Episode 75

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0:00:02 > 0:00:03Hello and welcome to the show.

0:00:03 > 0:00:05Now, the property market can be turbulent,

0:00:05 > 0:00:08and sometimes it's difficult to know when to make your move.

0:00:08 > 0:00:12Yes, it's definitely best not to rush in headfirst,

0:00:12 > 0:00:15and instead take your time, consider your options,

0:00:15 > 0:00:18and one of those options might be to see what's on offer

0:00:18 > 0:00:19under the hammer.

0:00:45 > 0:00:49Well, buying at auction is not an option that everyone considers,

0:00:49 > 0:00:51and yet, it's not as daunting as you might think.

0:00:51 > 0:00:56You can get a great variety and even better value if you do go,

0:00:56 > 0:00:59so let's find out what caught the eye of our three buyers today.

0:01:01 > 0:01:04Coming up, this two-bed flat in Sandgate, Kent

0:01:04 > 0:01:07is all sun, sea and skirting boards.

0:01:07 > 0:01:10I've never seen such a big skirting board!

0:01:10 > 0:01:12It might be another flat,

0:01:12 > 0:01:15but there's quite the climb at this two-bed apartment in Bolton.

0:01:17 > 0:01:19HE PANTS Well, that'll keep you fit!

0:01:21 > 0:01:24And there might not be a building at this plot in Enfield,

0:01:24 > 0:01:27but Lucy's already decorating.

0:01:27 > 0:01:31You've got this lovely log placed right here!

0:01:31 > 0:01:34All these properties have been sold at auction,

0:01:34 > 0:01:35and we'll find out who bought them,

0:01:35 > 0:01:39and what they paid for them when they went under the hammer.

0:01:39 > 0:01:40Yours at 88.

0:01:45 > 0:01:49We're at the Kent seaside in the village of Sandgate.

0:01:49 > 0:01:52Birthplace of comedy actress Hattie Jacques,

0:01:52 > 0:01:55who was famous for her roles in the Carry On films.

0:01:55 > 0:01:59So, let's have a bit of a Carry On By The Sea in Sandgate.

0:02:00 > 0:02:02Ironically, you don't have any sands.

0:02:02 > 0:02:05What you do have is this gorgeous pebbly beach,

0:02:05 > 0:02:07and just over there you've got some pretty little boutiques.

0:02:07 > 0:02:11It's quintessentially English, so lovely.

0:02:11 > 0:02:14Over there, you've got Folkestone. That way, you've got Hythe,

0:02:14 > 0:02:16and in that direction, France!

0:02:16 > 0:02:20So, the only question begging is, where's my cocktail?

0:02:21 > 0:02:22Ah-ha!

0:02:22 > 0:02:24OK, you guys, you can clear off.

0:02:24 > 0:02:25I need a bit of "me time".

0:02:32 > 0:02:34Sadly, I can't just stay here and relax.

0:02:34 > 0:02:38There's a property to see, so I guess I better get a move on.

0:02:40 > 0:02:44The property I'm here to see is on this busy road, which is not ideal,

0:02:44 > 0:02:48but the village of Sandgate isn't served by a train station

0:02:48 > 0:02:53so you do want good transport links close by.

0:02:53 > 0:02:56This is good news. I've spotted that it's actually elevated,

0:02:56 > 0:02:59so that should dilute some of this noise.

0:02:59 > 0:03:00So, here's our property.

0:03:00 > 0:03:05It has a guide price of £100,000 to £105,000 and two bedrooms.

0:03:05 > 0:03:06Let's go look!

0:03:09 > 0:03:10Access is certainly limited.

0:03:10 > 0:03:14I don't fancy coming up here laden with bags of shopping.

0:03:15 > 0:03:18But luckily, this flat is on the first floor.

0:03:21 > 0:03:24Now, originally, this would've been one big house

0:03:24 > 0:03:27and it's been carved into lots of flats,

0:03:27 > 0:03:30but my first impressions... It doesn't feel claustrophobic,

0:03:30 > 0:03:32like it has been carved up badly.

0:03:32 > 0:03:37The ceilings are high, there's great feeling of space,

0:03:37 > 0:03:40the first bedroom has a terrific size.

0:03:40 > 0:03:44And also, you've got good storage space, which is always a plus.

0:03:44 > 0:03:46Into the reception room,

0:03:46 > 0:03:50and this actually has the feeling of a grand house.

0:03:50 > 0:03:53The proportions are just fantastic.

0:03:53 > 0:03:57I love the features, too, so this might not be original,

0:03:57 > 0:04:00but it's in keeping with some of the other features in the room.

0:04:00 > 0:04:02Somebody's really thought about this.

0:04:02 > 0:04:04And look at this!

0:04:05 > 0:04:07That's what I call a skirting board.

0:04:07 > 0:04:09I've never seen such a big skirting board.

0:04:09 > 0:04:13Fantastic! Over here, well, you do have double glazing,

0:04:13 > 0:04:17which is good, but I can also feel a bit of air coming through the windows.

