Episode 72 Homes Under the Hammer


Episode 72

A bungalow near the coast in Dymchurch in Kent, a detached house in Glanamman in Wales and a terrace house in Thornton Heath in Surrey are all sold under the hammer.


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Transcript


LineFromTo

Hi, and welcome to the show. Now, if you're looking for a good investment,

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then property developing can yield some fantastic results.

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Yeah, and there's no shortage of ways

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to get into property developing in the first place.

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Yeah, and if you're looking for a bargain,

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one of the best things you can do is to head down

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to your local property auction.

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At a property auction, you'll find all kinds of different bidders.

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Some are looking for a new home,

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some are seasoned property developers,

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-and for some, it's their first purchase.

-Yes.

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But they all have one thing in common -

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they made that successful bid.

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Let's see what they bought.

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In Romney Marsh, Kent, I'm looking at a bungalow.

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They're usually popular.

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And solid.

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In the Amman River Valley, Wales,

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this detached house is big inside, while outside...

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there's an Amazon jungle in front of me.

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While in a three-bed mid-terrace in Thornton Heath

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in the Borough of Croydon...

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-You're going to love this room.

-HE CHUCKLES

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The kitchen.

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All these properties have been sold at auction

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and we'll find out who bought them and what they paid

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when they went under the hammer.

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Yours, sir. Very well done.

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Today, I'm in Dymchurch,

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a village situated in the Romney Marsh area of Kent.

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It's a historic area with evidence of Roman sea walls

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and a reputation for smuggling in the 17th and 18th century.

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Luckily, though, these days it's more known for being

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a colourful seaside village with long, sandy coastlines.

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I'm less than half a mile from the coast here,

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on what feels like a really sleepy street,

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tucked away from the village.

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And I'm here to see a three-bedroom, detached bungalow

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with a guide price of £220,000 to £225,000-plus.

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So, my initial thoughts are, that's a lot of property

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and a lot of garden.

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It's really nice. So far, so good.

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# So far, so good So don't turn back

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# So far, so good

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# So far, so good So don't turn back

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# So far, so good... #

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Inside, my initial impression is it's really spacious and light.

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And solid.

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You have a first bedroom, handily pointed out

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with a little sign on the door saying, "Bedroom,"

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and a second bedroom.

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Really good sizes.

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And a toilet. Interesting colour choice.

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Definitely needs taking out. I like how it's an L-shape.

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It's a little bit quirky.

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And then a third bedroom. Again, a good size.

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You have your double glazing, which is good,

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and central heating - probably in need of an upgrade.

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Rust and leaks.

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What you might not expect to find as you walk into a house

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are all these bedrooms.

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You might expect to have your reception area.

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But it's a layout I don't mind.

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The place has a good feel,

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so long as we're about to come to a good reception area.

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Bit tacky.

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# Stuck on you

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# Got this feeling down deep in my soul

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# That I just can't lose... #

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You could lose some of the space in the second or third bedroom

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to create an en-suite.

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But are we stuck with this layout? Well...

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# ..Guess I'm on my way... #

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To find out.

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Yay! I'm not disappointed. This is a brilliant living space.

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You could have a party in here. You could have all your pals round.

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The fixtures and fittings, the fireplace

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and the light switches - they're all really dated

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and you just need to rip these out. Otherwise, you have a blank canvas,

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which is really exciting for whoever buys this.

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And through to the kitchen.

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So, you have two entrances to your kitchen.

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Again, I like the quirkiness.

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This hasn't been touched since, I don't know, the '70s.

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But again, rip it out, get a new kitchen in.

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What a difference that would make!

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And I'm a big fan of open-plan living. I really am.

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I would normally say, "Take down the wall. Open things up,"

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but only when it adds to the light and the flow of the place.

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Here, you've got a good-sized kitchen

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and you also have a conservatory through the window,

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so the light's coming in.

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So, actually, both options would work.

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There is a lot of space to work with in this property.

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The conservatory's a decent size

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and offers great views of the garden outside,

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which are a wee bit grey, but...

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# Don't you know the grass is greener on the other side?

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# Take a trip to my yard

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# It's nothing fancy Just a little couch and me... #

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And I think I may have discovered another bonus.

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This part of the house here is actually a garage,

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but you could be forgiven for thinking it was just all part of the house.

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So, you could extend perhaps without too much problem.

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And looking to planning permission, too,

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you could get an extra bedroom, make it a great family home.

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Getting rid of that garage wouldn't be a problem

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if you could then put your garage onto the side,

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or perhaps road parking would be adequate.

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The more I see, the more I love this place.

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There's a lot of place to love

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for that £220,000 to £225,000 guide price.

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Did a local estate agent love it as much as me?

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We invited one along to find out her thoughts.

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# Don't you know the love that you've been dreaming of is mine? #

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It's a lovely property. It sits on a really nice plot.

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Obviously, it needs everything doing to it,

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but it flows very nicely.

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The actual layout is very nice.

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It perhaps would benefit also from an extension of another bedroom

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and perhaps an en-suite, but once that's all done,

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I think it'll be an excellent property to sell on.

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Dependent on the work that was done,

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what sort of resale value could this property achieve?

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If you don't actually extend this property,

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and just bring it up to standard and update it,

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I think you're looking at resale value of £300,000

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to £310,000.

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If you were going to perhaps extend it,

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I think you're looking in the region of £340,000.

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This house, well, it is a bit old-fashioned on the inside,

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but I don't think it needs much work

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to bring it up to its true potential.

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As it is, it'd make a great home for a retired couple,

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or with a bit of extra work and those three bedrooms,

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it could make a fantastic family home.

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Let's find out who agreed when it went to auction.

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220 to start me. 220. 220,000.

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Give me 210 then, please. £210,000.

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Despite the popularity of bungalows,

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this lot was slow to get off the ground.

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However, the bids started to trickle in.

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We rejoin at £243,000.

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243. 244. £243,000 bid.

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244, I have. 245. 246.

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246. 246. 247.

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Make it 250 and knock him out. No?

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No. Looks like we're all done. I shall sell then at £246,000.

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It's to you, sir, and you're out. You're going to miss it.

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First time at 246.

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Second time at £246,000.

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You're not coming back in for one more?

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-Third and final time, £246,000.

-GAVEL BANGS

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Sold, sir, 246,000.

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Securing this property for £246,000 was Chris,

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seen here on the right, and Andy.

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They both have ties to the police force

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and have booked themselves a nice home here.

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I met them back at the bungalow to find out more about them.

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# La-da-da-da, da-da-doo-da Call the police... #

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-Hello, Andy and Chris. Pleased to meet you.

-And you.

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-Congratulations.

-Thank you.

-Now, I love this place.

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Was it a case of love at first sight for you before you went to auction?

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I came and had a look at it, and, yeah, the heating was on.

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It was a cold day and I thought, "Yeah, I really like this place.

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-"It's nice."

-Yeah.

-So, I told Andy.

-I saw it the day before the auction,

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but today's the first day of actually being inside.

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I'd only looked at it from outside before.

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Well, I'm intrigued, first of all, in this relationship.

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So, are you friends?

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-I hope so.

-THEY LAUGH

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Well, normally. Most of the time.

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No, we've known each other a long time - 28, 29 years.

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So, worked together and friends at work.

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Chris retired a couple of months ago and...

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-Retired?!

-Yeah.

-Young retirement.

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Yeah, young retirement in the police.

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So, it's a good sort of pension scheme

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and so I've left there,

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but obviously, too young to not do anything.

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So, I've always been interested in houses and projects,

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and I've done a few for myself over the years.

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This was something I've always wanted to do and...

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Being in the police for so long,

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did you just call each other Andy and Chris, or...?

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-No.

-I hear that in the police force everyone's got a nickname.

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-Yes.

-That's what I'm getting at.

-Absolutely.

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-Chappo. Rinny.

-Right.

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So, Chappo and Rinny are hooking up for their first project together.

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-They are.

