0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05There really is something special about the auction process.
0:00:05 > 0:00:07The strategy, the pressure.
0:00:07 > 0:00:09Yeah, sizing up the bidders, knowing that when the hammer falls,
0:00:09 > 0:00:12- it's all over. - It really is very special,
0:00:12 > 0:00:14that feeling of knowing that out of all the bidders,
0:00:14 > 0:00:18you're the one who held your nerve and got your house under the hammer.
0:00:44 > 0:00:48The various sizes and shapes of auction properties
0:00:48 > 0:00:50never fails to boggle the mind.
0:00:50 > 0:00:52Yes, you can have a million pound property
0:00:52 > 0:00:56or a garage that has a guide price of just a few thousand pounds.
0:00:56 > 0:00:57Yeah - and this variety
0:00:57 > 0:01:00means that there's usually something for everybody.
0:01:00 > 0:01:02So what did today's buyers go for?
0:01:04 > 0:01:08I'm missing something at this two-bed terrace in Crewe.
0:01:08 > 0:01:11I was expecting a bathroom here...
0:01:11 > 0:01:13..but there isn't one. So that is good news.
0:01:14 > 0:01:18The bathroom at this one-bed cottage in Blackwell, Worcestershire,
0:01:18 > 0:01:19is full of surprises.
0:01:19 > 0:01:23I'm surprised, actually, there's a bathroom up here in the first place.
0:01:25 > 0:01:29And if size matters, this studio apartment in Poplar, London,
0:01:29 > 0:01:30might not be for you.
0:01:30 > 0:01:33And it's exactly what I expected.
0:01:33 > 0:01:34It's small.
0:01:35 > 0:01:38All these properties have been sold at auction -
0:01:38 > 0:01:39and we'll find out who bought them
0:01:39 > 0:01:42and what they paid when they went under the hammer.
0:01:42 > 0:01:43In time, sold.
0:01:47 > 0:01:48I'm in Crewe, in Cheshire,
0:01:48 > 0:01:52a town that grew up around the railway station -
0:01:52 > 0:01:54and it's sure to grow even further,
0:01:54 > 0:01:59as the HS2 train line is planned to run through here by 2027.
0:02:01 > 0:02:04Unidentified passenger, wave if you watch the show.
0:02:04 > 0:02:06Thought so!
0:02:06 > 0:02:09HS2 will cut journeys to the capital by 45 minutes.
0:02:09 > 0:02:13# Feeling all right with the groove... #
0:02:13 > 0:02:15Well, it's probably a long way away,
0:02:15 > 0:02:18but the prospect of the HS2 train link
0:02:18 > 0:02:23going to a station literally a stone's throw from here
0:02:23 > 0:02:27has got to potentially push property prices, surely,
0:02:27 > 0:02:28in one direction -
0:02:28 > 0:02:30and once it's operational,
0:02:30 > 0:02:34and it's such an easy route down into London and beyond,
0:02:34 > 0:02:40come on, £58,000 for a two-bed mid-terrace, then,
0:02:40 > 0:02:43is going to seem like an absolute bargain.
0:02:46 > 0:02:48So, what could you possibly get for your money?
0:02:48 > 0:02:52Well, straight off the street into the front living room,
0:02:52 > 0:02:53very traditional layout for these houses,
0:02:53 > 0:02:56which were probably built for the workers in the railway.
0:02:56 > 0:02:59A few nice original features, which is good to see.
0:02:59 > 0:03:01Nice front living room area, there.
0:03:01 > 0:03:02Traditional layout,
0:03:02 > 0:03:05stairs up to your bedrooms in the middle of the property -
0:03:05 > 0:03:08and then through to your rear sitting room.
0:03:08 > 0:03:10The chimney breast has been blocked up.
0:03:10 > 0:03:14A few signs of damp over there, which I'm not too keen on...
0:03:14 > 0:03:16..and it's a bit worrying,
0:03:16 > 0:03:19not sure if this is a solid floor or suspended floor.
0:03:19 > 0:03:21If it's a suspended floor,
0:03:21 > 0:03:23then that kind of damp could well have transferred itself
0:03:23 > 0:03:26to the floor joists, which isn't good -
0:03:26 > 0:03:31but then, again, traditional layout, out the back here, a kitchen...
0:03:31 > 0:03:36..and some definite signs of quite bad damp on the ceiling, there.
0:03:36 > 0:03:40Now, I was expecting a bathroom here...
0:03:40 > 0:03:41..but there isn't one.
0:03:41 > 0:03:44So that's good news - not that there isn't a bathroom,
0:03:44 > 0:03:45but it's somewhere else.
0:03:45 > 0:03:47Well, at least I hope it's somewhere else.
0:03:47 > 0:03:50So, all in all, not a bad start for that guide price.
0:03:53 > 0:03:58Yes, for £58,000 in an area on the up, this might be a real gem...
0:03:59 > 0:04:01..but let's address the problems first,
0:04:01 > 0:04:03and find the source of that damp.
0:04:05 > 0:04:07So upstairs, fairly classic layout.
0:04:07 > 0:04:10Top of the stairs, left or right, a bedroom.
0:04:10 > 0:04:12Nice sized, actually -
0:04:12 > 0:04:19but here we start to see some of the damp issues that we saw downstairs.
0:04:19 > 0:04:23Looks like it's coming in, probably the flashing around the chimney.
0:04:23 > 0:04:25However, a bit of a design flaw.
0:04:26 > 0:04:28The bathroom, no, it wasn't downstairs.
0:04:28 > 0:04:30It is, in fact, up here, which is good.
0:04:30 > 0:04:35It's accessed only from that bedroom, though,
0:04:35 > 0:04:36which really isn't ideal.
0:04:36 > 0:04:39It's a nice size, but I wonder,
0:04:39 > 0:04:42given its location and that damp downstairs in the kitchen,
0:04:42 > 0:04:46if actually there is a leak up here which is causing that problem.
0:04:46 > 0:04:47Play around with the stairs,
0:04:47 > 0:04:50swap things around and do a few stud partition walls.
0:04:51 > 0:04:55It's an age-old problem, and there is an easy solution.
0:04:55 > 0:04:58Well, easy, but kind of expensive.
0:05:01 > 0:05:04And factoring in the fact that this house needs central heating
0:05:04 > 0:05:08and the damp course, it might be too rich for some people's blood.
0:05:10 > 0:05:13One bonus is that you do have a sizeable loft space,
0:05:13 > 0:05:16but you may want to have a look at the stairs to it,
0:05:16 > 0:05:18which are a tad rustic for my liking.
0:05:22 > 0:05:26Well, at the back of the property, not that much to speak of.
0:05:26 > 0:05:28However, a few indicators.
0:05:28 > 0:05:31Nature doing its job of pointing out some potential problems,
0:05:31 > 0:05:33as it often does.
0:05:33 > 0:05:35Look at all this green kind of algae stuff.
0:05:35 > 0:05:38It could just be that this is a very dark little corner of the house -
0:05:38 > 0:05:40however, there seems to be lots more
0:05:40 > 0:05:43actually against the house itself, there,
0:05:43 > 0:05:47so I wonder if that's yet another sign of the damp we've already seen.
0:05:47 > 0:05:48As is stuff on the walls here.
0:05:48 > 0:05:50Look, all this stuff is coming off.
0:05:50 > 0:05:54Again, at the back here, you get an impression, as you do inside,
0:05:54 > 0:05:57it's a house that just needs a bit of tender loving care.
0:05:57 > 0:05:59What it also needs is a bit of a sort out.
0:05:59 > 0:06:00Look at this.
0:06:00 > 0:06:03What could be a reasonably sized little rear area
0:06:03 > 0:06:06needs to be cleaned up - and more so, at the back there,
0:06:06 > 0:06:08there is actually a little alleyway.
0:06:08 > 0:06:11That could be opened up if you spoke to the neighbours, perhaps,
0:06:11 > 0:06:13to give a really useful rear access.
0:06:16 > 0:06:20And out here, I also note a few missing slates on the roof.
0:06:20 > 0:06:23So, while you're up checking the chimney cap, best to replace them.
0:06:26 > 0:06:29It's time for a local property expert to check out this property,
0:06:29 > 0:06:32guided at £58,000.
0:06:32 > 0:06:35How much does the agent think it needs spending on it?
0:06:38 > 0:06:40The property does need quite a bit of money spending on it.
0:06:40 > 0:06:44I would envisage it needs at least £10-15,000
0:06:44 > 0:06:46spending on the property.
0:06:47 > 0:06:52So, you're talking an outlay of around £73,000 in total.
0:06:52 > 0:06:55Does that seem a worthwhile investment for sales and rentals?
0:06:57 > 0:07:03Once complete, I'd like to see this property do £80-85,000.
0:07:03 > 0:07:04From a rental point of view,
0:07:04 > 0:07:10I can see this property doing in the region of £495 per calendar month.
0:07:10 > 0:07:13Well, yes, there's a bit to be done to sort this place out,
0:07:13 > 0:07:15but even so, I think short term,
0:07:15 > 0:07:17this is a really good rental investment,
0:07:17 > 0:07:18or a pleasant house to live in.
0:07:18 > 0:07:20Longer term, though,
0:07:20 > 0:07:23a really interesting speculative investment opportunity.
0:07:23 > 0:07:26Let's see who bought it when it went under the hammer.
0:07:27 > 0:07:2950 to start me on this one.
0:07:29 > 0:07:3150 bid, thank you. £50,000.
0:07:31 > 0:07:36I'm going once again. 51, 52, 53.
0:07:36 > 0:07:37Bid's at 53. 54.
0:07:38 > 0:07:42Bidding continued to £58,000, where we rejoin.
0:07:44 > 0:07:5058. 59, 60. 61. 60,000.
0:07:50 > 0:07:54On the front row, then, at £60,000, against you standing.
0:07:54 > 0:07:56At £60,000, once, then.
0:07:56 > 0:07:58£60,000 twice.
