0:00:02 > 0:00:04Hi, and welcome to the show. Now, if you're looking for a good investment,
0:00:04 > 0:00:07then property developing can yield some fantastic results.
0:00:07 > 0:00:09Yeah, and there's no shortage of ways
0:00:09 > 0:00:11to get into property developing in the first place.
0:00:11 > 0:00:13Yeah, and if you're looking for a bargain,
0:00:13 > 0:00:15one of the best things you can do is to head down
0:00:15 > 0:00:17to your local property auction.
0:00:42 > 0:00:45At a property auction, you'll find all kinds of different bidders.
0:00:45 > 0:00:47Some are looking for a new home,
0:00:47 > 0:00:49some are seasoned property developers,
0:00:49 > 0:00:51- and for some, it's their first purchase.- Yes.
0:00:51 > 0:00:53But they all have one thing in common -
0:00:53 > 0:00:55they made that successful bid.
0:00:55 > 0:00:57Let's see what they bought.
0:01:00 > 0:01:03In Romney Marsh, Kent, I'm looking at a bungalow.
0:01:03 > 0:01:05They're usually popular.
0:01:06 > 0:01:07And solid.
0:01:09 > 0:01:11In the Amman River Valley, Wales,
0:01:11 > 0:01:14this detached house is big inside, while outside...
0:01:14 > 0:01:17there's an Amazon jungle in front of me.
0:01:18 > 0:01:22While in a three-bed mid-terrace in Thornton Heath
0:01:22 > 0:01:24in the Borough of Croydon...
0:01:24 > 0:01:27- You're going to love this room. - HE CHUCKLES
0:01:27 > 0:01:28The kitchen.
0:01:30 > 0:01:32All these properties have been sold at auction
0:01:32 > 0:01:34and we'll find out who bought them and what they paid
0:01:34 > 0:01:36when they went under the hammer.
0:01:36 > 0:01:38Yours, sir. Very well done.
0:01:43 > 0:01:45Today, I'm in Dymchurch,
0:01:45 > 0:01:48a village situated in the Romney Marsh area of Kent.
0:01:48 > 0:01:52It's a historic area with evidence of Roman sea walls
0:01:52 > 0:01:56and a reputation for smuggling in the 17th and 18th century.
0:01:58 > 0:02:01Luckily, though, these days it's more known for being
0:02:01 > 0:02:05a colourful seaside village with long, sandy coastlines.
0:02:06 > 0:02:08I'm less than half a mile from the coast here,
0:02:08 > 0:02:11on what feels like a really sleepy street,
0:02:11 > 0:02:12tucked away from the village.
0:02:12 > 0:02:16And I'm here to see a three-bedroom, detached bungalow
0:02:16 > 0:02:21with a guide price of £220,000 to £225,000-plus.
0:02:21 > 0:02:24So, my initial thoughts are, that's a lot of property
0:02:24 > 0:02:25and a lot of garden.
0:02:25 > 0:02:28It's really nice. So far, so good.
0:02:30 > 0:02:32# So far, so good So don't turn back
0:02:32 > 0:02:35# So far, so good
0:02:35 > 0:02:37# So far, so good So don't turn back
0:02:37 > 0:02:40# So far, so good... #
0:02:40 > 0:02:45Inside, my initial impression is it's really spacious and light.
0:02:46 > 0:02:47And solid.
0:02:47 > 0:02:50You have a first bedroom, handily pointed out
0:02:50 > 0:02:52with a little sign on the door saying, "Bedroom,"
0:02:52 > 0:02:54and a second bedroom.
0:02:54 > 0:02:56Really good sizes.
0:02:56 > 0:02:59And a toilet. Interesting colour choice.
0:02:59 > 0:03:03Definitely needs taking out. I like how it's an L-shape.
0:03:03 > 0:03:04It's a little bit quirky.
0:03:04 > 0:03:08And then a third bedroom. Again, a good size.
0:03:08 > 0:03:12You have your double glazing, which is good,
0:03:12 > 0:03:16and central heating - probably in need of an upgrade.
0:03:16 > 0:03:18Rust and leaks.
0:03:18 > 0:03:22What you might not expect to find as you walk into a house
0:03:22 > 0:03:23are all these bedrooms.
0:03:23 > 0:03:26You might expect to have your reception area.
0:03:26 > 0:03:28But it's a layout I don't mind.
0:03:28 > 0:03:30The place has a good feel,
0:03:30 > 0:03:34so long as we're about to come to a good reception area.
0:03:37 > 0:03:39Bit tacky.
0:03:41 > 0:03:44# Stuck on you
0:03:44 > 0:03:46# Got this feeling down deep in my soul
0:03:46 > 0:03:50# That I just can't lose... #
0:03:50 > 0:03:53You could lose some of the space in the second or third bedroom
0:03:53 > 0:03:56to create an en-suite.
0:03:56 > 0:03:59But are we stuck with this layout? Well...
0:03:59 > 0:04:03# ..Guess I'm on my way... #
0:04:03 > 0:04:05To find out.
0:04:05 > 0:04:09Yay! I'm not disappointed. This is a brilliant living space.
0:04:09 > 0:04:13You could have a party in here. You could have all your pals round.
0:04:13 > 0:04:15The fixtures and fittings, the fireplace
0:04:15 > 0:04:18and the light switches - they're all really dated
0:04:18 > 0:04:23and you just need to rip these out. Otherwise, you have a blank canvas,
0:04:23 > 0:04:26which is really exciting for whoever buys this.
0:04:26 > 0:04:28And through to the kitchen.
0:04:28 > 0:04:30So, you have two entrances to your kitchen.
0:04:30 > 0:04:32Again, I like the quirkiness.
0:04:32 > 0:04:35This hasn't been touched since, I don't know, the '70s.
0:04:35 > 0:04:38But again, rip it out, get a new kitchen in.
0:04:38 > 0:04:41What a difference that would make!
0:04:41 > 0:04:44And I'm a big fan of open-plan living. I really am.
0:04:44 > 0:04:47I would normally say, "Take down the wall. Open things up,"
0:04:47 > 0:04:50but only when it adds to the light and the flow of the place.
0:04:50 > 0:04:52Here, you've got a good-sized kitchen
0:04:52 > 0:04:54and you also have a conservatory through the window,
0:04:54 > 0:04:56so the light's coming in.
0:04:56 > 0:04:59So, actually, both options would work.
0:05:01 > 0:05:04There is a lot of space to work with in this property.
0:05:04 > 0:05:07The conservatory's a decent size
0:05:07 > 0:05:10and offers great views of the garden outside,
0:05:10 > 0:05:13which are a wee bit grey, but...
0:05:13 > 0:05:19# Don't you know the grass is greener on the other side?
0:05:19 > 0:05:24# Take a trip to my yard
0:05:24 > 0:05:29# It's nothing fancy Just a little couch and me... #
0:05:29 > 0:05:34And I think I may have discovered another bonus.
0:05:34 > 0:05:37This part of the house here is actually a garage,
0:05:37 > 0:05:40but you could be forgiven for thinking it was just all part of the house.
0:05:40 > 0:05:45So, you could extend perhaps without too much problem.
0:05:45 > 0:05:47And looking to planning permission, too,
0:05:47 > 0:05:50you could get an extra bedroom, make it a great family home.
0:05:50 > 0:05:53Getting rid of that garage wouldn't be a problem
0:05:53 > 0:05:55if you could then put your garage onto the side,
0:05:55 > 0:05:57or perhaps road parking would be adequate.
0:05:57 > 0:06:00The more I see, the more I love this place.
0:06:00 > 0:06:02There's a lot of place to love
0:06:02 > 0:06:07for that £220,000 to £225,000 guide price.
0:06:07 > 0:06:10Did a local estate agent love it as much as me?
0:06:10 > 0:06:14We invited one along to find out her thoughts.
0:06:14 > 0:06:19# Don't you know the love that you've been dreaming of is mine? #
0:06:19 > 0:06:22It's a lovely property. It sits on a really nice plot.
0:06:22 > 0:06:24Obviously, it needs everything doing to it,
0:06:24 > 0:06:26but it flows very nicely.
0:06:26 > 0:06:27The actual layout is very nice.
0:06:27 > 0:06:31It perhaps would benefit also from an extension of another bedroom
0:06:31 > 0:06:33and perhaps an en-suite, but once that's all done,
0:06:33 > 0:06:36I think it'll be an excellent property to sell on.
0:06:36 > 0:06:38Dependent on the work that was done,
0:06:38 > 0:06:42what sort of resale value could this property achieve?
0:06:42 > 0:06:44If you don't actually extend this property,
0:06:44 > 0:06:47and just bring it up to standard and update it,
0:06:47 > 0:06:51I think you're looking at resale value of £300,000
0:06:51 > 0:06:53to £310,000.
0:06:53 > 0:06:55If you were going to perhaps extend it,
0:06:55 > 0:06:59I think you're looking in the region of £340,000.
0:07:00 > 0:07:03This house, well, it is a bit old-fashioned on the inside,
0:07:03 > 0:07:06but I don't think it needs much work
0:07:06 > 0:07:08to bring it up to its true potential.
0:07:08 > 0:07:11As it is, it'd make a great home for a retired couple,
0:07:11 > 0:07:14or with a bit of extra work and those three bedrooms,
0:07:14 > 0:07:17it could make a fantastic family home.
0:07:17 > 0:07:20Let's find out who agreed when it went to auction.
0:07:22 > 0:07:26220 to start me. 220. 220,000.
0:07:26 > 0:07:29Give me 210 then, please. £210,000.
0:07:29 > 0:07:31Despite the popularity of bungalows,
0:07:31 > 0:07:33this lot was slow to get off the ground.
0:07:33 > 0:07:36However, the bids started to trickle in.