0:04:17 > 0:04:21Not great, especially when you live on a main road like this,

0:04:21 > 0:04:24so you definitely want to get those seen to.

0:04:24 > 0:04:26I really, really like here.

0:04:26 > 0:04:30It has a great feeling and a feeling is something that money can't buy.

0:04:31 > 0:04:33# It's more than a feeling

0:04:33 > 0:04:35# More than a feeling

0:04:35 > 0:04:38# When I hear that old song they used to play

0:04:38 > 0:04:40# More than a feeling

0:04:40 > 0:04:42# And I begin dreaming

0:04:42 > 0:04:43# More than a feeling

0:04:43 > 0:04:47# Till I see Marianne walk away... #

0:04:48 > 0:04:52Down the hall, bathroom in really good condition.

0:04:52 > 0:04:55So often I say, that has to come out - actually, you could keep it as is.

0:04:55 > 0:04:57It's pretty pristine.

0:04:57 > 0:04:59Now, the kitchen.

0:04:59 > 0:05:03OK, the first thing that strikes me is an immediate drop in the roof.

0:05:03 > 0:05:04I don't know why.

0:05:04 > 0:05:07I mean, it's fine for me, I'm five foot three and a half,

0:05:07 > 0:05:09but the cameraman might struggle a bit.

0:05:09 > 0:05:12So I do wonder if that's hiding something?

0:05:12 > 0:05:15It doesn't seem to flow very well at all.

0:05:15 > 0:05:20The kitchen's in pretty decent order, and I'm going through to...

0:05:20 > 0:05:23That's nice to see, you have a little outdoor area,

0:05:23 > 0:05:26you have your own back door, small patio.

0:05:26 > 0:05:27And then...

0:05:27 > 0:05:31Hmm! An incredibly small second bedroom.

0:05:31 > 0:05:35This doesn't live up to my expectations of the first half of the house,

0:05:35 > 0:05:39you had the space, the height, and now you've got a second

0:05:39 > 0:05:41very small bedroom and a really low ceiling.

0:05:41 > 0:05:44It feels a wee bit caravan-y.

0:05:44 > 0:05:48I'd say this is definitely a flat of two halves.

0:05:48 > 0:05:51# Saw me on the television

0:05:51 > 0:05:54# Saw me on a television

0:05:54 > 0:05:58# But that's just the half of it... #

0:05:58 > 0:06:00It's more than half the story of this flat, too,

0:06:00 > 0:06:03because along with the sale, you get not half, but a quarter share

0:06:03 > 0:06:06of the freehold.

0:06:06 > 0:06:11This means that you and the other co-freeholder owners would need to work

0:06:11 > 0:06:15together and agree on fixes to the fabric of the building.

0:06:15 > 0:06:19But it also means that you can share the cost of this work,

0:06:19 > 0:06:23or to extend the lease, which only has 71 years left on it.

0:06:23 > 0:06:28So, we've seen the flat, but it's time to ask a local estate agent along

0:06:28 > 0:06:33for his thoughts on the property, guided at £100,000 to £105,000.

0:06:35 > 0:06:38The flat itself needs quite a lot of internal work.

0:06:38 > 0:06:40Basically, refurbishments throughout.

0:06:40 > 0:06:43There are some damp areas, those will need attention.

0:06:43 > 0:06:47Some of the window frames need looking at, could be a little bit of rot in some of the frames.

0:06:47 > 0:06:50Kitchen and bathroom, they've been modified recently,

0:06:50 > 0:06:54but the other rooms will certainly need quite a bit of attention.

0:06:54 > 0:06:57Once it's been given the attention it deserves,

0:06:57 > 0:07:03what could this flat, guided at £100,000 to £105,000, sell and rent for?

0:07:03 > 0:07:05With all the money spent on this flat,

0:07:05 > 0:07:08it could sell in the region of £160,000.

0:07:08 > 0:07:12It would rent for somewhere in the region of £675 per calendar month.

0:07:18 > 0:07:21I like this flat. I mean, I really like it.

0:07:21 > 0:07:24The location, the feel, the layout.

0:07:24 > 0:07:28The only thing is, the further you get back the more cave-like and enclosed it feels.

0:07:28 > 0:07:32But both the sales and rental market in this area are buoyant.

0:07:32 > 0:07:35So, if you can get it close to that guide price,

0:07:35 > 0:07:36you could be on to a winner.

0:07:36 > 0:07:39Let's find out who agreed when it went to auction.

0:07:39 > 0:07:41Good-looking flat there, good location,

0:07:41 > 0:07:43lots of little pubs and restaurants there.

0:07:45 > 0:07:48Where are you going to start me on that one? Can I see £100,000 to start me?

0:07:48 > 0:07:52Hands should be shooting up everywhere. £100,000, can I see £100,000?

0:07:52 > 0:07:54When I say shooting up, one hand's gone up fairly slowly.

0:07:54 > 0:07:56£100,000 I've got.

0:07:56 > 0:07:57102, 104.

0:07:57 > 0:07:59106? 106.

0:07:59 > 0:08:02This lot was attracting a number of bidders.

