0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:06Now, if you want the best possible return on an investment,
0:00:06 > 0:00:09then property is definitely worth considering.
0:00:09 > 0:00:13Yes, but making money is not a foregone conclusion.
0:00:13 > 0:00:15One way to stack things in your favour, though,
0:00:15 > 0:00:17is to head down to your local property auction.
0:00:43 > 0:00:46Well, when you buy at auction you have options.
0:00:46 > 0:00:48Do you do up and sell on,
0:00:48 > 0:00:52or do you do a refurbishment and then rent it out?
0:00:52 > 0:00:56You may even end up loving it so much it becomes your dream home.
0:00:56 > 0:00:59Let's find out what today's buyers did when they went to auction.
0:01:00 > 0:01:06In Doncaster, South Yorkshire, this three-bed semi has a semi-archway.
0:01:06 > 0:01:09Any quirks are good, adds to a house - the feeling, the character.
0:01:10 > 0:01:14In Herne Bay, Kent, Lucy looks at a plot with promising panoramas.
0:01:14 > 0:01:19Whatever you build here will have that as a view.
0:01:19 > 0:01:22And in the Edmonton area of London,
0:01:22 > 0:01:26there could be lofty aspirations in this three-roomed first-floor flat.
0:01:26 > 0:01:30One of the things you might consider doing is extending upwards.
0:01:32 > 0:01:35All these properties have been sold at auction, and we'll find out
0:01:35 > 0:01:37who bought them and what they paid for them
0:01:37 > 0:01:39when they went under the hammer.
0:01:39 > 0:01:41Sold.
0:01:44 > 0:01:48South Yorkshire now, and the town of Doncaster.
0:01:48 > 0:01:50Once a powerhouse of the industrial north,
0:01:50 > 0:01:54Doncaster can lay claim to two famous landmarks.
0:01:54 > 0:01:56Westminster Abbey was created by
0:01:56 > 0:02:00Doncaster-born architect John Francis Bentley,
0:02:00 > 0:02:04and the clock in Big Ben by Edmund Beckett Denison,
0:02:04 > 0:02:05also a Doncaster lad.
0:02:05 > 0:02:08Time for us to get hands-on with our property.
0:02:10 > 0:02:14It's always great to have a lovely big park outside your house.
0:02:14 > 0:02:17Not so great when you've got a dual carriageway in between.
0:02:17 > 0:02:20But location-wise, the property I'm here to see
0:02:20 > 0:02:22is just a mile away from the town centre,
0:02:22 > 0:02:24which could be great news for the rental market.
0:02:24 > 0:02:25This is the property.
0:02:25 > 0:02:28Oh, and I also spotted some off-street parking, which is good.
0:02:28 > 0:02:33The property has three bedrooms and a guide price of £45,000 plus.
0:02:33 > 0:02:34Let's go look.
0:02:36 > 0:02:40It's a family house, but would a family with young kids want to live
0:02:40 > 0:02:45on a very busy dual carriageway, even with a park on the other side?
0:02:45 > 0:02:46# Park life... #
0:02:46 > 0:02:49I'm not sure I would.
0:02:49 > 0:02:51Into our hallway.
0:02:51 > 0:02:55Now, the very first area of the hallway is under the stairs.
0:02:55 > 0:02:58Dead space. If you like, you could get rid of this,
0:02:58 > 0:03:00but actually some people like a wee bit of storage space
0:03:00 > 0:03:02for their hoover, sometimes the washing machine,
0:03:02 > 0:03:06keep it out of the kitchen. You have a very old fuse box there.
0:03:06 > 0:03:09I'd imagine you'd struggle to get fuses for that.
0:03:09 > 0:03:10Might need an upgrade.
0:03:10 > 0:03:13A little toilet, doesn't have a sink,
0:03:13 > 0:03:15but it's good to have your downstairs toilet.
0:03:15 > 0:03:17Put a sink in there.
0:03:17 > 0:03:19And the kitchen...
0:03:19 > 0:03:21..it's actually a really good size.
0:03:21 > 0:03:24You would need to replace the kitchen. Well, I say replace.
0:03:24 > 0:03:25There's actually no kitchen in there.
0:03:25 > 0:03:27You just need a new kitchen in.
0:03:27 > 0:03:28Not much light coming in.
0:03:28 > 0:03:31You could maximise light, maybe getting a different door,
0:03:31 > 0:03:34more glass. But pretty small point.
0:03:34 > 0:03:39Definitely enough room in there for sociable living, a dining table.
0:03:39 > 0:03:42And then through to your reception area.
0:03:42 > 0:03:45I can tell this has been two rooms knocked into one,
0:03:45 > 0:03:48which gives a great sense of space.
0:03:48 > 0:03:51And I don't hear any noise, considering how busy
0:03:51 > 0:03:53that dual carriageway is.
0:03:53 > 0:03:55There's double glazing,
0:03:55 > 0:03:58and the double glazing is definitely doing its job.
0:03:58 > 0:04:01The heating, you have central heating - good.
0:04:01 > 0:04:03May well require an upgrade.
0:04:03 > 0:04:05You'd want to get that checked out.
0:04:05 > 0:04:09This has a feeling of a place that work has been started at,
0:04:09 > 0:04:11and somebody's gone.
0:04:11 > 0:04:14So, the ceiling paintwork is really new,
0:04:14 > 0:04:18albeit dated, from the swirly plasterwork.
0:04:18 > 0:04:20But all in all, a great start.
0:04:21 > 0:04:24Yes, wallpaper has been stripped and painting's begun,
0:04:24 > 0:04:29but that all begs the question - if they made a start, why did they stop?
0:04:31 > 0:04:34Hopefully not because they unearthed unseen problems.
0:04:37 > 0:04:40I can see as I come upstairs where work has already started.
0:04:40 > 0:04:44So, wallpaper's been steamed off to expose the plasterwork,
0:04:44 > 0:04:46which is in pretty good nick.
0:04:46 > 0:04:47Wouldn't need a full plaster job.
0:04:47 > 0:04:49It looks quite new, actually.
0:04:49 > 0:04:52You might just get away with a skim.
0:04:52 > 0:04:55And through to a bathroom.
0:04:55 > 0:04:58Nice little flowers detail on the suite but that needs to come out,
0:04:58 > 0:05:02modernise it. And then starting off with a really good-sized
0:05:02 > 0:05:04child's bedroom. I can tell it's a child's bedroom,
0:05:04 > 0:05:07some lovely paintings on the walls of castles.
0:05:07 > 0:05:10Another bedroom is a very good size.
0:05:10 > 0:05:13I like the design quirk of half an archway.
0:05:13 > 0:05:17You may find that the chimney breast is next to it, so that the chimney
0:05:17 > 0:05:21went off at an angle and therefore it's been designed around it.
0:05:21 > 0:05:24Any quirks are good, adds to a house - the feeling, the character.
0:05:24 > 0:05:28And through to your third bedroom, which again is a great size.
0:05:28 > 0:05:32So often in three-beds one of the bedrooms is a bit of a compromise,
0:05:32 > 0:05:35it's a box room, you might get away with a study or a cot.
0:05:35 > 0:05:40But you could get a double bed comfortably into each of them.
0:05:40 > 0:05:42I also like the floors because they're exposed,
0:05:42 > 0:05:46and you could sand them, make a gorgeous original feature.
0:05:46 > 0:05:49The ceilings are pretty much all painted new.
0:05:49 > 0:05:52Some of the work's been done for you.
0:05:52 > 0:05:54A lot still needs to be done,
0:05:54 > 0:05:58but it strikes me that there's nothing too drastic here.
0:06:01 > 0:06:04# I know that things could be
0:06:04 > 0:06:05# Worse for me
0:06:05 > 0:06:07# So I won't cry... #
0:06:07 > 0:06:11The property itself is on a fair-size plot with a decent,
0:06:11 > 0:06:15albeit overgrown, and not exactly private garden to the rear
0:06:15 > 0:06:19and ample space to the side and front for that off-road parking
0:06:19 > 0:06:22I mentioned earlier, which is essential when living
0:06:22 > 0:06:24next to a dual carriageway.
0:06:24 > 0:06:27That's the rub, really, here, isn't it?
0:06:27 > 0:06:30Great size house but next to a big, busy road,
0:06:30 > 0:06:33so not for everyone.
0:06:33 > 0:06:37We asked along a local estate agent for his opinion on this property,
0:06:37 > 0:06:39guided at £45,000 plus.
0:06:41 > 0:06:43Generally, the property is in need
0:06:43 > 0:06:45of pretty much a full refurbishment,
0:06:45 > 0:06:49certainly a central heating system, maybe upgrading or a full rewire.
0:06:49 > 0:06:52I think on a reasonable level, people could spend anywhere between
0:06:52 > 0:06:57£10,000-£15,000 throughout the property, 20 at the absolute top.
0:06:57 > 0:06:58We're in agreement there.
0:06:58 > 0:07:01From top to bottom, this property needs plenty of work.
0:07:01 > 0:07:04But would it be money well spent?
0:07:04 > 0:07:06The property should achieve somewhere in the region of
0:07:06 > 0:07:09£95,000-£100,000.
0:07:09 > 0:07:11OK, what about rental?
0:07:11 > 0:07:13With regards to the rent on the property,
0:07:13 > 0:07:16in good condition, it should rent somewhere in the region of
0:07:16 > 0:07:21£500-£550 per calendar month.
0:07:21 > 0:07:24This is a good solid house that needs a lot of work doing.
0:07:24 > 0:07:27Its location brings pluses and minuses.
0:07:27 > 0:07:30That road could put some people off, but the location means
0:07:30 > 0:07:33the rental market should be buoyant so close to town.
0:07:33 > 0:07:36Let's find out who thought the pros outweighed the cons
0:07:36 > 0:07:38when it went to auction.
0:07:41 > 0:07:45A three-bedroom semidetached in need of a scheme of upgrading
0:07:45 > 0:07:46and improvement.