-And this is it.

-This is it, yeah.

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Chris, you're the handyman.

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-So, Andy, what do you bring to the table?

-Money.

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-THEY LAUGH

-No.

-I wield a paintbrush.

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Yeah, painting and...

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-A bit of gardening.

-We've put our funds together to buy this.

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We thought we'd buy somewhere which was a bit more expensive

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than perhaps some of the other lots at the auction.

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And, in some ways, it's a safe bet because there's no damp,

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it's structurally fine.

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You know, it's quite easy to do in some respects.

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Chappo and Rinny - er, sorry, I mean Chris and Andy -

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are on the case with this property. What do they plan to do to it?

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Potentially, looking at, subject to agreement and discussion,

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using the garage as an extension to the building

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and perhaps making the main bedroom bigger

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and having an en-suite off of that.

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That's my one drawback I see with it -

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it's just having the one bathroom and one toilet.

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And then, just new kitchen, new bathroom,

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and perhaps do something with...

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You know, remove this old-fashioned fireplace.

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Is there anything else you want to change about the layout?

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I think we'd like to perhaps try and make the kitchen

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into a sort of kitchen/dining area.

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-More open-plan.

-Yeah, a bit more open-plan.

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Perhaps, where that wall is there, with the sliding door, open that up.

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So, although you're still in the lounge, it would feel fairly...

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Still as a room. I don't know whether it's a load-bearing wall or not yet,

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so we've got to look into, all that sort of side of it.

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What are you thinking for your budget?

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15 to 20, hopefully.

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The big expense would be that garage conversion

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cos it's a single-skinned wall,

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so it'd have to have an internal wall built for the cavity

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and the roof line would need changing as well.

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They plan to make this an inside job

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with Chris doing most of the handiwork,

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and he's even a qualified electrician,

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and Andy will manage the finances.

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When they have re-hauled this home in four to five months,

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what are their plans for it?

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We're thinking we'll sell it.

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And use that hopeful profit to get your next one?

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-Yes.

-Hopefully, yeah.

-Yeah.

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See if we enjoy the experience and how well it goes,

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but we'll be getting home

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and looking at our own houses, thinking, "Ooh, that needs doing."

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-That's what happens.

-Yeah, it is.

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Cos this'll be better than where I live, I'm sure, when it's finished.

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And I can't wait to see what you do with this place, I really can't.

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-Best of luck.

-Thank you very much.

-Congratulations again!

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-Thank you.

-Thanks very much.

-Thanks.

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Former police buddies Andy and Chris

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see a lot of potential in this property,

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and although it's their first one, they've got a solid plan.

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They don't want to just plod on, they want to race through the work.

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But what will the old bill come to?

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Will they stick to that maximum £20,000 budget?

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You can find out later in the show.

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We are in the most westerly part of the Brecon Beacons,

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near the small village of Glanamman,

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which sits on the banks of the River Amman.

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Legend has it that King Arthur used to hunt wild boar here

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with his band of knights in the Amman Valley...

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..a tale clearly held close to the locals' hearts.

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I hope today's property is legendary and not a bore.

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This is our property. It's bang on this main road.

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It is a detached property,

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it's got three bedrooms and a guide price of £60,000 to £65,000.

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Looks all right. Will it be all right?

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OK. So, as you come in,

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you've got a reception room on either side of the hallway.

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Nice-sized room. Stairs going up to the bedrooms,

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which I'll have a look at in a minute.

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And on the other side of the hallway,

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you've got this reception room as well.

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Nice and spacious. They sort of mirror each other,

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so you could choose which one you wanted to be your best, so to speak.

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Two good-sized rooms. Follow me into the last room,

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which is the kitchen and the dining room.

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And as soon as you come in, you can see this damage in the corner.

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This is damp - bit of water, bit of moisture.

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Somebody's already started to investigate that

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and that mould seems quite fresh, actually.

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So, find out what's causing that mess.

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But I do like the size of this room.

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There's loads of stuff you can do with this.

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It looks a bit of a mess at the moment.

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I'd rip it out, I'd start again.

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# Oh, my love

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# I wish that we could start all over... #

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Kitchen/diner aside, so far,

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the house seems to be in pretty good order, but quite dated.

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Upstairs is more the same -

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some big bedrooms that just need some TLC.

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I'm going to gamble and say this is the master.

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Follow me into here.

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And look at all the space you've got in here!

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Two windows either end. Loads of light coming in.

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Plenty of space. A lot of mould in this corner.

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I'm pretty certain this is just on the surface.

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This place has been locked up,

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there's been no flow of air, you've had stagnant air in here,

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so I think that's been created by that.

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So, I'm not too concerned, but get it checked out anyway.

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You've got all this space in here. You have got a family bathroom.

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Could you put an en-suite in here?

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Of course you could. Plenty of space in here to do that.

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You could actually put an en-suite into one of the other bedrooms

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as well, or even both, there's that much space up here. You know what?

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I love it when you've got potential,

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because the ideas just start to flow.

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# Aha-aha-ah

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# And everything will flow

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# Aha-ah... #

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One area of the property that could flow better is outside.

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There's off-street parking, which is a must,

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cos you're right next to a busy road,

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but the tatty outbuildings might have to go.

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And this property keeps on giving.

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Hold it a minute. Let me get up these stairs. Look at this.

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I've got to show you this.

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This back garden goes back for miles.

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You can't see it because there's an Amazon jungle in front of me

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and I'm not going to tackle it.

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And I'm getting inside as well cos it's raining, but it's massive.

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# I hate days like this

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# When it rain and rain It rain and rains

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# When it rain and rain It rain and rains... #

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Apart from the busy main road, there are obviously no dark clouds

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over this property that I can see.

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It's detached, really spacious inside and out,

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and for what I think is an amazingly attractive guide price

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of 60 to 65 grand.

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An agent from the auction house who sold it

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had some pretty positive thoughts too.

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There's lovely little walks opposite.

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You've got the Black Mountains in front of you.

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We're on a busy road, but also it's on a bus route,

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so you've got the best of both worlds here really.

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And what is the best price this house,

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guided at 60 to 65 grand,

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could expect to achieve on the sales market?

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If the property came back onto the market

0:17:120:17:14

after it had been refurbished,

0:17:140:17:15

it should fetch between £140,000 and £150,000.

0:17:150:17:18

You know what? It's very rare I go into a house and I say to myself,

0:17:200:17:23

"Well, the proportions are right and all the rooms are good sizes."

0:17:230:17:26

But with this project, they are.

0:17:260:17:28

Let's find out what happened when it went under the hammer.

0:17:280:17:30

A lot of property for the money, folks.

0:17:320:17:34

£60,000 if you will.

0:17:340:17:36

Thank you, sir. I'll take yours at £60,000.

0:17:360:17:38

61. Is that a bid, sir?

0:17:380:17:39

OK, I'll take yours. 61. I've seen a hand as well.

0:17:390:17:41

I'll come back to you, though, sir. 62, then. 62. 63.

0:17:410:17:45

There were quite a few people interested in this lot,

0:17:450:17:48

so we rejoin the bidding way above the guide price at £84,500.

0:17:480:17:54

It's 84 and a half. My friend on the third row.

0:17:540:17:56

84 and a half. 85.

0:17:560:17:58

Going to come back for one more? He's back in. Thank you, sir. 85.

0:17:590:18:02

Sure you won't go one more for me, sir? 85 and a half?

0:18:020:18:05

85 and a half. Thank you, sir. 86.

0:18:060:18:10

Shake of the head. £86,000 anywhere else?

0:18:100:18:13

Or are we all done? Fair warning.

0:18:130:18:16

Yours, sir. Very well done.

0:18:160:18:18

Looking pleased at that 85,500 purchase

0:18:180:18:21

were Angela and husband Itzhak.

0:18:210:18:24

Itzhak used to work in the diamond business

0:18:250:18:27

and Angela is an energy healer and studies hypnotherapy.