0:07:36 > 0:07:39We rejoin at £243,000.
0:07:39 > 0:07:43243. 244. £243,000 bid.
0:07:43 > 0:07:48244, I have. 245. 246.
0:07:48 > 0:07:51246. 246. 247.
0:07:51 > 0:07:54Make it 250 and knock him out. No?
0:07:54 > 0:07:57No. Looks like we're all done. I shall sell then at £246,000.
0:07:57 > 0:08:00It's to you, sir, and you're out. You're going to miss it.
0:08:00 > 0:08:02First time at 246.
0:08:02 > 0:08:05Second time at £246,000.
0:08:05 > 0:08:06You're not coming back in for one more?
0:08:06 > 0:08:10- Third and final time, £246,000. - GAVEL BANGS
0:08:10 > 0:08:11Sold, sir, 246,000.
0:08:13 > 0:08:17Securing this property for £246,000 was Chris,
0:08:17 > 0:08:19seen here on the right, and Andy.
0:08:19 > 0:08:22They both have ties to the police force
0:08:22 > 0:08:25and have booked themselves a nice home here.
0:08:25 > 0:08:28I met them back at the bungalow to find out more about them.
0:08:28 > 0:08:32# La-da-da-da, da-da-doo-da Call the police... #
0:08:32 > 0:08:36- Hello, Andy and Chris. Pleased to meet you.- And you.
0:08:36 > 0:08:39- Congratulations.- Thank you. - Now, I love this place.
0:08:39 > 0:08:43Was it a case of love at first sight for you before you went to auction?
0:08:43 > 0:08:46I came and had a look at it, and, yeah, the heating was on.
0:08:46 > 0:08:49It was a cold day and I thought, "Yeah, I really like this place.
0:08:49 > 0:08:53- "It's nice."- Yeah.- So, I told Andy. - I saw it the day before the auction,
0:08:53 > 0:08:55but today's the first day of actually being inside.
0:08:55 > 0:08:57I'd only looked at it from outside before.
0:08:57 > 0:09:00Well, I'm intrigued, first of all, in this relationship.
0:09:00 > 0:09:02So, are you friends?
0:09:02 > 0:09:04- I hope so. - THEY LAUGH
0:09:04 > 0:09:06Well, normally. Most of the time.
0:09:06 > 0:09:10No, we've known each other a long time - 28, 29 years.
0:09:10 > 0:09:13So, worked together and friends at work.
0:09:13 > 0:09:15Chris retired a couple of months ago and...
0:09:15 > 0:09:17- Retired?!- Yeah.- Young retirement.
0:09:17 > 0:09:20Yeah, young retirement in the police.
0:09:20 > 0:09:22So, it's a good sort of pension scheme
0:09:22 > 0:09:24and so I've left there,
0:09:24 > 0:09:27but obviously, too young to not do anything.
0:09:27 > 0:09:30So, I've always been interested in houses and projects,
0:09:30 > 0:09:33and I've done a few for myself over the years.
0:09:33 > 0:09:36This was something I've always wanted to do and...
0:09:36 > 0:09:38Being in the police for so long,
0:09:38 > 0:09:41did you just call each other Andy and Chris, or...?
0:09:41 > 0:09:44- No.- I hear that in the police force everyone's got a nickname.
0:09:44 > 0:09:46- Yes.- That's what I'm getting at. - Absolutely.
0:09:46 > 0:09:48- Chappo. Rinny.- Right.
0:09:48 > 0:09:52So, Chappo and Rinny are hooking up for their first project together.
0:09:52 > 0:09:56- They are.- And this is it. - This is it, yeah.
0:09:56 > 0:09:57Chris, you're the handyman.
0:09:57 > 0:10:00- So, Andy, what do you bring to the table?- Money.
0:10:00 > 0:10:03- THEY LAUGH - No.- I wield a paintbrush.
0:10:03 > 0:10:05Yeah, painting and...
0:10:05 > 0:10:08- A bit of gardening.- We've put our funds together to buy this.
0:10:08 > 0:10:12We thought we'd buy somewhere which was a bit more expensive
0:10:12 > 0:10:15than perhaps some of the other lots at the auction.
0:10:15 > 0:10:19And, in some ways, it's a safe bet because there's no damp,
0:10:19 > 0:10:20it's structurally fine.
0:10:20 > 0:10:23You know, it's quite easy to do in some respects.
0:10:25 > 0:10:28Chappo and Rinny - er, sorry, I mean Chris and Andy -
0:10:28 > 0:10:32are on the case with this property. What do they plan to do to it?
0:10:34 > 0:10:38Potentially, looking at, subject to agreement and discussion,
0:10:38 > 0:10:41using the garage as an extension to the building
0:10:41 > 0:10:44and perhaps making the main bedroom bigger
0:10:44 > 0:10:46and having an en-suite off of that.
0:10:46 > 0:10:48That's my one drawback I see with it -
0:10:48 > 0:10:50it's just having the one bathroom and one toilet.
0:10:50 > 0:10:53And then, just new kitchen, new bathroom,
0:10:53 > 0:10:54and perhaps do something with...
0:10:54 > 0:10:57You know, remove this old-fashioned fireplace.
0:10:57 > 0:11:00Is there anything else you want to change about the layout?
0:11:00 > 0:11:03I think we'd like to perhaps try and make the kitchen
0:11:03 > 0:11:06into a sort of kitchen/dining area.
0:11:06 > 0:11:08- More open-plan. - Yeah, a bit more open-plan.
0:11:08 > 0:11:14Perhaps, where that wall is there, with the sliding door, open that up.
0:11:14 > 0:11:17So, although you're still in the lounge, it would feel fairly...
0:11:18 > 0:11:21Still as a room. I don't know whether it's a load-bearing wall or not yet,
0:11:21 > 0:11:24so we've got to look into, all that sort of side of it.
0:11:24 > 0:11:26What are you thinking for your budget?
0:11:26 > 0:11:2915 to 20, hopefully.
0:11:29 > 0:11:31The big expense would be that garage conversion
0:11:31 > 0:11:33cos it's a single-skinned wall,
0:11:33 > 0:11:37so it'd have to have an internal wall built for the cavity
0:11:37 > 0:11:40and the roof line would need changing as well.
0:11:42 > 0:11:45They plan to make this an inside job
0:11:45 > 0:11:48with Chris doing most of the handiwork,
0:11:48 > 0:11:50and he's even a qualified electrician,
0:11:50 > 0:11:54and Andy will manage the finances.
0:11:54 > 0:11:57When they have re-hauled this home in four to five months,
0:11:57 > 0:11:59what are their plans for it?
0:12:00 > 0:12:02We're thinking we'll sell it.
0:12:02 > 0:12:06And use that hopeful profit to get your next one?
0:12:06 > 0:12:07- Yes.- Hopefully, yeah.- Yeah.
0:12:07 > 0:12:10See if we enjoy the experience and how well it goes,
0:12:10 > 0:12:12but we'll be getting home
0:12:12 > 0:12:15and looking at our own houses, thinking, "Ooh, that needs doing."
0:12:15 > 0:12:17- That's what happens.- Yeah, it is.
0:12:17 > 0:12:20Cos this'll be better than where I live, I'm sure, when it's finished.
0:12:20 > 0:12:23And I can't wait to see what you do with this place, I really can't.
0:12:23 > 0:12:25- Best of luck.- Thank you very much. - Congratulations again!
0:12:25 > 0:12:28- Thank you.- Thanks very much.- Thanks.
0:12:30 > 0:12:32Former police buddies Andy and Chris
0:12:32 > 0:12:34see a lot of potential in this property,
0:12:34 > 0:12:37and although it's their first one, they've got a solid plan.
0:12:37 > 0:12:42They don't want to just plod on, they want to race through the work.
0:12:42 > 0:12:44But what will the old bill come to?
0:12:44 > 0:12:48Will they stick to that maximum £20,000 budget?
0:12:48 > 0:12:50You can find out later in the show.
0:12:53 > 0:12:56We are in the most westerly part of the Brecon Beacons,
0:12:56 > 0:12:59near the small village of Glanamman,
0:12:59 > 0:13:02which sits on the banks of the River Amman.
0:13:02 > 0:13:06Legend has it that King Arthur used to hunt wild boar here
0:13:06 > 0:13:09with his band of knights in the Amman Valley...
0:13:10 > 0:13:13..a tale clearly held close to the locals' hearts.
0:13:13 > 0:13:18I hope today's property is legendary and not a bore.
0:13:18 > 0:13:22This is our property. It's bang on this main road.
0:13:22 > 0:13:23It is a detached property,
0:13:23 > 0:13:30it's got three bedrooms and a guide price of £60,000 to £65,000.
0:13:30 > 0:13:33Looks all right. Will it be all right?
0:13:38 > 0:13:39OK. So, as you come in,
0:13:39 > 0:13:42you've got a reception room on either side of the hallway.
0:13:42 > 0:13:45Nice-sized room. Stairs going up to the bedrooms,
0:13:45 > 0:13:46which I'll have a look at in a minute.
0:13:46 > 0:13:48And on the other side of the hallway,
0:13:48 > 0:13:50you've got this reception room as well.
0:13:50 > 0:13:52Nice and spacious. They sort of mirror each other,
0:13:52 > 0:13:56so you could choose which one you wanted to be your best, so to speak.
0:13:56 > 0:13:59Two good-sized rooms. Follow me into the last room,
0:13:59 > 0:14:03which is the kitchen and the dining room.
0:14:03 > 0:14:08And as soon as you come in, you can see this damage in the corner.
0:14:08 > 0:14:11This is damp - bit of water, bit of moisture.
0:14:11 > 0:14:15Somebody's already started to investigate that
0:14:15 > 0:14:18and that mould seems quite fresh, actually.