0:07:46 > 0:07:49We do have a telephone bid on this lot, and I also have
0:07:49 > 0:07:51a commissioned bid. Where do you want to be with this?
0:07:51 > 0:07:54Who has got £45,000 to open the bidding?
0:07:54 > 0:07:58At 45,000 I have, thank you. 46 with me.
0:07:58 > 0:08:00Commissioned bids are made by the auctioneer
0:08:00 > 0:08:05on behalf of an absent bidder who has set a pre-agreed maximum.
0:08:05 > 0:08:07We rejoin the bidding at 65 grand.
0:08:07 > 0:08:1065. 66? No.
0:08:10 > 0:08:13At £65,000 then, shan't dwell.
0:08:13 > 0:08:16At the back of room, it's £65,000
0:08:16 > 0:08:18for the first time, for the second time,
0:08:18 > 0:08:21sold. It's yours, sir, at £65,000.
0:08:21 > 0:08:24That bid was made by car trader Adam.
0:08:24 > 0:08:29He's developed property before but this was his first auction purchase.
0:08:29 > 0:08:32Adam and girlfriend Emma have come along to tell us
0:08:32 > 0:08:37why he's bought this three-bed semi for 20 grand over the guide price.
0:08:40 > 0:08:43- Emma, pleased to meet you. - You, too.- Adam.
0:08:43 > 0:08:45- Congratulations to you both.- Cheers, thank you very much.
0:08:45 > 0:08:49- The guide price was 45,000.- Yes, that's right, yes.
0:08:49 > 0:08:53And you got it for 65. So, were you happy going to that amount?
0:08:53 > 0:08:54Would you have gone up further?
0:08:54 > 0:08:58Well, it was at 63 and the auctioneer was going,
0:08:58 > 0:09:00"Going once, going twice..."
0:09:00 > 0:09:04But somebody put his hand up, so it went to 65.
0:09:04 > 0:09:07I was gutted. It's obviously not just £1,000 I have to go up,
0:09:07 > 0:09:10it's £2,000. So it was an extra £2,000 for me.
0:09:10 > 0:09:13But 65, a little bit high...
0:09:13 > 0:09:15..but I'm happy. All round, I'm happy.
0:09:15 > 0:09:17This is Adam's second house,
0:09:17 > 0:09:19and Emma's going to be helping him this time,
0:09:19 > 0:09:21so I'm just going to be nosy.
0:09:21 > 0:09:23How long have you two been together?
0:09:23 > 0:09:26We've been together about six, seven months-ish now.
0:09:26 > 0:09:28- It is six months, isn't it, baby?- Yeah.
0:09:28 > 0:09:31Is this your first time developing property?
0:09:31 > 0:09:33Uh, yes. Yeah.
0:09:33 > 0:09:35I probably... I won't do much.
0:09:35 > 0:09:38I don't know. I'll do a few things.
0:09:38 > 0:09:39- Yeah.- Strip a bit of paper off.
0:09:39 > 0:09:41- I told her she'll be doing the painting.- Yeah.
0:09:41 > 0:09:44I've got her recorded on my phone agreeing that she's going to be
0:09:44 > 0:09:47- doing the painting.- Yeah.- So, I've got evidence to back me up.
0:09:47 > 0:09:48What's the history of this house?
0:09:48 > 0:09:51cos it looks like a wee bit's been done and then abandoned.
0:09:51 > 0:09:53Yeah, when we came in...
0:09:53 > 0:09:57It worries me slightly, because somebody's already made an attempt
0:09:57 > 0:10:01at this house. And I've had a look round, I can't see any damp.
0:10:01 > 0:10:02It's looking good.
0:10:02 > 0:10:04It just needs simple jobs doing, really.
0:10:04 > 0:10:08But somebody's started this and then walked away.
0:10:08 > 0:10:09- Why?- Yeah.
0:10:09 > 0:10:12- That's what I'm thinking.- You're scared that they discovered
0:10:12 > 0:10:13something and ran for the hills?
0:10:13 > 0:10:16Yeah, any time now, any day, I'm going to pull off a piece of carpet,
0:10:16 > 0:10:19pull off a piece of wallpaper and I'm going to find the surprise.
0:10:19 > 0:10:23What are you thinking? What are your plans?
0:10:23 > 0:10:26Plaster, or at least skim. Not everywhere needs plastering,
0:10:26 > 0:10:27definitely at least a skim.
0:10:27 > 0:10:32Paint, carpets, central heating system, get the electrics checked.
0:10:32 > 0:10:35Bathrooms. There's a toilet upstairs and downstairs,
0:10:35 > 0:10:38obviously a bathroom upstairs. The kitchen is a really good size.
0:10:38 > 0:10:41Not quite big enough to get an island in but plenty of room,
0:10:41 > 0:10:43plenty of size. I've thought about knocking a wall in through
0:10:43 > 0:10:47- to the dining area.- Yeah.- To this room. But it's just cost.
0:10:47 > 0:10:50Does it need it? Is the kitchen big enough?
0:10:50 > 0:10:52Personally, I think it's going to be all right.
0:10:52 > 0:10:55But those ideas are going round in my head, pondering.
0:10:55 > 0:10:59I do want to keep costs down because this is going to be
0:10:59 > 0:11:01looking like a renter.
0:11:01 > 0:11:05Adam hopes to get the work done here for no more than 20 grand.
0:11:05 > 0:11:09He'll be getting in professionals to do the skilled work but saving money
0:11:09 > 0:11:13by doing the unskilled work, with a little help from Emma, hopefully.
0:11:13 > 0:11:16Adam thinks a three-month timescale should do it.
0:11:18 > 0:11:20Six months together...
0:11:20 > 0:11:23You're going to be working together on this project,
0:11:23 > 0:11:26so how do you get on?
0:11:26 > 0:11:28He can be quite... You can be quite bossy.
0:11:28 > 0:11:30- Mm-hm.- And I don't like being told what to do.
0:11:30 > 0:11:34- Yeah.- It is like two bulls going...
0:11:34 > 0:11:37- Yeah, maybe we clash a little bit. - We do.- But no,
0:11:37 > 0:11:40when Emma's working she works hard and the only reason she'll stop
0:11:40 > 0:11:42- is for a drink, or a sandwich, or a snack.- Yeah.
0:11:42 > 0:11:44I do quite like interior design, don't I?
0:11:44 > 0:11:46That kind of...that kind of thing.
0:11:46 > 0:11:49But I think, obviously, you're not going to be doing too much.
0:11:49 > 0:11:51- No, no. No.- I think it's just obviously picking
0:11:51 > 0:11:54the colours of the paint and stuff like that.
0:11:54 > 0:11:56So, I don't think it's going to be too extreme.
0:11:56 > 0:11:59OK, I can't wait to see how you get on, guys.
0:11:59 > 0:12:02- Thank you very much.- Hopefully, you're still speaking.
0:12:02 > 0:12:03THEY LAUGH
0:12:03 > 0:12:06Yeah, it might be a different girl when you come back.
0:12:06 > 0:12:07A different helper.
0:12:07 > 0:12:10I'm only kidding. I'm only kidding.
0:12:13 > 0:12:16Three months, you can stick together for three months.
0:12:16 > 0:12:19- Best of luck, guys. Good luck. - Thank you.- Oh, dear.
0:12:21 > 0:12:24Adam's a young man who is not fazed by this project,
0:12:24 > 0:12:27but I still have a couple of unanswered questions.
0:12:27 > 0:12:29Will he find any underlying problems?
0:12:29 > 0:12:32And will that main road put anyone off?
0:12:32 > 0:12:35But most importantly, will he still be with Emma when we come back?
0:12:35 > 0:12:37You can find out later in the show.
0:12:40 > 0:12:45Lucy's on the Kent coast in the small seaside town of Herne Bay.
0:12:48 > 0:12:50Like many of the seaside towns,
0:12:50 > 0:12:53the beaches were really buzzing in Victorian times
0:12:53 > 0:12:56when steamboats ran between here and London
0:12:56 > 0:12:59ferrying holiday-makers back and forth.
0:12:59 > 0:13:03Today, much of the 19th-century architecture remains,
0:13:03 > 0:13:06and after a downturn of its fortunes,
0:13:06 > 0:13:09tourists themselves are heading back to Herne Bay.
0:13:09 > 0:13:14# Takes me back to the place that I know
0:13:17 > 0:13:20# On the beach... #
0:13:23 > 0:13:26The chances of finding a building plot with planning permission
0:13:26 > 0:13:30in a town-centre location like this are, well,
0:13:30 > 0:13:34as likely as spotting a mermaid washed up on the beach over there.
0:13:34 > 0:13:38And the plot with planning and sea views?
0:13:38 > 0:13:41Well, come round here. It seems almost hard to believe but,
0:13:41 > 0:13:45oh, no, believe away, viewers, because, look,
0:13:45 > 0:13:48here it is, right before my eyes. Amazing.
0:13:48 > 0:13:54And the guide price, a sizeable 180,000-185,000.
0:13:54 > 0:13:56Incredible.
0:13:56 > 0:13:59# Can you believe it?
0:13:59 > 0:14:01# Can you believe it?
0:14:01 > 0:14:05# Can you believe it feels so right? #
0:14:12 > 0:14:16Well, the site itself is a bit of an odd, triangular shape,
0:14:16 > 0:14:18and it's slightly sloping, so it's not perfect.
0:14:18 > 0:14:20But not too bad.
0:14:20 > 0:14:23Now, another negative that's worth bearing in mind is that there is a
0:14:23 > 0:14:26main sewer that runs under this site
0:14:26 > 0:14:28and that will need relocating,
0:14:28 > 0:14:30and it can be costly and time-consuming.
0:14:30 > 0:14:33But all of that pales into insignificance when you think,
0:14:33 > 0:14:38whatever you build here will have that as a view.
0:14:38 > 0:14:40Gorgeous!