0:08:02 > 0:08:05So, we rejoin at £120,000.

0:08:05 > 0:08:0820 I've got, 122 I'm looking for.

0:08:08 > 0:08:09122 bid, I've got.

0:08:09 > 0:08:11125 now, if you like.

0:08:11 > 0:08:12125 if you like, 125.

0:08:12 > 0:08:16At 125, then, for the first time.

0:08:17 > 0:08:20125, sitting down, for the second time.

0:08:20 > 0:08:22125 for the third and final time.

0:08:22 > 0:08:23Are we all done?

0:08:23 > 0:08:26Yours at 125.

0:08:26 > 0:08:30The successful £125,000 bid was made by Paul,

0:08:30 > 0:08:34and he brought his family along to see his first auction purchase.

0:08:34 > 0:08:40Wife Amy leads the way with daughter Sophie, and behind Paul is his dad John,

0:08:40 > 0:08:42and youngest of the family, Chloe.

0:08:42 > 0:08:43While they checked out the flat,

0:08:43 > 0:08:46I had a chinwag with Paul about his plans.

0:08:48 > 0:08:50- Hello, Paul.- Hello. - Congratulations.

0:08:50 > 0:08:52- Thank you.- Pleased to meet you.

0:08:52 > 0:08:56- Pleased to meet you, too.- So, talk me through why this property.

0:08:56 > 0:08:59I loved it when I came in. Did you love it? Was it love at first sight?

0:08:59 > 0:09:01Yeah, it was this room, mainly.

0:09:01 > 0:09:03It's high, it's bright, massive windows.

0:09:03 > 0:09:05- Just caught us straightaway.- Yeah.

0:09:05 > 0:09:10And what's your background, is this something you do a lot?

0:09:10 > 0:09:13No, it's our first adventure into this.

0:09:13 > 0:09:15I used to be an accountant.

0:09:15 > 0:09:18And is that still your day job and you're doing this a bit on the side?

0:09:18 > 0:09:23Yes. Yeah, but hopefully, maybe more into this if we get successful at it.

0:09:23 > 0:09:26- So you've got the day job as an accountant.- Yes.

0:09:26 > 0:09:31- I saw you had two adorable wee girls...- Yes.- How old are they?

0:09:31 > 0:09:35Sophie's seven, and Chloe will be three in a couple of weeks.

0:09:35 > 0:09:36OK, so you're outnumbered.

0:09:36 > 0:09:38- Indeed.- Along with your wife,

0:09:38 > 0:09:40that's quite a lot of balancing.

0:09:40 > 0:09:42How are you going to fit this in?

0:09:42 > 0:09:44I'm going to be self-employed at accountancy now,

0:09:44 > 0:09:47so I'm going to take a little bit more time away from that to put in more work here.

0:09:47 > 0:09:49Yeah. So, why now, Paul?

0:09:49 > 0:09:52It seemed the right time. Me dad's looking to do something.

0:09:52 > 0:09:56He's got a bit of savings he's hoping to put into something a bit more substantial

0:09:56 > 0:09:59than the bank interest, really, so he's hoping to make some money out of this.

0:09:59 > 0:10:00So, this is a father-and-son team?

0:10:00 > 0:10:05- It is.- Nice!- It's been fun so far.- Great!

0:10:05 > 0:10:08And I suppose it is a bit of a bonding experience.

0:10:08 > 0:10:09When young kids come along,

0:10:09 > 0:10:12sometimes you don't have that much time to spend with your dad.

0:10:12 > 0:10:13Yeah, true. Yeah, true.

0:10:13 > 0:10:15I'm quite lucky, I spend quite a bit of time with Dad,

0:10:15 > 0:10:17but it needs to be a bit more.

0:10:17 > 0:10:20So, you're going into this together, and how will that work?

0:10:20 > 0:10:21Who's doing what? Have you carved up?

0:10:21 > 0:10:24We're going to be hands-on with all of it, really.

0:10:24 > 0:10:26There's not too much that we can't do in this one.

0:10:26 > 0:10:31There's a few other bits and bobs, we've got some friends, family that can help us out.

0:10:31 > 0:10:33And talk me through your plans for the place.

0:10:33 > 0:10:38Well, we're going to do a new kitchen, new bathroom, new windows.

0:10:38 > 0:10:42- Yeah.- And then just spruce up the rest to what's required.

0:10:42 > 0:10:46There's a few other things we've got to look into, like why the roof's so low, perhaps.

0:10:46 > 0:10:49That's pretty much all we're going to do to it, really.

0:10:49 > 0:10:53OK, you could have a new bathroom, but it's not in bad nick.

0:10:53 > 0:10:57Why are you...? Why do you want to actually do the whole lot,

0:10:57 > 0:10:58new kitchen, new bathroom?

0:10:58 > 0:11:01Well, the plan is just make it more modern, more fresh,

0:11:01 > 0:11:04more appealing to sell it on.

0:11:04 > 0:11:07It's in good nick, as you say, but it's a little dated, we feel.