0:18:270:18:32

# Baby, you hypnotise... #

0:18:320:18:37

I met them to find out what kind of therapy

0:18:370:18:39

they had in mind for this house.

0:18:390:18:41

# Hypnotise... #

0:18:410:18:44

-Angela, nice to meet you.

-Hi.

-Itzhak, nice to meet you too.

0:18:440:18:47

-Nice to meet you too.

-Let's go to the beginning.

0:18:470:18:50

How did you two meet, first and foremost?

0:18:500:18:53

-Ooh.

-Ooh.

-THEY LAUGH

0:18:530:18:54

-OK.

-Well, it's probably a little bit unusual.

0:18:540:18:57

We actually met five and a half years ago online,

0:18:570:19:00

on a hypnotherapy forum.

0:19:000:19:03

-No!

-Yes. Yes.

0:19:030:19:06

And he joined it and I said to my friends, I said,

0:19:060:19:09

"It's so strange, but I feel I know him."

0:19:090:19:12

And they said, "What do you mean, know him?

0:19:120:19:14

"I mean, he lives thousands of miles away."

0:19:140:19:16

I said, "Yeah, but I know him. I don't know why, but I know him."

0:19:160:19:19

So, why thousands of miles away?

0:19:190:19:21

Cos I was living in Israel at that time

0:19:210:19:24

and she was in the UK.

0:19:240:19:27

You know, just on an online forum,

0:19:270:19:30

-it's just like talking to your neighbours.

-No way!

-Yes.

0:19:300:19:32

So, she sent me a friend request. I accepted, I saw a nice girl

0:19:320:19:37

and a day later, she says, "I know you."

0:19:370:19:42

"Ooh, you know me? Really? Where from?"

0:19:420:19:45

And then she said...

0:19:450:19:47

You know, she just talked about this past life regression

0:19:470:19:51

and all kinds of things like this, and it was fascinating to listen.

0:19:510:19:55

And then she told me in which past life she met me exactly.

0:19:550:19:59

THEY LAUGH

0:19:590:20:02

-So, that was...

-Oh, wow! That's incredible.

0:20:020:20:05

# It all works out in the end... #

0:20:050:20:08

Angela wasn't kidding when she said it was unusual,

0:20:080:20:11

but it's nice to see they found each other.

0:20:110:20:13

# Ah, but in another life... #

0:20:130:20:17

They've been married for three and a half years

0:20:170:20:19

and this will be their second renovation together.

0:20:190:20:22

But why this house?

0:20:220:20:23

-We loved it, both of us. Yeah.

-Yeah, the space, the feeling.

0:20:250:20:29

You know, nothing fazed us or put us off, because we...

0:20:290:20:32

-The mould and the damp didn't...

-No, it didn't bother us.

0:20:320:20:35

..deter us in any way because we thought it can be sorted out.

0:20:350:20:38

And we loved the three double bedrooms over there.

0:20:380:20:42

Three lovely, double, huge bedrooms.

0:20:420:20:44

-The family bathroom, as well, is a decent size, isn't it?

-Yes, it is.

0:20:440:20:47

There seems to be a lot of floor space everywhere.

0:20:470:20:49

-Are you changing that layout at all?

-Er, well...

0:20:490:20:53

-Keep the layout, but...

-..a little bit because,

0:20:530:20:55

in the master bedroom up there, I'm going to put a lovely en-suite.

0:20:550:21:01

Good man. That was my next question.

0:21:010:21:03

-Yeah, it's just asking for it, basically.

-Yes, yes.

0:21:030:21:06

And in the main bathroom upstairs, it's a lovely size, as you said,

0:21:060:21:10

but it's a bit dark for my taste.

0:21:100:21:14

So, we're going to open up a new window there

0:21:140:21:18

-to bring in more light...

-OK. That's good.

0:21:180:21:20

..and change everything there. Everything ultra-modern.

0:21:200:21:23

-Everything spacious.

-Yeah, brilliant.

0:21:230:21:25

What about down here? Cos there's a lot of space down here too.

0:21:250:21:28

The whole kitchen is going to be changed -

0:21:280:21:30

completely new, modern.

0:21:300:21:32

-Erm...

-Then there's the door.

-..nice flooring.

0:21:320:21:34

Open a door here and create a little utility room

0:21:340:21:39

with a ground-floor toilet.

0:21:390:21:41

Steal a little bit from the other reception room

0:21:410:21:45

and create that, because there are two reception rooms.

0:21:450:21:47

So, if I steal a little bit from it, nothing drastic will happen.

0:21:470:21:51

-It won't be missed.

-It won't be missed. Exactly.

0:21:510:21:54

You know, are you going to get somebody in to do that for you?

0:21:540:21:56

Yeah, absolutely. I'm in the process of interviewing various builders.

0:21:560:22:02

Interviewing. I like that. Interviewing! I like that!

0:22:020:22:05

Yes, because it's extremely important who is doing the job,

0:22:050:22:09

and that we think along the same lines,

0:22:090:22:12

you know, and we think alike and everything.

0:22:120:22:14

So, I haven't finished that process.

0:22:140:22:16

You mentioned quite a lot of things that you want to do here.

0:22:160:22:19

What's your budget for all the work?

0:22:190:22:22

-Erm, around 35,000...

-OK.

-..with a little contingency.

0:22:220:22:26

-Just in case.

-You know, like, maybe 10%, just in case.

0:22:260:22:29

And how long is it going to take you to do the work?

0:22:290:22:31

Around ten to 12 weeks.

0:22:310:22:34

Now, is this something that you want to continue doing?

0:22:340:22:37

We are... Yes, I definitely want to continue this...

0:22:370:22:41

-Yeah.

-..because it gives me...

-It's enjoyable.

0:22:410:22:44

-..a lot of enjoyment and satisfaction.

-OK.

0:22:440:22:47

-Yeah, and we'll see how it goes after we sell it.

-OK.

0:22:470:22:50

And then we continue.

0:22:500:22:52

So, when we come back and you're finished -

0:22:520:22:55

three months, four months, whatever it may be -

0:22:550:22:57

what can we expect?

0:22:570:22:58

When we walk through the door, what will we see?

0:22:580:23:00

You're going to expect a house

0:23:000:23:02

that you would love living there yourself.

0:23:020:23:05

-I can promise you that.

-What more can you say?

0:23:060:23:08

-Angela, good luck. Hope it works out for you.

-Thank you.

0:23:080:23:10

-Itzhak, good luck.

-Thank you so much. Thank you. All the best.

0:23:100:23:13

What an amazing couple they are and what a beautiful story

0:23:150:23:19

about how they came together to meet each other.

0:23:190:23:21

But now the hard work starts and they need some help.

0:23:210:23:25

So, Itzhak, as we've heard, is going to be grilling builders,

0:23:250:23:28

but will he find the right person to do the job?

0:23:280:23:31

You can find out how he gets on later in the programme.

0:23:310:23:34

Coming up - this property in Thornton Heath

0:23:340:23:37

in the Borough of Croydon is a downstairs disaster.

0:23:370:23:40

So, can it get much worse upstairs?

0:23:400:23:42

Yeah.

0:23:430:23:44

And Itzhak and Angela have had to do the works

0:23:460:23:48

in the Amman Valley, Wales.

0:23:480:23:50

What we've done here is basically everything.

0:23:500:23:54

-MARTEL:

-We head back to the seaside now

0:23:580:24:01

and the village of Dymchurch in Kent.

0:24:010:24:03

Half a mile from the coast is where I found

0:24:030:24:06

this three-bedroom, detached bungalow

0:24:060:24:08

that had a guide price of £220,000 to £225,000-plus.

0:24:080:24:14

This property was spacious and light.

0:24:140:24:16

Yes, it was a little bit dated, but with such big proportions,

0:24:160:24:21

not to mention a conservatory and garage, I was very impressed.

0:24:210:24:26

Bungalows usually prove popular with buyers,

0:24:260:24:28

so it was no surprise that it sold for £246,000.

