:26:13 > 0:26:15was Jane and partner Lee.
0:26:15 > 0:26:21They had developed properties all over the world and worked as estate agents in their native Zimbabwe.
0:26:21 > 0:26:26But the Derby semi was to be their first in the UK.
0:26:26 > 0:26:28We're wanting to extend the property out there,
0:26:28 > 0:26:31so it will be a side extension, double side extension.
0:26:31 > 0:26:35Basically, it'll become a four-bedroom, three-bathroom home,
0:26:35 > 0:26:37if we can go up into the loft as well.
0:26:37 > 0:26:41Jane and Lee had a budget of 65 grand for the full extension
0:26:41 > 0:26:47and renovation, but they had a novel idea when it came to shattering the street ceiling price.
0:26:48 > 0:26:53We are trying to change the frontage of the property from the side road
0:26:53 > 0:26:57- to the front.- Just by changing the entrance,
0:26:57 > 0:26:59it could add £80,000 onto the price.
0:26:59 > 0:27:00We hope!
0:27:00 > 0:27:02Now this I had to see.
0:27:02 > 0:27:07And the turnaround FOR the turnaround was to be five months.
0:27:07 > 0:27:09So, did they manage it?
0:27:09 > 0:27:12We are back, just over a year and five months later.
0:27:14 > 0:27:16# So turn around
0:27:16 > 0:27:19# Floating so high up off the ground
0:27:19 > 0:27:22# Floating so high
0:27:22 > 0:27:23# Turn around
0:27:23 > 0:27:28# Together nothing can stop us now
0:27:28 > 0:27:31# So, baby, turn around
0:27:31 > 0:27:35# Floating so high up off the ground
0:27:35 > 0:27:37# Floating so high
0:27:37 > 0:27:39# Turn around
0:27:39 > 0:27:43# Together nothing can stop us now... #
0:27:45 > 0:27:48So they didn't change the access to the property,
0:27:48 > 0:27:50but they've certainly turned this house around
0:27:50 > 0:27:52with a two-storey extension.
0:27:54 > 0:27:58Jane and Lee felt moving the front door would impede on the space in
0:27:58 > 0:28:01the new lounge area, and I think it's the right decision.
0:28:01 > 0:28:03Though, at one point,
0:28:03 > 0:28:06it was touch and go whether the extension could even go ahead.
0:28:07 > 0:28:10As we were submitting our plans,
0:28:10 > 0:28:14our architect came back and said that he felt that our boundary ran
0:28:14 > 0:28:17too close to the Severn Trent sewerage,
0:28:17 > 0:28:22so we had to call them and, basically, being able to go ahead with the
0:28:22 > 0:28:27extension relied on Severn Trent finding out actually how far we
0:28:27 > 0:28:30were, but the boundary was OK and we could then go ahead,
0:28:30 > 0:28:33but it was a very scary moment indeed.
0:28:33 > 0:28:35# Turn around
0:28:35 > 0:28:38# Together nothing can stop us now... #
0:28:39 > 0:28:41Fortunately for Jane and Lee,
0:28:41 > 0:28:45the plans were approved and the extension made way for another two
0:28:45 > 0:28:47good-sized bedrooms upstairs.
0:28:47 > 0:28:50But it was the structure of the existing house that caused an issue.
0:28:52 > 0:28:58As we peeled off the outside wall, we found wind posts, and basically,
0:28:58 > 0:29:00it's just a steel post every, like,
0:29:00 > 0:29:03one and a half metres around the entire perimeter of the house and
0:29:03 > 0:29:08the internal walls, so any knocking through has had to be done
0:29:08 > 0:29:10in accordance with where they actually are,
0:29:10 > 0:29:12because we weren't allowed to move them.
0:29:12 > 0:29:15We had to shift some of the entrances,
0:29:15 > 0:29:17especially upstairs into the bedrooms,
0:29:17 > 0:29:21and it made one of the double rooms slightly smaller, but actually,
0:29:21 > 0:29:25my builder really came through and, working closely with the council,
0:29:25 > 0:29:29managed to come up with some alternatives.
0:29:29 > 0:29:33Wind posts are structural supports used to create stability,
0:29:33 > 0:29:35so they had to work around.
0:29:35 > 0:29:39But pipes and wind posts weren't the only contributing factor in the
0:29:39 > 0:29:41overrun of the schedule.
0:29:42 > 0:29:46I had a judo injury, so I had to go and have an operation.
0:29:46 > 0:29:49I was actually out for about nearly seven months,
0:29:49 > 0:29:52so that set us back a long time.
0:29:52 > 0:29:57Jane's injury and other development projects the couple had in Bulgaria
0:29:57 > 0:30:00meant the five-month timescale got the chop.
0:30:00 > 0:30:04But did they go "hai-ya" than the £65,000 budget?
0:30:04 > 0:30:07Basically, the extension has come in at £68,000,
0:30:07 > 0:30:13and the refurb of the existing house has come in at 23.
0:30:13 > 0:30:17That's a total of 91 grand, and when added to the purchase price
0:30:17 > 0:30:21makes for a total investment of £211,000.
0:30:21 > 0:30:25So, will two local estate agents think it was worth it?
0:30:27 > 0:30:29My first impressions of this property are very good.
0:30:29 > 0:30:33I like the fact that of the four bedrooms, three of them are double.
0:30:33 > 0:30:35The kitchen is brilliant with the integral appliances.