0:14:41 > 0:14:45# And I stare at the sea
0:14:46 > 0:14:50# And the sea smiles for me... #
0:14:50 > 0:14:55The sea might be smiling, but the plot is only 12 by 10 metres.
0:14:55 > 0:14:56Is that enough space?
0:14:56 > 0:15:01So, the drawings show a pair of two-bedroom semidetached houses here,
0:15:01 > 0:15:05and a detached one-bed which is hugging the corner of the plot.
0:15:05 > 0:15:08Now, they're certainly snug, filling almost all of the site.
0:15:08 > 0:15:11But the layout of the semis, I would say they are very standard,
0:15:11 > 0:15:13you've got a living room, kitchen,
0:15:13 > 0:15:16loo on the ground floor, and upstairs,
0:15:16 > 0:15:19times two bedrooms and a bathroom.
0:15:19 > 0:15:21Now, the detached, I would say
0:15:21 > 0:15:23is more interesting because you've got a garage and games room,
0:15:23 > 0:15:25and a kitchen on the ground floor,
0:15:25 > 0:15:28and then upstairs, a large living room and bedroom
0:15:28 > 0:15:31with balcony that goes right the way round it.
0:15:31 > 0:15:34It's a big building to have only one bedroom.
0:15:34 > 0:15:36But due to the flood risk, well,
0:15:36 > 0:15:39you can't have any sleeping accommodation downstairs,
0:15:39 > 0:15:42and I'm sure the architect wanted to make the most of these views
0:15:42 > 0:15:44from the living space.
0:15:44 > 0:15:47It's a rather luxurious space, a bit indulgent,
0:15:47 > 0:15:49but all the more exciting for it.
0:15:51 > 0:15:54Since all the hard work assigning architects to negotiate
0:15:54 > 0:15:56with the local planning office is complete,
0:15:56 > 0:15:59the only thing left to do here was get building.
0:16:00 > 0:16:03But before jumping ahead and getting contractors in,
0:16:03 > 0:16:06it's a good idea to get a local estate agent to look at the plans
0:16:06 > 0:16:09and see if they would be right for the local market,
0:16:09 > 0:16:11which is exactly what we've done.
0:16:12 > 0:16:16Seafront-facing property as a whole in Herne Bay, there's a huge demand.
0:16:16 > 0:16:17Some people might not like the idea
0:16:17 > 0:16:19there's not actually any garden space.
0:16:19 > 0:16:22However, you've got the garden on your doorstep.
0:16:22 > 0:16:24You're not going to get any closer to the seafront for miles here.
0:16:24 > 0:16:27The plans... To be honest, they're the best they could be.
0:16:27 > 0:16:30It's such a small, compact plot, and I think the plans that have been passed
0:16:30 > 0:16:33is what's going to get the maximum profit out of it.
0:16:33 > 0:16:36And just what could that profit be for this plot,
0:16:36 > 0:16:39guided at 180,000-185,000?
0:16:42 > 0:16:44I'm of the opinion the semidetached cottages,
0:16:44 > 0:16:47always dependent on specification, you're going to be looking at
0:16:47 > 0:16:51figures between £230,000 and £250,000.
0:16:51 > 0:16:53For the detached property, at the moment, I'd suggest
0:16:53 > 0:16:55an asking price of £300,000.
0:16:55 > 0:16:58Whoa! So those top figures would mean all three properties
0:16:58 > 0:17:01could be worth 800,000.
0:17:01 > 0:17:06Looks like there's a TIDE-y profit in this one, for sure.
0:17:08 > 0:17:12This is an incredibly exciting opportunity.
0:17:12 > 0:17:15The designs are interesting, the location is fantastic,
0:17:15 > 0:17:18and the views... Well, they're just amazing!
0:17:18 > 0:17:22I'm sure there was plenty of interest in this one at the auction.
0:17:22 > 0:17:26A super site, this, with planning permission for the three dwellings.
0:17:26 > 0:17:29They're all going to have sea views at the front.
0:17:29 > 0:17:31Start me where you will. 170 to get me going.
0:17:31 > 0:17:33170. I'm on the way at 170.
0:17:33 > 0:17:35At the back, £170,000.
0:17:35 > 0:17:38There was definite interest in this plot of land,
0:17:38 > 0:17:41but it soon came down to two very keen bidders.
0:17:41 > 0:17:44We rejoin the bidding at 300,000.
0:17:44 > 0:17:46300 with you, madam. 302 to you.
0:17:46 > 0:17:48302. And four.
0:17:48 > 0:17:50That might be another wave of the hand.
0:17:50 > 0:17:52At 302 then to the gentleman sitting down.
0:17:52 > 0:17:56Otherwise, for the first time at £302,000, we'll go through it again.
0:17:56 > 0:17:58304, I've got.
0:17:58 > 0:18:01306.
0:18:01 > 0:18:04304 back to you, then, for the first time.
0:18:04 > 0:18:07£304,000 for the second time.
0:18:07 > 0:18:09Last chance if you want it.
0:18:09 > 0:18:11304 for the third and final time.
0:18:11 > 0:18:14- Well done.- The successful bid was made by Galia,
0:18:14 > 0:18:18who paid almost £120,000 more than the top guide price.
0:18:18 > 0:18:21# Seems like a touch
0:18:21 > 0:18:25# A touch too much... #
0:18:25 > 0:18:28Lucy met up with Galia to find out if she paid too much
0:18:28 > 0:18:30for the seaside plot.
0:18:30 > 0:18:32Galia, fantastic meeting you today.
0:18:32 > 0:18:34Thank you so much for coming along.
0:18:34 > 0:18:35But what an incredible site.
0:18:35 > 0:18:38Look how close the sea is!
0:18:38 > 0:18:40I know, it's my pleasure being here as well.
0:18:40 > 0:18:43Yeah, you can't get any closer to the sea than that. Yes.
0:18:43 > 0:18:48But you got a little bit carried away on auction day, didn't you?
0:18:48 > 0:18:52Yes, I did. I'm afraid things didn't go according to the plan.
0:18:52 > 0:18:55I've actually first approached the vendor prior to the auction.
0:18:55 > 0:18:59I made an offer of 175 and it was rejected
0:18:59 > 0:19:01because the vendor wanted to accept 195.
0:19:01 > 0:19:04When it came to bidding, I think the auctioneer was winding
0:19:04 > 0:19:07another very, very interested party
0:19:07 > 0:19:09first of all up to 250,
0:19:09 > 0:19:11and I thought that's where we're going to stop.
0:19:11 > 0:19:14But it went above that to 304.
0:19:14 > 0:19:18And I'm just sitting there thinking, "No, I can't. I can't lose it."
0:19:18 > 0:19:20"No, I can't, I can't... But I'm going to."
0:19:20 > 0:19:23- I'm going to.- And you paid. - And I paid that, yes.
0:19:23 > 0:19:25- You paid 304?- 304.
0:19:25 > 0:19:28And you were going to buy it for... You could have bought it for 195.
0:19:28 > 0:19:31- 195, yes.- So, what are you going to do with this site?
0:19:31 > 0:19:33Because there's planning permission for two semis
0:19:33 > 0:19:36and one detached house.
0:19:36 > 0:19:40- Yes.- Are you going to go with the plans that currently are there?
0:19:40 > 0:19:42Unfortunately not.
0:19:42 > 0:19:44I'm actually going to submit a planning permission
0:19:44 > 0:19:47to erect a detached property on the site,
0:19:47 > 0:19:50utilising all the potential space there,
0:19:50 > 0:19:54and actually run a retreat there.
0:19:54 > 0:19:58So, the permissions for three homes are out of the window, and Galia
0:19:58 > 0:20:02plans a base for her detox, fitness and weight loss retreat.
0:20:05 > 0:20:08Galia already has one such retreat in Sussex
0:20:08 > 0:20:12and hopes to expand her business by creating another here in Herne Bay.
0:20:14 > 0:20:16She will have her work cut out, though,
0:20:16 > 0:20:20especially as she will now have to go back to the planners and ask
0:20:20 > 0:20:24not just to change the design of any property but also its use.
0:20:25 > 0:20:30Considering Galia paid £120,000 more than the guide price
0:20:30 > 0:20:34for this plot, it's safe to say her strategy is bold.
0:20:35 > 0:20:38Do you think that you might have paid too much at auction, though?
0:20:38 > 0:20:40How are you going to make your money back?
0:20:40 > 0:20:42Well, I think I did,
0:20:42 > 0:20:46but what value can you put on that?
0:20:46 > 0:20:48- Absolutely.- To me, that is priceless.
0:20:48 > 0:20:50So, it's interesting. You're looking at building something
0:20:50 > 0:20:53that's detached. What sort of budget have you got in mind?
0:20:53 > 0:20:56Well, it's difficult to say. It's like the auction.
0:20:56 > 0:21:00I was planning to spend 175 and I spent 304.
0:21:00 > 0:21:04I am very much hoping to spend 250,
0:21:04 > 0:21:07and if I'm further allowed to maybe excavate the basement area
0:21:07 > 0:21:09for a little gym or maybe go to the second floor,
0:21:09 > 0:21:12then certainly not more than 350.
0:21:12 > 0:21:14But it's wishful thinking, of course.
0:21:14 > 0:21:16Galia, you are a loose cannon.
0:21:16 > 0:21:18And that's why people want to join my retreats.
0:21:18 > 0:21:21They're going to follow me and they're going to be at the same helm
0:21:21 > 0:21:24as I am. And I'm going to probably call this place not a boot camp
0:21:24 > 0:21:28but a boat camp because I'm going to probably build it
0:21:28 > 0:21:30in the shape of a boat.
0:21:30 > 0:21:33- I mean, wow!- Do you think Herne Bay are ready for such a retreat?
0:21:33 > 0:21:34I think they are. First of all,
0:21:34 > 0:21:37they're so close to Whitstable, where things are already happening.
0:21:37 > 0:21:41Secondly, they're so close to London with its unique transport links
0:21:41 > 0:21:44and, you see, a lot of my clients are international travellers.