0:14:18 > 0:14:21So, find out what's causing that mess.
0:14:21 > 0:14:23But I do like the size of this room.
0:14:23 > 0:14:25There's loads of stuff you can do with this.
0:14:25 > 0:14:28It looks a bit of a mess at the moment.
0:14:28 > 0:14:29I'd rip it out, I'd start again.
0:14:29 > 0:14:33# Oh, my love
0:14:34 > 0:14:38# I wish that we could start all over... #
0:14:39 > 0:14:41Kitchen/diner aside, so far,
0:14:41 > 0:14:45the house seems to be in pretty good order, but quite dated.
0:14:47 > 0:14:49Upstairs is more the same -
0:14:49 > 0:14:51some big bedrooms that just need some TLC.
0:14:53 > 0:14:55I'm going to gamble and say this is the master.
0:14:55 > 0:14:57Follow me into here.
0:14:57 > 0:14:59And look at all the space you've got in here!
0:14:59 > 0:15:02Two windows either end. Loads of light coming in.
0:15:02 > 0:15:06Plenty of space. A lot of mould in this corner.
0:15:06 > 0:15:10I'm pretty certain this is just on the surface.
0:15:10 > 0:15:12This place has been locked up,
0:15:12 > 0:15:15there's been no flow of air, you've had stagnant air in here,
0:15:15 > 0:15:17so I think that's been created by that.
0:15:17 > 0:15:21So, I'm not too concerned, but get it checked out anyway.
0:15:21 > 0:15:24You've got all this space in here. You have got a family bathroom.
0:15:25 > 0:15:27Could you put an en-suite in here?
0:15:27 > 0:15:30Of course you could. Plenty of space in here to do that.
0:15:30 > 0:15:33You could actually put an en-suite into one of the other bedrooms
0:15:33 > 0:15:36as well, or even both, there's that much space up here. You know what?
0:15:36 > 0:15:38I love it when you've got potential,
0:15:38 > 0:15:40because the ideas just start to flow.
0:15:41 > 0:15:45# Aha-aha-ah
0:15:45 > 0:15:50# And everything will flow
0:15:50 > 0:15:54# Aha-ah... #
0:15:54 > 0:15:57One area of the property that could flow better is outside.
0:15:57 > 0:16:00There's off-street parking, which is a must,
0:16:00 > 0:16:02cos you're right next to a busy road,
0:16:02 > 0:16:05but the tatty outbuildings might have to go.
0:16:05 > 0:16:07And this property keeps on giving.
0:16:07 > 0:16:09Hold it a minute. Let me get up these stairs. Look at this.
0:16:09 > 0:16:12I've got to show you this.
0:16:12 > 0:16:15This back garden goes back for miles.
0:16:15 > 0:16:19You can't see it because there's an Amazon jungle in front of me
0:16:19 > 0:16:20and I'm not going to tackle it.
0:16:20 > 0:16:24And I'm getting inside as well cos it's raining, but it's massive.
0:16:24 > 0:16:26# I hate days like this
0:16:26 > 0:16:30# When it rain and rain It rain and rains
0:16:30 > 0:16:34# When it rain and rain It rain and rains... #
0:16:34 > 0:16:38Apart from the busy main road, there are obviously no dark clouds
0:16:38 > 0:16:40over this property that I can see.
0:16:40 > 0:16:43It's detached, really spacious inside and out,
0:16:43 > 0:16:46and for what I think is an amazingly attractive guide price
0:16:46 > 0:16:49of 60 to 65 grand.
0:16:49 > 0:16:51An agent from the auction house who sold it
0:16:51 > 0:16:54had some pretty positive thoughts too.
0:16:54 > 0:16:56There's lovely little walks opposite.
0:16:56 > 0:16:59You've got the Black Mountains in front of you.
0:16:59 > 0:17:01We're on a busy road, but also it's on a bus route,
0:17:01 > 0:17:04so you've got the best of both worlds here really.
0:17:04 > 0:17:06And what is the best price this house,
0:17:06 > 0:17:08guided at 60 to 65 grand,
0:17:08 > 0:17:11could expect to achieve on the sales market?
0:17:12 > 0:17:14If the property came back onto the market
0:17:14 > 0:17:15after it had been refurbished,
0:17:15 > 0:17:18it should fetch between £140,000 and £150,000.
0:17:20 > 0:17:23You know what? It's very rare I go into a house and I say to myself,
0:17:23 > 0:17:26"Well, the proportions are right and all the rooms are good sizes."
0:17:26 > 0:17:28But with this project, they are.
0:17:28 > 0:17:30Let's find out what happened when it went under the hammer.
0:17:32 > 0:17:34A lot of property for the money, folks.
0:17:34 > 0:17:36£60,000 if you will.
0:17:36 > 0:17:38Thank you, sir. I'll take yours at £60,000.
0:17:38 > 0:17:3961. Is that a bid, sir?
0:17:39 > 0:17:41OK, I'll take yours. 61. I've seen a hand as well.
0:17:41 > 0:17:45I'll come back to you, though, sir. 62, then. 62. 63.
0:17:45 > 0:17:48There were quite a few people interested in this lot,
0:17:48 > 0:17:54so we rejoin the bidding way above the guide price at £84,500.
0:17:54 > 0:17:56It's 84 and a half. My friend on the third row.
0:17:56 > 0:17:5884 and a half. 85.
0:17:59 > 0:18:02Going to come back for one more? He's back in. Thank you, sir. 85.
0:18:02 > 0:18:05Sure you won't go one more for me, sir? 85 and a half?
0:18:06 > 0:18:1085 and a half. Thank you, sir. 86.
0:18:10 > 0:18:13Shake of the head. £86,000 anywhere else?
0:18:13 > 0:18:16Or are we all done? Fair warning.
0:18:16 > 0:18:18Yours, sir. Very well done.
0:18:18 > 0:18:21Looking pleased at that 85,500 purchase
0:18:21 > 0:18:24were Angela and husband Itzhak.
0:18:25 > 0:18:27Itzhak used to work in the diamond business
0:18:27 > 0:18:32and Angela is an energy healer and studies hypnotherapy.
0:18:32 > 0:18:37# Baby, you hypnotise... #
0:18:37 > 0:18:39I met them to find out what kind of therapy
0:18:39 > 0:18:41they had in mind for this house.
0:18:41 > 0:18:44# Hypnotise... #
0:18:44 > 0:18:47- Angela, nice to meet you.- Hi. - Itzhak, nice to meet you too.
0:18:47 > 0:18:50- Nice to meet you too. - Let's go to the beginning.
0:18:50 > 0:18:53How did you two meet, first and foremost?
0:18:53 > 0:18:54- Ooh.- Ooh. - THEY LAUGH
0:18:54 > 0:18:57- OK.- Well, it's probably a little bit unusual.
0:18:57 > 0:19:00We actually met five and a half years ago online,
0:19:00 > 0:19:03on a hypnotherapy forum.
0:19:03 > 0:19:06- No!- Yes. Yes.
0:19:06 > 0:19:09And he joined it and I said to my friends, I said,
0:19:09 > 0:19:12"It's so strange, but I feel I know him."
0:19:12 > 0:19:14And they said, "What do you mean, know him?
0:19:14 > 0:19:16"I mean, he lives thousands of miles away."
0:19:16 > 0:19:19I said, "Yeah, but I know him. I don't know why, but I know him."
0:19:19 > 0:19:21So, why thousands of miles away?
0:19:21 > 0:19:24Cos I was living in Israel at that time
0:19:24 > 0:19:27and she was in the UK.
0:19:27 > 0:19:30You know, just on an online forum,
0:19:30 > 0:19:32- it's just like talking to your neighbours.- No way!- Yes.
0:19:32 > 0:19:37So, she sent me a friend request. I accepted, I saw a nice girl
0:19:37 > 0:19:42and a day later, she says, "I know you."
0:19:42 > 0:19:45"Ooh, you know me? Really? Where from?"
0:19:45 > 0:19:47And then she said...
0:19:47 > 0:19:51You know, she just talked about this past life regression
0:19:51 > 0:19:55and all kinds of things like this, and it was fascinating to listen.
0:19:55 > 0:19:59And then she told me in which past life she met me exactly.
0:19:59 > 0:20:02THEY LAUGH
0:20:02 > 0:20:05- So, that was...- Oh, wow! That's incredible.
0:20:05 > 0:20:08# It all works out in the end... #
0:20:08 > 0:20:11Angela wasn't kidding when she said it was unusual,
0:20:11 > 0:20:13but it's nice to see they found each other.
0:20:13 > 0:20:17# Ah, but in another life... #
0:20:17 > 0:20:19They've been married for three and a half years
0:20:19 > 0:20:22and this will be their second renovation together.
0:20:22 > 0:20:23But why this house?
0:20:25 > 0:20:29- We loved it, both of us. Yeah. - Yeah, the space, the feeling.
0:20:29 > 0:20:32You know, nothing fazed us or put us off, because we...
0:20:32 > 0:20:35- The mould and the damp didn't... - No, it didn't bother us.
0:20:35 > 0:20:38..deter us in any way because we thought it can be sorted out.
0:20:38 > 0:20:42And we loved the three double bedrooms over there.
0:20:42 > 0:20:44Three lovely, double, huge bedrooms.
0:20:44 > 0:20:47- The family bathroom, as well, is a decent size, isn't it?- Yes, it is.
0:20:47 > 0:20:49There seems to be a lot of floor space everywhere.
0:20:49 > 0:20:53- Are you changing that layout at all? - Er, well...
0:20:53 > 0:20:55- Keep the layout, but... - ..a little bit because,
0:20:55 > 0:21:01in the master bedroom up there, I'm going to put a lovely en-suite.