0:30:35 > 0:30:37A lot of thought has gone in there.
0:30:37 > 0:30:39And the bathroom is of a very good quality as well.
0:30:39 > 0:30:44Yeah, my first impressions of this property, significant extension,
0:30:44 > 0:30:45good finish,
0:30:45 > 0:30:48nice-size plot, done a good job.
0:30:48 > 0:30:53But is there a profit for them on their £211,000 investment?
0:30:53 > 0:30:56In my opinion, if I was looking to place this on the open market
0:30:56 > 0:30:59I would recommend an asking price of £200,000.
0:30:59 > 0:31:02On the open market I would expect this property to achieve somewhere
0:31:02 > 0:31:04in the region of £210,000.
0:31:04 > 0:31:06Well, I can understand why they would say that,
0:31:06 > 0:31:09I think with being this part of Littleover.
0:31:09 > 0:31:11But I've also looked at a lot of other variables.
0:31:11 > 0:31:14There's very little stock on the market at the moment.
0:31:14 > 0:31:16And also the comparables,
0:31:16 > 0:31:20I found semidetached four-bedrooms
0:31:20 > 0:31:23within a three-mile radius of 290.
0:31:24 > 0:31:26So, we wait and see.
0:31:26 > 0:31:30Unfortunately, the higher value from the agent could see Jane and Lee
0:31:30 > 0:31:34make a loss of £1,000 before taxes and fees.
0:31:34 > 0:31:37But let's hope Jane's research proves them wrong.
0:31:37 > 0:31:41It's also worth noting the agents didn't think changing the frontage
0:31:41 > 0:31:44would have added value, so Jane was right not to bother.
0:31:44 > 0:31:47And she's already thinking of her next venture.
0:31:49 > 0:31:52I'm looking at buying some more property in Bulgaria, renting that out.
0:31:52 > 0:31:55It's getting very good returns at the moment.
0:31:55 > 0:31:58And here maybe do a much smaller project.
0:31:58 > 0:32:02Just a refurb of an existing property.
0:32:02 > 0:32:05And maybe not take as big a risk.
0:32:10 > 0:32:13We head now to Congleton in Cheshire,
0:32:13 > 0:32:17a lovely little market town that sits 20 miles south of Manchester.
0:32:19 > 0:32:25Right in the heart of this busy and pretty town centre is the lot I'm here to see, and what a location.
0:32:25 > 0:32:28Today's lot is a commercial unit
0:32:28 > 0:32:33that's over three floors and has a guide price of £160,000, plus the VAT.
0:32:33 > 0:32:34I'm excited.
0:32:34 > 0:32:36Let's have a look inside.
0:32:36 > 0:32:38In case you were wondering about the VAT,
0:32:38 > 0:32:40the tax is chargeable at 20%,
0:32:40 > 0:32:43meaning it could add a lot to your final bill.
0:32:46 > 0:32:50Before I go any further in there, the curb appeal is already there.
0:32:50 > 0:32:54This is a perfect location for a commercial unit.
0:32:54 > 0:32:56And over here,
0:32:56 > 0:32:59look at this big fellow here...
0:32:59 > 0:33:03I'm not sure why he's there, but if you bear with me, I'll find out.
0:33:03 > 0:33:06Sorry about that. But this place is in great condition.
0:33:06 > 0:33:08You've got a counter here, all ready to go.
0:33:08 > 0:33:12There's not a lot you have to do to this unit to get it up and running
0:33:12 > 0:33:15yet again. I've noticed here, which I thought were lights,
0:33:15 > 0:33:18but they're cameras, so you've got security in already.
0:33:18 > 0:33:20I can see at the end some dressing rooms.
0:33:20 > 0:33:23So it may have been a clothes shop,
0:33:23 > 0:33:26but really with a unit this size in this condition,
0:33:26 > 0:33:29you can do with it what you please.
0:33:29 > 0:33:32Great start. I'm going to check out upstairs.
0:33:33 > 0:33:36When I say what you please,
0:33:36 > 0:33:38that's within the limits of use classification,
0:33:38 > 0:33:40under planning, of course.
0:33:40 > 0:33:44So you would likely need to apply for a change of use if you wanted
0:33:44 > 0:33:49to, say, sell financial services, hot food or even sell bears.
0:33:49 > 0:33:51There's a few grizzlies around.
0:33:51 > 0:33:55That's because Congleton is known as a bear town.
0:33:55 > 0:34:00This harks back to the 1600s when the town was noted for a dancing bear.
0:34:00 > 0:34:04# Look for the bare necessities
0:34:04 > 0:34:07# The simple bare necessities... #
0:34:07 > 0:34:09Right. Upstairs we've got...
0:34:09 > 0:34:12We've got a small toilet just at the end there.
0:34:12 > 0:34:14There's lots of space, just as I look through.
0:34:14 > 0:34:17Obviously, the toilet doesn't have to stay there.
0:34:17 > 0:34:20You can configure this place as you wish.
0:34:20 > 0:34:24Through into what I would imagine would have been the kitchen area.
0:34:24 > 0:34:27Look at that. That is an original period feature there,
0:34:27 > 0:34:29solid as you like.
0:34:29 > 0:34:33And it goes on and on.
0:34:33 > 0:34:35I do like those original cupboards as well.
0:34:35 > 0:34:36Across the landing,
0:34:36 > 0:34:39more stairs there to go to the top of the building.