0:07:58 > 0:08:02Third and final time, £60,000.
0:08:02 > 0:08:03You've bought it, well done.
0:08:03 > 0:08:06The bidders getting the property for 60,000
0:08:06 > 0:08:08were Ali and her husband, Rob,
0:08:08 > 0:08:11buying one of two properties at this auction.
0:08:11 > 0:08:16We saw them at their other purchase in Stoke, a semidetached bungalow,
0:08:16 > 0:08:20which they completed work on in February 2017.
0:08:20 > 0:08:22Maybe try one and see how it goes.
0:08:22 > 0:08:27Yeah, yeah, we don't like to make it easy on ourselves, really.
0:08:27 > 0:08:31It may have been hard work, but they did make a £22,000 profit
0:08:31 > 0:08:33before taxes and expenses.
0:08:36 > 0:08:39And so we met again, this time to see what they were going to do
0:08:39 > 0:08:41with their £60,000 purchase.
0:08:41 > 0:08:44Ali, Rob, great to see you again.
0:08:44 > 0:08:46- Cheers.- And you, hi.- Good.
0:08:46 > 0:08:47Now you, if I remember rightly,
0:08:47 > 0:08:51you had a bit of a bonanza day on the auction day, didn't you?
0:08:51 > 0:08:54Oh, we did, yes. We bought two properties on the day, yes.
0:08:54 > 0:08:55Right, and this was one of them?
0:08:55 > 0:08:56Yes, yes.
0:08:56 > 0:08:59So, tell me why you wanted to buy this place.
0:09:00 > 0:09:02It was a bit of a last-minute decision.
0:09:02 > 0:09:05I had previously seen it online, and, to be honest,
0:09:05 > 0:09:09we'd scrolled through so many that it got lost amongst
0:09:09 > 0:09:10all the properties -
0:09:10 > 0:09:14but then saw it again in the brochure on the auction night...
0:09:14 > 0:09:17..but I'm from Crewe originally -
0:09:17 > 0:09:19in fact, I was born just a couple of streets away.
0:09:19 > 0:09:21- No way!- Yes.- Fantastic.
0:09:21 > 0:09:24And my dad used to work in this street for over 40 years.
0:09:24 > 0:09:28- Did he? What was his job? - He was a security printer,
0:09:28 > 0:09:30so it's now a different...
0:09:30 > 0:09:34- Right.- ..organisation altogether now, but this was where he worked.
0:09:34 > 0:09:36- Oh, my gosh! How amazing. - So I know the area, yes.
0:09:36 > 0:09:38Very much so.
0:09:38 > 0:09:40Do I take it from that you didn't visit the property particularly
0:09:40 > 0:09:44- before you bought it?- No. - Not really, no, no, no.
0:09:44 > 0:09:48- We didn't.- Not really? Yes or no?- No, no, not at all, no.
0:09:49 > 0:09:52You won't get away from it, because you know you made a boo-boo.
0:09:52 > 0:09:53I know, yes.
0:09:53 > 0:09:56Because there could've been all sorts of problems with it.
0:09:56 > 0:09:58- And there is.- And there is.
0:09:58 > 0:10:03I am going to say, "Good," because I mean good. Shouldn't do it.
0:10:03 > 0:10:05The question is, had you seen it before hand,
0:10:05 > 0:10:07would you still have bought it?
0:10:07 > 0:10:08I think so, but...
0:10:08 > 0:10:12Possibly, because we're gluttons for punishment that way...
0:10:13 > 0:10:15..and we quite like the bones of the property.
0:10:15 > 0:10:17We know this kind of property quite well.
0:10:17 > 0:10:19- And it's a bit of a challenge.- Yes.
0:10:19 > 0:10:23Oh, good, right. Would you have paid as much as you paid?
0:10:23 > 0:10:27Before we started bidding on it, we'd put a cap of 63.
0:10:27 > 0:10:29- OK.- And we paid 60.
0:10:29 > 0:10:33We figured, cut it low in case there is something bad inside it.
0:10:33 > 0:10:36So when you got it for 60, did your alarm bells start ringing?
0:10:37 > 0:10:38Not at the time, but...
0:10:40 > 0:10:43I did think, "Do they know something we don't?"
0:10:43 > 0:10:44Well, they might have visited it.
0:10:45 > 0:10:47- We're not fazed.- No, no.
0:10:48 > 0:10:51- Anything is overcome-able, really. - Yes, sure.
0:10:54 > 0:10:57Well, not only did they not view inside,
0:10:57 > 0:10:59the couple live in Edinburgh -
0:10:59 > 0:11:02quite a long commute to their new pair of properties,
0:11:02 > 0:11:06aptly described by two famous Scottish singers.
0:11:06 > 0:11:09# Well I would walk 500 miles
0:11:09 > 0:11:14# And I would walk 500 more... #
0:11:14 > 0:11:18What about the option of buying a property in Edinburgh?
0:11:18 > 0:11:20Wouldn't that have been a bit easier?
0:11:20 > 0:11:22Yeah, geographically, certainly, yes.
0:11:22 > 0:11:26We didn't really see anything at the right price, you see -
0:11:26 > 0:11:30and also, where we live, there is a lot of listed properties, as well.
0:11:30 > 0:11:33So we thought we could probably get more for our money.
0:11:33 > 0:11:35So tell me what you're going to do to the place to sort it out.
0:11:35 > 0:11:38Damp is absolutely the first thing.
0:11:38 > 0:11:39Sort the damp out.
0:11:39 > 0:11:42We're getting damp specialists, and do that.
0:11:42 > 0:11:47We're going to get it rewired, and get the stairs reversed
0:11:47 > 0:11:51and create a hallway to make that a definite bedroom,
0:11:51 > 0:11:53rather than just a walk-through.
0:11:53 > 0:11:55- Have you had a quote for that? - Not yet.
0:11:55 > 0:11:58Not yet - but we've got some people in mind,
0:11:58 > 0:12:01we've been recommended some people.
0:12:03 > 0:12:06I am a little wary, as you can probably tell,
0:12:06 > 0:12:09as it would cost at least several thousands of pounds
0:12:09 > 0:12:10to move the stairs.
0:12:11 > 0:12:15Plus, Ali and Rob still need to budget for the new kitchen,
0:12:15 > 0:12:19bathroom and those regular long drives from Edinburgh.
0:12:19 > 0:12:21They are unsure about renting or selling this one,
0:12:21 > 0:12:25and even though they plan to do a lot of the work themselves,
0:12:25 > 0:12:27they will still need deep pockets.
0:12:27 > 0:12:29So what is their budget?
0:12:29 > 0:12:32Possibly about 15,000, overall.
0:12:32 > 0:12:34- Including the stairs?- Yes. - Including the stairs, yes.
0:12:35 > 0:12:39I mean, we have got, you know, a little bit of contingency,
0:12:39 > 0:12:42which we would probably need to dip into -
0:12:42 > 0:12:44but we've got to start with some sort of figure in mind, yeah.
0:12:44 > 0:12:46Sure. What's the timescale?
0:12:46 > 0:12:49About six months.
0:12:49 > 0:12:50Yes. A realistic timescale.
0:12:50 > 0:12:52- Yeah.- Congratulations. - Thank you very much.
0:12:52 > 0:12:54- And good luck with it.- Thank you.
0:12:54 > 0:12:58- Look forward to seeing the house. - Thanks ever so much.- OK, thank you.
0:13:01 > 0:13:03Well, quite a few challenges ahead
0:13:03 > 0:13:05for Rob and Ali to sort this place out -
0:13:05 > 0:13:07and some of them a bit of a surprise,
0:13:07 > 0:13:12because they hadn't seen the property before they bought it.
0:13:12 > 0:13:16Anyway, how will they get on, on their steep learning curve?
0:13:16 > 0:13:18You can find out later in the show.
0:13:24 > 0:13:28With its picturesque views, this could only be in Middle England.
0:13:28 > 0:13:32So it makes sense, considering we're slap bang in the middle of England.
0:13:35 > 0:13:37I'm between Worcester and Birmingham,
0:13:37 > 0:13:40a mile away from the M42 - and Barnt Green train station
0:13:40 > 0:13:42is less than a couple of miles away.
0:13:44 > 0:13:47I'm just getting in the spirit of things.
0:13:47 > 0:13:48I'm in the country.
0:13:48 > 0:13:51I'm just on the outskirts of the village of Blackwell,
0:13:51 > 0:13:54and about 40 minutes from the centre of Birmingham -
0:13:54 > 0:13:56and there's green everywhere.
0:13:56 > 0:13:57Everywhere I look.
0:13:57 > 0:13:59To my left, to my right.
0:13:59 > 0:14:02You know what? They've even got a green gate, as well.
0:14:05 > 0:14:08There seems to be a lot of birdlife around this woodland area,
0:14:08 > 0:14:12and the house comes with its fair share of greenery, too.
0:14:12 > 0:14:151.8 acres worth, to be exact.
0:14:16 > 0:14:18That's enough of that.
0:14:18 > 0:14:20This is our house.
0:14:20 > 0:14:24Now, if you can believe it, it's only got one bedroom.
0:14:24 > 0:14:27But it's got a guide price of 125 grand,
0:14:27 > 0:14:29which makes me very intrigued.
0:14:29 > 0:14:31Let's have a look inside.
0:14:33 > 0:14:35This cottage might have the wow factor,
0:14:35 > 0:14:36but will it in a good way?
0:14:39 > 0:14:40Wow!
0:14:40 > 0:14:42Yeah, wow!
0:14:42 > 0:14:43Look at this.
0:14:44 > 0:14:49This is the original door with the original door knocker.
0:14:49 > 0:14:51Come on in. Too late.
0:14:51 > 0:14:53I'm in already -
0:14:53 > 0:14:58and you come straight into this very small, very cottagey feeling
0:14:58 > 0:15:01front first reception room.
0:15:01 > 0:15:03This will have been the old fire -
0:15:03 > 0:15:07but there's been a wood burner there.