0:11:08 > 0:11:12Well, I see what Paul is saying, but the first rule of developing

0:11:12 > 0:11:16is usually not to spend money you don't need to,

0:11:16 > 0:11:18and he's clocked the low ceiling -

0:11:18 > 0:11:21he might just need money for that instead.

0:11:21 > 0:11:26However, he and dad John are aiming for a two-month timescale.

0:11:26 > 0:11:29- And your budget?- We anticipate 10,000 will be enough.

0:11:29 > 0:11:3110,000 for...?

0:11:31 > 0:11:33New kitchen, new bathroom, new windows...?

0:11:33 > 0:11:35- Yeah.- Tell me what else, again?

0:11:35 > 0:11:37The carpets, paint it, spruce it up.

0:11:38 > 0:11:40Yes, that is my doubtful face,

0:11:40 > 0:11:44because that's a fair list of work to be done for that money.

0:11:44 > 0:11:48Still, one bit of this project that has been moving at pace

0:11:48 > 0:11:49is the lease situation.

0:11:49 > 0:11:53It has 71 years left, which is getting into territory

0:11:53 > 0:11:55where it's hard to get a mortgage.

0:11:57 > 0:11:59The lady above actually is extending the lease.

0:11:59 > 0:12:01She asked if we'd be happy to do it with her,

0:12:01 > 0:12:05cos we own 25% of the freehold as well.

0:12:05 > 0:12:08- So, combine the thing with everybody.- Well, that's good news.

0:12:08 > 0:12:11The bedroom at the back, pretty small.

0:12:11 > 0:12:14- Tiny, yeah, very small. - HE LAUGHS

0:12:14 > 0:12:16Yeah, a single bed goes in there quite comfortably,

0:12:16 > 0:12:19but we're hoping people that would buy this, you know,

0:12:19 > 0:12:23it's a spare room for them, rather than... I mean, it's a two-bedroom,

0:12:23 > 0:12:27but it's good for a young family, perhaps.

0:12:27 > 0:12:31Paul, I can't wait to see what you and your dad John do with this place.

0:12:31 > 0:12:33- Congratulations, again. Good luck! - Thank you very much.

0:12:35 > 0:12:38This is a real family affair for Paul,

0:12:38 > 0:12:40and he's got himself a lovely flat.

0:12:40 > 0:12:44It's a bit of a switch from accountancy to property developing,

0:12:44 > 0:12:46but hopefully he can make the figures stack up.

0:12:46 > 0:12:48You can find out if he did later in the show.

0:12:52 > 0:12:56Around 12 miles north of Manchester, the town of Bolton

0:12:56 > 0:12:59has had a fair bit of regeneration over the last few years.

0:12:59 > 0:13:02However, things haven't stopped there.

0:13:02 > 0:13:08Recently, it was announced that the council plans to spend £1 billion on the town centre.

0:13:08 > 0:13:11The plans include building 1,800 new homes,

0:13:11 > 0:13:15as well as creating 7,500 permanent new jobs.

0:13:15 > 0:13:17Now, that's what I'm talking about!

0:13:17 > 0:13:19# Talkin' 'bout my generation

0:13:19 > 0:13:20# I said my generation... #

0:13:20 > 0:13:23One of the great things about auctions is the variety of property

0:13:23 > 0:13:24that's on offer.

0:13:24 > 0:13:27From flats, to houses, to semidetached to whatever...

0:13:27 > 0:13:28And also the age,

0:13:28 > 0:13:31from really old stuff to things like I'm seeing today.

0:13:31 > 0:13:37Built around ten years ago in this block is a two-bedroom flat.

0:13:37 > 0:13:40Guide price of £55,000, it's on the top floor.

0:13:40 > 0:13:41Let's have a look.

0:13:43 > 0:13:48# It's a long, lonely highway when you're travelling all alone

0:13:51 > 0:13:55# And it's a mean old world when you got no-one to call your own

0:13:58 > 0:14:04# And you pass through towns too small to even have a name

0:14:04 > 0:14:05# Oh, yes

0:14:05 > 0:14:10# But you got to keep on going, on that road to nowhere

0:14:10 > 0:14:12# Got to keep on going... #

0:14:12 > 0:14:14Finally!

0:14:14 > 0:14:16HE PANTS Well, that'll keep you fit!

0:14:17 > 0:14:20Yes, and no lift, which is definitely something to note.

0:14:20 > 0:14:24So, anyone who has difficulty with stairs,

0:14:24 > 0:14:26that would definitely be an issue.

0:14:26 > 0:14:27In fact, pretty much rule this flat out.

0:14:27 > 0:14:29But what have we got?

0:14:29 > 0:14:32Well, it seems to be, as we walk through the door, in pretty nice condition.

0:14:32 > 0:14:35Nice carpet. Bathroom there.

0:14:35 > 0:14:37It's a reasonable size, it doesn't seem to have a shower.

0:14:37 > 0:14:41A reasonable size bath but you'd want to maybe convert that

0:14:41 > 0:14:43into a bath/shower, perhaps.

0:14:44 > 0:14:49The bedroom's down there, another bedroom here, which is not a bad size.