0:34:39 > 0:34:42A little bit of storage to my right
0:34:42 > 0:34:44and into the main living, lounge area.
0:34:44 > 0:34:47Which is a really good size as well.
0:34:47 > 0:34:50And look at this, you've got an original...
0:34:50 > 0:34:53what looks like a '20s, maybe '30s fireplace.
0:34:53 > 0:34:56You could restore that quite easily.
0:34:56 > 0:34:58I love this place. I really do.
0:34:58 > 0:35:00You've got the commercial unit downstairs,
0:35:00 > 0:35:03which is more or less ready to go.
0:35:03 > 0:35:05It's a source of income
0:35:05 > 0:35:07and above that you've got the residential unit,
0:35:07 > 0:35:11which could be a really smart flat.
0:35:11 > 0:35:13Really like this place.
0:35:13 > 0:35:15It's a winner to me.
0:35:15 > 0:35:17I'm actually loving this place.
0:35:17 > 0:35:21Upstairs there is a great big room to the front with lovely dark wood
0:35:21 > 0:35:26flooring, and at the back there is another good-size room, which is...
0:35:26 > 0:35:30..handy. There's obviously work to do on the upper levels.
0:35:30 > 0:35:33That damp will obviously need looking at,
0:35:33 > 0:35:36plus I can't see any central heating,
0:35:36 > 0:35:39but what an amazing opportunity.
0:35:39 > 0:35:40And do you know what?
0:35:40 > 0:35:42There's more. OK.
0:35:42 > 0:35:45And outside you've got some space.
0:35:45 > 0:35:48Now when I say some space, it's quite big.
0:35:48 > 0:35:52I wasn't expecting this, and you've got some storage.
0:35:52 > 0:35:54What a bonus. Goes back a decent way as well,
0:35:54 > 0:35:57so you could have yourself a bit of garden space, too,
0:35:57 > 0:36:03whether that's residential storage or commercial, it's always a bonus.
0:36:03 > 0:36:08Now, if you are thinking about making the two flats upstairs residential
0:36:08 > 0:36:10and the commercial downstairs,
0:36:10 > 0:36:13maybe you're thinking, "I could sell the two flats and keep the commercial,"
0:36:13 > 0:36:17you would have to split up the leases, get separate leases,
0:36:17 > 0:36:21which could cost you a few quid and take a bit of time.
0:36:21 > 0:36:26But I've got to say, on the whole this place is fantastic.
0:36:26 > 0:36:28And I love it.
0:36:28 > 0:36:31Usually I'd be handing over to a local estate agent by now,
0:36:31 > 0:36:33but they'll have to wait.
0:36:33 > 0:36:36I just need a little bit more quality time with this one.
0:36:36 > 0:36:41# What I want, you've got and it might be hard to handle
0:36:41 > 0:36:44# But like the flame that burns the candle
0:36:44 > 0:36:47# The candle feeds the flame
0:36:47 > 0:36:48# Oh, yeah
0:36:48 > 0:36:49# Well, well, you
0:36:49 > 0:36:52# Ooh, ooh, ooh, ooh
0:36:52 > 0:36:54# You make my dreams come true
0:36:54 > 0:36:56# Hoo-ooh... #
0:36:56 > 0:37:00OK, I hear you. I'll get on with it.
0:37:00 > 0:37:03What does a local estate agent think of this property,
0:37:03 > 0:37:06guided at £160,000 plus the VAT?
0:37:07 > 0:37:10If I was personally looking to purchase this building then I would
0:37:10 > 0:37:12look to squeeze the best yield out
0:37:12 > 0:37:14of it by converting the first and second floor
0:37:14 > 0:37:17into residential flats and keeping the ground floor
0:37:17 > 0:37:18as a retail premises.
0:37:18 > 0:37:20To sell or rent, then?
0:37:20 > 0:37:23That's the question, it seems.
0:37:23 > 0:37:27So what kind of numbers are we looking at from the ground floor retail unit?
0:37:27 > 0:37:31The ground floor alone would be worth in the region of £120,000,
0:37:31 > 0:37:34and would attract a lot of investor buyers,
0:37:34 > 0:37:37as the yield would be in the region of £12,000 per annum.
0:37:37 > 0:37:41And if the top two floors were turned into one-bed flats,
0:37:41 > 0:37:43what kind of rental could we expect?
0:37:44 > 0:37:49I feel that would achieve in the region of £395 per calendar month.
0:37:49 > 0:37:52And how about on the sales market?
0:37:52 > 0:37:55One bedroom flats on the resale market,
0:37:55 > 0:37:59I would look to achieve somewhere in the region of £60,000.
0:37:59 > 0:38:03As you may have gathered, I actually love this place.
0:38:03 > 0:38:08The location is spot on and the potential for this place is endless.
0:38:08 > 0:38:10Let's find out who else fell for it when we went under the hammer.
0:38:10 > 0:38:12Let's start this one, shall we?
0:38:12 > 0:38:14Guide is 160,000.
0:38:14 > 0:38:16Who's here for this at 160?
0:38:16 > 0:38:18Can I have £150,000?
0:38:18 > 0:38:20Who's here for this at 150,000?
0:38:20 > 0:38:22I have, thank you, 155.
0:38:22 > 0:38:24Next up, if I may. Thank you very much.
0:38:24 > 0:38:26160 now. It's again to you, again.
0:38:26 > 0:38:27Thank you very much. 160 is bid.