0:21:01 > 0:21:03Good man. That was my next question.
0:21:03 > 0:21:06- Yeah, it's just asking for it, basically.- Yes, yes.
0:21:06 > 0:21:10And in the main bathroom upstairs, it's a lovely size, as you said,
0:21:10 > 0:21:14but it's a bit dark for my taste.
0:21:14 > 0:21:18So, we're going to open up a new window there
0:21:18 > 0:21:20- to bring in more light... - OK. That's good.
0:21:20 > 0:21:23..and change everything there. Everything ultra-modern.
0:21:23 > 0:21:25- Everything spacious. - Yeah, brilliant.
0:21:25 > 0:21:28What about down here? Cos there's a lot of space down here too.
0:21:28 > 0:21:30The whole kitchen is going to be changed -
0:21:30 > 0:21:32completely new, modern.
0:21:32 > 0:21:34- Erm...- Then there's the door. - ..nice flooring.
0:21:34 > 0:21:39Open a door here and create a little utility room
0:21:39 > 0:21:41with a ground-floor toilet.
0:21:41 > 0:21:45Steal a little bit from the other reception room
0:21:45 > 0:21:47and create that, because there are two reception rooms.
0:21:47 > 0:21:51So, if I steal a little bit from it, nothing drastic will happen.
0:21:51 > 0:21:54- It won't be missed. - It won't be missed. Exactly.
0:21:54 > 0:21:56You know, are you going to get somebody in to do that for you?
0:21:56 > 0:22:02Yeah, absolutely. I'm in the process of interviewing various builders.
0:22:02 > 0:22:05Interviewing. I like that. Interviewing! I like that!
0:22:05 > 0:22:09Yes, because it's extremely important who is doing the job,
0:22:09 > 0:22:12and that we think along the same lines,
0:22:12 > 0:22:14you know, and we think alike and everything.
0:22:14 > 0:22:16So, I haven't finished that process.
0:22:16 > 0:22:19You mentioned quite a lot of things that you want to do here.
0:22:19 > 0:22:22What's your budget for all the work?
0:22:22 > 0:22:26- Erm, around 35,000...- OK. - ..with a little contingency.
0:22:26 > 0:22:29- Just in case.- You know, like, maybe 10%, just in case.
0:22:29 > 0:22:31And how long is it going to take you to do the work?
0:22:31 > 0:22:34Around ten to 12 weeks.
0:22:34 > 0:22:37Now, is this something that you want to continue doing?
0:22:37 > 0:22:41We are... Yes, I definitely want to continue this...
0:22:41 > 0:22:44- Yeah.- ..because it gives me... - It's enjoyable.
0:22:44 > 0:22:47- ..a lot of enjoyment and satisfaction.- OK.
0:22:47 > 0:22:50- Yeah, and we'll see how it goes after we sell it.- OK.
0:22:50 > 0:22:52And then we continue.
0:22:52 > 0:22:55So, when we come back and you're finished -
0:22:55 > 0:22:57three months, four months, whatever it may be -
0:22:57 > 0:22:58what can we expect?
0:22:58 > 0:23:00When we walk through the door, what will we see?
0:23:00 > 0:23:02You're going to expect a house
0:23:02 > 0:23:05that you would love living there yourself.
0:23:06 > 0:23:08- I can promise you that. - What more can you say?
0:23:08 > 0:23:10- Angela, good luck. Hope it works out for you.- Thank you.
0:23:10 > 0:23:13- Itzhak, good luck.- Thank you so much. Thank you. All the best.
0:23:15 > 0:23:19What an amazing couple they are and what a beautiful story
0:23:19 > 0:23:21about how they came together to meet each other.
0:23:21 > 0:23:25But now the hard work starts and they need some help.
0:23:25 > 0:23:28So, Itzhak, as we've heard, is going to be grilling builders,
0:23:28 > 0:23:31but will he find the right person to do the job?
0:23:31 > 0:23:34You can find out how he gets on later in the programme.
0:23:34 > 0:23:37Coming up - this property in Thornton Heath
0:23:37 > 0:23:40in the Borough of Croydon is a downstairs disaster.
0:23:40 > 0:23:42So, can it get much worse upstairs?
0:23:43 > 0:23:44Yeah.
0:23:46 > 0:23:48And Itzhak and Angela have had to do the works
0:23:48 > 0:23:50in the Amman Valley, Wales.
0:23:50 > 0:23:54What we've done here is basically everything.
0:23:58 > 0:24:01- MARTEL:- We head back to the seaside now
0:24:01 > 0:24:03and the village of Dymchurch in Kent.
0:24:03 > 0:24:06Half a mile from the coast is where I found
0:24:06 > 0:24:08this three-bedroom, detached bungalow
0:24:08 > 0:24:14that had a guide price of £220,000 to £225,000-plus.
0:24:14 > 0:24:16This property was spacious and light.
0:24:16 > 0:24:21Yes, it was a little bit dated, but with such big proportions,
0:24:21 > 0:24:26not to mention a conservatory and garage, I was very impressed.
0:24:26 > 0:24:28Bungalows usually prove popular with buyers,
0:24:28 > 0:24:33so it was no surprise that it sold for £246,000.
0:24:33 > 0:24:35Sold, sir, 246,000.
0:24:37 > 0:24:41The successful bidders were friends and first-time business partners
0:24:41 > 0:24:43Chris and Andy.
0:24:43 > 0:24:45Chris and Andy worked together as police officers,
0:24:45 > 0:24:48but with Chris recently retiring,
0:24:48 > 0:24:51they decided to dive in to the property market
0:24:51 > 0:24:53and Chris thought he'd bagged a winner.
0:24:54 > 0:24:56# Call the police
0:24:56 > 0:24:59# Hurry, hurry! Won't you call the police? #
0:24:59 > 0:25:02And, in some ways, it's a safe bet, because there's no damp,
0:25:02 > 0:25:04it's structurally fine,
0:25:04 > 0:25:07you know, it's quite easy to do in some respects.
0:25:07 > 0:25:09# Famous last words
0:25:10 > 0:25:15# Yeah, yeah, yeah Famous last words... #
0:25:15 > 0:25:17Well, that might have been tempting fate.
0:25:17 > 0:25:21As we all know, the property game does throw up the unexpected,
0:25:21 > 0:25:24but they had spotted a way to add value.
0:25:24 > 0:25:28Potentially, looking at, subject to agreement and discussion,
0:25:28 > 0:25:32using the garage as an extension to the building
0:25:32 > 0:25:34and perhaps making the main bedroom bigger
0:25:34 > 0:25:37and having an en-suite off of that.
0:25:37 > 0:25:39As well as extending into the garage,
0:25:39 > 0:25:41they wanted to open up the kitchen
0:25:41 > 0:25:44to create a more open-plan living area.
0:25:44 > 0:25:47They had a budget of 15 to 20 grand for the project
0:25:47 > 0:25:51and hoped to complete it within four to five months.
0:25:51 > 0:25:55# Please won't you call the police? #
0:25:55 > 0:25:59SIREN BLARES
0:25:59 > 0:26:04So, ten months later, we returned to find out how their efforts rank.
0:26:19 > 0:26:22By knocking down walls, as well as removing a chimney stack,
0:26:22 > 0:26:25they've been able to open up the kitchen,
0:26:25 > 0:26:29creating a lovely breakfast area that leads into the living space
0:26:29 > 0:26:32through really attractive French folding doors.
0:26:34 > 0:26:38And, true to their words, they've extended into the garage
0:26:38 > 0:26:41by taking space from the old master bedroom.
0:26:41 > 0:26:44They've created a corridor that leads to the new,
0:26:44 > 0:26:48enormous master bedroom, complete with modern en-suite.
0:26:50 > 0:26:54So, what was once a three-bed, one-bathroom property
0:26:54 > 0:26:57is now a four-bed, two-bathroom property.
0:26:59 > 0:27:04The family bathroom is now modern and fresh and bigger.
0:27:07 > 0:27:12The entire property has been replastered, rewired, repainted...
0:27:16 > 0:27:19..new central heating, new boiler - new everything!
0:27:22 > 0:27:26Having used the existing garage to create an extra bedroom,
0:27:26 > 0:27:29they decided to build an extension to create a new garage.
0:27:29 > 0:27:32Now, THAT'S going the extra mile.
0:27:32 > 0:27:35They really have made the most of this property,
0:27:35 > 0:27:38executing practical and well-thought ideas
0:27:38 > 0:27:43to make a modern, bright, and very appealing home.
0:27:43 > 0:27:46But was it as easy as Chris thought it would be?
0:27:46 > 0:27:50We haven't had any major problems, to be honest.
0:27:50 > 0:27:51It's been a steep learning curve
0:27:51 > 0:27:54because we didn't know any tradespeople -
0:27:54 > 0:27:58only that you would find from perhaps the internet or whatever.
0:27:58 > 0:28:01So, that was quite hard to start with,
0:28:01 > 0:28:04but we got in amongst the local tradespeople
0:28:04 > 0:28:05and we found some good ones.
0:28:05 > 0:28:08We've project-managed it on a day-to-day basis
0:28:08 > 0:28:11in relation to who we've had come in.
0:28:11 > 0:28:13Builders... You know, materials, collecting materials,
0:28:13 > 0:28:16making sure people have got the right stuff to get going.
0:28:16 > 0:28:18Done most of the labouring, as well...
0:28:20 > 0:28:23..as well as, you know, the first fix on the electrics.
0:28:23 > 0:28:26- Laid all the floor. - Laid all the floor, yeah.
0:28:26 > 0:28:29Skirting's laid. You know, pretty much done by myself.