0:24:280:24:33

Sold, sir, 246,000.

0:24:330:24:35

The successful bidders were friends and first-time business partners

0:24:370:24:41

Chris and Andy.

0:24:410:24:43

Chris and Andy worked together as police officers,

0:24:430:24:45

but with Chris recently retiring,

0:24:450:24:48

they decided to dive in to the property market

0:24:480:24:51

and Chris thought he'd bagged a winner.

0:24:510:24:53

# Call the police

0:24:540:24:56

# Hurry, hurry! Won't you call the police? #

0:24:560:24:59

And, in some ways, it's a safe bet, because there's no damp,

0:24:590:25:02

it's structurally fine,

0:25:020:25:04

you know, it's quite easy to do in some respects.

0:25:040:25:07

# Famous last words

0:25:070:25:09

# Yeah, yeah, yeah Famous last words... #

0:25:100:25:15

Well, that might have been tempting fate.

0:25:150:25:17

As we all know, the property game does throw up the unexpected,

0:25:170:25:21

but they had spotted a way to add value.

0:25:210:25:24

Potentially, looking at, subject to agreement and discussion,

0:25:240:25:28

using the garage as an extension to the building

0:25:280:25:32

and perhaps making the main bedroom bigger

0:25:320:25:34

and having an en-suite off of that.

0:25:340:25:37

As well as extending into the garage,

0:25:370:25:39

they wanted to open up the kitchen

0:25:390:25:41

to create a more open-plan living area.

0:25:410:25:44

They had a budget of 15 to 20 grand for the project

0:25:440:25:47

and hoped to complete it within four to five months.

0:25:470:25:51

# Please won't you call the police? #

0:25:510:25:55

SIREN BLARES

0:25:550:25:59

So, ten months later, we returned to find out how their efforts rank.

0:25:590:26:04

By knocking down walls, as well as removing a chimney stack,

0:26:190:26:22

they've been able to open up the kitchen,

0:26:220:26:25

creating a lovely breakfast area that leads into the living space

0:26:250:26:29

through really attractive French folding doors.

0:26:290:26:32

And, true to their words, they've extended into the garage

0:26:340:26:38

by taking space from the old master bedroom.

0:26:380:26:41

They've created a corridor that leads to the new,

0:26:410:26:44

enormous master bedroom, complete with modern en-suite.

0:26:440:26:48

So, what was once a three-bed, one-bathroom property

0:26:500:26:54

is now a four-bed, two-bathroom property.

0:26:540:26:57

The family bathroom is now modern and fresh and bigger.

0:26:590:27:04

The entire property has been replastered, rewired, repainted...

0:27:070:27:12

..new central heating, new boiler - new everything!

0:27:160:27:19

Having used the existing garage to create an extra bedroom,

0:27:220:27:26

they decided to build an extension to create a new garage.

0:27:260:27:29

Now, THAT'S going the extra mile.

0:27:290:27:32

They really have made the most of this property,

0:27:320:27:35

executing practical and well-thought ideas

0:27:350:27:38

to make a modern, bright, and very appealing home.

0:27:380:27:43

But was it as easy as Chris thought it would be?

0:27:430:27:46

We haven't had any major problems, to be honest.

0:27:460:27:50

It's been a steep learning curve

0:27:500:27:51

because we didn't know any tradespeople -

0:27:510:27:54

only that you would find from perhaps the internet or whatever.

0:27:540:27:58

So, that was quite hard to start with,

0:27:580:28:01

but we got in amongst the local tradespeople

0:28:010:28:04

and we found some good ones.

0:28:040:28:05

We've project-managed it on a day-to-day basis

0:28:050:28:08

in relation to who we've had come in.

0:28:080:28:11

Builders... You know, materials, collecting materials,

0:28:110:28:13

making sure people have got the right stuff to get going.

0:28:130:28:16

Done most of the labouring, as well...

0:28:160:28:18

..as well as, you know, the first fix on the electrics.

0:28:200:28:23

-Laid all the floor.

-Laid all the floor, yeah.

0:28:230:28:26

Skirting's laid. You know, pretty much done by myself.

0:28:260:28:29

I'm not the most handy of people,

0:28:290:28:31

so he certainly didn't expect that of me.

0:28:310:28:35

But I think the partnership has worked out quite well in that

0:28:350:28:40

because, then again, he's not got to worry about me interfering.

0:28:400:28:43

But I was able to pay the bills when they were needed.

0:28:450:28:48

So, no good cop, bad cop here.

0:28:480:28:50

Just, er, good cop, good cop.

0:28:500:28:52

But with so much work done,

0:28:540:28:56

how's that 15 to 20 grand budget looking?

0:28:560:29:00

We've added the extension, which was quite a large expense,

0:29:000:29:04

and also we've gone for a high-end finish.

0:29:040:29:07

And I think, as we stand now,

0:29:070:29:10

although I'm waiting for a final request for money from Chris

0:29:100:29:16

for the last few bits that he's spent,

0:29:160:29:18

I think we've spent about 50,000 to 55,000.

0:29:180:29:21

We estimated three to four months.

0:29:210:29:23

It's turned out it's taken seven months

0:29:230:29:26

to actually get to this standard.

0:29:260:29:28

So, yeah, another thing we've learned -

0:29:280:29:31

-it takes longer than you think.

-I think Chris has done a great job

0:29:310:29:35

in what he's done and managing all the trades.

0:29:350:29:38

Got a good finish and, as ever, it costs more, takes longer,

0:29:380:29:42

but I think we expected that from the beginning really.

0:29:420:29:45

So, all in all, they've invested a total of £301,000

0:29:470:29:52

on their first property project.

0:29:520:29:54

But has it been a wise investment?

0:29:540:29:57

We asked two local estate agents to take a look

0:29:570:29:59

and give us their opinions.

0:29:590:30:02

The property's been renovated to an excellent standard.

0:30:020:30:04

They've extended it.

0:30:040:30:07

It's modernised throughout

0:30:070:30:08

and it suits sort of modern trends, as well.

0:30:080:30:11

So, it looks great and I think it will be very popular.

0:30:110:30:14

The standard of the finish, I think, is brilliant.

0:30:140:30:16

I can't see much where he hasn't not done anything to a great standard.

0:30:160:30:22

It all looks immaculate to me and I think it's fantastic.

0:30:220:30:25

The selling points, without a doubt, is the space, the standard,

0:30:250:30:29

the amount of parking it's got.

0:30:290:30:31

It's the full package here.

0:30:310:30:33

They seem more than a little keen, so let's get down to it, shall we?

0:30:330:30:37

Valuations, please!

0:30:370:30:39

Having had a chance to look around the property,

0:30:390:30:42

I would recommend marketing at £350,000.

0:30:420:30:47

And as for rental, I would recommend £1,000

0:30:470:30:51

to £1,100 per calendar month.

0:30:510:30:54

The retail price on this property would be between £350,000

0:30:540:30:58

to £375,000.

0:30:580:31:00

And as far as rentals are concerned, I think you'd be looking at £1,000,

0:31:000:31:04

or thereabouts, per calendar month.

0:31:040:31:06

That top rental figure would equate to around a 4.5% yield,

0:31:080:31:13

and that higher valuation of £375,000

0:31:130:31:17

would mean a pre-tax profit of 74 grand,

0:31:170:31:21

which is a very healthy number indeed.

0:31:210:31:23

So, with their first property under their belt,

0:31:250:31:27

will they be investing again?

0:31:270:31:29

Yeah, I think we'd definitely consider buying one again.

0:31:300:31:33

Yeah, I would like to do another one, do at least one more,

0:31:330:31:36

and see how we get on and...

0:31:360:31:38

-Have a rest first.

-Yeah, definitely.

0:31:380:31:41

South London now and Thornton Heath in the Borough of Croydon.