0:38:27 > 0:38:30165? 170, I have. Let's say 175.
0:38:30 > 0:38:34I'll split it with you. 172.5, 175.
0:38:35 > 0:38:37177 and a half.
0:38:37 > 0:38:39I'm looking at... I'll make it 178.
0:38:39 > 0:38:41The bid is up to 178.
0:38:41 > 0:38:43The lady right at the very front is at 177 and a half.
0:38:43 > 0:38:46For the very first time in at 177 and a half.
0:38:46 > 0:38:48For the second time at 177 and a half.
0:38:48 > 0:38:51Third and final chance cos you, madam, yeah, you're winning it.
0:38:51 > 0:38:53It's you, all right? And you've got it.
0:38:53 > 0:38:55Well done. 177 and a half.
0:38:55 > 0:38:57Yeah!
0:38:57 > 0:39:00And that's how you're supposed to celebrate an auction victory there!
0:39:00 > 0:39:02# I'm so excited!
0:39:02 > 0:39:05# And I just can't hide it... #
0:39:05 > 0:39:07The new owner of the shop
0:39:07 > 0:39:10was actually successful businesswoman Dawn.
0:39:10 > 0:39:15She got friend Amanda to do the bidding at the auction for her cos
0:39:15 > 0:39:17she gets too excited.
0:39:17 > 0:39:21She's here with partner Lionel, and it's my turn to get excited.
0:39:21 > 0:39:23I can't wait to find out their plans.
0:39:23 > 0:39:25- Lionel, nice to meet you. - Good to meet you.
0:39:25 > 0:39:26Dawn, nice to meet you, too.
0:39:26 > 0:39:29- You, too.- And congratulations.
0:39:29 > 0:39:32- Thank you.- This place is unbelievable.
0:39:32 > 0:39:35So what was it that attracted you to this place, then, Lionel?
0:39:35 > 0:39:38Just... Well, right in the... Right in the middle of town centre.
0:39:38 > 0:39:41It's obviously got potential, you know,
0:39:41 > 0:39:46but we didn't really know how much potential it had until we looked inside.
0:39:46 > 0:39:50Yeah. What was big for me,
0:39:50 > 0:39:52I had a dream about getting the community
0:39:52 > 0:39:55into that lovely green area at the back.
0:39:55 > 0:39:58So I dreamed of what we could do back there.
0:39:58 > 0:40:02And this property came on, and of course it's got access to that.
0:40:02 > 0:40:04- Exactly.- And it's a whole back yard.
0:40:04 > 0:40:06You could have a secret cafe, a secret garden.
0:40:06 > 0:40:09So for you, Dawn, was that the attraction for you?
0:40:09 > 0:40:12- Mainly the back garden bit? - That's it.- Really? - I'm afraid that's it, yeah.
0:40:12 > 0:40:13What is your vision for this place?
0:40:13 > 0:40:19The vision for this is really, like, the buzz in the centre of Beartown.
0:40:19 > 0:40:21It's the community hub.
0:40:21 > 0:40:24Organic cafe that's veggie, vegan.
0:40:24 > 0:40:27To really get natural produce, natural living.
0:40:27 > 0:40:32And then it'll be everything to do with mind, body and soul.
0:40:32 > 0:40:34- You're making a cafe downstairs? - Yes.- What about up here?
0:40:34 > 0:40:37- What's your plans for up here?- Well, second floor...
0:40:37 > 0:40:39- Yes.- ..is going to be bears.
0:40:39 > 0:40:42And bear stands for, you know, cos we're in Beartown...
0:40:42 > 0:40:44..being ethical and responsible.
0:40:44 > 0:40:48So it's really an education centre on how to live ethical,
0:40:48 > 0:40:50responsible lives.
0:40:50 > 0:40:54- It's a hub of getting people, old, young, kids together...- I love that.
0:40:54 > 0:40:58It's going to be the most beautiful, happy house, isn't it?
0:40:58 > 0:41:01- Happy centre.- I love that.- I'd like to see it more sort of crafty, you know,
0:41:01 > 0:41:04bringing kids in to do things more...
0:41:04 > 0:41:08To use their energy in a more constructive manner.
0:41:08 > 0:41:12- Who's going to do what? - Well, I'm Mrs Creative.
0:41:12 > 0:41:14Mrs Visionary, Mrs Dreamer.
0:41:14 > 0:41:17- I'm Mr Practical. - And that's Mr Practical, yeah.
0:41:17 > 0:41:20He's like, "Hey, Dawn, calm down. You can't knock that down.
0:41:20 > 0:41:23"You can't bash that. Do you realise how much that costs?"
0:41:23 > 0:41:26- I'm always watching the pennies, yeah.- That makes sense.- Yeah.
0:41:26 > 0:41:27- Harmony.- You got to have both.
0:41:27 > 0:41:30- Yeah, yeah.- Are you going to reconfigure anything?
0:41:30 > 0:41:32No, I don't think it needs anything.
0:41:32 > 0:41:34It's got usable space already.
0:41:34 > 0:41:37Two areas on the top floor.
0:41:37 > 0:41:43An area here, in this, which could be therapies or alternative therapies.
0:41:43 > 0:41:47A mid-room that's kind of a through room which could be for the community,
0:41:47 > 0:41:49for the bears and things.
0:41:49 > 0:41:51The outside area.
0:41:51 > 0:41:54And then of course the central potentially cafe area.
0:41:54 > 0:41:58So it could essentially be five or six different businesses.