0:28:29 > 0:28:31I'm not the most handy of people,
0:28:31 > 0:28:35so he certainly didn't expect that of me.
0:28:35 > 0:28:40But I think the partnership has worked out quite well in that
0:28:40 > 0:28:43because, then again, he's not got to worry about me interfering.
0:28:45 > 0:28:48But I was able to pay the bills when they were needed.
0:28:48 > 0:28:50So, no good cop, bad cop here.
0:28:50 > 0:28:52Just, er, good cop, good cop.
0:28:54 > 0:28:56But with so much work done,
0:28:56 > 0:29:00how's that 15 to 20 grand budget looking?
0:29:00 > 0:29:04We've added the extension, which was quite a large expense,
0:29:04 > 0:29:07and also we've gone for a high-end finish.
0:29:07 > 0:29:10And I think, as we stand now,
0:29:10 > 0:29:16although I'm waiting for a final request for money from Chris
0:29:16 > 0:29:18for the last few bits that he's spent,
0:29:18 > 0:29:21I think we've spent about 50,000 to 55,000.
0:29:21 > 0:29:23We estimated three to four months.
0:29:23 > 0:29:26It's turned out it's taken seven months
0:29:26 > 0:29:28to actually get to this standard.
0:29:28 > 0:29:31So, yeah, another thing we've learned -
0:29:31 > 0:29:35- it takes longer than you think. - I think Chris has done a great job
0:29:35 > 0:29:38in what he's done and managing all the trades.
0:29:38 > 0:29:42Got a good finish and, as ever, it costs more, takes longer,
0:29:42 > 0:29:45but I think we expected that from the beginning really.
0:29:47 > 0:29:52So, all in all, they've invested a total of £301,000
0:29:52 > 0:29:54on their first property project.
0:29:54 > 0:29:57But has it been a wise investment?
0:29:57 > 0:29:59We asked two local estate agents to take a look
0:29:59 > 0:30:02and give us their opinions.
0:30:02 > 0:30:04The property's been renovated to an excellent standard.
0:30:04 > 0:30:07They've extended it.
0:30:07 > 0:30:08It's modernised throughout
0:30:08 > 0:30:11and it suits sort of modern trends, as well.
0:30:11 > 0:30:14So, it looks great and I think it will be very popular.
0:30:14 > 0:30:16The standard of the finish, I think, is brilliant.
0:30:16 > 0:30:22I can't see much where he hasn't not done anything to a great standard.
0:30:22 > 0:30:25It all looks immaculate to me and I think it's fantastic.
0:30:25 > 0:30:29The selling points, without a doubt, is the space, the standard,
0:30:29 > 0:30:31the amount of parking it's got.
0:30:31 > 0:30:33It's the full package here.
0:30:33 > 0:30:37They seem more than a little keen, so let's get down to it, shall we?
0:30:37 > 0:30:39Valuations, please!
0:30:39 > 0:30:42Having had a chance to look around the property,
0:30:42 > 0:30:47I would recommend marketing at £350,000.
0:30:47 > 0:30:51And as for rental, I would recommend £1,000
0:30:51 > 0:30:54to £1,100 per calendar month.
0:30:54 > 0:30:58The retail price on this property would be between £350,000
0:30:58 > 0:31:00to £375,000.
0:31:00 > 0:31:04And as far as rentals are concerned, I think you'd be looking at £1,000,
0:31:04 > 0:31:06or thereabouts, per calendar month.
0:31:08 > 0:31:13That top rental figure would equate to around a 4.5% yield,
0:31:13 > 0:31:17and that higher valuation of £375,000
0:31:17 > 0:31:21would mean a pre-tax profit of 74 grand,
0:31:21 > 0:31:23which is a very healthy number indeed.
0:31:25 > 0:31:27So, with their first property under their belt,
0:31:27 > 0:31:29will they be investing again?
0:31:30 > 0:31:33Yeah, I think we'd definitely consider buying one again.
0:31:33 > 0:31:36Yeah, I would like to do another one, do at least one more,
0:31:36 > 0:31:38and see how we get on and...
0:31:38 > 0:31:41- Have a rest first.- Yeah, definitely.
0:31:45 > 0:31:49South London now and Thornton Heath in the Borough of Croydon.
0:31:49 > 0:31:51It is a popular area,
0:31:51 > 0:31:55notable for its predominantly Victorian buildings,
0:31:55 > 0:31:57including some handsome churches,
0:31:57 > 0:32:00and it's fairly well connected to the city by bus or train.
0:32:03 > 0:32:08Well, Thornton Heath is a deservedly popular spot.
0:32:08 > 0:32:13So, £300,000 as a guide price for a three-bed mid-terrace
0:32:13 > 0:32:16sounds definitely worth investigating.
0:32:16 > 0:32:19It is a classic case though of definitely being
0:32:19 > 0:32:22the worst house on a nice street.
0:32:22 > 0:32:25But as we know, that is a good thing.
0:32:26 > 0:32:28- # A good thing - Yeah, yeah, yeah
0:32:28 > 0:32:31- # A good thing - Come on, baby... #
0:32:35 > 0:32:38Actually, before we look inside, come and have a look at this,
0:32:38 > 0:32:41because as I was walking down the path there, I noticed this tree.
0:32:41 > 0:32:45Look how close that is to the fabric of the building.
0:32:45 > 0:32:47That is not good news at all.
0:32:47 > 0:32:50Who knows what sort of damage that's done to the foundations?
0:32:50 > 0:32:54I think you can't just take it away because that would then die
0:32:54 > 0:32:58and potentially the roots would cause even more problems.
0:32:58 > 0:33:01It's just a... It needs a specialist to look at that.
0:33:01 > 0:33:03What's the actual house itself like?
0:33:03 > 0:33:06Well, er, first glance,
0:33:06 > 0:33:08it's a little bit tired, shall we say?
0:33:08 > 0:33:11"In need of a little bit of sprucing up,"
0:33:11 > 0:33:14he says, massively understating.
0:33:14 > 0:33:16Let's just look at the size of the rooms, though. Really good.
0:33:16 > 0:33:20You've got your living room here - big, big, big space.
0:33:20 > 0:33:23And I don't know why - I guess that's the little bay area
0:33:23 > 0:33:25where the tree's on the other side of -
0:33:25 > 0:33:28but rather than being the sort of traditional bay-window shape,
0:33:28 > 0:33:32this square shape, it just gives a really nice size to this room.
0:33:32 > 0:33:34So, that's a good start.
0:33:34 > 0:33:37Fairly dilapidated though, isn't it?
0:33:37 > 0:33:40Definitely in need of tender loving care.
0:33:40 > 0:33:42Back into the little corridor area.
0:33:42 > 0:33:44You've got a rear sitting room there.
0:33:44 > 0:33:47Quite nice space. Some nice stained glass at the end.
0:33:47 > 0:33:49Again, really good size.
0:33:49 > 0:33:51And then it all starts to go a bit wrong,
0:33:51 > 0:33:54which is where we start thinking about removing some kind of...
0:33:54 > 0:33:56Oh, I don't know. Some of these walls, basically.
0:33:56 > 0:33:58Under the stairs, a bit of storage.
0:33:58 > 0:34:01- And you're going to love this room. - HE CHUCKLES
0:34:01 > 0:34:02The kitchen.
0:34:04 > 0:34:08Just feast your eyes on this. Lovely!
0:34:08 > 0:34:11# Yum, yum, yummy Got love for my tummy
0:34:11 > 0:34:14# Yum, yum, yummy Got love from your honey
0:34:14 > 0:34:20# One man's leftovers is another man's feast... #
0:34:20 > 0:34:24Yes, you could have a lot on your plate if you took this house on.
0:34:24 > 0:34:27The renovation costs could be hard to stomach,
0:34:27 > 0:34:30but I've not been put off. Let's look upstairs,
0:34:30 > 0:34:33although I could probably manage that from here!
0:34:36 > 0:34:38So, can it get much worse upstairs?
0:34:38 > 0:34:39Well, er...
0:34:43 > 0:34:45- ..yeah. - HE CHUCKLES
0:34:45 > 0:34:47I think it can! Look at that bathroom!
0:34:47 > 0:34:49I'm not even going to go in there.
0:34:49 > 0:34:52You can actually see daylight through the floor.
0:34:52 > 0:34:54Corresponds with the huge great hole
0:34:54 > 0:34:56in the ceiling downstairs in the kitchen.
0:34:56 > 0:35:00So, that really is a terrible state, as are the bedrooms.
0:35:00 > 0:35:03But anyway, forgetting the condition,
0:35:03 > 0:35:06cos I think you have to at this stage with this property,
0:35:06 > 0:35:08you're just looking at the size of the rooms
0:35:08 > 0:35:10and what you've got to play with, and I really like it.
0:35:10 > 0:35:13It's odd, isn't it? You know, you go to a house like this and go,
0:35:13 > 0:35:14"I really like this place."
0:35:14 > 0:35:17It's good-sized rooms. I like the layout.
0:35:17 > 0:35:18You know, the location's pretty spot-on.
0:35:18 > 0:35:21Yes, it's in a right state. You don't know what you're going to find
0:35:21 > 0:35:25when you start taking up carpets and stuff like that. Clearly, you're going to have to replace
0:35:25 > 0:35:28things like the radiators and all the central heating, but intrinsically,
0:35:28 > 0:35:32there's an opportunity here to put a lot of value into this property
0:35:32 > 0:35:36and that is a developer's dream.
0:35:36 > 0:35:42# I had a bad, bad dream last night... #
0:35:43 > 0:35:47I don't think I'd want to take 40 winks here any time soon,
0:35:47 > 0:35:49but it's time to stop hitting the snooze button
0:35:49 > 0:35:52and wake this property up into the family home it should be.