0:15:07 > 0:15:11They've taken the burner, and they've left the wood.
0:15:11 > 0:15:14There's no glass in the windows at all.
0:15:16 > 0:15:19Wow. For me, as I come through the door,
0:15:19 > 0:15:20I'm already getting the feeling of,
0:15:20 > 0:15:23let's get rid of the whole of this building and start again -
0:15:23 > 0:15:25and I've only come into one room.
0:15:25 > 0:15:27There's a little bit of storage there.
0:15:28 > 0:15:35Through into the kitchen, through this very small, low door.
0:15:35 > 0:15:37That just gives you that cottage feeling again,
0:15:37 > 0:15:39and, you know, it's just...
0:15:39 > 0:15:41Look at the size of this place. It's absolutely tiny.
0:15:41 > 0:15:45You've got a sink in here, you've got a freestanding cooker.
0:15:45 > 0:15:47Everything needs to be done.
0:15:47 > 0:15:50I'm taking a guess this place hasn't been touched in years.
0:15:50 > 0:15:53It might have been decorated just the once.
0:15:53 > 0:15:56There's no space down here. That is it.
0:15:56 > 0:15:58That room and this kitchen, and that is it -
0:15:58 > 0:16:02and here are the stairs, minus...
0:16:02 > 0:16:04That.
0:16:04 > 0:16:06- CREW MEMBER:- Step over it, come on. Right, action.
0:16:06 > 0:16:08Pushy, aren't you?
0:16:08 > 0:16:09All right, all right -
0:16:09 > 0:16:12and to think I joined Homes Under The Hammer for the glamour.
0:16:12 > 0:16:15Premier League winner, Golden Boot international.
0:16:17 > 0:16:20Oh, hello. Anyway, upstairs,
0:16:20 > 0:16:24we have got a lot of mould in this stairwell.
0:16:24 > 0:16:27Not good at all. It must've been closed up for some time.
0:16:27 > 0:16:29You've only got two rooms up here.
0:16:29 > 0:16:32This room is the family bathroom.
0:16:34 > 0:16:38I'm surprised, actually, there is a bathroom up here in the first place.
0:16:38 > 0:16:41This would've been a bedroom back in the day,
0:16:41 > 0:16:43but they've actually put a bathroom in here -
0:16:43 > 0:16:46and it's a good-sized bathroom. It's not bad at all...
0:16:46 > 0:16:50..but mildew, mould on the ceiling.
0:16:50 > 0:16:51Mould on the walls.
0:16:51 > 0:16:53It's a bit of a mess...
0:16:54 > 0:16:58..and it's still enticing me into taking this whole place down
0:16:58 > 0:17:00and starting again.
0:17:02 > 0:17:03HE SIGHS
0:17:04 > 0:17:07OK, through into the one bedroom, then -
0:17:07 > 0:17:09and it's not a bad size bedroom at all.
0:17:09 > 0:17:10It's a double bedroom.
0:17:10 > 0:17:13You've got a fireplace, which has been boarded up.
0:17:13 > 0:17:15There's mildew everywhere.
0:17:15 > 0:17:16It's not in great condition.
0:17:16 > 0:17:20You know what? When I walked into this place, I was totalling it,
0:17:20 > 0:17:23I was taking it down and starting again.
0:17:23 > 0:17:26Brand-new build, lovely new three-bed, four-bed house -
0:17:26 > 0:17:28but I'm having a bit of a U-turn.
0:17:28 > 0:17:32I think you could keep hold of some of this build and add to it.
0:17:32 > 0:17:34It's got a bit of character.
0:17:37 > 0:17:40I've seen loads of two-up two-downs on the show,
0:17:40 > 0:17:41with no options whatsoever.
0:17:41 > 0:17:44This one is completely different.
0:17:44 > 0:17:47At the back of the property, you've got this lean-to,
0:17:47 > 0:17:48which is part of the footprint,
0:17:48 > 0:17:51and is going to help if you wish to extend.
0:17:53 > 0:17:54So much land to work with.
0:17:54 > 0:17:56Get the right planning in place,
0:17:56 > 0:18:00and you could turn this place into a lovely family home.
0:18:00 > 0:18:02To be honest with you, who's going to complain?
0:18:02 > 0:18:03Who's going to chirp up?
0:18:03 > 0:18:04BIRDS SING
0:18:04 > 0:18:05All right, you lot!
0:18:08 > 0:18:11And there's a fair bit of land to play with here.
0:18:11 > 0:18:151,292 square yards, to be exact.
0:18:15 > 0:18:19With some added features, like the outside toilet.
0:18:19 > 0:18:20Could be handy when gardening.
0:18:22 > 0:18:25OK, I can't stand the suspense any longer.
0:18:25 > 0:18:29Time to hear from a local estate agent to see if he's spellbound,
0:18:29 > 0:18:33or if he thinks it's a Hammer house of horror.
0:18:33 > 0:18:36My gut feeling is that it would be a shame to knock it down,
0:18:36 > 0:18:38because it has got a bit of character about it -
0:18:38 > 0:18:42but, in all honesty, it needs to be a brilliant extension.
0:18:42 > 0:18:43It desperately needs it.
0:18:43 > 0:18:46So, like me, the agent can see potential here.
0:18:46 > 0:18:48Which would be the most cost-effective?
0:18:48 > 0:18:50Extend or demolish?
0:18:50 > 0:18:52If you can get the planning,
0:18:52 > 0:18:55and it was a good enough extension and it worked well enough,
0:18:55 > 0:18:57then go for that, because that would probably be cheaper -
0:18:57 > 0:19:01but in all honesty, you could knock it down, as well, to be fair.
0:19:01 > 0:19:04This property has both of us in two minds.
0:19:04 > 0:19:08What could it sell for if you extend it to a three-bed house?
0:19:08 > 0:19:10Probably 250-300,000.
0:19:10 > 0:19:11If it was any smaller than that,
0:19:11 > 0:19:13then obviously it would come down in price.
0:19:13 > 0:19:18To do it up and extend it, I think it's at least 150,000.
0:19:18 > 0:19:21And on the sales market, if done up and not extended?
0:19:21 > 0:19:23Again, very unusual.
0:19:23 > 0:19:26On a plot this size, you're probably looking at a three- or four-bed.
0:19:26 > 0:19:32So with it being a one-bed, I would say somewhere around 300-325,000,
0:19:32 > 0:19:34if it was all done up and landscaped properly.
0:19:34 > 0:19:38Now, if ever there was a blank canvas, this is it.
0:19:38 > 0:19:40You could add to this building,
0:19:40 > 0:19:45or you could tear it down and start a fresh project.
0:19:45 > 0:19:49There's a fair bit of land to play with, but there's so many options.
0:19:49 > 0:19:51Let's find out who fancied it when it went under the hammer.
0:19:52 > 0:19:56It's an absolute belter of a property
0:19:56 > 0:19:58to be sold under the hammer,
0:19:58 > 0:20:03and it needs probably everything you can think of doing to it and more.
0:20:03 > 0:20:08Some auction houses or vendors require the 10% deposit to be paid
0:20:08 > 0:20:11by banker's draft, as was the case for this lot.
0:20:11 > 0:20:15The draft means the sum has been prepaid to the bank
0:20:15 > 0:20:18and is guaranteed to be paid to the vendor.
0:20:18 > 0:20:19Can I have 150, sir?
0:20:20 > 0:20:21Can have 125 then?
0:20:21 > 0:20:23It's going to go way past.
0:20:23 > 0:20:27Is that a yes? 125, 150, sir, thank you.
0:20:27 > 0:20:31Do have a draft, sir? At 150, I'm bid, it's at 175 now.
0:20:31 > 0:20:35With the guide price well past, bids continued at pace,
0:20:35 > 0:20:38until we rejoin at 275 grand.
0:20:38 > 0:20:40275, 277.
0:20:42 > 0:20:43No, you're saying, "No," with a smile.
0:20:43 > 0:20:47275, can you get your draft ready, please.
0:20:47 > 0:20:48Thank you, madam, waving it.
0:20:48 > 0:20:54We can get the thumbs up from Rachel, this is yours at £275,000.
0:20:54 > 0:20:56Bankers draft is good.
0:20:56 > 0:20:58The property is now yours.
0:20:58 > 0:21:01The former woodsman's cottage was bought by Simon.
0:21:01 > 0:21:02Well done, best of luck.
0:21:02 > 0:21:05Birmingham-based Simon is a ski instructor.
0:21:05 > 0:21:11He's also learning to fly and has forged a career in pharmaceuticals,
0:21:11 > 0:21:13as well as developing property.
0:21:13 > 0:21:17Well, I think I was lucky to catch up with this very busy bloke
0:21:17 > 0:21:20to discuss his 275 grand project.
0:21:20 > 0:21:22- Simon, nice to meet you. - Morning, how are you?
0:21:22 > 0:21:24Congratulations, pal.
0:21:24 > 0:21:26I love this place. It's got a great feel about it.
0:21:26 > 0:21:28- Yes.- What was it that attracted you to this place?
0:21:28 > 0:21:30- Literally that, the feel. - Was it really?
0:21:30 > 0:21:32Yeah, yeah, yeah. The noise. There is none.
0:21:32 > 0:21:34That's it, isn't it? Because...
0:21:34 > 0:21:36BIRDS SING
0:21:36 > 0:21:37It is peaceful -
0:21:37 > 0:21:42but Simon went 150 grand over the guide price to buy this.
0:21:42 > 0:21:44There was a lot of interest in it because of the guide price,
0:21:44 > 0:21:48and I think that's why they set it a little bit lower
0:21:48 > 0:21:49than it should have been -
0:21:49 > 0:21:52but I sort of had a figure of 250 in my head.
0:21:52 > 0:21:54There's not a lot of it.
0:21:54 > 0:21:56What attracted you to the property itself?
0:21:56 > 0:21:57Because there wasn't a lot of it.
0:21:57 > 0:22:01- Really?- So it's small, it's quaint, and then you can add to it.