0:21:44 > 0:21:47So, for them it's just going to be really beautiful to visit
0:21:47 > 0:21:49an English seaside resort,
0:21:49 > 0:21:53and actually bring a little bit of prosperity to the area
0:21:53 > 0:21:57and rejuvenate this area a little bit,
0:21:57 > 0:21:59because it's definitely underestimated.
0:21:59 > 0:22:02And playing her part in the rejuvenation plan,
0:22:02 > 0:22:05Galia had previously bought another property
0:22:05 > 0:22:08a few hundred yards down the beach.
0:22:08 > 0:22:11She felt that this Victorian toilet block could be converted
0:22:11 > 0:22:14into a gym for use by retreat clients,
0:22:14 > 0:22:17but Lucy, rightly, was being pragmatic.
0:22:18 > 0:22:20What if you don't get permission?
0:22:20 > 0:22:24I hate to break it to you. Do you have a plan B?
0:22:24 > 0:22:27If I don't get the permission the plan B is actually
0:22:27 > 0:22:30going to make money, build the cottages and flog them.
0:22:30 > 0:22:32I'm going to make money this way or the other.
0:22:32 > 0:22:35I would prefer to run a retreat so I can benefit
0:22:35 > 0:22:37and enjoy these beautiful walks myself.
0:22:37 > 0:22:41How long do you think it's going to take you to get what you want?
0:22:41 > 0:22:45OK, well, with planning permissions, obviously it's outside my control.
0:22:45 > 0:22:47I'm certainly hoping a year.
0:22:47 > 0:22:49So, you've got a year in mind...
0:22:49 > 0:22:51- Yeah.- ..to get this place up and running.
0:22:51 > 0:22:54It's been lovely meeting you today. Good luck with this whole project.
0:22:54 > 0:22:56The pleasure is mine. Thank you.
0:22:56 > 0:23:01Galia paid so much for that site, but she really wanted it,
0:23:01 > 0:23:04and sometimes, well, the heart overrules the head.
0:23:04 > 0:23:08But will her business plan come to fruition?
0:23:08 > 0:23:11You can find out what happens later on in the programme.
0:23:12 > 0:23:15Coming up, shrubbery surprises in the first-floor flat
0:23:15 > 0:23:17in leafy Edmonton.
0:23:17 > 0:23:19It's got this lovely little terraced area,
0:23:19 > 0:23:22and then it comes with its very own jungle.
0:23:23 > 0:23:27And in Herne Bay, Galia's retreat plans are delayed
0:23:27 > 0:23:29due to an unexpected purchase.
0:23:29 > 0:23:32So, I absolutely had to go and buy that forest.
0:23:36 > 0:23:40Back now to half a mile from bonny Donny town centre.
0:23:40 > 0:23:42That's Doncaster to you and me, South Yorkshire,
0:23:42 > 0:23:45where I saw this three-bedroom semi.
0:23:45 > 0:23:48The kitchen, you just need a new kitchen in.
0:23:48 > 0:23:50Not much light coming in.
0:23:50 > 0:23:52You could maximise light, maybe getting a different door,
0:23:52 > 0:23:55more glass, but pretty small point.
0:23:57 > 0:24:00It was bought by Adam, for 65 grand.
0:24:00 > 0:24:02He didn't mind the busy road it fronted onto.
0:24:02 > 0:24:06I met him and his girlfriend Emma back at the property.
0:24:06 > 0:24:08I have had a look round, I can't see any damp.
0:24:08 > 0:24:11It's looking good. It just needs a simple jobs doing, really.
0:24:11 > 0:24:16But somebody's started this and then walked away. Why?
0:24:16 > 0:24:19You're scared that they discovered something and ran for the hills?
0:24:19 > 0:24:21Yeah. Any time now, any day, I'm going to pull off a piece of carpet,
0:24:21 > 0:24:25pull off a piece of wallpaper and I'm going to find a surprise.
0:24:25 > 0:24:29It was certainly puzzling, and a job not even half done.
0:24:29 > 0:24:31Adam wasn't sure if he would sell or rent.
0:24:31 > 0:24:34Either way, he thought three months would crack it,
0:24:34 > 0:24:37and spend between 15-20 grand on it.
0:24:37 > 0:24:41I wondered how their fairly new relationship would stand up.
0:24:41 > 0:24:44You're going to be working together on this project,
0:24:44 > 0:24:45so how do you get on?
0:24:45 > 0:24:47He can be quite... You can be quite bossy.
0:24:47 > 0:24:49- Mm-hm.- And I don't like being told what to do.
0:24:49 > 0:24:52- Yeah.- It is like two bulls.
0:24:57 > 0:25:00We're back nearly five and a half months later
0:25:00 > 0:25:02to see how the bullfight went.
0:25:02 > 0:25:04There's been a fair bit of replastering,
0:25:04 > 0:25:07redecorating and removing of old doors.
0:25:07 > 0:25:09There's new central heating.
0:25:09 > 0:25:13But apart from one window, which we'll get to, they're all original.
0:25:16 > 0:25:19There's a new consumer unit and storage space,
0:25:19 > 0:25:22and I'm glad to see a hand basin in the downstairs loo.
0:25:23 > 0:25:26So far, worth a round of applause.
0:25:26 > 0:25:29# Boom! Clap! The sound of my heart
0:25:29 > 0:25:32# The beat goes on and on and on and on and... #
0:25:32 > 0:25:35There's a kitchen now, and it's smart.
0:25:35 > 0:25:37OK, cue the magic door trick.
0:25:37 > 0:25:39# Boom! Clap! The sound of my heart
0:25:39 > 0:25:43# The beat goes on and on and on and on and... #
0:25:43 > 0:25:46Upstairs now, and I for one can't wait to see
0:25:46 > 0:25:48the changes to the bathroom.
0:25:50 > 0:25:53# No silver or no gold
0:25:53 > 0:25:55# Could dress me up so good
0:25:55 > 0:25:58# You're the glitter in the darkness of my world... #
0:26:03 > 0:26:06There was a lot of remedial plasterwork needed here,
0:26:06 > 0:26:10especially by the sink and toilet, but it's definitely modern now.
0:26:13 > 0:26:15Over to the largest bedroom,
0:26:15 > 0:26:17where the neutral colour scheme continues.
0:26:19 > 0:26:21Time for another magic door.
0:26:26 > 0:26:29# Boom! Clap! You make me feel good
0:26:29 > 0:26:32# Come on to me Come on to me now... #
0:26:35 > 0:26:37The bedrooms, including the smallest,
0:26:37 > 0:26:40are much calmer, and if you thought I'd forgotten to point out
0:26:40 > 0:26:43the new window, here it is.
0:26:43 > 0:26:45Adam's care goes beyond the interior.
0:26:45 > 0:26:49He's shown his love outside, too.
0:26:49 > 0:26:52# You keep burning me up with all your love, oh
0:26:52 > 0:26:55# Boom! Clap! The sound of my heart
0:26:55 > 0:26:58# The beat goes on and on and on and on and... #
0:26:58 > 0:27:00Guess the most difficult job?
0:27:00 > 0:27:03My money's on the plastering.
0:27:03 > 0:27:05Erm... Well, no, somebody else did the plastering,
0:27:05 > 0:27:08so it wasn't difficult - for me, anyway.
0:27:08 > 0:27:11The painting of inside and outside,
0:27:11 > 0:27:14that was most time-consuming, boring and...
0:27:14 > 0:27:17Yeah, it was just so boring.
0:27:17 > 0:27:19And so much paint. Wow.
0:27:21 > 0:27:23Adam and Emma had only been going out for six months
0:27:23 > 0:27:24on our first visit.
0:27:24 > 0:27:28She described working with Adam as being like two bulls.
0:27:28 > 0:27:31So, did this turn into a china shop?
0:27:31 > 0:27:33And is that why Emma's not here?
0:27:33 > 0:27:36Right, so...
0:27:36 > 0:27:38HE LAUGHS
0:27:38 > 0:27:42Inside, we started wallpaper stripping, me and Emma.
0:27:42 > 0:27:46She is not here with me today but she is still, you know,
0:27:46 > 0:27:47giving the free labour.
0:27:47 > 0:27:49- Hooray!- Just thereabouts.
0:27:49 > 0:27:52She started off wallpaper stripping and I think she got bored,
0:27:52 > 0:27:56so she sort of left it alone a little bit and left me to do
0:27:56 > 0:27:58all but one bedroom.
0:27:58 > 0:28:01The bedroom Emma did tackle was the smallest one,
0:28:01 > 0:28:03but they also found there was woodworm,
0:28:03 > 0:28:06and getting the right-size replacement floorboards
0:28:06 > 0:28:09was a problem, so...
0:28:09 > 0:28:11I got woodworm killer,
0:28:11 > 0:28:14spent about £50 on the stuff and absolutely lathered the floor in it.
0:28:14 > 0:28:18And, touch wood, we've had no problems since.
0:28:18 > 0:28:21The previous owners had already started work on the property
0:28:21 > 0:28:23and then left it.
0:28:23 > 0:28:26So, were there any other hidden nasty surprises?
0:28:26 > 0:28:30I did have a word with my solicitor, or they contacted me, actually,
0:28:30 > 0:28:33and said, "Did you know it was bought less than a month ago?
0:28:33 > 0:28:35"Does this worry you? I think you're going to find a surprise."
0:28:35 > 0:28:39But, you know, again, my fingers were tight as a knot on a boat,
0:28:39 > 0:28:42and I did not find any surprises. Thank God.
0:28:42 > 0:28:45And this is it. Yeah, so far so good.
0:28:46 > 0:28:51Motor trader Adam discovered a cheaper alternative to skip hire.
0:28:51 > 0:28:54He bought a car in part exchange for £100
0:28:54 > 0:28:56without back seats.
0:28:56 > 0:29:00It must have saved me £500 worth in skips.
0:29:00 > 0:29:01And, yeah, it's still going today.
0:29:01 > 0:29:04It's been going for the last five months. It's brilliant.