0:41:58 > 0:42:00You know. Working together.
0:42:00 > 0:42:01And that's the idea, so...
0:42:01 > 0:42:03- Bashing.- Bashing?- Bashing?
0:42:03 > 0:42:05Bashing. I have got one passion.
0:42:05 > 0:42:07- Oh, yeah, yeah.- I've got one passion and that...
0:42:07 > 0:42:09- There's a bit of bashing. - A bit of bashing around,
0:42:09 > 0:42:12because downstairs has not got a lot of natural light.
0:42:12 > 0:42:16- OK.- So the back of the shop area,
0:42:16 > 0:42:21there is a little roof that could put some windows in to let the
0:42:21 > 0:42:23light in because we really want natural light.
0:42:23 > 0:42:26And we'll be changing all the bulbs to natural light, daylight bulbs,
0:42:26 > 0:42:30- you know?- OK.- So that it is healthy, a healthy environment.
0:42:30 > 0:42:36Both Lionel and Dawn have a background in construction as well as working within the community.
0:42:36 > 0:42:43They hope to get their project up and running in roughly three months and to a loose budget of 30 grand.
0:42:43 > 0:42:47That budget will have to include basic things such as rewiring,
0:42:47 > 0:42:51central heating and, of course, seeking planning permission.
0:42:51 > 0:42:57But their enthusiasm is infectious and I cannot wait to see how all this turns out.
0:42:59 > 0:43:02What's your goal? What do you want to achieve for this place,
0:43:02 > 0:43:04for the town? Just give me that in a whole.
0:43:04 > 0:43:06Unity in the community.
0:43:06 > 0:43:10It's a buzz of old and young integrated together.
0:43:10 > 0:43:12You know. Communicating.
0:43:12 > 0:43:14And enjoying and...
0:43:14 > 0:43:16Something under your roof for the community?
0:43:16 > 0:43:19Well, yeah. I mean, I'd like it to be our sort of charity legacy, really.
0:43:19 > 0:43:23- Yeah.- And we'd leave it to be ongoing long after...
0:43:23 > 0:43:25Yeah, for the community when we go.
0:43:25 > 0:43:27- I wish you all the best. - Oh, thank you.
0:43:27 > 0:43:30- Good luck to you, Lionel.- Thank you. - Good luck to you, Dawn.
0:43:30 > 0:43:34- Thank you very much.- Good luck. Keep an eye on her.- Yeah, definitely! - Keep me under control!
0:43:36 > 0:43:39What a fantastic couple.
0:43:39 > 0:43:40And their ideas are spot on.
0:43:40 > 0:43:43You can find out how they get on later in the programme.
0:43:46 > 0:43:49There are lots of things to think about when it comes to property
0:43:49 > 0:43:54and developing, and it's usually the unexpected things that turn out to be most expensive.
0:43:54 > 0:43:57Yes. And the little things can soon add up, too.
0:43:57 > 0:44:00It's important to be aware of so many expenses.
0:44:00 > 0:44:03Yeah, there certainly is lots to look out for.
0:44:03 > 0:44:05Let's see how the two main projects got on.
0:44:07 > 0:44:11Time to head back to the town of Barking and to London prices,
0:44:11 > 0:44:17because it was here I saw this dilapidated four-bed house with a guide price of half a million.
0:44:18 > 0:44:21Now, I usually have a nose for a bargain,
0:44:21 > 0:44:24but it was a whiff of something else I got here.
0:44:24 > 0:44:28OK, so I've smelled damp, mould before plenty of times.
0:44:28 > 0:44:30It's something entirely different.
0:44:30 > 0:44:33I'd put my money on some sort of animal urine.
0:44:33 > 0:44:36# That whiff on me
0:44:36 > 0:44:39# Everybody gonna have a whiff on me
0:44:39 > 0:44:42# Hey, hey, baby, have a whiff on me... #
0:44:42 > 0:44:46It was more than a wee bit smelly,
0:44:46 > 0:44:49but if you like space, then you were in luck.
0:44:49 > 0:44:52It was double fronted, and work had started on a huge extension,
0:44:52 > 0:44:56but I had my doubts whether it was up to building regs.
0:44:56 > 0:45:03Same went for the half-finished loft conversion, and the four bedrooms needed some real TLC.
0:45:03 > 0:45:07But before I wrote this derelict dwelling off, I smelled an opportunity.
0:45:09 > 0:45:11This property comes with planning permission.
0:45:11 > 0:45:17Yes, it comes with planning permission to split the house into two three-bedroom houses.
0:45:17 > 0:45:20So the figures could really stack up when you come to selling on two
0:45:20 > 0:45:23properties or renting them out. Told you it was a game changer.
0:45:24 > 0:45:29Wanting to play that game were familiar faces Dilawar and Amrik.
0:45:29 > 0:45:36They bought the property for £530,000 and had been developing properties together for 20 years.
0:45:36 > 0:45:38And while Amrik was the property manager,
0:45:38 > 0:45:43Dilawar wasn't quite so comfortable with his title.
0:45:43 > 0:45:44He's the big boss who looks after the...
0:45:44 > 0:45:46Buys the property and give it to me,
0:45:46 > 0:45:50than I do it up and then it goes to renting or whatever he is going
0:45:50 > 0:45:53- to do with it.- No, I'm not the boss. We work as a team.