0:31:450:31:49

It is a popular area,

0:31:490:31:51

notable for its predominantly Victorian buildings,

0:31:510:31:55

including some handsome churches,

0:31:550:31:57

and it's fairly well connected to the city by bus or train.

0:31:570:32:00

Well, Thornton Heath is a deservedly popular spot.

0:32:030:32:08

So, £300,000 as a guide price for a three-bed mid-terrace

0:32:080:32:13

sounds definitely worth investigating.

0:32:130:32:16

It is a classic case though of definitely being

0:32:160:32:19

the worst house on a nice street.

0:32:190:32:22

But as we know, that is a good thing.

0:32:220:32:25

-# A good thing

-Yeah, yeah, yeah

0:32:260:32:28

-# A good thing

-Come on, baby... #

0:32:280:32:31

Actually, before we look inside, come and have a look at this,

0:32:350:32:38

because as I was walking down the path there, I noticed this tree.

0:32:380:32:41

Look how close that is to the fabric of the building.

0:32:410:32:45

That is not good news at all.

0:32:450:32:47

Who knows what sort of damage that's done to the foundations?

0:32:470:32:50

I think you can't just take it away because that would then die

0:32:500:32:54

and potentially the roots would cause even more problems.

0:32:540:32:58

It's just a... It needs a specialist to look at that.

0:32:580:33:01

What's the actual house itself like?

0:33:010:33:03

Well, er, first glance,

0:33:030:33:06

it's a little bit tired, shall we say?

0:33:060:33:08

"In need of a little bit of sprucing up,"

0:33:080:33:11

he says, massively understating.

0:33:110:33:14

Let's just look at the size of the rooms, though. Really good.

0:33:140:33:16

You've got your living room here - big, big, big space.

0:33:160:33:20

And I don't know why - I guess that's the little bay area

0:33:200:33:23

where the tree's on the other side of -

0:33:230:33:25

but rather than being the sort of traditional bay-window shape,

0:33:250:33:28

this square shape, it just gives a really nice size to this room.

0:33:280:33:32

So, that's a good start.

0:33:320:33:34

Fairly dilapidated though, isn't it?

0:33:340:33:37

Definitely in need of tender loving care.

0:33:370:33:40

Back into the little corridor area.

0:33:400:33:42

You've got a rear sitting room there.

0:33:420:33:44

Quite nice space. Some nice stained glass at the end.

0:33:440:33:47

Again, really good size.

0:33:470:33:49

And then it all starts to go a bit wrong,

0:33:490:33:51

which is where we start thinking about removing some kind of...

0:33:510:33:54

Oh, I don't know. Some of these walls, basically.

0:33:540:33:56

Under the stairs, a bit of storage.

0:33:560:33:58

-And you're going to love this room.

-HE CHUCKLES

0:33:580:34:01

The kitchen.

0:34:010:34:02

Just feast your eyes on this. Lovely!

0:34:040:34:08

# Yum, yum, yummy Got love for my tummy

0:34:080:34:11

# Yum, yum, yummy Got love from your honey

0:34:110:34:14

# One man's leftovers is another man's feast... #

0:34:140:34:20

Yes, you could have a lot on your plate if you took this house on.

0:34:200:34:24

The renovation costs could be hard to stomach,

0:34:240:34:27

but I've not been put off. Let's look upstairs,

0:34:270:34:30

although I could probably manage that from here!

0:34:300:34:33

So, can it get much worse upstairs?

0:34:360:34:38

Well, er...

0:34:380:34:39

-..yeah.

-HE CHUCKLES

0:34:430:34:45

I think it can! Look at that bathroom!

0:34:450:34:47

I'm not even going to go in there.

0:34:470:34:49

You can actually see daylight through the floor.

0:34:490:34:52

Corresponds with the huge great hole

0:34:520:34:54

in the ceiling downstairs in the kitchen.

0:34:540:34:56

So, that really is a terrible state, as are the bedrooms.

0:34:560:35:00

But anyway, forgetting the condition,

0:35:000:35:03

cos I think you have to at this stage with this property,

0:35:030:35:06

you're just looking at the size of the rooms

0:35:060:35:08

and what you've got to play with, and I really like it.

0:35:080:35:10

It's odd, isn't it? You know, you go to a house like this and go,

0:35:100:35:13

"I really like this place."

0:35:130:35:14

It's good-sized rooms. I like the layout.

0:35:140:35:17

You know, the location's pretty spot-on.

0:35:170:35:18

Yes, it's in a right state. You don't know what you're going to find

0:35:180:35:21

when you start taking up carpets and stuff like that. Clearly, you're going to have to replace

0:35:210:35:25

things like the radiators and all the central heating, but intrinsically,

0:35:250:35:28

there's an opportunity here to put a lot of value into this property

0:35:280:35:32

and that is a developer's dream.

0:35:320:35:36

# I had a bad, bad dream last night... #

0:35:360:35:42

I don't think I'd want to take 40 winks here any time soon,

0:35:430:35:47

but it's time to stop hitting the snooze button

0:35:470:35:49

and wake this property up into the family home it should be.

0:35:490:35:52

Let's see if the garden lends itself just as well to family living.

0:35:540:35:58

Well, it's a bit of a blessing to come out of the property... Eugh!

0:36:000:36:03

..into the rear garden, if you can find it.

0:36:030:36:05

Again, major tree issues going on.

0:36:050:36:08

So, you're going to have to have these taken out.

0:36:080:36:10

Of course, the issue with that is, how do you get rid of the stuff that you chop out?

0:36:100:36:13

It's going to have to all go through the house.

0:36:130:36:15

The downstairs loo...

0:36:150:36:17

-HE CHUCKLES

-Downstairs loo! The outside loo there.

0:36:170:36:19

And, you know, another example, from the outside,

0:36:190:36:22

of quite what a state this property is in,

0:36:220:36:24

but we've already established that.

0:36:240:36:25

It is what it is and it doesn't detract from the fact

0:36:250:36:28

I think it is still a brilliant project.

0:36:280:36:30

And as I said, the worst house on a good street,

0:36:340:36:37

so it'll be useful to find out more about the area generally.

0:36:370:36:41

We invited a local estate agent along to tell us more.

0:36:410:36:44

The area that we're in at the moment is classed as Thornton Heath.

0:36:460:36:48

However, it borders Norbury.

0:36:480:36:50

Thornton Heath is a CR postcode, being Surrey,

0:36:500:36:54

whereas Norbury is a London postcode, being SW16,

0:36:540:36:58

which makes it quite appealing,

0:36:580:36:59

because it's on the border of a more expensive area.

0:36:590:37:03

What about the house itself?

0:37:030:37:05

Well, it's a bit of a disaster, isn't it?

0:37:050:37:07

I mean, the situation with the trees at the front

0:37:070:37:10

is particularly a problem as far as mortgage capability is concerned.

0:37:100:37:14

No doubt the new investors are going to remove those trees

0:37:140:37:17

and refurbish throughout, including rewire,

0:37:170:37:20

new central heating, new windows.

0:37:200:37:22

In fact, there's not much that doesn't need doing here.

0:37:220:37:24

Could it all be worth it in the end,

0:37:260:37:28

bearing in mind the guide price is 300,000?

0:37:280:37:31

What kind of figure could the house achieve

0:37:310:37:33

on the sales market once renovated?

0:37:330:37:36

Once this property is refurbished,

0:37:360:37:38

its value is in the region of £475,000.

0:37:380:37:42

Well, possibly not a project for a property-developing novice,

0:37:420:37:47

but a house with lots of potential, I think,

0:37:470:37:50

if you can see through the state it's in,

0:37:500:37:53

look at where it's located and the value you can add.

0:37:530:37:56

Yeah, a good one. Let's see who bought it when it went under the hammer.

0:37:560:37:59

Well, we filmed the auction on the day, but unfortunately,

0:38:010:38:03

we don't have footage for this particular lot.

0:38:030:38:06

However, it sold for 370,000.