0:35:54 > 0:35:58Let's see if the garden lends itself just as well to family living.
0:36:00 > 0:36:03Well, it's a bit of a blessing to come out of the property... Eugh!
0:36:03 > 0:36:05..into the rear garden, if you can find it.
0:36:05 > 0:36:08Again, major tree issues going on.
0:36:08 > 0:36:10So, you're going to have to have these taken out.
0:36:10 > 0:36:13Of course, the issue with that is, how do you get rid of the stuff that you chop out?
0:36:13 > 0:36:15It's going to have to all go through the house.
0:36:15 > 0:36:17The downstairs loo...
0:36:17 > 0:36:19- HE CHUCKLES - Downstairs loo! The outside loo there.
0:36:19 > 0:36:22And, you know, another example, from the outside,
0:36:22 > 0:36:24of quite what a state this property is in,
0:36:24 > 0:36:25but we've already established that.
0:36:25 > 0:36:28It is what it is and it doesn't detract from the fact
0:36:28 > 0:36:30I think it is still a brilliant project.
0:36:34 > 0:36:37And as I said, the worst house on a good street,
0:36:37 > 0:36:41so it'll be useful to find out more about the area generally.
0:36:41 > 0:36:44We invited a local estate agent along to tell us more.
0:36:46 > 0:36:48The area that we're in at the moment is classed as Thornton Heath.
0:36:48 > 0:36:50However, it borders Norbury.
0:36:50 > 0:36:54Thornton Heath is a CR postcode, being Surrey,
0:36:54 > 0:36:58whereas Norbury is a London postcode, being SW16,
0:36:58 > 0:36:59which makes it quite appealing,
0:36:59 > 0:37:03because it's on the border of a more expensive area.
0:37:03 > 0:37:05What about the house itself?
0:37:05 > 0:37:07Well, it's a bit of a disaster, isn't it?
0:37:07 > 0:37:10I mean, the situation with the trees at the front
0:37:10 > 0:37:14is particularly a problem as far as mortgage capability is concerned.
0:37:14 > 0:37:17No doubt the new investors are going to remove those trees
0:37:17 > 0:37:20and refurbish throughout, including rewire,
0:37:20 > 0:37:22new central heating, new windows.
0:37:22 > 0:37:24In fact, there's not much that doesn't need doing here.
0:37:26 > 0:37:28Could it all be worth it in the end,
0:37:28 > 0:37:31bearing in mind the guide price is 300,000?
0:37:31 > 0:37:33What kind of figure could the house achieve
0:37:33 > 0:37:36on the sales market once renovated?
0:37:36 > 0:37:38Once this property is refurbished,
0:37:38 > 0:37:42its value is in the region of £475,000.
0:37:42 > 0:37:47Well, possibly not a project for a property-developing novice,
0:37:47 > 0:37:50but a house with lots of potential, I think,
0:37:50 > 0:37:53if you can see through the state it's in,
0:37:53 > 0:37:56look at where it's located and the value you can add.
0:37:56 > 0:37:59Yeah, a good one. Let's see who bought it when it went under the hammer.
0:38:01 > 0:38:03Well, we filmed the auction on the day, but unfortunately,
0:38:03 > 0:38:06we don't have footage for this particular lot.
0:38:06 > 0:38:09However, it sold for 370,000.
0:38:11 > 0:38:14And Fiona, who works for a development company,
0:38:14 > 0:38:18has come along to tell us about the plan for this house.
0:38:18 > 0:38:21- Fiona, lovely to meet you. - Hey.- Congratulations.
0:38:21 > 0:38:24Er, you've got your work cut out a bit with this place, then?
0:38:24 > 0:38:26Yeah, just a little bit.
0:38:26 > 0:38:28Tell me why you wanted to buy this house though.
0:38:28 > 0:38:30Erm, I felt like it had the most scope
0:38:30 > 0:38:33of some of the other houses that we had seen,
0:38:33 > 0:38:35and I wanted to offer a family home back to somebody,
0:38:35 > 0:38:37as opposed to the average two-up, two-down.
0:38:37 > 0:38:40- OK. So, the idea being to do it up and sell it on, then?- Yeah.
0:38:40 > 0:38:45- So, you were looking for something that definitely needs a bit of work? - Yeah.- You've certainly found it!
0:38:45 > 0:38:47Tell me about you. Is this something you do all the time or what?
0:38:47 > 0:38:49- Now, yes.- Right.
0:38:49 > 0:38:52So, I gave up my job to do this instead.
0:38:52 > 0:38:55- Oh, wow!- Just, yeah...- When?
0:38:55 > 0:38:58- Erm, a month ago. - Oh, wow! What were you doing?
0:38:58 > 0:39:01I was a teaching assistant in a local school.
0:39:01 > 0:39:06And what made you suddenly decide to jack in that job and start on this?
0:39:06 > 0:39:08Well, my family's done it for many years.
0:39:08 > 0:39:11They've bought and built either from scratch or done up, sold on.
0:39:11 > 0:39:16- And you?- No, this is my first one. - A brave move, though.- Yeah.
0:39:16 > 0:39:19- Hopefully, the right one.- Yeah. Well, how do you feel at the moment?
0:39:19 > 0:39:24- Nervous.- Nervous?- But excited.- Yeah. What's the worst-case scenario?
0:39:24 > 0:39:29- That me and my family have to move in here.- Right, OK.
0:39:29 > 0:39:32I don't think Fiona's three kids would thank her for that.
0:39:32 > 0:39:36So, there's a lot to play for on her first project
0:39:36 > 0:39:38and a lot to do.
0:39:38 > 0:39:40What needs to be done with the place?
0:39:40 > 0:39:42So, clearly, it needs a complete gutting
0:39:42 > 0:39:45and then we have to do the double glazing,
0:39:45 > 0:39:48rewiring, central heating.
0:39:48 > 0:39:50Going to knock down a couple of walls
0:39:50 > 0:39:52- and create a kitchen/diner.- OK.
0:39:52 > 0:39:55Fix some floors, some ceilings, roof.
0:39:55 > 0:39:57There are some nice original features.
0:39:57 > 0:39:59Are you planning to keep many of those, if you can?
0:39:59 > 0:40:03We want to keep as many as possible. So, some of the coving,
0:40:03 > 0:40:05some of the skirting boards are really nice.
0:40:05 > 0:40:08Some things, we might have to lose, but we want to keep as much as possible.
0:40:08 > 0:40:09Well, that's nice to hear. And, obviously,
0:40:09 > 0:40:12one room that's going to need a lot of attention is the bathroom.
0:40:12 > 0:40:16- What are you going to do with that? - Well, first, probably a new floor,
0:40:16 > 0:40:18so we can actually get into the bathroom,
0:40:18 > 0:40:23and then gut the whole thing and eventually get a bath and a shower.
0:40:23 > 0:40:25Cos there's an immersion heater in there, I believe,
0:40:25 > 0:40:27- that we want to get rid of. - Yeah.- Put a shower in there.
0:40:27 > 0:40:28What about the tree?
0:40:28 > 0:40:31Cos, obviously, the tree at the front is a bit of a worry, isn't it?
0:40:31 > 0:40:35Yeah. So, we've spoken to some horticulturists,
0:40:35 > 0:40:37who've said it's fine to take them down.
0:40:37 > 0:40:38They'll take them down, so...
0:40:38 > 0:40:40And do you know if it's done much damage
0:40:40 > 0:40:43- to the foundations and things? - It doesn't appear to have done,
0:40:43 > 0:40:45but we have to take it down in stages.
0:40:45 > 0:40:49Not all trees cause issues and it's always best to take advice,
0:40:49 > 0:40:51just in case you make matters worse
0:40:51 > 0:40:54by changing the ground conditions too much too quickly.
0:40:54 > 0:40:57What about the garden at the back? Cos, obviously, you can't see it at the moment,
0:40:57 > 0:41:00but presumably, there is one out there.
0:41:00 > 0:41:03Once the trees have gone, I believe it's quite a good size.
0:41:03 > 0:41:06- Yeah.- But they'll be done at the same time.
0:41:07 > 0:41:11Quite a list of works, but Fiona has a pretty generous budget
0:41:11 > 0:41:13of 60,000 to get it done,
0:41:13 > 0:41:16and has a trusty team of family-recommended builders
0:41:16 > 0:41:19ready to start on the project.
0:41:19 > 0:41:21And judging by the time scales,
0:41:21 > 0:41:26the former teaching assistant knows a thing or two about timetables.
0:41:26 > 0:41:28I want it done in 12 weeks.
0:41:28 > 0:41:31- Oh, wow! OK.- And I'm pushing for it to be done in 12 weeks.
0:41:31 > 0:41:33- And then on the market and onto the next one?- Yeah.
0:41:33 > 0:41:35Literally, at the end of the third month,
0:41:35 > 0:41:38- it needs to be up. - And in terms of doing this again,
0:41:38 > 0:41:41I mean, are you going to wait and see how this one goes,
0:41:41 > 0:41:43or do you think this is the start of something big?
0:41:43 > 0:41:45Erm, I'm ready for the next one.
0:41:45 > 0:41:47- Already?- Yeah. I enjoyed the whole auction and...
0:41:47 > 0:41:50- Did you?- Yeah. My mum used to be an auctioneer.
0:41:50 > 0:41:51- Oh, did she? - Not for property, but...
0:41:51 > 0:41:55- So, I was always kind of behind the stage, listening to her.- Oh.
0:41:55 > 0:41:58So, it was weird being on the other side.
0:41:58 > 0:42:02- Yeah.- And I was shaking. I couldn't... The adrenaline...
0:42:02 > 0:42:04I couldn't cope at all with it. At the moment, it's exciting,
0:42:04 > 0:42:06- but ask me again in five years. - Well, yeah.