0:45:54 > 0:45:58These pairs of old hands were going to do as the plan said and split
0:45:58 > 0:46:01the house into two three-bedroom dwellings.
0:46:01 > 0:46:08They had a budget of 120 to 150 grand to do so and they expected the build to take six months.
0:46:08 > 0:46:12So here we are nine months later to see how they got on.
0:46:14 > 0:46:16# I'm seeing double vision
0:46:16 > 0:46:18# Everybody's singing like
0:46:18 > 0:46:19# Hey!
0:46:19 > 0:46:21- # Na, na, na, na - Hey, hey
0:46:21 > 0:46:22- # Na, na, na, na - Hey!
0:46:22 > 0:46:24# Na, na, na
0:46:24 > 0:46:25# Hey, hey
0:46:25 > 0:46:28# Na, na, na, na... #
0:46:28 > 0:46:33No need to adjust your set because Amrik and Dilawar have gone ahead
0:46:33 > 0:46:37and created two houses from the former four-bed property.
0:46:38 > 0:46:41Each house has an identical mirror image layout.
0:46:41 > 0:46:44On the first floor there are two bedrooms and a shower room.
0:46:47 > 0:46:54And in the former dank and dusty loft space is now a master bedroom with an en-suite shower room.
0:46:55 > 0:47:00I'll double down and say this house is unrecognisable.
0:47:02 > 0:47:06The first thing they had to sort out was the previous works done on the building.
0:47:06 > 0:47:08We had to start from the beginning,
0:47:08 > 0:47:11basically demolish what they've done and then redo the whole thing.
0:47:11 > 0:47:16If it was an empty shell we'd have been all right, better than we found it.
0:47:16 > 0:47:22The house had a council enforcement notice because the extension structure was unsafe,
0:47:22 > 0:47:27which meant demolishing what was there and resubmitting joints for the new work.
0:47:27 > 0:47:33Getting the building safe for further renovation delayed the pair by three months,
0:47:33 > 0:47:36but that troublesome extension wasn't done with them yet.
0:47:36 > 0:47:40They haven't done any drainage, but they put, like, thick concrete on it.
0:47:40 > 0:47:43So we had to dig up all the concrete,
0:47:43 > 0:47:45as well as there is no electricity,
0:47:45 > 0:47:48so we had to work with a generator all the time.
0:47:48 > 0:47:54They had to dig up the road to bring that gas and water supply in because
0:47:54 > 0:47:56the main pipe is across the road.
0:47:56 > 0:47:58And on top of that,
0:47:58 > 0:48:03there is a crossing light right in front of the house and like 50 yards down the road a bus stop.
0:48:03 > 0:48:05They couldn't do anything because they had to
0:48:05 > 0:48:07stop the bus stop temporarily,
0:48:07 > 0:48:09and they had to turn the lights off temporarily,
0:48:09 > 0:48:13put a new cross light on, and even like one thing after the other.
0:48:13 > 0:48:17Bringing in services cost them another eight weeks,
0:48:17 > 0:48:21and the years of penetrating damp in the property also meant replacing
0:48:21 > 0:48:25the majority of the floor joists and roof joists.
0:48:25 > 0:48:27With all the additional work,
0:48:27 > 0:48:33it's hardly surprising the pair went over their 120 to £150,000 budget,
0:48:33 > 0:48:36spending 160 grand in total.
0:48:36 > 0:48:41The worst thing on that one was basically all this rubbish we had
0:48:41 > 0:48:44to clear away, basically manually, which is...
0:48:44 > 0:48:47Skip is like nearly 300 yards down the road.
0:48:47 > 0:48:51And we must have filled about 40 skips from here.
0:48:51 > 0:48:55So the labour cost more than anything else.
0:48:55 > 0:48:58Well, I'm inclined to say, for what the pair faced,
0:48:58 > 0:49:01a ten grand overspend is not bad at all.
0:49:01 > 0:49:06And it takes their total investment here to £690,000.
0:49:06 > 0:49:09So, what did two local estate agents make of the changes?
0:49:09 > 0:49:12Let's start with the agent who saw it earlier.
0:49:12 > 0:49:14It's a very nice, airy property.
0:49:14 > 0:49:17The finishes have been done quite tastefully.
0:49:17 > 0:49:19Keeping in mind the kind of use people would want to have
0:49:19 > 0:49:22in the property. And what they had with this place,
0:49:22 > 0:49:25what they could've done with this place, I think they got the best out of it.
0:49:25 > 0:49:28I feel the property has been finished to a very good standard.
0:49:28 > 0:49:31It's all laminated, the stairs are carpeted,
0:49:31 > 0:49:34it's got a new kitchen, it's got three shower rooms,
0:49:34 > 0:49:37so that's going to be, you know, quite a good selling point.
0:49:37 > 0:49:41The agents agreed each house marketed as a three-bed could
0:49:41 > 0:49:46achieve £380,000 in the sales market, so 760 grand in total,
0:49:46 > 0:49:51which would give a potential pre-tax profit of 70 grand.
0:49:51 > 0:49:55But as Dilawar is going to rent the two properties as four-beds using the
0:49:55 > 0:49:57ground-floor room as a bedroom,
0:49:57 > 0:50:00what could they achieve on the renting market?
0:50:01 > 0:50:05I feel this property should achieve a rental figure
0:50:05 > 0:50:11ranging from 1,600 to £1,750 per calendar month.
0:50:11 > 0:50:14For the rental market as a four-bedroom property,
0:50:14 > 0:50:18I would look to put this to the market for around £2,000 per calendar month.