0:38:060:38:09

And Fiona, who works for a development company,

0:38:110:38:14

has come along to tell us about the plan for this house.

0:38:140:38:18

-Fiona, lovely to meet you.

-Hey.

-Congratulations.

0:38:180:38:21

Er, you've got your work cut out a bit with this place, then?

0:38:210:38:24

Yeah, just a little bit.

0:38:240:38:26

Tell me why you wanted to buy this house though.

0:38:260:38:28

Erm, I felt like it had the most scope

0:38:280:38:30

of some of the other houses that we had seen,

0:38:300:38:33

and I wanted to offer a family home back to somebody,

0:38:330:38:35

as opposed to the average two-up, two-down.

0:38:350:38:37

-OK. So, the idea being to do it up and sell it on, then?

-Yeah.

0:38:370:38:40

-So, you were looking for something that definitely needs a bit of work?

-Yeah.

-You've certainly found it!

0:38:400:38:45

Tell me about you. Is this something you do all the time or what?

0:38:450:38:47

-Now, yes.

-Right.

0:38:470:38:49

So, I gave up my job to do this instead.

0:38:490:38:52

-Oh, wow!

-Just, yeah...

-When?

0:38:520:38:55

-Erm, a month ago.

-Oh, wow! What were you doing?

0:38:550:38:58

I was a teaching assistant in a local school.

0:38:580:39:01

And what made you suddenly decide to jack in that job and start on this?

0:39:010:39:06

Well, my family's done it for many years.

0:39:060:39:08

They've bought and built either from scratch or done up, sold on.

0:39:080:39:11

-And you?

-No, this is my first one.

-A brave move, though.

-Yeah.

0:39:110:39:16

-Hopefully, the right one.

-Yeah. Well, how do you feel at the moment?

0:39:160:39:19

-Nervous.

-Nervous?

-But excited.

-Yeah. What's the worst-case scenario?

0:39:190:39:24

-That me and my family have to move in here.

-Right, OK.

0:39:240:39:29

I don't think Fiona's three kids would thank her for that.

0:39:290:39:32

So, there's a lot to play for on her first project

0:39:320:39:36

and a lot to do.

0:39:360:39:38

What needs to be done with the place?

0:39:380:39:40

So, clearly, it needs a complete gutting

0:39:400:39:42

and then we have to do the double glazing,

0:39:420:39:45

rewiring, central heating.

0:39:450:39:48

Going to knock down a couple of walls

0:39:480:39:50

-and create a kitchen/diner.

-OK.

0:39:500:39:52

Fix some floors, some ceilings, roof.

0:39:520:39:55

There are some nice original features.

0:39:550:39:57

Are you planning to keep many of those, if you can?

0:39:570:39:59

We want to keep as many as possible. So, some of the coving,

0:39:590:40:03

some of the skirting boards are really nice.

0:40:030:40:05

Some things, we might have to lose, but we want to keep as much as possible.

0:40:050:40:08

Well, that's nice to hear. And, obviously,

0:40:080:40:09

one room that's going to need a lot of attention is the bathroom.

0:40:090:40:12

-What are you going to do with that?

-Well, first, probably a new floor,

0:40:120:40:16

so we can actually get into the bathroom,

0:40:160:40:18

and then gut the whole thing and eventually get a bath and a shower.

0:40:180:40:23

Cos there's an immersion heater in there, I believe,

0:40:230:40:25

-that we want to get rid of.

-Yeah.

-Put a shower in there.

0:40:250:40:27

What about the tree?

0:40:270:40:28

Cos, obviously, the tree at the front is a bit of a worry, isn't it?

0:40:280:40:31

Yeah. So, we've spoken to some horticulturists,

0:40:310:40:35

who've said it's fine to take them down.

0:40:350:40:37

They'll take them down, so...

0:40:370:40:38

And do you know if it's done much damage

0:40:380:40:40

-to the foundations and things?

-It doesn't appear to have done,

0:40:400:40:43

but we have to take it down in stages.

0:40:430:40:45

Not all trees cause issues and it's always best to take advice,

0:40:450:40:49

just in case you make matters worse

0:40:490:40:51

by changing the ground conditions too much too quickly.

0:40:510:40:54

What about the garden at the back? Cos, obviously, you can't see it at the moment,

0:40:540:40:57

but presumably, there is one out there.

0:40:570:41:00

Once the trees have gone, I believe it's quite a good size.

0:41:000:41:03

-Yeah.

-But they'll be done at the same time.

0:41:030:41:06

Quite a list of works, but Fiona has a pretty generous budget

0:41:070:41:11

of 60,000 to get it done,

0:41:110:41:13

and has a trusty team of family-recommended builders

0:41:130:41:16

ready to start on the project.

0:41:160:41:19

And judging by the time scales,

0:41:190:41:21

the former teaching assistant knows a thing or two about timetables.

0:41:210:41:26

I want it done in 12 weeks.

0:41:260:41:28

-Oh, wow! OK.

-And I'm pushing for it to be done in 12 weeks.

0:41:280:41:31

-And then on the market and onto the next one?

-Yeah.

0:41:310:41:33

Literally, at the end of the third month,

0:41:330:41:35

-it needs to be up.

-And in terms of doing this again,

0:41:350:41:38

I mean, are you going to wait and see how this one goes,

0:41:380:41:41

or do you think this is the start of something big?

0:41:410:41:43

Erm, I'm ready for the next one.

0:41:430:41:45

-Already?

-Yeah. I enjoyed the whole auction and...

0:41:450:41:47

-Did you?

-Yeah. My mum used to be an auctioneer.

0:41:470:41:50

-Oh, did she?

-Not for property, but...

0:41:500:41:51

-So, I was always kind of behind the stage, listening to her.

-Oh.

0:41:510:41:55

So, it was weird being on the other side.

0:41:550:41:58

-Yeah.

-And I was shaking. I couldn't... The adrenaline...

0:41:580:42:02

I couldn't cope at all with it. At the moment, it's exciting,

0:42:020:42:04

-but ask me again in five years.

-Well, yeah.

0:42:040:42:06

-From your yacht in the Bahamas or wherever.

-Well, exactly.

0:42:060:42:09

What kind of involvement are you going to have on a day-to-day basis?

0:42:090:42:12

Are you going to be marshalling the troops,

0:42:120:42:14

or getting your hands dirty, or what?

0:42:140:42:16

-Not getting my hands dirty.

-Right.

0:42:160:42:19

But I'll definitely be here and around.

0:42:190:42:22

-Great.

-Randomly calling.

-Randomly calling,

0:42:220:42:26

just to check they're doing what they're supposed to be doing.

0:42:260:42:28

Oh, that's funny. Good. Well, congratulations.

0:42:280:42:31

Good luck. I look forward to seeing how you get on.

0:42:310:42:33

Thank you very much. HE CHUCKLES

0:42:330:42:35

Well, former teaching assistant Fiona

0:42:350:42:38

certainly seems to have done her homework on this one.

0:42:380:42:41

Has she got the maths right though?

0:42:410:42:44

60 grand? Well, it seems OK to me.

0:42:440:42:46

Will it be an A-plus conversion?

0:42:460:42:48

You can find out when we return later in the show.

0:42:480:42:52

Well, earlier on, we saw how one of our developers got on.

0:42:550:42:58

What about the other two?

0:42:580:42:59

Yes, would they have fared any better?

0:42:590:43:01

Well, let's wait no longer to find out.

0:43:010:43:03

We head back to the south-west of the Brecon Beacons,

0:43:050:43:08

near to the village of Glanamman.

0:43:080:43:10

It was along this busy road I looked around this three-bed,

0:43:130:43:16

detached property that had a guide price of 60 to 65 grand.

0:43:160:43:20

Two nice-sized reception rooms either side of the front door,

0:43:220:43:25

but it was in the open-plan dining/kitchen area

0:43:250:43:28

that an all-too-common issue emerged.

0:43:280:43:31

As soon as you come in, you can see this damage in the corner.