0:22:01 > 0:22:04Tell us exactly what you're going to do, then.
0:22:04 > 0:22:06A large extension, double extension at the back.
0:22:06 > 0:22:08So it'll look like two cottages put together.
0:22:08 > 0:22:11- Got you.- Then, at the back of that, a balcony,
0:22:11 > 0:22:14- just to capture the views, you know.- Oh, nice.
0:22:14 > 0:22:17Big living area and bifold doors going into a patio
0:22:17 > 0:22:20out onto the woodland, really.
0:22:20 > 0:22:23So how many bedrooms are you going to try and achieve in the end?
0:22:23 > 0:22:25It'll finish with one master
0:22:25 > 0:22:26and then two more bedrooms.
0:22:26 > 0:22:28So, three bedrooms in total.
0:22:28 > 0:22:29And what about downstairs, then?
0:22:29 > 0:22:31Downstairs, I want to keep the cottage feel.
0:22:31 > 0:22:34- Got you.- And then as you go into the new build at the back,
0:22:34 > 0:22:38it'll be all open, so you'll have two little rooms at the front,
0:22:38 > 0:22:41olde worlde style, and then walking into modern at the back.
0:22:41 > 0:22:43You're knocking down the outhouse?
0:22:43 > 0:22:45Yes! I think...
0:22:45 > 0:22:47They're a thing of the past, you know?
0:22:47 > 0:22:49Nobody uses outhouses any more, do you?
0:22:49 > 0:22:51Lean-to outhouse, whatever you want to call it.
0:22:51 > 0:22:53So upstairs, three bedrooms, en suite in one,
0:22:53 > 0:22:55family bathroom upstairs as well?
0:22:55 > 0:22:56Yes.
0:22:56 > 0:22:58Simon's had his architect draw up plans,
0:22:58 > 0:23:01and he'll be dealing with the complications
0:23:01 > 0:23:03of working in what is a green belt area,
0:23:03 > 0:23:06hopefully in nine months' time.
0:23:06 > 0:23:10And despite all this effort, Simon doesn't plan to live here.
0:23:10 > 0:23:13He already rents out four flats, and this property is an investment, too.
0:23:13 > 0:23:16What about your budget, then? Because there's a fair bit of work
0:23:16 > 0:23:19to be done with extensions and big doors...
0:23:19 > 0:23:21Budgeting about 120.
0:23:21 > 0:23:25- OK.- And then all this will just be landscaped.
0:23:25 > 0:23:28So, you know, you will, anywhere, feel like you're in the woods.
0:23:28 > 0:23:30Did you ever think to yourself, I'm going to buy this,
0:23:30 > 0:23:32I'm going to live in it?
0:23:32 > 0:23:35- No...- There was a little bit of hesitation.
0:23:35 > 0:23:37Only because when we bought it,
0:23:37 > 0:23:39you do think, "Oh, actually, it's not that far away" -
0:23:39 > 0:23:41but I'm a townie. At the moment.
0:23:41 > 0:23:44I think it will be... It's up for sale.
0:23:44 > 0:23:46And you, are you looking to take your profits
0:23:46 > 0:23:49- and then continue to go back to the auction?- Yes, yes.
0:23:49 > 0:23:53I mean, I normally go for somewhere, something quite safe.
0:23:53 > 0:23:54- OK.- Flats.
0:23:54 > 0:23:58- That's what I was looking for at this auction.- But you didn't!
0:23:58 > 0:24:01I saw this and went, "Oh, I do fancy that as a project."
0:24:01 > 0:24:05- OK.- It's probably the biggest project, personally, I've took on,
0:24:05 > 0:24:07yes, so it's a biggie...
0:24:07 > 0:24:10- Yeah.- But not too fazing, if you know what I mean?
0:24:10 > 0:24:12- Good.- The thing is with these properties,
0:24:12 > 0:24:13they don't come up very often.
0:24:13 > 0:24:15- Yeah, true.- That's the big thing about this one,
0:24:15 > 0:24:17it's sort of a once-in-a-lifetime property.
0:24:17 > 0:24:20- Yes, of course.- Because, you know, you can go and get a terrace,
0:24:20 > 0:24:22you can go and get a flat, but something like this,
0:24:22 > 0:24:23they're once in a blue moon,
0:24:23 > 0:24:26so, the idea is just to take the time and enjoy it.
0:24:26 > 0:24:28- Well, exactly. - And be happy with the outcome.
0:24:28 > 0:24:30- That's the idea.- Simon, good luck.
0:24:30 > 0:24:32- Thank you. - I wish you all the best, pal.
0:24:32 > 0:24:33Thank you very much. Cheers.
0:24:35 > 0:24:38So, Simon's a self-confessed townie, a city lad,
0:24:38 > 0:24:42but he's happy to take on this project out in the country,
0:24:42 > 0:24:47and he wants to make it double the size with sliding doors at the side
0:24:47 > 0:24:50to the driveway, and he wants to make it ultra modern.
0:24:50 > 0:24:54I'm just sad he's going to get rid of that outside toilet.
0:24:54 > 0:24:56Do stay tuned and you can find out how he gets on.
0:24:58 > 0:25:02Coming up, my key to maximising space in this Poplar studio.
0:25:02 > 0:25:05You can't change the square footage,
0:25:05 > 0:25:08but you can maximise your space and make it look good.
0:25:11 > 0:25:14And there's some good news at this former woodsman's one-bed cottage
0:25:14 > 0:25:16in Blackwell, Worcestershire.
0:25:16 > 0:25:18All the hard work has been done.
0:25:24 > 0:25:28Time to return to the railway town of Crewe in Cheshire,
0:25:28 > 0:25:32and a two-bed mid-terrace guided at 58,000.
0:25:32 > 0:25:36It had some unwanted features, damp and more damp,
0:25:36 > 0:25:41plus a traditional layout of a front sitting room and rear room...
0:25:41 > 0:25:43..but one terrace tradition had been tackled.
0:25:43 > 0:25:45The bathroom, no, it wasn't downstairs.
0:25:45 > 0:25:47It is, in fact, up here, which is good.
0:25:47 > 0:25:52It's accessed only from that bedroom, though.
0:25:52 > 0:25:53Which really isn't ideal.
0:25:53 > 0:25:57I thought moving the staircase could offer an easy solution
0:25:57 > 0:25:59to the bedroom layout. But...
0:25:59 > 0:26:01Well, easy, but kind of expensive.
0:26:01 > 0:26:06But I wonder, given its location and that damp downstairs in the ba...
0:26:06 > 0:26:08..in the kitchen, rather, if actually,
0:26:08 > 0:26:10there's a leak up here which is causing that problem.
0:26:10 > 0:26:13Edinburgh-based Ali and Rob bought this for 60,000
0:26:13 > 0:26:15as well as a bungalow at the same auction.
0:26:15 > 0:26:18Talk about diving straight in to the deep end
0:26:18 > 0:26:20for these novice developers -
0:26:20 > 0:26:23but they committed one of the two cardinal Hammer sins,
0:26:23 > 0:26:24you can guess which one it was,
0:26:24 > 0:26:28when I tell you that at least they'd read the legal pack.
0:26:28 > 0:26:30So I guess, the question is, had you seen it beforehand,
0:26:30 > 0:26:32would you still have bought it?
0:26:32 > 0:26:33I think so, but...
0:26:33 > 0:26:37Possibly. Because we're gluttons for punishment that way.
0:26:37 > 0:26:39And it's a bit of a challenge.
0:26:39 > 0:26:44To say damp was an issue would be a fine example of under exaggeration,
0:26:44 > 0:26:48but Ali and Rob thought they would need six months to sort this out.
0:26:48 > 0:26:50But their first viewing was by torchlight,
0:26:50 > 0:26:54as it was dark and there was no electricity
0:26:54 > 0:26:56when they finally got the keys.
0:26:56 > 0:26:59# How can I see the light
0:27:04 > 0:27:07# When the darkness is so bright... #
0:27:07 > 0:27:10We're back nearly 22 months later.
0:27:12 > 0:27:13What a change.
0:27:13 > 0:27:17It's as if the house just needed a little creative inspiration -
0:27:17 > 0:27:18and some dosh.
0:27:19 > 0:27:24# I want to be like you want me to... #
0:27:27 > 0:27:32Ali and Rob did a list of our top re's - rewire, re-plaster
0:27:32 > 0:27:36back from brick downstairs, re-plumb,
0:27:36 > 0:27:39redecorate and renew floorings -
0:27:39 > 0:27:42and I don't think they'll be re-gretting a single one of them.
0:27:43 > 0:27:45Oh, and there was a new one,
0:27:45 > 0:27:47re-levelling the rear reception floor,
0:27:47 > 0:27:49which had a six inch slope on it.
0:27:52 > 0:27:55# Do you feel like you feel alive? #
0:27:59 > 0:28:01I do like the new retro radiators and the fireplace.
0:28:05 > 0:28:13# My heart wasn't there but it is now... #
0:28:15 > 0:28:19And all the front room heaters are much easier on the eye.
0:28:22 > 0:28:26Ali and Rob also recapped and re-leaded the chimney,
0:28:26 > 0:28:29but they weren't able to redirect the staircase.
0:28:29 > 0:28:31More of that in a bit.
0:28:31 > 0:28:35Can you work out why the bedroom on the right seems a bit narrower
0:28:35 > 0:28:39than it used to be? It's to do with access to the bathroom.
0:28:39 > 0:28:41# I feel so much better now
0:28:47 > 0:28:51# I feel so much better now... #
0:28:54 > 0:28:58The space for a new corridor came from the width of this bedroom.
0:28:58 > 0:29:00Looking back from the bathroom behind,
0:29:00 > 0:29:05it's clear that both bedrooms have independent access to it.
0:29:05 > 0:29:08It turned out, turning the staircase wasn't an option,
0:29:08 > 0:29:11due to the limit of floor-to-ceiling space.