0:14:49 > 0:14:52I mean, lots of light coming in from the windows, which is quite good.

0:14:52 > 0:14:53It's all pretty spanking new,

0:14:53 > 0:14:56so you've got sort of the latest double-glazed windows and stuff.

0:14:56 > 0:14:59And in fact, ah-ha! That's why there isn't a shower there,

0:14:59 > 0:15:00there's a shower in this bedroom,

0:15:00 > 0:15:02so it's like an en suite.

0:15:02 > 0:15:05But, oh, dear. That's not ideal, is it?

0:15:05 > 0:15:07It's interesting, isn't it? Even in a new build,

0:15:07 > 0:15:09or relatively new-build property like this,

0:15:09 > 0:15:12a few things weren't necessarily thought through.

0:15:12 > 0:15:14Ventilation problems.

0:15:14 > 0:15:17Condensation on there has caused the paperwork to come off

0:15:17 > 0:15:21on that ceiling - obviously you'd need to look at the ventilation in there,

0:15:21 > 0:15:23improve whatever there is.

0:15:23 > 0:15:25As you can see, lots of mould going on,

0:15:25 > 0:15:27you want to catch that before it gets any worse.

0:15:27 > 0:15:28So, a bit of remedial work.

0:15:28 > 0:15:31Apart from that, well, let's have a look.

0:15:32 > 0:15:33I'd say it does make a difference,

0:15:33 > 0:15:37coming to something like this with no smells, no damp, no nothing,

0:15:37 > 0:15:39well, apart from that bit there.

0:15:39 > 0:15:42A bit of a storage cupboard there, with your electric water heater.

0:15:42 > 0:15:44Second bedroom there. And talking about electric,

0:15:44 > 0:15:46I know there's no gas in the whole building,

0:15:46 > 0:15:51so electricity is what you're going to have to have for your cooking and your heating.

0:15:51 > 0:15:53But it's all pretty pleasant, I like this room here,

0:15:53 > 0:15:56really nice living room/kitchen.

0:15:58 > 0:16:02It's even got white goods! I mean...

0:16:02 > 0:16:04It's just there, it's ready to rent out.

0:16:04 > 0:16:08I mean, in terms of location, this whole little development,

0:16:08 > 0:16:10just on the outskirts of Bolton here.

0:16:10 > 0:16:14Open that up and you've got these big, sort of door-window type things that are really good.

0:16:14 > 0:16:17Now, you are overlooking the car park of what is obviously

0:16:17 > 0:16:19some slightly out-of-town complex.

0:16:19 > 0:16:22You've got a cinema, you've got restaurants and things.

0:16:22 > 0:16:25That's very convenient, certainly I'd be over at the cinema all the time.

0:16:25 > 0:16:27One thing you might want to consider though,

0:16:27 > 0:16:30on a Friday and Saturday night, in fact, I guess most evenings,

0:16:30 > 0:16:32that might be quite busy, and therefore quite noisy.

0:16:32 > 0:16:35So, if you are after peace and quiet, this isn't going to work.

0:16:35 > 0:16:37But it's a balance, isn't it?

0:16:37 > 0:16:43It's a very well-located flat, it needs virtually nothing done to it.

0:16:43 > 0:16:47And if this is just a "buy it and forget it"

0:16:47 > 0:16:48or "move in" kind of property,

0:16:48 > 0:16:50if that's what you're looking for at auction,

0:16:50 > 0:16:52this is definitely your baby.

0:16:52 > 0:16:58# No alarms and no surprises

0:16:58 > 0:17:06# No alarms and no surprises, please... #

0:17:06 > 0:17:09I don't see any nasty surprises popping up here,

0:17:09 > 0:17:12but let's get a second opinion anyway.

0:17:12 > 0:17:17What did a local estate agent think of the flat, guided at 55,000?

0:17:17 > 0:17:19The property's a fantastic size,

0:17:19 > 0:17:23to have two good-size bedrooms is a real plus in this apartment block.

0:17:23 > 0:17:26So, there's not much that needs doing at this property.

0:17:26 > 0:17:28Just a bit of a spruce up, a lick of paint,

0:17:28 > 0:17:30and maybe some ventilation in the en suite bathroom.

0:17:30 > 0:17:32Just as I expected,

0:17:32 > 0:17:35but is there anything I'd missed in the two-bedroom flat?

0:17:35 > 0:17:37It is a leasehold property,

0:17:37 > 0:17:39it's not unusual for these apartments to be leasehold,

0:17:39 > 0:17:41they are all leasehold in this block.

0:17:41 > 0:17:44There's roughly around 110 years remaining on the lease.

0:17:44 > 0:17:46So, no nasty surprises there,

0:17:46 > 0:17:49but I'd always recommend, when buying a property with communal

0:17:49 > 0:17:51facilities like stairwells and gardens,

0:17:51 > 0:17:55to check out what, if any, management charges there are.

0:17:55 > 0:17:57Sometimes they can catch you out.

0:17:59 > 0:18:02The sales and rental market are brilliant in this area at the moment

0:18:02 > 0:18:04and they are moving really, really quickly.