0:29:04 > 0:29:08You've said it. Five months - that's two months
0:29:08 > 0:29:11off the original timescale. How was that?
0:29:11 > 0:29:13I completely blame the tradies.
0:29:13 > 0:29:15I've had people in, do a job,
0:29:15 > 0:29:17and they've done it wrong and I've had to get somebody else.
0:29:17 > 0:29:20But the good ones are obviously booked in for a few weeks
0:29:20 > 0:29:22and the not-so-good ones can come tomorrow, you know,
0:29:22 > 0:29:25the next day, and they're no good for me. I want the best.
0:29:25 > 0:29:30And was the 15-20 grand budget as tight as knot on a boat?
0:29:30 > 0:29:32How much did you spend?
0:29:32 > 0:29:3417 and a half, roughly.
0:29:34 > 0:29:36So, I've got a little bit of change.
0:29:37 > 0:29:41It's that time again where we invite two local estate agents along
0:29:41 > 0:29:44to see if Adam's 65-grand purchase
0:29:44 > 0:29:48and £17,500 refurbishment has been worth it.
0:29:48 > 0:29:51First up, the agent we met at first filming.
0:29:51 > 0:29:54What's the 82,5000 spend worth now?
0:29:54 > 0:29:56I would expect the property to fetch somewhere between
0:29:56 > 0:30:00£100,000 and £110,000.
0:30:00 > 0:30:02On the rental market, I would expect somewhere between
0:30:02 > 0:30:06£500 and £525 per calendar month.
0:30:06 > 0:30:09The second agent also valued it at 110 grand for sale
0:30:09 > 0:30:12but he differed on the rental value.
0:30:12 > 0:30:16£525 to £550 per calendar month.
0:30:16 > 0:30:19Adam thought he would rent this,
0:30:19 > 0:30:23but could be tempted if there was enough profit on the resale market.
0:30:23 > 0:30:28So, does a potential pre-tax profit of £27,500 do it for him?
0:30:28 > 0:30:31Well, the figures do not make me want to sell it.
0:30:31 > 0:30:34I think too much time and effort's gone into it.
0:30:34 > 0:30:37I would push for at least 120,000.
0:30:37 > 0:30:39And the rental at 550 a month?
0:30:39 > 0:30:41I'm going to push for 600.
0:30:41 > 0:30:43If I struggle... Give it a month or so,
0:30:43 > 0:30:46if I struggle I'll take 550, yeah.
0:30:46 > 0:30:50Well, even at £550, with an 82,500 spend,
0:30:50 > 0:30:54it comes out at around 8% annual yield.
0:30:54 > 0:30:56Anything still on the to-do list?
0:30:56 > 0:30:59In current talks at the minute with a solicitor
0:30:59 > 0:31:03knocking up the tenant agreement and things like that. That's it.
0:31:10 > 0:31:12Edmonton in the Borough of Enfield is an area
0:31:12 > 0:31:15that's undergone a lot of changes over the years.
0:31:15 > 0:31:18# It meant a lot to the locals on
0:31:18 > 0:31:22# Edmonton Green... #
0:31:25 > 0:31:27The Edmonton Green part of the area
0:31:27 > 0:31:30is currently the subject of a £100 million development,
0:31:30 > 0:31:32so it's certainly a place on the up.
0:31:34 > 0:31:37Well, I'm at the northern end of Edmonton,
0:31:37 > 0:31:40here to see a three-roomed flat,
0:31:40 > 0:31:46which had a guide price of £100,000 plus.
0:31:46 > 0:31:48Sounds reasonable.
0:31:48 > 0:31:50Probably be a catch. Usually is.
0:31:50 > 0:31:55# Always look on the bright side of life... #
0:31:55 > 0:31:58Don't be such a pessimist, I hear you cry.
0:31:58 > 0:32:00But come on, there has to be a catch.
0:32:01 > 0:32:04Through your own little entrance and up your stairs.
0:32:04 > 0:32:06Notice that the loft hatch is open here
0:32:06 > 0:32:07and the loft looks quite reasonable.
0:32:07 > 0:32:11So, one of the things you might consider doing is extending upwards.
0:32:11 > 0:32:13Create a dormer bedroom up there.
0:32:13 > 0:32:16The problem is that this is a leasehold flat,
0:32:16 > 0:32:18so before you do anything substantial like that
0:32:18 > 0:32:21you need to get the approval of the freeholder.
0:32:21 > 0:32:26It might be possible to convert it into a liveable space.
0:32:26 > 0:32:29As always, speak to planning and the freeholder
0:32:29 > 0:32:30before getting too excited.
0:32:30 > 0:32:32If you could, though,
0:32:32 > 0:32:36it would really increase the floor space and the value of this flat.
0:32:36 > 0:32:39# We'll sit up there
0:32:40 > 0:32:43# And watch the world go by
0:32:43 > 0:32:45# The world go by
0:32:45 > 0:32:48# When we find
0:32:48 > 0:32:54# That long-lost gold mine in the sky... #
0:32:54 > 0:32:58As I said earlier, this is described as a three-roomed flat
0:32:58 > 0:33:00and this, at present, is an office.
0:33:00 > 0:33:03Maybe the catch is it's not big enough
0:33:03 > 0:33:06to be classified as a single bedroom.
0:33:06 > 0:33:08This is the bigger of the bedrooms.
0:33:08 > 0:33:11Nice bit of, oh, yes, OK, Egyptian artwork on the walls.
0:33:11 > 0:33:14It's not bad. I mean, whole place is a bit tired and dated.
0:33:14 > 0:33:16Looks like the electrics could do with updating.
0:33:16 > 0:33:20You've got surface-mounted sockets there and wires all over the place.
0:33:20 > 0:33:24It doesn't look to have central heating. Single-glazed windows.
0:33:24 > 0:33:28So, obviously a major process of refurbishment required.
0:33:28 > 0:33:31But it's not bad. It's got a good feel to it.
0:33:33 > 0:33:36Although the presence of storage heaters
0:33:36 > 0:33:38suggests there might not be gas, either
0:33:38 > 0:33:41and that could mean another call with the freeholder
0:33:41 > 0:33:44for permission and a fair amount of cost as well.
0:33:46 > 0:33:48Your bathroom there definitely needs refurbishment.
0:33:48 > 0:33:50And then through into this room,
0:33:50 > 0:33:52which is your main living accommodation.
0:33:52 > 0:33:54It's actually a really nice-sized space, this,
0:33:54 > 0:33:57especially as you come through this way through to your kitchen.
0:33:57 > 0:33:59Clearly seen better days
0:33:59 > 0:34:01but I like the location.
0:34:01 > 0:34:04Probably stick a few more windows in here
0:34:04 > 0:34:07but, apart from that, I think it practically works very well,
0:34:07 > 0:34:09especially as through that back door there,
0:34:09 > 0:34:11out onto a little terrace.
0:34:11 > 0:34:15So, all in all, you know, for that 100 grand plus guide price,
0:34:15 > 0:34:17a lot of flat for the money.
0:34:17 > 0:34:19There's even a fantastic bonus outside.
0:34:19 > 0:34:26Well, outdoor space in London flats, especially, is always a lovely thing
0:34:26 > 0:34:29to have, and obviously it brings a real premium to the property.
0:34:29 > 0:34:30So, what's this one got?
0:34:30 > 0:34:33Well, it's got this little terraced area
0:34:33 > 0:34:35and then it comes with its very own jungle,
0:34:35 > 0:34:38because everything you can see there that's green
0:34:38 > 0:34:40is actually part of the garden.
0:34:40 > 0:34:42Your own little stairway at the back here, which leads down to that,
0:34:42 > 0:34:45so get somebody in and get it sorted.
0:34:45 > 0:34:47The thing which you don't normally have in flats,
0:34:47 > 0:34:50that bit of outside space, you've got it, so a real big bonus.
0:34:50 > 0:34:52OK, so it all needs a bit of work
0:34:52 > 0:34:55and you'd need a machete to access the outside space.
0:34:55 > 0:34:59# It's a jungle out there! #
0:34:59 > 0:35:02But it's got a fairly doable interior,
0:35:02 > 0:35:05potential for expansion upwards,
0:35:05 > 0:35:07and a guide price of 100,000.
0:35:07 > 0:35:09Of course, there must be a catch.
0:35:09 > 0:35:11But wait for it, first, before we go there,
0:35:11 > 0:35:14time to knock a bit of interior design.
0:35:16 > 0:35:19Two final things that are a bit of a concern with this flat, however.
0:35:19 > 0:35:21At the top of the stairs, glass.
0:35:21 > 0:35:23Now, that is not safety glass.
0:35:23 > 0:35:26It's a potential disaster waiting to happen.
0:35:26 > 0:35:30So, replace that as soon as you move in here with safety glass,
0:35:30 > 0:35:32or just something else. It just doesn't work.
0:35:32 > 0:35:35The second thing is something which is in the legal pack
0:35:35 > 0:35:38but you have to make sure that you read it,
0:35:38 > 0:35:42and that is that this place has got a 42-year lease remaining.
0:35:42 > 0:35:45Now, for a lot of mortgage providers that isn't long enough
0:35:45 > 0:35:47so you'd have to renegotiate that lease
0:35:47 > 0:35:50before you were able to get a mortgage,
0:35:50 > 0:35:52which means it's either a cash buyer,
0:35:52 > 0:35:55or somebody who is willing to do a very quick deal with the freeholder.
0:35:58 > 0:36:00Time to get the lowdown from a local property expert.
0:36:00 > 0:36:03First of all, the high point of this flat,
0:36:03 > 0:36:06is it the right idea to build a dormer in the loft?
0:36:08 > 0:36:10I don't think extending into the loft
0:36:10 > 0:36:12is really something that's going to be allowed
0:36:12 > 0:36:14from a planning perspective,
0:36:14 > 0:36:18although it would create extra space if it was done.
0:36:18 > 0:36:20I think the property needs, obviously, a complete refurb.