0:29:11 > 0:29:14It would actually be against regulations to put it that steep,
0:29:14 > 0:29:17so we've had to leave the stairs the way round they are.
0:29:18 > 0:29:21You know how we always bang on about doing your research.
0:29:21 > 0:29:24If Ali and Rob had talked to their neighbours sooner,
0:29:24 > 0:29:26they may have saved some time and money.
0:29:26 > 0:29:29We found out after we'd done all the investigation
0:29:29 > 0:29:31that they'd already looked into all that
0:29:31 > 0:29:33and there was nothing they could do.
0:29:35 > 0:29:37When removing the concrete slabs at the back,
0:29:37 > 0:29:40they discovered Staffordshire blue brick,
0:29:40 > 0:29:43which surprisingly is made from red clay that turns blue
0:29:43 > 0:29:46when fired in a low oxygen environment.
0:29:46 > 0:29:50They just raised the bricks up and made a whole new surface.
0:29:50 > 0:29:53There were some unpleasant surprises, too.
0:29:53 > 0:29:57We also found a drain that had been covered up with a for sale sign
0:29:57 > 0:29:58that had a big hole in it,
0:29:58 > 0:30:02so we've had a manhole cover installed in the back yard.
0:30:02 > 0:30:06Then there was the shocking discovery of the electric shower
0:30:06 > 0:30:10installation that definitely wouldn't pass current regulations -
0:30:10 > 0:30:12or even the old ones, for that matter.
0:30:12 > 0:30:19The electric cable for it went out the back of the shower, outside,
0:30:19 > 0:30:25down the wall, into the kitchen and hooked up to the cooker point.
0:30:25 > 0:30:27Whoever installed this was taking a big risk,
0:30:27 > 0:30:31because should work you carry out kill or injure someone,
0:30:31 > 0:30:33you could end up in prison.
0:30:33 > 0:30:36Once again, a reminder that electrics are not for amateurs.
0:30:36 > 0:30:39Always get the work carried out by a certified professional,
0:30:39 > 0:30:42like Ali and Rob are in the process of doing
0:30:42 > 0:30:44with their new electric shower -
0:30:44 > 0:30:48but dodgy electrics weren't an end to their problems.
0:30:48 > 0:30:50We also found fire damage.
0:30:50 > 0:30:52Fire damage and damp, we had it all, you know?!
0:30:53 > 0:30:57Ali and Rob prioritised work on the bungalow which they sold,
0:30:57 > 0:31:01and after commuting south, decided to move into this property
0:31:01 > 0:31:04whilst work continued, all of which meant overrunning
0:31:04 > 0:31:07their approximate six month timescale.
0:31:07 > 0:31:10So how accurate was the £15,000 budget forecast?
0:31:10 > 0:31:15It's just around the 16,000 mark, I think.
0:31:18 > 0:31:20We invited two local property experts along,
0:31:20 > 0:31:23to witness Ali and Rob's handiwork.
0:31:23 > 0:31:25What is most appealing?
0:31:25 > 0:31:27It's nice to see a mix of old and new,
0:31:27 > 0:31:29what with the ceiling roses,
0:31:29 > 0:31:32standing radiators, modern kitchen and bathroom suites.
0:31:32 > 0:31:34On the surface, it looks good.
0:31:34 > 0:31:36The key areas I really like is the kitchen.
0:31:36 > 0:31:38I think they've done it to a really high spec.
0:31:38 > 0:31:40As well, the bathroom, it's a fantastic size,
0:31:40 > 0:31:42as are both of these bedrooms.
0:31:42 > 0:31:46The couple bought for 60,000, and spent a further 16,000 on it,
0:31:46 > 0:31:48so disregarding taxes and expenses,
0:31:48 > 0:31:52anything over 76,000 is a potential profit.
0:31:52 > 0:31:54If we were to put this property on the market today,
0:31:54 > 0:31:57I'd be looking at putting it on in the region of £90,000.
0:31:57 > 0:31:58If we were to market the property,
0:31:58 > 0:32:01I would expect to achieve in the region of 80 to £85,000.
0:32:02 > 0:32:04- OK!- OK.
0:32:04 > 0:32:05- We'll take that!- Yeah.
0:32:09 > 0:32:12The agents' top rental value is £500 per calendar month,
0:32:12 > 0:32:14but Ali and Rob had decided to sell,
0:32:14 > 0:32:17and are using the profits from this and their bungalow
0:32:17 > 0:32:20to buy their yurt village development in Lincolnshire,
0:32:20 > 0:32:24where they hope to self-build a house and keep goats and chickens...
0:32:25 > 0:32:27..but one thing they've learned along the way
0:32:27 > 0:32:29is, complete the sentence, Rob,
0:32:29 > 0:32:31no matter how well you know the area...
0:32:33 > 0:32:36You should view the property first!
0:32:41 > 0:32:44This is Poplar, an area of East London,
0:32:44 > 0:32:47but it hasn't always been particularly popular -
0:32:47 > 0:32:50but I'm pleased to report that Poplar is becoming more popular.
0:32:51 > 0:32:55Only one mile from Canary Wharf, more people than ever
0:32:55 > 0:32:59want to live in the commutable yet relatively affordable area.
0:32:59 > 0:33:02It's a district that's been heavily regenerated.
0:33:02 > 0:33:04There's so much new development here,
0:33:04 > 0:33:09including a £300 million investment that's been pumped into the historic
0:33:09 > 0:33:13Chrisp Street Market, creating new homes and retail space.
0:33:13 > 0:33:17Sounds like an ideal place to invest in an auction property.
0:33:22 > 0:33:26This area's dominated by different aged blocks of flats,
0:33:26 > 0:33:27some modern, some older.
0:33:27 > 0:33:30The one I'm here to see is in this block, here.
0:33:30 > 0:33:35It's a studio with a guide price of £175,000 plus.
0:33:35 > 0:33:37I'm guessing you don't get a lot of space for your money,
0:33:37 > 0:33:40but there's only one way to find out.
0:33:40 > 0:33:42# Things are looking up
0:33:42 > 0:33:45# I've seen the opportunity... #
0:33:45 > 0:33:46Things are literally looking up,
0:33:46 > 0:33:49as these clean communal areas are always a good sign.
0:33:52 > 0:33:56Upstairs, I took the stairs, four flights up -
0:33:56 > 0:33:59but there is a lift, which is really good news.
0:33:59 > 0:34:00Actually, this is lovely.
0:34:00 > 0:34:02Especially on a great day.
0:34:02 > 0:34:04You've got views over Poplar,
0:34:04 > 0:34:07there's loads happening down there -
0:34:07 > 0:34:10oh, and if I go like this, I can see Canary Wharf.
0:34:10 > 0:34:13You can pay an awful lot more money for that -
0:34:13 > 0:34:16but they do say it's what's inside that counts, so let's find out.
0:34:18 > 0:34:22Inside, to a very small hall area.
0:34:22 > 0:34:25A bathroom. You've got enough room there for your shower in your bath.
0:34:25 > 0:34:28Of course, it's pretty small, but it is London.
0:34:28 > 0:34:29And your kitchen.
0:34:29 > 0:34:32That needs to come out, the bathroom needs to come out,
0:34:32 > 0:34:34complete modernisation. The kitchen is small.
0:34:34 > 0:34:37Enough room for your appliances and no more.
0:34:37 > 0:34:42Through to your studio, living area, and it's exactly what I expected.
0:34:42 > 0:34:44It's small. That's very old.
0:34:44 > 0:34:47You want to think about replacing that with a combi boiler.
0:34:48 > 0:34:50You've got a couple of damp patches, I'm spotting.
0:34:50 > 0:34:53Nothing major, but they're on the ceiling, and of course,
0:34:53 > 0:34:56we are on the top floor, so above is the roof, and fingers crossed,
0:34:56 > 0:34:58there's no problems there,
0:34:58 > 0:35:01but you do always want to check that out with a damp specialist.
0:35:01 > 0:35:04I do wonder what was here once, some sort of fireplace.
0:35:04 > 0:35:07The windows, now, they've seen better days.
0:35:07 > 0:35:09The handle's just about falling off.
0:35:09 > 0:35:11The rubber casing is almost completely gone.
0:35:12 > 0:35:16But outside, you have the London landmark, the Gherkin.
0:35:16 > 0:35:17That's put a smile on my face.
0:35:17 > 0:35:19On one side you've got Canary Wharf,
0:35:19 > 0:35:21the other side you've got the Gherkin,
0:35:21 > 0:35:23it's definitely not all bad.
0:35:26 > 0:35:29For a young professional wanting a short commute to the office,
0:35:29 > 0:35:32this could be i-dill...
0:35:32 > 0:35:35..but if you are planning to making structural changes here,
0:35:35 > 0:35:37you could find yourself in a bit of a...
0:35:37 > 0:35:39Pickle.
0:35:39 > 0:35:41My first thought with any studio flat is,
0:35:41 > 0:35:45can you make it into a one-bedroom, because then you'd be adding value,
0:35:45 > 0:35:47but there's just not the space to do it here.
0:35:47 > 0:35:49So let's think around it.
0:35:49 > 0:35:51How can you make this flat feel more spacious?
0:35:51 > 0:35:55For me, it's a no-brainer to take down the kitchen wall.
0:35:55 > 0:35:57So, you'd take down the kitchen wall,
0:35:57 > 0:36:00but you would absolutely have to check with the freeholder,
0:36:00 > 0:36:01because this is a leasehold property,
0:36:01 > 0:36:03that you have permission to do that.
0:36:03 > 0:36:07Once that's down, you can really think about maximising your space,
0:36:07 > 0:36:09and it would feel so much bigger.
0:36:09 > 0:36:12Now that does mean you'll be living, cooking and sleeping
0:36:12 > 0:36:15in the same space, so that might not be for everyone,
0:36:15 > 0:36:18and you would have to check that your plans
0:36:18 > 0:36:20did meet building regulations.
0:36:20 > 0:36:22There might be issues around fire prevention.