0:50:18 > 0:50:24Two grand per house would mean a potential annual yield of 6.5%.
0:50:27 > 0:50:332,300, 2,400, I think that's reasonable,
0:50:33 > 0:50:36after spending that sort of money in the property.
0:50:36 > 0:50:39Hopefully within a week, ten days, the property will rent out.
0:50:39 > 0:50:42And then we'll go from there.
0:50:42 > 0:50:46Their preferred figure of £2,400 per calendar month per house
0:50:46 > 0:50:50would mean an annual income of nearly 58 grand,
0:50:50 > 0:50:55and they're confident that demand in the area will mean they can achieve it.
0:50:58 > 0:51:03Time to head back to the lovely market town of Congleton in Cheshire.
0:51:03 > 0:51:05And that's Congle, not conga.
0:51:05 > 0:51:09It was right in the town centre that I saw an interesting premises,
0:51:09 > 0:51:11spread over three levels,
0:51:11 > 0:51:13starting with a commercial unit on the ground floor.
0:51:13 > 0:51:16# Do, do, do, come on and do the conga... #
0:51:16 > 0:51:18This place is in great condition.
0:51:18 > 0:51:21You've got a counter here, all ready to go.
0:51:21 > 0:51:25There's not a lot you'd have to do to this unit to get it up and running yet again.
0:51:27 > 0:51:33There was a lot of property for the £160,000 plus VAT guide price,
0:51:33 > 0:51:36as on the first and second floor were residential units,
0:51:36 > 0:51:41out back was an outbuilding and a large back garden as well.
0:51:41 > 0:51:43In fact, this property was such a good opportunity,
0:51:43 > 0:51:46I could barely contain my excitement.
0:51:46 > 0:51:50# Wake me up before you go go
0:51:50 > 0:51:52# Don't leave me hanging on like a yo-yo
0:51:52 > 0:51:56# Wake me up before you go go
0:51:56 > 0:52:03# Take me dancing tonight... #
0:52:03 > 0:52:06And neither could Amanda on auction day,
0:52:06 > 0:52:09who was bidding on behalf of friends Dawn and Lionel.
0:52:10 > 0:52:14Dawn had a successful background in construction and they had paid
0:52:14 > 0:52:20£177,500 for what was a dream project for Dawn.
0:52:21 > 0:52:26I had a dream about getting the community into that lovely green
0:52:26 > 0:52:29area at the back. I dreamed of what we could do back there.
0:52:29 > 0:52:33And this property came on, and of course it's got access to that.
0:52:33 > 0:52:35So, Dawn, what is your vision for this place?
0:52:35 > 0:52:38Organic cafe that's veggie, vegan.
0:52:38 > 0:52:42To get natural produce, natural living,
0:52:42 > 0:52:46and then it'll be everything to do with mind, body and soul.
0:52:48 > 0:52:50Dawn and Lionel would be putting mind, body,
0:52:50 > 0:52:55soul and 30 grand plus three months into this project.
0:52:55 > 0:53:00So would they have flower powered through it when we came back almost a year and a half later?
0:53:02 > 0:53:04# Feeling fine
0:53:04 > 0:53:05# Can handle whatever
0:53:05 > 0:53:08# Gonna be all right
0:53:08 > 0:53:10# Cos it's all coming together
0:53:10 > 0:53:11# Rain or shine
0:53:11 > 0:53:14# No matter the weather
0:53:14 > 0:53:16# Gonna be all right
0:53:16 > 0:53:18# Cos it's all coming together... #
0:53:18 > 0:53:21So the cafe is still coming together,
0:53:21 > 0:53:24but there have been some nice improvements such as extending
0:53:24 > 0:53:27the ground floor and adding some fantastic skylights
0:53:27 > 0:53:30to let all that natural light in.
0:53:30 > 0:53:34But are things looking as bright on the first floor?
0:53:34 > 0:53:35# A brand-new day
0:53:35 > 0:53:37# Got a new direction
0:53:37 > 0:53:42# Take a breath and take a step... #
0:53:42 > 0:53:46Upstairs has been freshened up with new flooring and decor, and the
0:53:46 > 0:53:49second floor has been stripped back to basics.
0:53:49 > 0:53:51So it is really coming together.
0:53:51 > 0:53:55But there has been a major change of plan.
0:53:55 > 0:53:59Dawn's daughter April and her partner Chris have taken over the project.
0:53:59 > 0:54:03So here they are, along with baby Jess to tell us more.
0:54:03 > 0:54:05It's been a dream of ours to open a cafe together,
0:54:05 > 0:54:08work together for a number of years now, four years, probably.
0:54:08 > 0:54:12But we were living in Hebden Bridge in West Yorkshire,
0:54:12 > 0:54:15so this just wasn't really an option when they bought it.
0:54:15 > 0:54:18And then we just decided, do you know what? We miss family too much.
0:54:18 > 0:54:19We're too far away. Let's come back.
0:54:19 > 0:54:22- And this is when...- And at that time...- Yeah.
0:54:22 > 0:54:24They had some people that were in here anyway,
0:54:24 > 0:54:26or planning on coming in here and they dropped out, and it was just...
0:54:26 > 0:54:29- Perfect opportunity.- We just sort of jumped on that opportunity, yeah.
0:54:29 > 0:54:32And then we just took it on, which is a few months ago now.