0:42:06 > 0:42:09- From your yacht in the Bahamas or wherever.- Well, exactly.
0:42:09 > 0:42:12What kind of involvement are you going to have on a day-to-day basis?
0:42:12 > 0:42:14Are you going to be marshalling the troops,
0:42:14 > 0:42:16or getting your hands dirty, or what?
0:42:16 > 0:42:19- Not getting my hands dirty.- Right.
0:42:19 > 0:42:22But I'll definitely be here and around.
0:42:22 > 0:42:26- Great.- Randomly calling. - Randomly calling,
0:42:26 > 0:42:28just to check they're doing what they're supposed to be doing.
0:42:28 > 0:42:31Oh, that's funny. Good. Well, congratulations.
0:42:31 > 0:42:33Good luck. I look forward to seeing how you get on.
0:42:33 > 0:42:35Thank you very much. HE CHUCKLES
0:42:35 > 0:42:38Well, former teaching assistant Fiona
0:42:38 > 0:42:41certainly seems to have done her homework on this one.
0:42:41 > 0:42:44Has she got the maths right though?
0:42:44 > 0:42:4660 grand? Well, it seems OK to me.
0:42:46 > 0:42:48Will it be an A-plus conversion?
0:42:48 > 0:42:52You can find out when we return later in the show.
0:42:55 > 0:42:58Well, earlier on, we saw how one of our developers got on.
0:42:58 > 0:42:59What about the other two?
0:42:59 > 0:43:01Yes, would they have fared any better?
0:43:01 > 0:43:03Well, let's wait no longer to find out.
0:43:05 > 0:43:08We head back to the south-west of the Brecon Beacons,
0:43:08 > 0:43:10near to the village of Glanamman.
0:43:13 > 0:43:16It was along this busy road I looked around this three-bed,
0:43:16 > 0:43:20detached property that had a guide price of 60 to 65 grand.
0:43:22 > 0:43:25Two nice-sized reception rooms either side of the front door,
0:43:25 > 0:43:28but it was in the open-plan dining/kitchen area
0:43:28 > 0:43:31that an all-too-common issue emerged.
0:43:31 > 0:43:35As soon as you come in, you can see this damage in the corner.
0:43:35 > 0:43:39This is damp, a bit of water, bit of moisture.
0:43:39 > 0:43:43Somebody's already started to investigate that,
0:43:43 > 0:43:47and that mould seems quite fresh.
0:43:47 > 0:43:50- # Oh, no, not you again - Oh, no, not you again
0:43:50 > 0:43:54# I've paid you already too much times ten... #
0:43:54 > 0:43:58Despite the damp problems, this property had bags of potential
0:43:58 > 0:44:01thanks to its impressive proportions throughout.
0:44:01 > 0:44:03Could you put an en-suite in here?
0:44:03 > 0:44:06Of course you could. Plenty of space in here to do that.
0:44:06 > 0:44:09You could actually put an en-suite into one of the other bedrooms
0:44:09 > 0:44:11as well, or even both, there's that much space up here.
0:44:13 > 0:44:16There were plenty of interested bidders on auction day,
0:44:16 > 0:44:19but there can only be one winning bid...
0:44:19 > 0:44:21Yours, sir. Very well done.
0:44:21 > 0:44:25..which went to husband and wife team Angela and Itzhak.
0:44:26 > 0:44:29This would be their second renovation project,
0:44:29 > 0:44:32and with plans to alter the layout and add an en-suite,
0:44:32 > 0:44:35Itzhak wasn't taking any chances.
0:44:35 > 0:44:40I'm in the process of interviewing various builders.
0:44:40 > 0:44:43Interviewing. I like that. Interviewing! I like that!
0:44:43 > 0:44:46Yes, because it's extremely important who is doing the job
0:44:46 > 0:44:50and that we think along the same lines,
0:44:50 > 0:44:52you know, and we think alike and everything.
0:44:53 > 0:44:56The careful couple had a time frame of ten to 12 weeks
0:44:56 > 0:44:59and a budget of 35 grand to get this property
0:44:59 > 0:45:01up and ready for the sales market.
0:45:05 > 0:45:08Well, it's now six months later and we've returned to Wales
0:45:08 > 0:45:10with our fingers crossed.
0:45:22 > 0:45:27Wow! This kitchen/diner is now ultra slick and modern.
0:45:27 > 0:45:30That mould and damp is nowhere to be seen.
0:45:31 > 0:45:34A door has been created to the side of the kitchen
0:45:34 > 0:45:37that leads to a very handy downstairs toilet.
0:45:39 > 0:45:42As for those previously dull and dated reception rooms...
0:45:51 > 0:45:54..by making the second reception room smaller,
0:45:54 > 0:45:56they could create space for that toilet.
0:45:58 > 0:46:02And upstairs, the creative and practical ideas continue.
0:46:07 > 0:46:10A stunning en-suite has been added to the master bedroom,
0:46:10 > 0:46:12making use of that dead space.
0:46:14 > 0:46:19Each bedroom is looking fantastic with new carpets, walls,
0:46:19 > 0:46:22and a lovely finish runs throughout the whole property.
0:46:28 > 0:46:31The family bathroom is entirely new...
0:46:32 > 0:46:34..and they've cleverly created an extra window,
0:46:34 > 0:46:36making it so much brighter.
0:46:43 > 0:46:46Outside, and they've done away with those outbuildings
0:46:46 > 0:46:50to create space for two cars, which, on such a busy main road,
0:46:50 > 0:46:52is an invaluable asset.
0:46:52 > 0:46:54The garden is still a work in progress,
0:46:54 > 0:46:57but it's not a jungle any more and it's a fantastic sight.
0:47:00 > 0:47:04Itzhak and Angela have obviously really thought about
0:47:04 > 0:47:07how to improve this property and it shows.
0:47:07 > 0:47:09They have done absolutely everything here
0:47:09 > 0:47:11to create a wonderful family home.
0:47:11 > 0:47:15It must have been all those builders you interviewed, hey, Itzhak?
0:47:15 > 0:47:19So, I interviewed several.
0:47:19 > 0:47:24A time well invested, well worth it for me, basically. Yeah, so...
0:47:24 > 0:47:29What we've done here is basically everything.
0:47:29 > 0:47:34We changed the kitchen. We changed the bathroom.
0:47:34 > 0:47:39- En-suite.- Created an en-suite, created a ground-floor toilet.
0:47:39 > 0:47:44- New windows. - New, double-glazed windows.
0:47:44 > 0:47:47New flooring. New carpets.
0:47:47 > 0:47:49Rewiring the whole house.
0:47:49 > 0:47:52Re-plumbing.
0:47:52 > 0:47:54Obviously, new bathroom suites, as well.
0:47:54 > 0:47:56- Everything is just all new, isn't it?- Yeah.
0:47:56 > 0:48:00- Fantastic tiles in the bathrooms and kitchen.- Yes.
0:48:00 > 0:48:02And I really splashed out some money on those
0:48:02 > 0:48:06because I said, I said, "Yeah, let's make it nice."
0:48:06 > 0:48:08So, no expense spared,
0:48:08 > 0:48:11but how is their 35 grand budget looking?
0:48:12 > 0:48:18I think, overall, it came up to around 43,000.
0:48:18 > 0:48:23So, I'm still very happy with it because I see the result
0:48:23 > 0:48:27and I think the additional money spent
0:48:27 > 0:48:30was well worth it and I don't mind at all.
0:48:30 > 0:48:35I thought it would not take much longer than three months.
0:48:35 > 0:48:39We took, in fact, double that.
0:48:39 > 0:48:42- I think we've done well. - I think the result justifies
0:48:42 > 0:48:44- the extra time spent on it.- It does.
0:48:44 > 0:48:47And I think, because we wanted to spend,
0:48:47 > 0:48:51you know, a good amount of time getting things perfect,
0:48:51 > 0:48:54- it's taken us time.- Yeah, we don't mind six months.
0:48:54 > 0:48:55No, no problem at all.
0:48:57 > 0:49:03So, including the purchase price, they have invested £128,500.
0:49:03 > 0:49:06And with their thoughts firmly on the sales market,
0:49:06 > 0:49:10it'll be interesting to hear the opinions of two local estate agents.
0:49:13 > 0:49:15The house has been renovated to a good standard.
0:49:15 > 0:49:17It's a good location, close to
0:49:17 > 0:49:19all the local amenities.
0:49:19 > 0:49:22Erm, and, you know, I'm pretty certain
0:49:22 > 0:49:24it will sell well in the current market.
0:49:24 > 0:49:26I think the layout works really well.
0:49:26 > 0:49:31The downstairs toilet and the en-suite works perfect for a family.
0:49:31 > 0:49:33The en-suite is an important part.
0:49:33 > 0:49:36Everybody seems to expect them these days with the modern builds.
0:49:36 > 0:49:38So, I think it's a good selling point.
0:49:38 > 0:49:41The agents do seem impressed with the work done here,
0:49:41 > 0:49:44but will that reflect in their valuations?
0:49:45 > 0:49:50I would think that this would probably sell for around £155,000.
0:49:50 > 0:49:53I'd recommend an asking price of 159,950.
0:49:53 > 0:49:56This property would be worth, in the sales market,
0:49:56 > 0:49:58somewhere around £160,000.
0:49:59 > 0:50:02I think they're pretty good profit margins. Yeah, yeah.
0:50:02 > 0:50:04So, obviously, naturally, we'd be happier
0:50:04 > 0:50:07if we could get the higher figure. Yeah, make it even more.
0:50:07 > 0:50:11- So, yeah, I think it's quite good. Mm-hm.- Yeah, we are happy with it.
0:50:11 > 0:50:16- We are.- Yes. No problem. No complaining.