0:18:04 > 0:18:07For myself, I would say that the sales market for this particular property

0:18:07 > 0:18:08would be the better option.

0:18:08 > 0:18:12In the sales market, I would expect the property to achieve £80,000 to £85,000.

0:18:12 > 0:18:14If the property was to go on the rental market,

0:18:14 > 0:18:18I would expect it to achieve £475 per calendar month.

0:18:18 > 0:18:21Well, if the estate agent's valuation is to be believed,

0:18:21 > 0:18:23and you can get this flat for anything like the guide price,

0:18:23 > 0:18:26then there really is easy money to be made on this one

0:18:26 > 0:18:30and not too much work at all to do, to sort it out.

0:18:30 > 0:18:32Could be a nice little property for somebody,

0:18:32 > 0:18:34or perhaps an investment opportunity.

0:18:34 > 0:18:37Let's see who bought it when it went under the hammer.

0:18:39 > 0:18:41Modern build, two-bedroom, top floor flat.

0:18:41 > 0:18:4355 is the guide, again.

0:18:43 > 0:18:45Start me at 55.

0:18:45 > 0:18:4650?

0:18:46 > 0:18:49Anybody here, 50? 45?

0:18:49 > 0:18:5045 bid.

0:18:50 > 0:18:5146, 47.

0:18:51 > 0:18:5347, madam?

0:18:53 > 0:18:5447, 48.

0:18:54 > 0:18:5648 bid, 49 bid at the bar.

0:18:56 > 0:18:5850, anyone?

0:18:58 > 0:19:0050 here. 51, sir.

0:19:00 > 0:19:0252 bid, 53.

0:19:02 > 0:19:0454, 54 bid.

0:19:04 > 0:19:0755, 56.

0:19:07 > 0:19:0957, 57 at the bar?

0:19:10 > 0:19:13Here at 56. At £56,000, then.

0:19:13 > 0:19:15You're back in at 57.

0:19:15 > 0:19:1658?

0:19:16 > 0:19:1957 and a half, 58?

0:19:19 > 0:19:22£57,500, then.

0:19:22 > 0:19:24With you, first time.

0:19:24 > 0:19:28Second time at £57,500.

0:19:28 > 0:19:31At £57,500, I'm here to sell.

0:19:31 > 0:19:33It's your lucky day, all out.

0:19:33 > 0:19:35First, second time, third time, are you sure?

0:19:37 > 0:19:40- Well done, madam.- The bidder with an eye for a bargain was Sarah,

0:19:40 > 0:19:45who picked up this almost pristine flat for £57,500.

0:19:45 > 0:19:49So, I caught up with her to have a chat about...

0:19:49 > 0:19:50Oh, I don't know, the weather?

0:19:51 > 0:19:53Sarah, very nice to meet you.

0:19:53 > 0:19:54- You too.- Congratulations.

0:19:54 > 0:19:57- Thank you.- Not much to do on this one, then.

0:19:57 > 0:19:59- HE LAUGHS - No, no.

0:19:59 > 0:20:01Tell me why you wanted to buy this flat.

0:20:01 > 0:20:05Basically, it was a bit of a spur-of-the-moment decision.

0:20:05 > 0:20:09I had done a bit of research, I was looking for a project.

0:20:09 > 0:20:12I was a little bit, like, hadn't done one for a while,

0:20:12 > 0:20:17and I saw that there were five of these flats all coming to auction on

0:20:17 > 0:20:21the same day. And I just thought, law of supply and demand,

0:20:21 > 0:20:23that means that potentially there's a bargain to be had.

0:20:23 > 0:20:26You mean that because there was five at the auction...

0:20:26 > 0:20:28- Yeah.- ..that's going to drag the price down a little bit?

0:20:28 > 0:20:31- That was my thinking. - OK.- I live in Hull,

0:20:31 > 0:20:34I do know Bolton a little bit cos I've got a friend in Bolton,

0:20:34 > 0:20:37so I know this area, I know this complex.

0:20:38 > 0:20:43And on the morning of the auction I was at the gym in Hull,

0:20:43 > 0:20:46on the treadmill chatting to a mate of mine, and I said,

0:20:46 > 0:20:49"Oh, I just don't know, should I do this auction?"

0:20:49 > 0:20:54I talked it through and he said, "It sounds like it's worth the trip."

0:20:54 > 0:20:57A day at the auction's always fun.

0:20:57 > 0:21:02So I came over, had an upper limit in mind and thought, if one of them,

0:21:02 > 0:21:06if it's possible to get one for under that limit then I'll

0:21:06 > 0:21:08go for it.

0:21:08 > 0:21:10# I just ran

0:21:10 > 0:21:13# I ran all night and day

0:21:13 > 0:21:15# I couldn't get away. #

0:21:15 > 0:21:17Well, she might've been just off the treadmill,

0:21:17 > 0:21:19but Sarah needn't have sweated.

0:21:19 > 0:21:23She got the flat for £2,500 under budget of 60,000.