0:54:32 > 0:54:34So we just, yeah, we just decided this is it.
0:54:34 > 0:54:35This is our time.
0:54:35 > 0:54:39Chris and April have been running the project for five months now
0:54:39 > 0:54:44and plan to create offices and a holistic studio on the top floor,
0:54:44 > 0:54:47a yoga studio and an event space on the first,
0:54:47 > 0:54:51and a vegan cafe and eco shop on the ground floor.
0:54:51 > 0:54:54Our plans in the future are to try and get a zero waste cafe,
0:54:54 > 0:54:57so that means not using takeaway cups,
0:54:57 > 0:55:00getting people to re-use and bring in things, containers,
0:55:00 > 0:55:02have a really sustainable eco shop
0:55:02 > 0:55:05so that all products can be reused and recycled.
0:55:05 > 0:55:09Ideally, if we could be generating our own electricity, saving our own water...
0:55:09 > 0:55:13- Yeah.- And just, yeah, composting all of the food waste from the cafe,
0:55:13 > 0:55:14that would be the dream.
0:55:14 > 0:55:21I think mum Dawn would approve of that as well as the outside seating area being built in the garden.
0:55:21 > 0:55:24The couple now think the project will be complete in three months
0:55:24 > 0:55:27with the cafe opening two months later.
0:55:27 > 0:55:31Work was initially delayed as Dawn and Lionel struggled
0:55:31 > 0:55:35to find builders and had various tenancies fall through,
0:55:35 > 0:55:37much to April and Chris' fortune.
0:55:38 > 0:55:43April and Chris now have a local team of builders and are also roping
0:55:43 > 0:55:47in family members to do some of the work to keep the cost down.
0:55:47 > 0:55:52It started out that my mum and Lionel were going to spend £30,000 doing it up,
0:55:52 > 0:55:57but now it's gone to nearly 80,000, so...
0:55:57 > 0:56:00- Yeah.- A big jump.- The last time that we spoke to them it was at 80,000.
0:56:00 > 0:56:05Yes, yes. And from now on we're kind of taking on the rest of the work,
0:56:05 > 0:56:09so we're hoping to keep it a lot less.
0:56:09 > 0:56:11Wow indeed.
0:56:11 > 0:56:13That projected 80 grand spend
0:56:13 > 0:56:18would take the project outlay to £257,500 so far.
0:56:18 > 0:56:20And it's not done yet.
0:56:20 > 0:56:21But in the meantime,
0:56:21 > 0:56:26let's see what two local estate agents made of the beginnings of this project,
0:56:26 > 0:56:28starting with the agent who saw it earlier.
0:56:28 > 0:56:30It's great to be back at the property,
0:56:30 > 0:56:33and to have seen the work that's been carried out so far.
0:56:33 > 0:56:34It's looking really good,
0:56:34 > 0:56:37and really looking forward to seeing the end result.
0:56:37 > 0:56:40First impressions is it's got a good, large open space downstairs,
0:56:40 > 0:56:44but it's not completely finished yet here on the first and second floor.
0:56:44 > 0:56:49There may not be much here, but what do they think of the plans?
0:56:49 > 0:56:53A vegan cafe is certainly unique and there's not too many of them around,
0:56:53 > 0:56:58but I do genuinely think in a town like this, lots of boutique shops,
0:56:58 > 0:57:01people will be interested and it could really work.
0:57:01 > 0:57:07April and Chris will be running the cafe and the studio for the foreseeable future.
0:57:07 > 0:57:10But has the work added value to the property?
0:57:10 > 0:57:17Dawn and Lionel bought it for £177,500 and intended spending 80 grand on it.
0:57:17 > 0:57:23That would take their total spend to £257,500,
0:57:23 > 0:57:24not including any VAT.
0:57:24 > 0:57:27When this building's complete I believe it should be able to get
0:57:27 > 0:57:33£220,000 to £270,000 on the market at the moment.
0:57:33 > 0:57:37When the work's completed on this property I think it will be placed
0:57:37 > 0:57:40onto the market in the region of £275,000.
0:57:40 > 0:57:41- That's pretty good. - That is, that's good.
0:57:41 > 0:57:43There's some profit to be made there.
0:57:43 > 0:57:44There is. Yeah. Just a little bit.
0:57:44 > 0:57:48You know, she's gone over budget, my mum. I think that's quite good, actually.
0:57:48 > 0:57:53The higher value could give Dawn and Lionel a pre-tax and VAT profit
0:57:53 > 0:57:55of 17.5 K once complete.
0:57:55 > 0:57:59So they'll need to keep an eye on the budget, while April, Chris,
0:57:59 > 0:58:02Jess and daughter River get the cafe up and running.
0:58:02 > 0:58:04What's nice is all the big opening,
0:58:04 > 0:58:07the reveal for Congleton to bring that unity in the community,
0:58:07 > 0:58:10like my mum says. Bring everyone in here!
0:58:13 > 0:58:15Well, that's it for today's show.
0:58:15 > 0:58:17We hope you've learned some valuable lessons, and trust us,
0:58:17 > 0:58:20those lessons could save you a fortune.
0:58:20 > 0:58:24Yes, it's all about research, people, and boxing clever with your budget.
0:58:24 > 0:58:28So be sure to tune in next time when we look at another three properties,
0:58:28 > 0:58:30here on Homes Under The Hammer.
0:58:30 > 0:58:31- Bye-bye.- Bye-bye.