0:36:20 > 0:36:23New kitchen, new bathroom, double glazing, central heating,
0:36:23 > 0:36:24electrics checked.
0:36:24 > 0:36:29The cost of bringing it up to top standard's
0:36:29 > 0:36:32going to be about £15,000.
0:36:32 > 0:36:34OK, and what about the cost of extending the lease?
0:36:35 > 0:36:37To extend the lease of 42 years
0:36:37 > 0:36:40is going to cost something around £80,000.
0:36:40 > 0:36:43And what could it fetch for sales and lettings?
0:36:44 > 0:36:48The resale value would be £280,000 and the rental value
0:36:48 > 0:36:50will be £1,300 per calendar month.
0:36:53 > 0:36:54Well, it's a nice little flat
0:36:54 > 0:36:58that just needs a good programme of rejuvenation to sort it out.
0:36:58 > 0:37:01Oh, and a big lot of cutting down trees in the garden.
0:37:01 > 0:37:03However, the biggest issue with this one is, of course,
0:37:03 > 0:37:06that short 42-year lease.
0:37:06 > 0:37:10It would have been in the legal pack but if you hadn't read it, blimey,
0:37:10 > 0:37:12it could really catch you out.
0:37:12 > 0:37:15Let's see what happened when it went under the hammer.
0:37:15 > 0:37:19Lot 58B is Edmonton, good area to invest in.
0:37:19 > 0:37:22So, kick off at 90 on this one.
0:37:23 > 0:37:2590,000 in the front.
0:37:25 > 0:37:2795 with you.
0:37:27 > 0:37:28100?
0:37:28 > 0:37:32Plenty of interest here. We rejoin the bidding at 160,000.
0:37:32 > 0:37:33160?
0:37:35 > 0:37:37155 standing up. 160 on the phone.
0:37:37 > 0:37:41157. 159,
0:37:41 > 0:37:42in the room.
0:37:42 > 0:37:43161.
0:37:43 > 0:37:46163. 165.
0:37:47 > 0:37:49167?
0:37:49 > 0:37:52Another go? 165, sitting down.
0:37:52 > 0:37:55First time, second time, third and last time.
0:37:55 > 0:37:59If you're all done, sold. 165.
0:37:59 > 0:38:05Paying 65 grand over the guide price were Rohema and her husband Mujibah.
0:38:05 > 0:38:07They've both appeared on the show before
0:38:07 > 0:38:11when they made their first auction purchase in East Ham.
0:38:11 > 0:38:13Then they told Lucy what got them started.
0:38:14 > 0:38:17Did you think you would get this flat on the day?
0:38:17 > 0:38:18Didn't think that we would get it.
0:38:18 > 0:38:21So what happened? How did you end up walking away with the flat?
0:38:21 > 0:38:24I think it's your programme inspired us and we raised a hand
0:38:24 > 0:38:25and we started.
0:38:27 > 0:38:29Things have moved on since then,
0:38:29 > 0:38:32as Mujibah has gone full-time at property development,
0:38:32 > 0:38:34using his skills as a builder.
0:38:34 > 0:38:36Mujibah, Rohema, lovely to meet you both.
0:38:36 > 0:38:38Tell me why you wanted to buy this flat.
0:38:38 > 0:38:42Because of location and the renting in this area is very good.
0:38:42 > 0:38:44You know the area quite well, do you?
0:38:44 > 0:38:45Yes, yes, we do.
0:38:45 > 0:38:47We did our research, yeah.
0:38:47 > 0:38:50So, when you're looking for houses to buy, what do you look for?
0:38:50 > 0:38:53We look for something doing renovation
0:38:53 > 0:38:57because I'm very interested to do with renovating and everything,
0:38:57 > 0:39:01- because I enjoy myself doing this. - You personally?- Yes.- Oh, wow.
0:39:01 > 0:39:02What else do you look for?
0:39:02 > 0:39:04I look for the rental income,
0:39:04 > 0:39:06location where we can make more profit.
0:39:06 > 0:39:09So what was it, then, you liked about this house?
0:39:09 > 0:39:12This house, actually, we didn't see before.
0:39:12 > 0:39:13- Oh, really?- Yeah.
0:39:13 > 0:39:15So, you haven't seen the flat before you bought it?
0:39:15 > 0:39:18- No. No.- When we went to auction we went for a different property.
0:39:18 > 0:39:23- Oh.- And unfortunately that property price wasn't matching our budget,
0:39:23 > 0:39:25so we actually dropped it
0:39:25 > 0:39:29and we just quickly thought we'll go for something else.
0:39:29 > 0:39:33They may be fans of the show but they've broken a golden rule,
0:39:33 > 0:39:36since they didn't view before buying.
0:39:36 > 0:39:38I'm hopeful they did, at least, read the legal pack.
0:39:40 > 0:39:44- We read...- The legal pack. - ..the legal pack.
0:39:44 > 0:39:46Quickly on the day.
0:39:46 > 0:39:49We searched the area's prices of the houses
0:39:49 > 0:39:53and we just thought it would give us a good profit, so let's go for it.
0:39:53 > 0:39:56So, tell me what you're going to do with it.
0:39:56 > 0:39:57It's basically everything
0:39:57 > 0:39:59I have to do because there is no gas.
0:39:59 > 0:40:03There is just a box outside, so then no gas connected to the house,
0:40:03 > 0:40:08so I'm need to get the gas boiler again.
0:40:08 > 0:40:10No central heating, no nothing in here.
0:40:10 > 0:40:13So, I have to do the central heating and the double glazing,
0:40:13 > 0:40:17replastering, take the ceiling down, and everything,
0:40:17 > 0:40:20new bathroom, kitchen. Complete refurbish. I have to do.
0:40:20 > 0:40:23And the garden, obviously, is junk.
0:40:23 > 0:40:25- Yes!- I have to clean this mess.
0:40:25 > 0:40:28How are you going to get rid of all that stuff in the garden?
0:40:28 > 0:40:31We already contacted the gardeners
0:40:31 > 0:40:35- and they're going to come and clear it for us.- Are they? Wow.
0:40:35 > 0:40:38So, what about internal layout? Any plans for the internal layout?
0:40:38 > 0:40:41We might do the loft conversion.
0:40:41 > 0:40:44- OK.- So, we already started speaking with the freeholder
0:40:44 > 0:40:47and, kind of, getting agreement to do the loft.
0:40:47 > 0:40:50So, we might extend another two beds upstairs.
0:40:50 > 0:40:52Two beds upstairs, OK.
0:40:52 > 0:40:55Just by putting dormers in, or something like that?
0:40:55 > 0:40:58- Yeah, yeah.- Yeah. - We have to put a dormer in.
0:40:58 > 0:41:00The freeholder already agreed,
0:41:00 > 0:41:03but main concern about the council.
0:41:03 > 0:41:06We have to apply the planning permission,
0:41:06 > 0:41:09so, if council allow us, we will do it in the future.
0:41:09 > 0:41:11Sometimes the freeholder will charge you for that.
0:41:11 > 0:41:13- Yes.- Yeah.- Are they charging?
0:41:13 > 0:41:17- They are charging.- Did they say how much?- They will charge 10,000 for..
0:41:17 > 0:41:19Getting the permission, yeah.
0:41:19 > 0:41:20To allow you to do that?
0:41:20 > 0:41:23- Yeah.- Yeah.- Presumably because it's adding value to the house.
0:41:23 > 0:41:27- Yes.- Yeah.- If you sell the leasehold in the future, then you benefit.
0:41:27 > 0:41:29Yeah, 10,000 is reasonable.
0:41:29 > 0:41:31Yeah, well, it sounds OK.
0:41:31 > 0:41:33What about the cost of doing that conversion?
0:41:33 > 0:41:36- Any idea what that's going to cost? - Most of the work I do myself,
0:41:36 > 0:41:40so within 35,000 I can do the loft conversion.
0:41:41 > 0:41:44They have a budget of 25,000 to 30,000 for the rest of the flat.
0:41:44 > 0:41:48And think three to four months will have it ready to rent
0:41:48 > 0:41:51with Mujibah doing most of the work.
0:41:51 > 0:41:53Since they've had a chat with the freeholder,
0:41:53 > 0:41:56I hope the subject of the short lease came up.
0:41:58 > 0:42:01We saw in the legal pack this lease is very short.
0:42:01 > 0:42:04- Yeah.- So, I have to do the lease extension, as well, for selling
0:42:04 > 0:42:06but I'm not thinking to sell it now
0:42:06 > 0:42:08because rental income is a very good return,
0:42:08 > 0:42:11- so I'll keep it.- Are you going to extend the lease at all, or not?
0:42:11 > 0:42:12I will, I will later.
0:42:12 > 0:42:16- Do you know how much it's going to cost to extend the lease? - 25,000 to 30,000.
0:42:16 > 0:42:18Right, OK. But that would put
0:42:18 > 0:42:20- a 99-year lease on this?- No, 125 years.
0:42:20 > 0:42:23Oh, would it be? OK. What's your involvement at this stage?
0:42:23 > 0:42:28Just doing, you know, helping them, the team, choosing the materials,
0:42:28 > 0:42:32colours, decorating, painting, and sometimes making the tea for them.
0:42:32 > 0:42:34- Yeah.- Moral support, as well.
0:42:34 > 0:42:36That's good. Well, listen, congratulations.
0:42:36 > 0:42:37Good luck with it.
0:42:37 > 0:42:40- Thank you.- Look forward to seeing how you get on.
0:42:40 > 0:42:41Thank you very much. Thank you.
0:42:41 > 0:42:46Well, nothing seems to faze our property developing couple.
0:42:46 > 0:42:48How will they get on?
0:42:48 > 0:42:51Lots of discussions to be had with the freeholder.
0:42:51 > 0:42:54It seems like those have been reasonably successful, though,
0:42:54 > 0:42:57so that is good news because it was one of my big worries.
0:42:57 > 0:42:59How will everything turn out?
0:42:59 > 0:43:01You can find out later in the show.