0:36:22 > 0:36:27But once you've done that, it's time to think about furniture,
0:36:27 > 0:36:30being clever, how you can make this feel bigger.
0:36:30 > 0:36:35So glass tables, glass shelves, nothing that feels cluttered.
0:36:35 > 0:36:37Definitely not any oversized furniture.
0:36:37 > 0:36:39Keep it small, maybe a foldaway bed.
0:36:39 > 0:36:42You can't change the square footage,
0:36:42 > 0:36:44but you can maximise your space and make it look good.
0:36:46 > 0:36:48Yes, aesthetics are important,
0:36:48 > 0:36:52but could it look good from an investment point of view?
0:36:52 > 0:36:57Let's see what a local estate agent thought of this studio flat
0:36:57 > 0:36:59guided at £175,000 plus.
0:36:59 > 0:37:02It's a little bit on the small side, smaller than I expected to see.
0:37:02 > 0:37:03I think my only concern
0:37:03 > 0:37:06is there's quite a lot of work to be done in here.
0:37:06 > 0:37:07New kitchen, new bathroom
0:37:07 > 0:37:09and full redecoration to the property, as well.
0:37:09 > 0:37:12He's not wrong. It's a small space,
0:37:12 > 0:37:15but are there any big pros or cons here?
0:37:15 > 0:37:18I really like the location, that's the biggest thing for me.
0:37:18 > 0:37:21Nice views out across to London and to certain different aspects.
0:37:21 > 0:37:22I think the only real flip side for me
0:37:22 > 0:37:24is probably the construction of the property.
0:37:24 > 0:37:26I think it's nonstandard construction,
0:37:26 > 0:37:28possibly concrete build,
0:37:28 > 0:37:30and also it's got deck access to the rear.
0:37:30 > 0:37:34Deck access is basically where you access the property via a deck,
0:37:34 > 0:37:36like a pathway at the back of the property,
0:37:36 > 0:37:37so from that point of view,
0:37:37 > 0:37:40you might have a problem with a few mortgages on that,
0:37:40 > 0:37:41so, yeah, have to wait and see.
0:37:41 > 0:37:45As ever, you should always make sure you have finance in place
0:37:45 > 0:37:46before bidding at auction.
0:37:46 > 0:37:49Lenders can be nervous about properties
0:37:49 > 0:37:52that stray too far from what they think of as the norm,
0:37:52 > 0:37:56so nonstandard construction and the deck access
0:37:56 > 0:37:59could mean this is one for a cash investor.
0:37:59 > 0:38:03Bearing all this in mind, what could it be worth once sorted out?
0:38:03 > 0:38:05You know, a good standard of finish,
0:38:05 > 0:38:08I think we'd be looking around £240-250,000.
0:38:09 > 0:38:11Yes, this property is small,
0:38:11 > 0:38:14and it's a bit rough round the edges,
0:38:14 > 0:38:17but what it has going for it is a cracking location.
0:38:17 > 0:38:21Let's find out who was prepared to invest in this ever-improving area
0:38:21 > 0:38:22when it went to auction.
0:38:24 > 0:38:27It's a purpose-built flat in need of modernisation,
0:38:27 > 0:38:30offered with vacant possession, 190 anywhere?
0:38:30 > 0:38:31You having a go? Thank you.
0:38:31 > 0:38:33190, I've got.
0:38:33 > 0:38:36191, 192, 193...
0:38:36 > 0:38:39A rapid sequence of bids followed
0:38:39 > 0:38:43until we rejoined the bidding at £196,000.
0:38:43 > 0:38:46196. 197. 198, yeah?
0:38:46 > 0:38:49198. 199. 200.
0:38:49 > 0:38:51200 back in.
0:38:51 > 0:38:53201, 202?
0:38:53 > 0:38:57Go through it again. 201 for the first, 201 for the second,
0:38:57 > 0:38:59201 for the third and final time.
0:38:59 > 0:39:01All done, sold, 201.
0:39:04 > 0:39:07That successful bid of £201,000 on the day
0:39:07 > 0:39:10came from Bill and his son James -
0:39:10 > 0:39:14and I caught up with this pair to hear what they had planned
0:39:14 > 0:39:15for the studio flat.
0:39:18 > 0:39:19James, pleased to meet you.
0:39:19 > 0:39:21- Thank you.- And Bill.
0:39:21 > 0:39:23- Bill, yes.- Congratulations on your purchases.
0:39:23 > 0:39:25- Thank you very much. - So, why this one?
0:39:25 > 0:39:29It was a small project to start off with, it's our first one,
0:39:29 > 0:39:32so we're looking for something to get into
0:39:32 > 0:39:34that won't take too long and,
0:39:34 > 0:39:36er, might make us a little bit of profit in the short-term.
0:39:36 > 0:39:38So tell me a bit about you.
0:39:38 > 0:39:39What do you do?
0:39:39 > 0:39:41What's your background, Bill?
0:39:41 > 0:39:44Well, I'm retired. I used to be in IT.
0:39:44 > 0:39:46I was a project manager for a while,
0:39:46 > 0:39:48but I really wanted to do something else,
0:39:48 > 0:39:52and, er, the opportunity came up to work with James.
0:39:52 > 0:39:55And, James, what's your background?
0:39:55 > 0:39:58I currently work for a large water company full-time.
0:39:58 > 0:40:01A plumbing background and a gas engineer -
0:40:01 > 0:40:05but I love doing things from home, DIY,
0:40:05 > 0:40:08plus built my own home extension on our house,
0:40:08 > 0:40:13so I'm keen to get my hands dirty and hopefully turn this around.
0:40:13 > 0:40:16So, father and son, who's the boss?
0:40:16 > 0:40:18My dad, I think. Financially, at least, anyway.
0:40:19 > 0:40:21In control of the money!
0:40:22 > 0:40:24- Definitely.- And for myself,
0:40:24 > 0:40:28it will be, obviously, purchasing things like the bathroom suite,
0:40:28 > 0:40:32the kitchen, new boiler, all the other bits and pieces.
0:40:32 > 0:40:36- And doing most of the work. - And doing most of the work, yes!
0:40:36 > 0:40:38# Like father
0:40:39 > 0:40:43# Like son... #
0:40:43 > 0:40:45Yep, it looks like those roles
0:40:45 > 0:40:49are pretty clearly defined from the offset, so,
0:40:49 > 0:40:53what tasks is James going to have on his to-do list?
0:40:53 > 0:40:57Ideally, what we'd like to do is open this back wall on the back of
0:40:57 > 0:41:01the kitchen, and open it up into the lounge area.
0:41:01 > 0:41:03I do think that side, there's much we can do.
0:41:03 > 0:41:06Obviously, put in a new bathroom suite, brand-new kitchen,
0:41:06 > 0:41:08and hopefully taking out the hot water cylinder
0:41:08 > 0:41:09and putting a combi boiler in
0:41:09 > 0:41:11to make more space within the living area.
0:41:11 > 0:41:13So, we're agreed on all that,
0:41:13 > 0:41:17but have they explored getting permission from the landlord
0:41:17 > 0:41:18to do the work?
0:41:18 > 0:41:23I've made tentative enquiries already with the landlord here,
0:41:23 > 0:41:24with the freeholder.
0:41:24 > 0:41:28They haven't been able to give us a definite indication as to whether
0:41:28 > 0:41:29we'd be successful or not,
0:41:29 > 0:41:32and they won't do that until we've got completion.
0:41:32 > 0:41:35Hopefully, we get a favourable outcome.
0:41:35 > 0:41:37Open it up, make it nice and fresh, Bob's your uncle.
0:41:37 > 0:41:40Bill's your uncle - except Bill's your dad.
0:41:41 > 0:41:44Bill's your dad doesn't really have the same ring, does it?
0:41:44 > 0:41:45Moving swiftly on,
0:41:45 > 0:41:48Bill and James have a budget of ten grand
0:41:48 > 0:41:50for their first renovation project,
0:41:50 > 0:41:53and plan to get the work complete in six months,
0:41:53 > 0:41:56with James getting stuck in at evenings and weekends.
0:41:57 > 0:42:00Hopefully, it'll be happy families at the end
0:42:00 > 0:42:01when it's ready to sell on.
0:42:02 > 0:42:06How do you two get on, generally? Be honest.
0:42:06 > 0:42:08- Any fights?- Don't think so.- No.
0:42:08 > 0:42:11As long as you - as long as you keep your nose out of my bank account,
0:42:11 > 0:42:12it'll be all right.
0:42:12 > 0:42:14I'm just buying the stuff, that's it.
0:42:14 > 0:42:16Hopefully, he'll let me just crack on with it.
0:42:16 > 0:42:20As long as we agree, which I think we do, pretty much,
0:42:20 > 0:42:21it should be good.
0:42:21 > 0:42:23Good. Congratulations again.
0:42:23 > 0:42:24Thank you very much.
0:42:24 > 0:42:28- And good luck. Cheers.- Thank you. - Thank you.- Thanks, James.
0:42:28 > 0:42:30So this is a first investment property
0:42:30 > 0:42:33for father and son team Bill and James,
0:42:33 > 0:42:35and they're starting off with something small
0:42:35 > 0:42:37and hopefully straightforward -
0:42:37 > 0:42:40but will they get that permission to knock down the kitchen wall
0:42:40 > 0:42:42and really improve the space?
0:42:42 > 0:42:43You can find out later in the show.
0:42:47 > 0:42:51Well, earlier we saw how one of our property developers got on.
0:42:51 > 0:42:52What about the other two?
0:42:52 > 0:42:55Yes, I'm intrigued to see how the other two got on,
0:42:55 > 0:42:57and if there were any unexpected surprises.
0:42:57 > 0:43:00Yeah, I don't mind an unexpected surprise,
0:43:00 > 0:43:02it's the expensive ones that I'm not a fan of.
0:43:02 > 0:43:03Let's see what happened.
0:43:05 > 0:43:08Back now to a lovely spot in north-east Worcestershire.