0:50:16 > 0:50:17That's good to hear.
0:50:17 > 0:50:20The higher valuation would mean a pre-tax profit
0:50:20 > 0:50:22of 31 and a half grand.
0:50:23 > 0:50:26But has it been worth all the hard work?
0:50:27 > 0:50:29It's like taking an ugly duckling
0:50:29 > 0:50:31- and turning it into a beautiful swan.- Yeah.
0:50:31 > 0:50:33This is how I feel about this house.
0:50:42 > 0:50:44We head back now to South London,
0:50:44 > 0:50:46and the very popular area of Thornton Heath
0:50:46 > 0:50:48in the Borough of Croydon.
0:50:49 > 0:50:52It was here that I looked around this three-bed,
0:50:52 > 0:50:56mid-terraced property that had more than its fair share of problems.
0:50:58 > 0:51:00Before we look inside, come and have a look at this,
0:51:00 > 0:51:04because, as I was walking down the path there, I noticed this tree.
0:51:04 > 0:51:07Look how close that is to the fabric of the building.
0:51:07 > 0:51:09That is not good news at all.
0:51:09 > 0:51:12Who knows what sort of damage that's done to the foundations?
0:51:12 > 0:51:15# Can you dig it?
0:51:15 > 0:51:17# Oh, yeah
0:51:17 > 0:51:20# Can you dig it?
0:51:20 > 0:51:22# Oh, yeah... #
0:51:22 > 0:51:26This ramshackle tree house was in seriously poor condition
0:51:26 > 0:51:30inside and out, with every corner needing vital work.
0:51:32 > 0:51:34Look at that bathroom! I'm not even going to go in there.
0:51:34 > 0:51:38You can actually see daylight through the floor.
0:51:38 > 0:51:40It corresponds with the huge great hole
0:51:40 > 0:51:42in the ceiling downstairs in the kitchen.
0:51:42 > 0:51:44So, that really is a terrible state.
0:51:46 > 0:51:49Despite the long list of problems here,
0:51:49 > 0:51:51it was a popular lot on auction day
0:51:51 > 0:51:56and sold for 370,000 to first-time property developer Fiona.
0:51:58 > 0:52:01So, I gave up my job to do this instead.
0:52:01 > 0:52:05- Oh, wow!- Just, yeah... - When?- Erm, a month ago.
0:52:05 > 0:52:07Oh, wow! What were you doing?
0:52:07 > 0:52:10I was a teaching assistant in a local school.
0:52:10 > 0:52:14- Brave move, though.- Yeah. Hopefully, the right one.- Yeah.
0:52:14 > 0:52:16- Well, how do you feel at the moment?- Nervous.
0:52:16 > 0:52:20# It takes a leap of faith to get things going
0:52:20 > 0:52:25# It takes a leap of faith You've got to show some guts... #
0:52:25 > 0:52:28Fiona's family have a property-developing background,
0:52:28 > 0:52:31so at least she would have contacts to advise.
0:52:31 > 0:52:34I thought the budget of £60,000 was pretty reasonable,
0:52:34 > 0:52:37but Fiona was hoping to have this house ready for resale
0:52:37 > 0:52:40at the end of three months. Was that a tall order?
0:52:41 > 0:52:45Well, it's now six months on, and the trees have gone,
0:52:45 > 0:52:48and the outside of the house has been transformed.
0:52:48 > 0:52:49So, what about the inside?
0:53:06 > 0:53:08The separate kitchen and rear reception room
0:53:08 > 0:53:12are now an open-plan kitchen/diner, complete with bifold doors
0:53:12 > 0:53:16leading to the now clear and landscaped rear garden.
0:53:18 > 0:53:22A very handy extension houses the utility room,
0:53:22 > 0:53:25which also brings the outdoors WC indoors.
0:53:31 > 0:53:34The front reception room is now clean and fresh.
0:53:35 > 0:53:39The restored original banister adds that little bit of character.
0:53:47 > 0:53:51Upstairs, and the bathroom is unrecognisable.
0:53:51 > 0:53:55A new floor has been fitted and, of course, a brand-new modern suite
0:53:55 > 0:53:58that's in keeping with the period of the house.
0:54:01 > 0:54:05The three bedrooms here have been transformed into a desirable space
0:54:05 > 0:54:07that anyone would be happy to call their own.
0:54:15 > 0:54:18Every corner of this property has been improved.
0:54:18 > 0:54:23There's a new roof, bathroom, new kitchen, new electrics,
0:54:23 > 0:54:25new plastering and, of course,
0:54:25 > 0:54:27it's been painted from top to bottom.
0:54:28 > 0:54:31This property has had a complete makeover
0:54:31 > 0:54:33and it's absolutely stunning.
0:54:35 > 0:54:36This is the first time buying and renovating.
0:54:36 > 0:54:39It's been a complete change of career for me,
0:54:39 > 0:54:42but I've really enjoyed the creative - the design - part,
0:54:42 > 0:54:46the interior design, the choosing the fixtures and fittings.
0:54:46 > 0:54:47I've really enjoyed that.
0:54:47 > 0:54:51I know this is a big project that I took on as my first project,
0:54:51 > 0:54:53but when I was going to the auction,
0:54:53 > 0:54:56I wanted to see what this house looked like at the end,
0:54:56 > 0:54:59and the only way I could do that was if I bought it,
0:54:59 > 0:55:00so that's what I did.
0:55:00 > 0:55:02And here we are.
0:55:02 > 0:55:04One of Fiona's big issues here was the trees
0:55:04 > 0:55:07front and back of the property.
0:55:08 > 0:55:09So, the tree at the front of the house
0:55:09 > 0:55:11that was coming out of the bay window -
0:55:11 > 0:55:14we were worried that it was going to cause a problem for us
0:55:14 > 0:55:17with the foundations, but it turns out, after removing it,
0:55:17 > 0:55:20there were no problems, everything was fine
0:55:20 > 0:55:22and we were able to continue.
0:55:22 > 0:55:26We thought initially that we would only have to repair the roof,
0:55:26 > 0:55:28but once we removed the trees,
0:55:28 > 0:55:30we realised the roof needed completely redoing
0:55:30 > 0:55:34and we didn't have a choice, so the house has a new roof.
0:55:34 > 0:55:38With an unexpected new roof and the small extension onto the rear,
0:55:38 > 0:55:40on top of all the other work here,
0:55:40 > 0:55:43how has her budget and strict timescale of three months fared?
0:55:47 > 0:55:50So, originally, we had set the budget for 60,000,
0:55:50 > 0:55:52but because we've had to put on a new roof,
0:55:52 > 0:55:54the new extension, the bifolding doors,
0:55:54 > 0:55:56and given the house a really high finish,
0:55:56 > 0:55:58our budget now is 85,000.
0:55:58 > 0:56:01I was sure it was only going to take about three months,
0:56:01 > 0:56:03but when we gutted the whole property,
0:56:03 > 0:56:06we realised it was a much bigger job than we initially thought,
0:56:06 > 0:56:08so it's taken about six months.
0:56:08 > 0:56:11Make no mistake, taking on a project like this
0:56:11 > 0:56:14would have been a big challenge for anyone,
0:56:14 > 0:56:18let alone a novice with three children to bring up!
0:56:18 > 0:56:21Fiona has done an amazing job at project managing,
0:56:21 > 0:56:24but will this former teaching assistant
0:56:24 > 0:56:25be top of the class?
0:56:28 > 0:56:30We asked two local estate agents along
0:56:30 > 0:56:32for their opinions on what Fiona's done.
0:56:34 > 0:56:36The place looks absolutely fantastic.
0:56:36 > 0:56:38I think the owner has gone through
0:56:38 > 0:56:40and done a full renovation project here
0:56:40 > 0:56:42and it looks really, really nice. Looks really good.
0:56:42 > 0:56:44Selling points - I'd probably say, the actual kind of
0:56:44 > 0:56:46open-plan space downstairs
0:56:46 > 0:56:48with the big island kitchen and the bifold doors.
0:56:48 > 0:56:51Again, it really is something that people love nowadays.
0:56:52 > 0:56:55The agents are impressed, but with Fiona being keen to sell
0:56:55 > 0:56:59and having invested a total of £455,000
0:56:59 > 0:57:02into the property, will the sums add up?
0:57:02 > 0:57:07The resale value for this property will be £525,000,
0:57:07 > 0:57:09and I think the rental of this property
0:57:09 > 0:57:12would be £1,600 per calendar month.
0:57:12 > 0:57:16This property would sell for approximately £525,000,
0:57:16 > 0:57:18possibly £550,000,
0:57:18 > 0:57:22and would rent for approximately £1,550 per calendar month.
0:57:24 > 0:57:26A rental of £1,600 per calendar month
0:57:26 > 0:57:29would mean a yield of just over 4%,
0:57:29 > 0:57:33and a top valuation of 550,000 would result in a pre-tax profit
0:57:33 > 0:57:36of £95,000,
0:57:36 > 0:57:39which is a brilliant and well-earned result for Fiona.
0:57:40 > 0:57:42And I think it's just the beginning.
0:57:45 > 0:57:47I will be buying at auction. I really enjoyed the process
0:57:47 > 0:57:49and I will be buying another investment property.
0:57:49 > 0:57:53I've already seen the property I've got my eye on and I will get it.
0:57:59 > 0:58:03Now, have today's projects inspired you to get into property developing?
0:58:03 > 0:58:05Yes, and I think there's a few of you out there
0:58:05 > 0:58:07chomping at the bit to get involved as well.
0:58:07 > 0:58:10Yes, join us next time for more inspirational ideas
0:58:10 > 0:58:14- here on Homes Under The Hammer. - Bye-bye.- Bye-bye.- Goodbye.