0:43:05 > 0:43:07So, we've seen the outcome for one of today's properties.
0:43:07 > 0:43:09What about the other two?
0:43:09 > 0:43:11Yes, have our buyers been ringing the changes,
0:43:11 > 0:43:13or is it a case of same old, same old?
0:43:17 > 0:43:21Time to return now to the seaside town of Herne Bay on the Kent coast
0:43:21 > 0:43:24where Lucy earlier saw this plot of land
0:43:24 > 0:43:27with planning permission for two semidetached houses
0:43:27 > 0:43:29and one fully detached one.
0:43:29 > 0:43:30# Beach baby, beach baby... #
0:43:30 > 0:43:35Whatever you build here will have that as a view.
0:43:35 > 0:43:40- Gorgeous!- The plot was bought by Galia for 304 grand,
0:43:40 > 0:43:44£119,000 over the guide price.
0:43:44 > 0:43:47But Galia was hoping to change the planning.
0:43:47 > 0:43:50I'm actually going to submit the planning permission
0:43:50 > 0:43:53to erect a detached property on the site,
0:43:53 > 0:43:56utilising all the potential space there.
0:43:56 > 0:43:59And, actually, run a retreat there.
0:43:59 > 0:44:04Galia already had a detox, weight loss, and fitness retreat in Sussex
0:44:04 > 0:44:06and she felt the up-and-coming Herne Bay area
0:44:06 > 0:44:09would be an attractive addition to the business.
0:44:09 > 0:44:12But she would require change of use
0:44:12 > 0:44:14from residential to commercial
0:44:14 > 0:44:17and Galia had also bought a former Victorian toilet block
0:44:17 > 0:44:19further down the beach,
0:44:19 > 0:44:21hoping to add a facility like a gymnasium
0:44:21 > 0:44:23to the planned retreat mix.
0:44:23 > 0:44:26Everything was dependent on planning.
0:44:26 > 0:44:28How many storeys could the retreat have
0:44:28 > 0:44:30and could a basement be allowed?
0:44:30 > 0:44:33She knew one thing, she would like a grand nautical facade.
0:44:35 > 0:44:38And I'm going to probably call this place, not a boot camp,
0:44:38 > 0:44:40but a boat camp
0:44:40 > 0:44:43because I'm going to probably build it in the shape of the boat.
0:44:43 > 0:44:47Galia thought the small retreat would be completed in a year.
0:44:51 > 0:44:54Well, we're back just over four years later.
0:44:54 > 0:44:57There are a few boats camped there
0:44:57 > 0:45:00but not exactly what Galia had in mind.
0:45:03 > 0:45:05The first planning application failed
0:45:05 > 0:45:09but eventually Galia has obtained permission for a smaller building
0:45:09 > 0:45:12more sympathetic in design to the other properties
0:45:12 > 0:45:15on the seafront, including her own toilet block.
0:45:17 > 0:45:19And, of course, the icing on the cake
0:45:19 > 0:45:24is the close proximity of this plot to the Victorian toilet,
0:45:24 > 0:45:25the white building over there.
0:45:25 > 0:45:28We're going to integrate both of them.
0:45:28 > 0:45:32I can use the same staff working in both locations,
0:45:32 > 0:45:33it's easy to reach,
0:45:33 > 0:45:36and both of them facing this beautiful, sort of, set-up.
0:45:36 > 0:45:39In between the failed planning permission application
0:45:39 > 0:45:42and the current ones that have passed,
0:45:42 > 0:45:44Galia continued to grow the business
0:45:44 > 0:45:47by creating a 15-bedroom retreat in Devon.
0:45:48 > 0:45:52The minute I exchanged the contract on the Devon retreat,
0:45:52 > 0:45:55on the very same day, the council granted me the permission
0:45:55 > 0:45:59for the plot of land to convert it to the retreat,
0:45:59 > 0:46:01and you think, "Oh, my God, you've got two retreats."
0:46:01 > 0:46:04"You've got that one and you've got that one, what are you going to do?"
0:46:04 > 0:46:09So, yeah, I thought, OK, 15-bedroom here, seven-bedroom here,
0:46:09 > 0:46:13let's do the 15-bedroom first, fill that in with the guests,
0:46:13 > 0:46:15get the money, go back to seven bedrooms.
0:46:15 > 0:46:19Galia had further delays due to a forest coming up for sale
0:46:19 > 0:46:21opposite her main Sussex retreat.
0:46:21 > 0:46:26So, I absolutely had to go and buy that forest and...
0:46:26 > 0:46:27..and it still stays as a forest,
0:46:27 > 0:46:32so we made some paths there and my guests just walk in the forest.
0:46:34 > 0:46:36Having dealt with those distractions,
0:46:36 > 0:46:40what are the plans going forward here in Herne Bay?
0:46:40 > 0:46:44I'm very much hoping to start the building project
0:46:44 > 0:46:47on the plot in about six months' time.
0:46:47 > 0:46:51And it's quite exciting to now work out on the minor details,
0:46:51 > 0:46:56like the nautical theme of the retreat, lovely little features,
0:46:56 > 0:46:58colour of the curtains,
0:46:58 > 0:47:02maybe bunk beds to make it look like it's a ship inside,
0:47:02 > 0:47:05so that, you know, you feel quite excited.
0:47:05 > 0:47:07You see the water outside
0:47:07 > 0:47:12and, inside, you feel you're on the ship sailing into unknown.
0:47:12 > 0:47:15Was it a case of sailing into the unknown
0:47:15 > 0:47:19with a £250,000 to £350,000 budget forecast?
0:47:19 > 0:47:24So far I've spent about £15,000 on architects
0:47:24 > 0:47:27and various other fees to obtain those permissions,
0:47:27 > 0:47:33and I anticipate to spend another £200,000.
0:47:33 > 0:47:36Galia spent 304,000 at auction
0:47:36 > 0:47:39and has spent another 15 on plans for the retreat.
0:47:39 > 0:47:41We called in a local estate agent
0:47:41 > 0:47:44for his specialist knowledge of the area and the plot.
0:47:44 > 0:47:46What's his view?
0:47:47 > 0:47:49It's so unique and I can't think of anything else, really,
0:47:49 > 0:47:53on the Kent coast that it compares with,
0:47:53 > 0:47:55particularly the scale of the building.
0:47:55 > 0:47:57If you're talking about a larger building
0:47:57 > 0:47:59and larger premises there are probably
0:47:59 > 0:48:00ones that would compete with it,
0:48:00 > 0:48:03but it is quite unique, in terms of its scale.
0:48:03 > 0:48:05I think, if I was the investor,
0:48:05 > 0:48:07I'd probably stick to the safer option
0:48:07 > 0:48:11of selling it as residential, rather than the commercial.
0:48:11 > 0:48:12I think there's a bigger market
0:48:12 > 0:48:14and the returns would probably be higher.
0:48:14 > 0:48:17Has the £319,000 total investment
0:48:17 > 0:48:19grown over the time since the plot was purchased?
0:48:19 > 0:48:22If I was trying to sell this plot of land, today,
0:48:22 > 0:48:25you're probably looking around 300,000, maybe 350,
0:48:25 > 0:48:27that sort of area.
0:48:27 > 0:48:29So, you need to have, actually, an imagination
0:48:29 > 0:48:34to see this car park as a plot of land.
0:48:34 > 0:48:36Well, I haven't lost any money.
0:48:36 > 0:48:39Adding Galia's added £200,000 build costs
0:48:39 > 0:48:44to the costs so far gives a total of 519,000.
0:48:44 > 0:48:47What could the building sell for when completed?
0:48:47 > 0:48:52Probably looking at a resale value freehold of around £750,000.
0:48:52 > 0:48:57That is a potential pre-tax profit of 231,000.
0:48:57 > 0:49:00I think 750
0:49:00 > 0:49:04is certainly the correct figure,
0:49:04 > 0:49:06actually, once it's done and finished.
0:49:06 > 0:49:11Even with that figure in mind, I'm already making profit.
0:49:11 > 0:49:13We know Galia's mission
0:49:13 > 0:49:16is for a bespoke bijou health and fitness retreat,
0:49:16 > 0:49:19but let's look at the commercial rental rate.
0:49:19 > 0:49:22If she tried to rent it out, £25,000 to £30,000 per annum.
0:49:22 > 0:49:26Which equates to an annual yield of just under 6%.
0:49:26 > 0:49:28But for Galia it's not just about the money.
0:49:30 > 0:49:36So, for me the views and the whole aspect of that plot is priceless.
0:49:36 > 0:49:40What sort of properties will Galia be looking out for,
0:49:40 > 0:49:43once this project is complete?
0:49:43 > 0:49:46I'm looking for, you know, disused Victorian toilets,
0:49:46 > 0:49:48or something extremely unusual.
0:49:48 > 0:49:50A castle?
0:49:51 > 0:49:55Well, there is one just a little bit further along from the toilet block.
0:49:55 > 0:49:57Any personal ambitions?
0:49:57 > 0:50:00I have this option of taking part in all sorts of activities
0:50:00 > 0:50:02that are run at my retreat
0:50:02 > 0:50:07but, personally, I would like to learn how to do ballroom dancing,
0:50:07 > 0:50:10and after that I'm going to study French.
0:50:10 > 0:50:15What specific regimes will be on offer to the clients once the retreat is complete?
0:50:15 > 0:50:20Walking on the pebbles barefoot, swimming in the sea all-weather,
0:50:20 > 0:50:22eating the seaweed.
0:50:22 > 0:50:23How exciting!
0:50:25 > 0:50:27I'm sure that sounds like a seaside idyll for some.
0:50:27 > 0:50:30Others might prefer a hot sandy beach, though.
0:50:30 > 0:50:32I guess it's horses for courses.
0:50:33 > 0:50:34Seahorses, of course.
0:50:40 > 0:50:44We return now to Edmonton Green in the London Borough of Enfield,
0:50:44 > 0:50:48where earlier I looked around this three-room first-floor flat,
0:50:48 > 0:50:51bought at auction for 165 grand.