0:43:08 > 0:43:12A mile away from the M42 lies the village of Blackwell,
0:43:12 > 0:43:14where I looked around this one-bedroom
0:43:14 > 0:43:18former woodsman's cottage and a plot nearly 1,300 square yards.
0:43:20 > 0:43:22There's been a wood burner there.
0:43:22 > 0:43:26They've taken the burner and they've left the wood.
0:43:26 > 0:43:29There's no glass in the windows at all.
0:43:31 > 0:43:32Wow.
0:43:32 > 0:43:36It was bought by Simon, who works in the pharmaceutical industry,
0:43:36 > 0:43:41for 275 grand, with a view to extend, and so on.
0:43:41 > 0:43:43I want to keep the cottage feel,
0:43:43 > 0:43:45and then as you go into the new-build at the back,
0:43:45 > 0:43:46it'll be all open,
0:43:46 > 0:43:50so you'll have two little rooms at the front, olde worlde style,
0:43:50 > 0:43:52and then walking into modern at the back.
0:43:52 > 0:43:55What about your budget, then? Because there's a fair bit of work
0:43:55 > 0:43:57to be done with extensions and big doors and...
0:43:57 > 0:44:00Budgeting about 120.
0:44:00 > 0:44:02OK. Did you ever think to yourself,
0:44:02 > 0:44:04"I'm going to buy this, I'm going to live in it?"!
0:44:04 > 0:44:06No, I'm a townie.
0:44:06 > 0:44:07At the moment, it's up for sale.
0:44:08 > 0:44:12Simon had a local architect who has worked closely with the council,
0:44:12 > 0:44:16so he was optimistic about plans being passed.
0:44:16 > 0:44:20He saw property developing as a hobby to occupy his spare time.
0:44:20 > 0:44:23In this case, he thought nine months of it is all it would take.
0:44:23 > 0:44:26We're back five months later to see how he's getting on.
0:44:28 > 0:44:32In essence, there have been changes inside, as you can see,
0:44:32 > 0:44:36and on the face of it, they are changes for the worst...
0:44:36 > 0:44:38..but as you know, on a refurbishment,
0:44:38 > 0:44:41things have to get worse before they can get better,
0:44:41 > 0:44:43which is certainly the case here.
0:44:43 > 0:44:44At least inside.
0:44:47 > 0:44:51Outside, though, there have been positive changes.
0:44:51 > 0:44:54Simon's plans have gained planning permission,
0:44:54 > 0:44:57and after shifting 30 tonnes of soil and putting in footings,
0:44:57 > 0:45:01the new extension is starting to emerge out of the ground.
0:45:02 > 0:45:05The new bricks are a close match to the existing ones,
0:45:05 > 0:45:09and work divides between outside construction on fine days
0:45:09 > 0:45:12and internal stripping back in bad weather.
0:45:12 > 0:45:15Over to Simon for a tour of the works.
0:45:15 > 0:45:18OK, this is coming out of the existing cottage
0:45:18 > 0:45:19into the new extension.
0:45:19 > 0:45:21This is all one room.
0:45:21 > 0:45:25Kitchen area, stairs going up to the first floor,
0:45:25 > 0:45:27and that's the living area down this end,
0:45:27 > 0:45:29with a little utility room at the back.
0:45:29 > 0:45:33Basically, this is open-plan living.
0:45:33 > 0:45:35So you've gone from olde worlde,
0:45:35 > 0:45:40two little tiny rooms which we're keeping as a snug, an office,
0:45:40 > 0:45:42two bedrooms, and then, here,
0:45:42 > 0:45:47we will go up the stairs into a big master bathroom, onto the landing,
0:45:47 > 0:45:51and then a box room and an en suite bathroom.
0:45:51 > 0:45:53I mean, you can visualise it now.
0:45:53 > 0:45:55Plenty of light through the big windows.
0:45:55 > 0:45:57You get a feeling of the size of it now,
0:45:57 > 0:45:59so I'm really happy with it at the moment.
0:45:59 > 0:46:03So basically, this is just about the downstairs open-plan living.
0:46:05 > 0:46:08As expected, although the planning process took its time,
0:46:08 > 0:46:11overall, Simon got good feedback from the council.
0:46:11 > 0:46:14By listening to them in the first place,
0:46:14 > 0:46:15we haven't had to go to and fro.
0:46:15 > 0:46:17We've just said, "What can we go up to?"
0:46:17 > 0:46:19And that's what we've done.
0:46:19 > 0:46:21Because it was a falling down cottage,
0:46:21 > 0:46:24and we wanted to keep it as a cottage and not development land,
0:46:24 > 0:46:28because you've got to live in it, they were quite good.
0:46:28 > 0:46:29You know, I can't - I can't really knock them.
0:46:29 > 0:46:32It wasn't, "Oh, no, we don't like building."
0:46:32 > 0:46:34You know, they want to see the place up and running.
0:46:34 > 0:46:36You know, it's... It's an eyesore!
0:46:36 > 0:46:39But it's an eyesore with an owner that has a vision.
0:46:39 > 0:46:42Now, how has it been project managing at the same time
0:46:42 > 0:46:45as your day job in the pharmaceutical industry?
0:46:46 > 0:46:47There's only three of us on site,
0:46:47 > 0:46:50and we've got two guys here at the moment.
0:46:50 > 0:46:52They're pretty much here full-time.
0:46:52 > 0:46:56So I go to work early in the morning, do three or four hours,
0:46:56 > 0:46:57then I come on site.
0:46:57 > 0:47:01Managing the time hasn't been too difficult.
0:47:01 > 0:47:03How is the 120 grand budget going?
0:47:03 > 0:47:06Oh, that's gone. No, it hasn't!
0:47:06 > 0:47:07Phew! You had me there.
0:47:07 > 0:47:11No, no, I mean, we're at the start of the project.
0:47:11 > 0:47:15Planning has got a certain cost, which, you know, we met.
0:47:15 > 0:47:19The ground works, we found nothing untoward,
0:47:19 > 0:47:21so that can be a big, big problem.
0:47:21 > 0:47:26So, we saved a little money there, and we've just started building,
0:47:26 > 0:47:29so the costs haven't started to grow yet.
0:47:29 > 0:47:33And what about the timescale, originally planned for nine months?
0:47:33 > 0:47:37We're on schedule. We've had it for about five months.
0:47:37 > 0:47:40Obviously, three or four months of that took,
0:47:40 > 0:47:43was taken by getting the planning.
0:47:43 > 0:47:46We've actually been working on it for probably six weeks now.
0:47:46 > 0:47:49Um, but all the hard work has been done.
0:47:49 > 0:47:52- And what's been the best bits so far?- None of it!
0:47:54 > 0:47:56It's all been enjoyment.
0:47:56 > 0:48:01From the auction, which was great fun, to actually getting planning,
0:48:01 > 0:48:03which was the big hurdle.
0:48:03 > 0:48:04That was a massive high -
0:48:04 > 0:48:08and then once you start actually working on it,
0:48:08 > 0:48:09it's becoming reality.
0:48:09 > 0:48:12So, yeah, it's been enjoyable.
0:48:12 > 0:48:14We haven't had any downs at the moment.
0:48:14 > 0:48:16They've all been ups, they've all been highs.
0:48:16 > 0:48:18But there's been a change of plan.
0:48:18 > 0:48:20Simon's decided to keep the house
0:48:20 > 0:48:22and live in it with his girlfriend, Kim.
0:48:26 > 0:48:27We've got what we wanted,
0:48:27 > 0:48:29so we're happy, we're building it for ourselves.
0:48:29 > 0:48:31So it's going to be a family home.
0:48:33 > 0:48:37Wow. Simon has decided to give up his townie ways.
0:48:37 > 0:48:39Time to find out from two local estate agents,
0:48:39 > 0:48:41could he make a profit
0:48:41 > 0:48:43if he changed his mind again?
0:48:43 > 0:48:46Firstly, what do the agents make of this unusual project?
0:48:47 > 0:48:52The layout will be a lot better than it is at the moment.
0:48:52 > 0:48:55You're still going to have walking straight into a living room
0:48:55 > 0:48:57off the front, but that's accommodated,
0:48:57 > 0:48:59because the main living area
0:48:59 > 0:49:01is going to be at the back of the house now,
0:49:01 > 0:49:03so I don't think that's as big an issue as it would've been
0:49:03 > 0:49:06with the cottage originally.
0:49:06 > 0:49:09A lot of people around here love their privacy,
0:49:09 > 0:49:11and, you know, it's, it's tree-lined,
0:49:11 > 0:49:13it's framed by well-established trees,
0:49:13 > 0:49:17so it's a nice secluded spot in a really desirable location.
0:49:17 > 0:49:19Simon paid £275,000,
0:49:19 > 0:49:25and hopes to complete within his 120 grand budget,
0:49:25 > 0:49:28a grand total of £395,000.
0:49:28 > 0:49:32So what could it sell for once it's finished to a high spec?
0:49:32 > 0:49:36A realistic valuation in the £550,000
0:49:36 > 0:49:39would be a reasonable expectation.
0:49:39 > 0:49:42You may, depending on the market conditions at the time,
0:49:42 > 0:49:45want to try it at a higher asking price and see where the market goes,
0:49:45 > 0:49:47but we would have to review that at the time.
0:49:47 > 0:49:50I think in the current market, where we stand here today,
0:49:50 > 0:49:54if the property's done to the finish that we would expect,
0:49:54 > 0:49:58we are looking to achieve about £550,000.
0:49:58 > 0:49:59Well, this derelict old cottage
0:49:59 > 0:50:02is going to be given a new lease of life,
0:50:02 > 0:50:05and it looks, if Simon changes his mind again,
0:50:05 > 0:50:11as if he could potentially realise a pre-tax profit of £155,000.
0:50:11 > 0:50:12What does he make of that?
0:50:12 > 0:50:16It's nice to hear that you're putting value into something,
0:50:16 > 0:50:18and it's growing, so it is an investment.