0:21:23 > 0:21:28So she's got some spare cash left over to do work on the flat -

0:21:28 > 0:21:32not like she'll need to spend much money to get it ready for the rental market.

0:21:32 > 0:21:35But she did say earlier that she did want a project.

0:21:35 > 0:21:38Not much of a project, though, is it? There's nothing to do.

0:21:38 > 0:21:42No, and I know at some point I'm going to have to fess up to you that,

0:21:42 > 0:21:47no, I didn't view the inside before the auction.

0:21:47 > 0:21:51And I watch the show regularly, and I know that's a big faux pas.

0:21:53 > 0:21:57So the day that I did get to come and view it afterwards,

0:21:57 > 0:22:01I was very pleasantly surprised to discover that it literally is just

0:22:01 > 0:22:05- pretty much good to go.- In terms of what you are going to do to it,

0:22:05 > 0:22:08I can only see one thing that you might even contemplate.

0:22:08 > 0:22:12Well, the thing that strikes me is just tackling the bathroom.

0:22:12 > 0:22:13- Yeah.- The en suite bathroom.

0:22:13 > 0:22:18- Yeah.- It's clearly got a condensation problem, so I'm looking to get

0:22:18 > 0:22:22additional extraction, or get the extractor fan moved so it's directly

0:22:22 > 0:22:24above the shower cubicle.

0:22:24 > 0:22:27Obviously, get all of that black mould removed and all the silicon

0:22:27 > 0:22:33replaced, repainted, and other than that, it really is just pretty much good to go.

0:22:33 > 0:22:35So who will do the work in the bathroom?

0:22:35 > 0:22:38I've managed to find a few local contacts,

0:22:38 > 0:22:41so I'm going to get a professional, obviously, to do the electric work,

0:22:41 > 0:22:43the plumbing work.

0:22:43 > 0:22:46If I do decide to give it a lick of paint, that will be me.

0:22:46 > 0:22:48So the budget then, 50 quid, probably, no?

0:22:48 > 0:22:52- Slightly more than that, actually.- A little more than that but, you know,

0:22:52 > 0:22:54a few hundred tops.

0:22:54 > 0:22:59- So what's the timescale?- I'm hoping to have the bathroom completely done

0:22:59 > 0:23:00in the next week or so...

0:23:00 > 0:23:04- Right.- And it marketed with agents...

0:23:05 > 0:23:08- So two or three weeks or so? - Two or three, yeah, absolutely.

0:23:09 > 0:23:12Well, there's no reason that it shouldn't be sorted in two to three weeks.

0:23:12 > 0:23:15This one is easy peasy.

0:23:15 > 0:23:18A lick of paint, then Sarah can get back to her day job.

0:23:19 > 0:23:22I'm self-employed, I do consultancy work,

0:23:22 > 0:23:25mainly with the NHS and local authorities.

0:23:25 > 0:23:29So, basically, it's a completely different kind of work.

0:23:29 > 0:23:32Well, yeah. But you enjoy the property stuff?

0:23:32 > 0:23:34- I do, I do, yeah.- Have you bought and sold before?

0:23:34 > 0:23:39I have, yeah. I've got a small portfolio in Hull, where I live,

0:23:39 > 0:23:41so I've got eight properties.

0:23:41 > 0:23:44This is completely different, though, because all the other

0:23:44 > 0:23:46properties I've got are all Victorian properties.

0:23:46 > 0:23:49- Right.- They're all within about a mile and a half of where I live.

0:23:49 > 0:23:50- Right.- I manage them all.

0:23:50 > 0:23:52- That's easier. - Which is a lot easier.

0:23:52 > 0:23:57So, you know, this is a bit of a different venture.

0:23:57 > 0:24:00Great. Well, listen, congratulations, good luck with it,

0:24:00 > 0:24:02and I'm looking forward to seeing how you get on.

0:24:02 > 0:24:03OK, thanks very much!

0:24:03 > 0:24:08Well, if you need it, this property definitely proof that

0:24:08 > 0:24:10there are bargains to be had at the auction.

0:24:10 > 0:24:12Sarah breaking a few rules, of course,

0:24:12 > 0:24:17by not seeing it beforehand, but it seems she's done really well.

0:24:17 > 0:24:19I don't think there's any jeopardy on this one, is there?

0:24:19 > 0:24:21Will she get the bathroom fixed?

0:24:21 > 0:24:24Will she find a plumber who can do it?

0:24:24 > 0:24:26Gosh, I bet you can't wait until later in the show to find out!

0:24:28 > 0:24:30I'm only kidding - please don't go away!

0:24:30 > 0:24:34In the property business, always expect the unexpected.

0:24:35 > 0:24:39Still to come, Lucy is off the rails at this plot in Enfield.

0:24:39 > 0:24:42Ah, yes, something I did forget to mention.

0:24:42 > 0:24:44Right at the end of this plot is a train track.

0:24:47 > 0:24:51And we'll find out if Sarah was one tradesman short of a renovation back

0:24:51 > 0:24:53in Bolton.

0:24:53 > 0:24:55I didn't know anybody in Bolton.