0:50:52 > 0:50:55Your bathroom there definitely needs refurbishment.
0:50:55 > 0:50:56And then through into this room,
0:50:56 > 0:50:58which is your main living accommodation.
0:50:58 > 0:51:00This is a nice living area,
0:51:00 > 0:51:03especially as you come through this way through to your kitchen.
0:51:03 > 0:51:05Clearly seen better days.
0:51:05 > 0:51:07Probably stick a few more windows in here,
0:51:07 > 0:51:10but, apart from that, I think it practically works very well,
0:51:10 > 0:51:12especially as it's through that back door there
0:51:12 > 0:51:14out on to a little terrace.
0:51:14 > 0:51:16And the added bonus was this jungle.
0:51:16 > 0:51:20Outside space in London is always something that comes at a premium,
0:51:20 > 0:51:23so why was this flat guided at 100 grand?
0:51:23 > 0:51:25Yes, there was a catch.
0:51:25 > 0:51:27A short 42-year lease.
0:51:27 > 0:51:31It was bought by Rohema and her husband Mujibah,
0:51:31 > 0:51:34who weren't too concerned about the short lease,
0:51:34 > 0:51:38as they were adding this to their rental portfolio.
0:51:38 > 0:51:41- What do you look for? - We look for something,
0:51:41 > 0:51:44I'm very interested to do with renovating and everything,
0:51:44 > 0:51:47because I enjoy myself doing this.
0:51:47 > 0:51:49I look for the rental income, location,
0:51:49 > 0:51:51- where we can make more profit. - Right.
0:51:51 > 0:51:56It's an approach they've found very profitable over the years.
0:51:56 > 0:51:58But I was interested to see what changes they would bring
0:51:58 > 0:52:03to this property, which they bought without seeing inside.
0:52:03 > 0:52:08So, I have to do the central heating, the double glazing, replastering,
0:52:08 > 0:52:11take the ceiling down and everything, new bathroom, kitchen,
0:52:11 > 0:52:14and the garden, obviously, is junk.
0:52:14 > 0:52:16- Yes!- I have to clean this mess.
0:52:16 > 0:52:20They thought it would take three to four months to do the refurbishment
0:52:20 > 0:52:21and were looking into the feasibility
0:52:21 > 0:52:25of extending into the roof space with another two bedrooms.
0:52:25 > 0:52:29Well, we're back five months later, and let's start with that jungle.
0:52:31 > 0:52:33Underneath it they found a garden
0:52:33 > 0:52:36which, after calling in landscapers, turned out nice again.
0:52:38 > 0:52:40What about the interior?
0:52:40 > 0:52:43# And I'm picking up the pieces I want to cry
0:52:43 > 0:52:50# But you don't see that I'm the one by your side... #
0:52:50 > 0:52:52There's a list of new things.
0:52:52 > 0:52:55New gas supply for the house and central heating,
0:52:55 > 0:52:58new flooring, and a new fuse box and a rewire.
0:53:00 > 0:53:04# And I'm picking up the pieces... #
0:53:04 > 0:53:07A lot of unwanted pieces have been picked up.
0:53:07 > 0:53:10# I found a photograph
0:53:10 > 0:53:14# Behind the TV... #
0:53:14 > 0:53:17It's much tidier.
0:53:17 > 0:53:21# Are you missing the way it used to be?
0:53:21 > 0:53:27# And I have changed this room around more often lately... #
0:53:29 > 0:53:31The new list continues with new doors and new plasterboard
0:53:31 > 0:53:33and skimmed ceilings.
0:53:33 > 0:53:36But not until they'd called someone in to fix a roof leak
0:53:36 > 0:53:39and not forgetting, of course, there's a new bathroom.
0:53:44 > 0:53:48When we last saw them, the couple were planning a loft extension
0:53:48 > 0:53:51and weren't in a great hurry to extend the 42-year lease,
0:53:51 > 0:53:53as they were letting the flat.
0:53:53 > 0:53:55But recent developments have changed that.
0:53:59 > 0:54:02# And I'm picking up the pieces she left behind. #
0:54:06 > 0:54:09Over to Rohema to take up the story.
0:54:10 > 0:54:13While we was doing the work the ground floor vendor
0:54:13 > 0:54:16showed interest to sell the property,
0:54:16 > 0:54:19so we just thought, you know, we can get a good deal
0:54:19 > 0:54:21and he actually sold the property to us
0:54:21 > 0:54:24below the market value, so that was good.
0:54:25 > 0:54:28Owning the upstairs and downstairs flat
0:54:28 > 0:54:31makes applying for the freehold a much simpler legal process.
0:54:31 > 0:54:34It's still expensive but they've saved money
0:54:34 > 0:54:38by holding off on the loft conversion.
0:54:38 > 0:54:40We're not going to do the loft conversion now.
0:54:40 > 0:54:44Once we get the freehold, then we'll think do loft conversion,
0:54:44 > 0:54:47or move on to another project.
0:54:47 > 0:54:49We have researched the market
0:54:49 > 0:54:53and found out there is more demand for two-bedroom houses, or flats,
0:54:53 > 0:54:57and our downstairs is already rented out,
0:54:57 > 0:55:00and upstairs is already rented out.
0:55:00 > 0:55:01If further proof were needed,
0:55:01 > 0:55:05clearly these two don't let the grass grow under their feet.
0:55:05 > 0:55:07How was it clearing the garden?
0:55:07 > 0:55:09It took us about two days to clear.
0:55:09 > 0:55:11Everything was just dumped in there,
0:55:11 > 0:55:15so we actually hired three skips to clear them.
0:55:15 > 0:55:19Once was everything cleared, we actually found out
0:55:19 > 0:55:21there's built... A shed was there.
0:55:21 > 0:55:24There was nice old tiles was there.
0:55:24 > 0:55:26So, the garden was done
0:55:26 > 0:55:31but was hidden under the jungle and the rubble and old furniture.
0:55:31 > 0:55:33Were there any arguments along the way?
0:55:33 > 0:55:35Definitely, definitely.
0:55:35 > 0:55:39There was lots of arguments and disagreements
0:55:39 > 0:55:42with the colours, with the sizes.
0:55:42 > 0:55:47Sometimes just the stress and the pressure, yeah.
0:55:47 > 0:55:50What about the three- to four-month timescale?
0:55:50 > 0:55:54It's ended up 16 weeks because we bought the ground floor flat.
0:55:54 > 0:56:00So we was doing the work there, so that's why it took 16 weeks.
0:56:00 > 0:56:04And the £25,000 to £30,000 budget forecast?
0:56:04 > 0:56:08With everything, it's 19,000.
0:56:08 > 0:56:09Not...
0:56:09 > 0:56:12It didn't exceed 19, innit?
0:56:12 > 0:56:15- Yeah, just...- 19,000.- ..19,000.
0:56:15 > 0:56:17We called in two local estate agents
0:56:17 > 0:56:20to get their opinions and evaluations.
0:56:20 > 0:56:24Mujibah and Rohema bought upstairs for 165 grand
0:56:24 > 0:56:27and spent 19 more refurbishing it.
0:56:27 > 0:56:30It's been done to a good standard.
0:56:30 > 0:56:32A lot of people will be interested in the property.
0:56:32 > 0:56:37A lot of neutral colours, playing safe with magnolia white walls.
0:56:37 > 0:56:39It would be a good property for the rental market
0:56:39 > 0:56:41and also the selling market,
0:56:41 > 0:56:43depending what options the landlords go for.
0:56:43 > 0:56:46And the agent who saw the property before the work began.
0:56:46 > 0:56:48It's my second time inside the property.
0:56:48 > 0:56:50Cor, there's been fantastic changes.
0:56:50 > 0:56:52It doesn't look like the same place.
0:56:52 > 0:56:54Shows really, really well now.
0:56:54 > 0:56:57It's a popular property, anyway, this type of accommodation.
0:56:57 > 0:57:01But it's been done up and it looks spectacular.
0:57:01 > 0:57:03We know this is going straight to rent
0:57:03 > 0:57:06but what potential profit could they realise
0:57:06 > 0:57:10if they sold their £184,000 investment on the open market?
0:57:10 > 0:57:15Well, the agents' values varied between 250,000 and 285,000.
0:57:15 > 0:57:16What do you make of that?
0:57:18 > 0:57:21- Yeah. - 285 is a reasonable price, I think,
0:57:21 > 0:57:25because recently we bought a ground floor
0:57:25 > 0:57:27and it was in-between 250 and 285.
0:57:27 > 0:57:31So, if they sold, that could mean a potential profit of around £100,000
0:57:31 > 0:57:36minus taxes and any fees, including extending that lease.
0:57:36 > 0:57:39So, what about the all-important rental?
0:57:39 > 0:57:43The rental would be about £1,250 per calendar month.
0:57:43 > 0:57:47Rental should be around £1,250 per calendar month
0:57:47 > 0:57:49to £1,300 per calendar month.
0:57:49 > 0:57:54We already rent out the same, actually, so, with the price range.
0:57:54 > 0:57:56For 1,250, yeah.
0:57:56 > 0:58:00On this upper flat they spent 184,000,
0:58:00 > 0:58:06so that £1,250 per calendar month gives a yield of just over 8%.
0:58:06 > 0:58:10But will they continue with the buy-to-let model?
0:58:10 > 0:58:14This is my job the last 12 years... 14 years I'm doing this.
0:58:14 > 0:58:15So, yeah, I'll continue.
0:58:19 > 0:58:21So, that's it for today's show.
0:58:21 > 0:58:23Do you think our buyers made some mistakes,
0:58:23 > 0:58:25or did they get it right from beginning to end?
0:58:25 > 0:58:28Don't worry, we've got plenty more stories in the pipeline,
0:58:28 > 0:58:30so join us next time on Homes Under The Hammer.
0:58:30 > 0:58:31- Goodbye.- Bye-bye.