0:50:18 > 0:50:24Obviously, it is for the future, so, I'm pleased with the valuation.
0:50:24 > 0:50:25That's good.
0:50:29 > 0:50:33It's back to East London now and the area of Poplar.
0:50:33 > 0:50:35Sitting just one mile from Canary Wharf,
0:50:35 > 0:50:40Poplar is a much sought-after area with buyers and investors alike,
0:50:40 > 0:50:42making it, well, popular.
0:50:42 > 0:50:47# You know and I know your popular mind is like... #
0:50:47 > 0:50:52I came here to look at a fourth floor studio flat with a guide price
0:50:52 > 0:50:55of £175,000 plus -
0:50:55 > 0:50:59and with stunning views of the city from the front and the back,
0:50:59 > 0:51:02I was keen to maximise the potential here.
0:51:03 > 0:51:06How can you make this flat feel more spacious?
0:51:06 > 0:51:10For me, it's a no-brainer to take down the kitchen wall.
0:51:10 > 0:51:11So you take down the kitchen wall,
0:51:11 > 0:51:14but you would absolutely have to check with the freeholder,
0:51:14 > 0:51:16because this is a leasehold property,
0:51:16 > 0:51:17that you have permission to do that -
0:51:17 > 0:51:21but once that's down, you can really think about maximising your space,
0:51:21 > 0:51:23and it would feel so much bigger.
0:51:25 > 0:51:28Yes, for me, when buying a studio property,
0:51:28 > 0:51:31it's all about making the most of what you've got,
0:51:31 > 0:51:35and I felt this could make a really sound investment.
0:51:35 > 0:51:39Two people who agreed with me were father and son team Bill and James.
0:51:39 > 0:51:41All done. Sold, 201.
0:51:41 > 0:51:47First-time investors Bill and James bought a property for £201,000
0:51:47 > 0:51:51at auction, and they had some familiar sounding plans.
0:51:52 > 0:51:55Ideally, what we'd like to do is open this back wall
0:51:55 > 0:52:00on the back of the kitchen, and open it up into the lounge area.
0:52:00 > 0:52:01I don't think that side, there's much we can do.
0:52:01 > 0:52:06Obviously, put in a new bathroom suite, same with the kitchen.
0:52:06 > 0:52:08Brand-new kitchen going in there...
0:52:09 > 0:52:12..and hopefully taking out the hot water cylinder
0:52:12 > 0:52:16and putting a combi boiler in to make more space in the living area.
0:52:16 > 0:52:18Bill would be overseeing the project,
0:52:18 > 0:52:21while son James planned to do a lot of the work himself,
0:52:21 > 0:52:24being a qualified plumber and gas engineer.
0:52:24 > 0:52:28They had a budget of ten grand and a timescale of six months,
0:52:28 > 0:52:31to make this poky studio a spacious one.
0:52:31 > 0:52:34We are back just short of eight months later.
0:52:34 > 0:52:36# Looking good
0:52:37 > 0:52:39# Looking so good
0:52:41 > 0:52:43# You're looking good
0:52:44 > 0:52:46# I knew that you would... #
0:52:46 > 0:52:48Due to building regulations,
0:52:48 > 0:52:50they weren't able to make the property open-plan,
0:52:50 > 0:52:53but they did move the boiler into the kitchen
0:52:53 > 0:52:56and extend the kitchen a couple of feet for more space.
0:52:56 > 0:53:00Smart thinking.
0:53:00 > 0:53:02# Looking good
0:53:02 > 0:53:04# Oh, so good... #
0:53:07 > 0:53:12The bathroom has been re-plumbed and refitted by James.
0:53:14 > 0:53:18The entire flat has been rewired to suit a modern buyer.
0:53:23 > 0:53:25# You make me feel good
0:53:26 > 0:53:28# You make me feel good... #
0:53:28 > 0:53:34It's clean, neutral and absolutely perfect for the sales market.
0:53:34 > 0:53:37OK, so what we did, our initial thoughts
0:53:37 > 0:53:41were to knock down this wall behind us and make it all open-plan -
0:53:41 > 0:53:43but, unfortunately, due to building control,
0:53:43 > 0:53:45we weren't allowed to do that,
0:53:45 > 0:53:48and the flat being on the fourth floor,
0:53:48 > 0:53:51we were advised that we would have to put in a sprinkler system,
0:53:51 > 0:53:53so, we decided against that.
0:53:53 > 0:53:57We had the place replastered from top to bottom.
0:53:57 > 0:54:00We put in new ceilings, put new LED spotlights in,
0:54:00 > 0:54:03put the storage space in behind us,
0:54:03 > 0:54:07so, obviously, got storage space within the flat.
0:54:07 > 0:54:10I did the whole plumbing system and central heating system myself,
0:54:10 > 0:54:13being gas safe registered and a plumber, um,
0:54:13 > 0:54:15so it kept the costs down quite a bit...
0:54:16 > 0:54:19..and also the kitchen, we did ourselves as well.
0:54:19 > 0:54:22The extra space we've created by moving the wall back,
0:54:22 > 0:54:25that enabled us to put in some slimline units in the kitchen,
0:54:25 > 0:54:27so, more storage space, as well.
0:54:27 > 0:54:28The only person we got in
0:54:28 > 0:54:31was the chippy to do the worktop itself,
0:54:31 > 0:54:34to get that fitted together and make it key in nicely
0:54:34 > 0:54:36with the rest of the units.
0:54:37 > 0:54:40My role has been support, definitely support role.
0:54:40 > 0:54:43James has taken the lead on everything.
0:54:43 > 0:54:46Um, so, whatever he's told me needs to be done,
0:54:46 > 0:54:48then I've got on with it, really.
0:54:48 > 0:54:51So from my point of view,
0:54:51 > 0:54:53I had a go at the skirting.
0:54:53 > 0:54:59I did a lot of the painting, but it was supporting, taking walls down,
0:54:59 > 0:55:02building new ones, anything that James needed, really,
0:55:02 > 0:55:04I was there to help.
0:55:04 > 0:55:07Moving the kitchen wall did extend its space,
0:55:07 > 0:55:09but would it translate into profit?
0:55:09 > 0:55:14James and Bill had a budget of ten grand and a timescale of six months.
0:55:14 > 0:55:15How's that looking now?
0:55:18 > 0:55:22Yeah, we originally thought we were going to be able to get away
0:55:22 > 0:55:26with about £10,000, but we ended up spending about 11 and a half,
0:55:26 > 0:55:28so, over our original budget.
0:55:28 > 0:55:30We initially said six months.
0:55:30 > 0:55:33Due to myself, I have a full-time job,
0:55:33 > 0:55:35and only being able to get over here
0:55:35 > 0:55:38sort of evenings and weekends, really,
0:55:38 > 0:55:40um, it did take a little bit longer.
0:55:40 > 0:55:45One of those was the fact of, like we were saying earlier, the wall,
0:55:45 > 0:55:48we had to wait for building control to come back
0:55:48 > 0:55:49and say yes or no to that.
0:55:49 > 0:55:51We had to wait a little while for that.
0:55:51 > 0:55:57Once we got a, "No," we had to rethink what we were going to do.
0:55:57 > 0:55:58So, yeah, it took on a bit longer.
0:56:00 > 0:56:05So, all in all, they invested £212,500,
0:56:05 > 0:56:09and are eager to get the property onto the sales market.
0:56:09 > 0:56:13We asked two local estate agents along for their opinions.
0:56:13 > 0:56:15I think by making the kitchen a little bit larger,
0:56:15 > 0:56:18and having the space for it to become fully functional
0:56:18 > 0:56:20with a fridge freezer
0:56:20 > 0:56:23will certainly add benefits to the flat itself.
0:56:23 > 0:56:24I think they took the right amount of space
0:56:24 > 0:56:27and they haven't made the studio area too small.
0:56:27 > 0:56:30This is my first visit to the property,
0:56:30 > 0:56:33and what they've done to it is lovely.
0:56:33 > 0:56:35Decoration is nice and bright.
0:56:35 > 0:56:38It's got lovely views over the city.
0:56:38 > 0:56:42South-west facing, so a lot of light is coming into the property.
0:56:42 > 0:56:45So, the agents sound enthusiastic -
0:56:45 > 0:56:49but let's hear those all-important valuations.
0:56:49 > 0:56:52When this property goes on the market
0:56:52 > 0:56:55it would achieve in the region of £250,000.
0:56:55 > 0:56:59I believe the property should go on the market for £250,000,
0:56:59 > 0:57:02and I believe offers should be invited close to that level.
0:57:02 > 0:57:05OK. It's less than we thought, to be honest with you.
0:57:06 > 0:57:10We have had some valuations already from a few agents,
0:57:10 > 0:57:16and they've gone from about 258 up to 270,000.
0:57:16 > 0:57:18So, we're hoping for a little bit more than that,
0:57:18 > 0:57:20to be honest with you, at this stage.
0:57:20 > 0:57:24So, not quite the numbers they were looking for,
0:57:24 > 0:57:28but a £250,000 sale would still result
0:57:28 > 0:57:34in a very healthy pre-tax profit of £37,500.
0:57:34 > 0:57:35So, whatever way you look at it,
0:57:35 > 0:57:38their first project has been a success -
0:57:38 > 0:57:41but will they be venturing back to the auction room?
0:57:41 > 0:57:43Er, yeah, I think so.
0:57:43 > 0:57:46Hopefully! I don't know!
0:57:46 > 0:57:48Yeah, I think so. We'll give it another go.
0:57:48 > 0:57:49See what happens.
0:57:52 > 0:57:55As you've seen, it's important to have a little bit of flexibility
0:57:55 > 0:57:58- with your plans.- Yes, you never know what's round the corner
0:57:58 > 0:57:59or under the plaster.
0:57:59 > 0:58:03So join us next time when we see another three properties
0:58:03 > 0:58:05- that went under the hammer. - Bye-bye.- Bye-bye.- Goodbye.