0:43:310:43:35

This is damp, a bit of water, bit of moisture.

0:43:350:43:39

Somebody's already started to investigate that,

0:43:390:43:43

and that mould seems quite fresh.

0:43:430:43:47

-# Oh, no, not you again

-Oh, no, not you again

0:43:470:43:50

# I've paid you already too much times ten... #

0:43:500:43:54

Despite the damp problems, this property had bags of potential

0:43:540:43:58

thanks to its impressive proportions throughout.

0:43:580:44:01

Could you put an en-suite in here?

0:44:010:44:03

Of course you could. Plenty of space in here to do that.

0:44:030:44:06

You could actually put an en-suite into one of the other bedrooms

0:44:060:44:09

as well, or even both, there's that much space up here.

0:44:090:44:11

There were plenty of interested bidders on auction day,

0:44:130:44:16

but there can only be one winning bid...

0:44:160:44:19

Yours, sir. Very well done.

0:44:190:44:21

..which went to husband and wife team Angela and Itzhak.

0:44:210:44:25

This would be their second renovation project,

0:44:260:44:29

and with plans to alter the layout and add an en-suite,

0:44:290:44:32

Itzhak wasn't taking any chances.

0:44:320:44:35

I'm in the process of interviewing various builders.

0:44:350:44:40

Interviewing. I like that. Interviewing! I like that!

0:44:400:44:43

Yes, because it's extremely important who is doing the job

0:44:430:44:46

and that we think along the same lines,

0:44:460:44:50

you know, and we think alike and everything.

0:44:500:44:52

The careful couple had a time frame of ten to 12 weeks

0:44:530:44:56

and a budget of 35 grand to get this property

0:44:560:44:59

up and ready for the sales market.

0:44:590:45:01

Well, it's now six months later and we've returned to Wales

0:45:050:45:08

with our fingers crossed.

0:45:080:45:10

Wow! This kitchen/diner is now ultra slick and modern.

0:45:220:45:27

That mould and damp is nowhere to be seen.

0:45:270:45:30

A door has been created to the side of the kitchen

0:45:310:45:34

that leads to a very handy downstairs toilet.

0:45:340:45:37

As for those previously dull and dated reception rooms...

0:45:390:45:42

..by making the second reception room smaller,

0:45:510:45:54

they could create space for that toilet.

0:45:540:45:56

And upstairs, the creative and practical ideas continue.

0:45:580:46:02

A stunning en-suite has been added to the master bedroom,

0:46:070:46:10

making use of that dead space.

0:46:100:46:12

Each bedroom is looking fantastic with new carpets, walls,

0:46:140:46:19

and a lovely finish runs throughout the whole property.

0:46:190:46:22

The family bathroom is entirely new...

0:46:280:46:31

..and they've cleverly created an extra window,

0:46:320:46:34

making it so much brighter.

0:46:340:46:36

Outside, and they've done away with those outbuildings

0:46:430:46:46

to create space for two cars, which, on such a busy main road,

0:46:460:46:50

is an invaluable asset.

0:46:500:46:52

The garden is still a work in progress,

0:46:520:46:54

but it's not a jungle any more and it's a fantastic sight.

0:46:540:46:57

Itzhak and Angela have obviously really thought about

0:47:000:47:04

how to improve this property and it shows.

0:47:040:47:07

They have done absolutely everything here

0:47:070:47:09

to create a wonderful family home.

0:47:090:47:11

It must have been all those builders you interviewed, hey, Itzhak?

0:47:110:47:15

So, I interviewed several.

0:47:150:47:19

A time well invested, well worth it for me, basically. Yeah, so...

0:47:190:47:24

What we've done here is basically everything.

0:47:240:47:29

We changed the kitchen. We changed the bathroom.

0:47:290:47:34

-En-suite.

-Created an en-suite, created a ground-floor toilet.

0:47:340:47:39

-New windows.

-New, double-glazed windows.

0:47:390:47:44

New flooring. New carpets.

0:47:440:47:47

Rewiring the whole house.

0:47:470:47:49

Re-plumbing.

0:47:490:47:52

Obviously, new bathroom suites, as well.

0:47:520:47:54

-Everything is just all new, isn't it?

-Yeah.

0:47:540:47:56

-Fantastic tiles in the bathrooms and kitchen.

-Yes.

0:47:560:48:00

And I really splashed out some money on those

0:48:000:48:02

because I said, I said, "Yeah, let's make it nice."

0:48:020:48:06

So, no expense spared,

0:48:060:48:08

but how is their 35 grand budget looking?

0:48:080:48:11

I think, overall, it came up to around 43,000.

0:48:120:48:18

So, I'm still very happy with it because I see the result

0:48:180:48:23

and I think the additional money spent

0:48:230:48:27

was well worth it and I don't mind at all.

0:48:270:48:30

I thought it would not take much longer than three months.

0:48:300:48:35

We took, in fact, double that.

0:48:350:48:39

-I think we've done well.

-I think the result justifies

0:48:390:48:42

-the extra time spent on it.

-It does.

0:48:420:48:44

And I think, because we wanted to spend,

0:48:440:48:47

you know, a good amount of time getting things perfect,

0:48:470:48:51

-it's taken us time.

-Yeah, we don't mind six months.

0:48:510:48:54

No, no problem at all.

0:48:540:48:55

So, including the purchase price, they have invested £128,500.

0:48:570:49:03

And with their thoughts firmly on the sales market,

0:49:030:49:06

it'll be interesting to hear the opinions of two local estate agents.

0:49:060:49:10

The house has been renovated to a good standard.

0:49:130:49:15

It's a good location, close to

0:49:150:49:17

all the local amenities.

0:49:170:49:19

Erm, and, you know, I'm pretty certain

0:49:190:49:22

it will sell well in the current market.

0:49:220:49:24

I think the layout works really well.

0:49:240:49:26

The downstairs toilet and the en-suite works perfect for a family.

0:49:260:49:31

The en-suite is an important part.

0:49:310:49:33

Everybody seems to expect them these days with the modern builds.

0:49:330:49:36

So, I think it's a good selling point.

0:49:360:49:38

The agents do seem impressed with the work done here,

0:49:380:49:41

but will that reflect in their valuations?

0:49:410:49:44

I would think that this would probably sell for around £155,000.

0:49:450:49:50

I'd recommend an asking price of 159,950.

0:49:500:49:53

This property would be worth, in the sales market,

0:49:530:49:56

somewhere around £160,000.

0:49:560:49:58

I think they're pretty good profit margins. Yeah, yeah.

0:49:590:50:02

So, obviously, naturally, we'd be happier

0:50:020:50:04

if we could get the higher figure. Yeah, make it even more.

0:50:040:50:07

-So, yeah, I think it's quite good. Mm-hm.

-Yeah, we are happy with it.

0:50:070:50:11

-We are.

-Yes. No problem. No complaining.

0:50:110:50:16

That's good to hear.

0:50:160:50:17

The higher valuation would mean a pre-tax profit

0:50:170:50:20

of 31 and a half grand.

0:50:200:50:22

But has it been worth all the hard work?

0:50:230:50:26

It's like taking an ugly duckling

0:50:270:50:29

-and turning it into a beautiful swan.

-Yeah.

0:50:290:50:31

This is how I feel about this house.

0:50:310:50:33

We head back now to South London,

0:50:420:50:44

and the very popular area of Thornton Heath

0:50:440:50:46

in the Borough of Croydon.

0:50:460:50:48

It was here that I looked around this three-bed,

0:50:490:50:52

mid-terraced property that had more than its fair share of problems.

0:50:520:50:56

Before we look inside, come and have a look at this,

0:50:580:51:00

because, as I was walking down the path there, I noticed this tree.

0:51:000:51:04

Look how close that is to the fabric of the building.

0:51:040:51:07

That is not good news at all.

0:51:070:51:09

Who knows what sort of damage that's done to the foundations?

0:51:090:51:12

# Can you dig it?

0:51:120:51:15

# Oh, yeah

0:51:150:51:17

# Can you dig it?

0:51:170:51:20

# Oh, yeah... #

0:51:200:51:22

This ramshackle tree house was in seriously poor condition

0:51:220:51:26

inside and out, with every corner needing vital work.

0:51:260:51:30

Look at that bathroom! I'm not even going to go in there.

0:51:320:51:34

You can actually see daylight through the floor.

0:51:340:51:38

It corresponds with the huge great hole

0:51:380:51:40

in the ceiling downstairs in the kitchen.

0:51:400:51:42

So, that really is a terrible state.

0:51:420:51:44

Despite the long list of problems here,

0:51:460:51:49

it was a popular lot on auction day

0:51:490:51:51

and sold for 370,000 to first-time property developer Fiona.

0:51:510:51:56

So, I gave up my job to do this instead.

0:51:580:52:01

-Oh, wow!

-Just, yeah...

-When?

-Erm, a month ago.

0:52:010:52:05

Oh, wow! What were you doing?

0:52:050:52:07

I was a teaching assistant in a local school.

0:52:070:52:10

-Brave move, though.

-Yeah. Hopefully, the right one.

-Yeah.

0:52:100:52:14

-Well, how do you feel at the moment?

-Nervous.

0:52:140:52:16

# It takes a leap of faith to get things going

0:52:160:52:20

# It takes a leap of faith You've got to show some guts... #

0:52:200:52:25

Fiona's family have a property-developing background,

0:52:250:52:28

so at least she would have contacts to advise.

0:52:280:52:31

I thought the budget of £60,000 was pretty reasonable,

0:52:310:52:34

but Fiona was hoping to have this house ready for resale

0:52:340:52:37

at the end of three months. Was that a tall order?

0:52:370:52:40

Well, it's now six months on, and the trees have gone,

0:52:410:52:45

and the outside of the house has been transformed.

0:52:450:52:48

So, what about the inside?

0:52:480:52:49

The separate kitchen and rear reception room

0:53:060:53:08

are now an open-plan kitchen/diner, complete with bifold doors

0:53:080:53:12

leading to the now clear and landscaped rear garden.

0:53:120:53:16

A very handy extension houses the utility room,

0:53:180:53:22

which also brings the outdoors WC indoors.

0:53:220:53:25

The front reception room is now clean and fresh.

0:53:310:53:34

The restored original banister adds that little bit of character.

0:53:350:53:39

Upstairs, and the bathroom is unrecognisable.

0:53:470:53:51

A new floor has been fitted and, of course, a brand-new modern suite

0:53:510:53:55

that's in keeping with the period of the house.

0:53:550:53:58

The three bedrooms here have been transformed into a desirable space

0:54:010:54:05

that anyone would be happy to call their own.

0:54:050:54:07

Every corner of this property has been improved.

0:54:150:54:18

There's a new roof, bathroom, new kitchen, new electrics,

0:54:180:54:23

new plastering and, of course,

0:54:230:54:25

it's been painted from top to bottom.

0:54:250:54:27

This property has had a complete makeover

0:54:280:54:31

and it's absolutely stunning.

0:54:310:54:33

This is the first time buying and renovating.

0:54:350:54:36

It's been a complete change of career for me,

0:54:360:54:39

but I've really enjoyed the creative - the design - part,

0:54:390:54:42

the interior design, the choosing the fixtures and fittings.

0:54:420:54:46

I've really enjoyed that.

0:54:460:54:47

I know this is a big project that I took on as my first project,

0:54:470:54:51

but when I was going to the auction,

0:54:510:54:53

I wanted to see what this house looked like at the end,

0:54:530:54:56

and the only way I could do that was if I bought it,

0:54:560:54:59

so that's what I did.

0:54:590:55:00

And here we are.

0:55:000:55:02

One of Fiona's big issues here was the trees

0:55:020:55:04

front and back of the property.

0:55:040:55:07

So, the tree at the front of the house

0:55:080:55:09

that was coming out of the bay window -

0:55:090:55:11

we were worried that it was going to cause a problem for us

0:55:110:55:14

with the foundations, but it turns out, after removing it,

0:55:140:55:17

there were no problems, everything was fine

0:55:170:55:20

and we were able to continue.

0:55:200:55:22

We thought initially that we would only have to repair the roof,

0:55:220:55:26

but once we removed the trees,

0:55:260:55:28

we realised the roof needed completely redoing

0:55:280:55:30

and we didn't have a choice, so the house has a new roof.

0:55:300:55:34

With an unexpected new roof and the small extension onto the rear,

0:55:340:55:38

on top of all the other work here,

0:55:380:55:40

how has her budget and strict timescale of three months fared?

0:55:400:55:43

So, originally, we had set the budget for 60,000,

0:55:470:55:50

but because we've had to put on a new roof,

0:55:500:55:52

the new extension, the bifolding doors,

0:55:520:55:54

and given the house a really high finish,

0:55:540:55:56

our budget now is 85,000.

0:55:560:55:58

I was sure it was only going to take about three months,

0:55:580:56:01

but when we gutted the whole property,

0:56:010:56:03

we realised it was a much bigger job than we initially thought,

0:56:030:56:06

so it's taken about six months.

0:56:060:56:08

Make no mistake, taking on a project like this

0:56:080:56:11

would have been a big challenge for anyone,

0:56:110:56:14

let alone a novice with three children to bring up!

0:56:140:56:18

Fiona has done an amazing job at project managing,

0:56:180:56:21

but will this former teaching assistant

0:56:210:56:24

be top of the class?

0:56:240:56:25

We asked two local estate agents along

0:56:280:56:30

for their opinions on what Fiona's done.

0:56:300:56:32

The place looks absolutely fantastic.

0:56:340:56:36

I think the owner has gone through

0:56:360:56:38

and done a full renovation project here

0:56:380:56:40

and it looks really, really nice. Looks really good.

0:56:400:56:42

Selling points - I'd probably say, the actual kind of

0:56:420:56:44

open-plan space downstairs

0:56:440:56:46

with the big island kitchen and the bifold doors.

0:56:460:56:48

Again, it really is something that people love nowadays.

0:56:480:56:51

The agents are impressed, but with Fiona being keen to sell

0:56:520:56:55

and having invested a total of £455,000

0:56:550:56:59

into the property, will the sums add up?

0:56:590:57:02

The resale value for this property will be £525,000,

0:57:020:57:07

and I think the rental of this property

0:57:070:57:09

would be £1,600 per calendar month.

0:57:090:57:12

This property would sell for approximately £525,000,

0:57:120:57:16

possibly £550,000,

0:57:160:57:18

and would rent for approximately £1,550 per calendar month.

0:57:180:57:22

A rental of £1,600 per calendar month

0:57:240:57:26

would mean a yield of just over 4%,

0:57:260:57:29

and a top valuation of 550,000 would result in a pre-tax profit

0:57:290:57:33

of £95,000,

0:57:330:57:36

which is a brilliant and well-earned result for Fiona.

0:57:360:57:39

And I think it's just the beginning.

0:57:400:57:42

I will be buying at auction. I really enjoyed the process

0:57:450:57:47

and I will be buying another investment property.

0:57:470:57:49

I've already seen the property I've got my eye on and I will get it.

0:57:490:57:53

Now, have today's projects inspired you to get into property developing?

0:57:590:58:03

Yes, and I think there's a few of you out there

0:58:030:58:05

chomping at the bit to get involved as well.

0:58:050:58:07

Yes, join us next time for more inspirational ideas

0:58:070:58:10

-here on Homes Under The Hammer.

-Bye-bye.

-Bye-bye.

-Goodbye.

0:58:100:58:14

A bungalow near the coast in Dymchurch in Kent, a detached house in Glanamman in Wales and a terrace house in Thornton Heath in Surrey are all sold under the hammer. Martin, Dion and Martel meet the new owners to hear their plans to turn a profit.


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