0:25:00 > 0:25:05Time to sail away back to the Kent coast and the village of Sandgate,

0:25:05 > 0:25:09where I saw this two-bed flat in a handsome building that went to

0:25:09 > 0:25:13auction with a guide price of £100,000-£105,000.

0:25:14 > 0:25:18Access up the front steps could be a problem, but it was the spacious

0:25:18 > 0:25:22master bedroom and the grand lounge that won me over.

0:25:22 > 0:25:25The proportions are just fantastic.

0:25:25 > 0:25:28I love the features, too.

0:25:28 > 0:25:29This might not be original,

0:25:29 > 0:25:33but it's in keeping with some of the other features in the room.

0:25:33 > 0:25:35Somebody has really thought about this.

0:25:35 > 0:25:36And look at this.

0:25:37 > 0:25:40That's what I call a skirting board.

0:25:40 > 0:25:43Now, I'm not one to skirt around the downsides,

0:25:43 > 0:25:46and this flat had a couple of those too.

0:25:46 > 0:25:48The second bedroom was pokey,

0:25:48 > 0:25:51and there was only 71 years left on the lease.

0:25:52 > 0:25:55But the kitchen and bathroom were in good nick,

0:25:55 > 0:25:59and a little bit of outside space made it the perfect property for a

0:25:59 > 0:26:00first-time developer.

0:26:00 > 0:26:02125...

0:26:02 > 0:26:04Cue accountant Paul,

0:26:04 > 0:26:09who snapped it up on auction day for 125 grand and was hoping this would

0:26:09 > 0:26:12be the first of many renovation projects.

0:26:12 > 0:26:18But I wondered if he'd be as good at managing his time as he was managing numbers.

0:26:18 > 0:26:21I saw you had two adorable wee girls.

0:26:21 > 0:26:23- Yes.- That's quite a lot of balancing.

0:26:23 > 0:26:25How are you going to fit this in?

0:26:25 > 0:26:28Well, I'm going to be self-employed at accountancy now,

0:26:28 > 0:26:30so I'm going to take a little bit more time away from that

0:26:30 > 0:26:33- to do more work here. - Yeah, so why now, Paul?

0:26:33 > 0:26:36It seemed the right time. My dad's looking to do something,

0:26:36 > 0:26:39he's got a bit of savings, and he's hoping to put into something a bit

0:26:39 > 0:26:41more substantial than the bank interest, really,

0:26:41 > 0:26:43so he's hoping to make some money out of this.

0:26:43 > 0:26:45So this is a father-and-son team?

0:26:45 > 0:26:46It is.

0:26:48 > 0:26:51With dad John at his side, they thought they could get this

0:26:51 > 0:26:56flat in tiptop condition in two months and for a budget of ten grand.

0:26:56 > 0:26:58I thought that was a little tight, but then again,

0:26:58 > 0:27:00I wasn't the accountant.

0:27:00 > 0:27:02So when we came back in six months,

0:27:02 > 0:27:06how did Paul fare on his new career path?

0:27:06 > 0:27:10# Here I come, straight out of my mind or worse

0:27:10 > 0:27:12# Another chance to get burned

0:27:12 > 0:27:15# And start all over

0:27:15 > 0:27:18# I'm gonna start all over... #

0:27:18 > 0:27:22Paul and dad John have certainly started over on this property,

0:27:22 > 0:27:26replacing the kitchen and bathroom that were in decent nick.

0:27:26 > 0:27:30But I must admit, it does look fab.

0:27:30 > 0:27:32# It's so easy

0:27:35 > 0:27:38# I'm gonna start all over. #

0:27:38 > 0:27:41They started over when it came to the woodwork, too,

0:27:41 > 0:27:44stripping back years of paint and starting afresh.

0:27:44 > 0:27:48There's also new carpet and new windows throughout.

0:27:48 > 0:27:50The place looks spotless.

0:27:50 > 0:27:51From the looks of it,

0:27:51 > 0:27:54this father-son partnership has been a roaring success.

0:27:56 > 0:27:58So, how did they split the work?

0:27:59 > 0:28:03- Joint, wasn't it, really? - Yeah, the work was split,

0:28:03 > 0:28:07probably 50-50 is a fair assessment, but I had to learn quite a lot,

0:28:07 > 0:28:10cos through my life so far, I hadn't done too much of this,

0:28:10 > 0:28:13so it was great fun learning how to move and do stuff.

0:28:13 > 0:28:14It was just really good.

0:28:16 > 0:28:19A touch more physical labour than fiscal for Paul,

0:28:19 > 0:28:21but what about dad John?

0:28:21 > 0:28:24Did he have any experience starting out?

0:28:24 > 0:28:27Only, like, DIY and that sort of thing, and being retired,

0:28:27 > 0:28:30I've got all the time now, and it's been fun working,

0:28:30 > 0:28:31doing it with my son.

0:28:33 > 0:28:36Paul and his dad have been here almost full time,

0:28:36 > 0:28:37doing most of the work themselves.

0:28:39 > 0:28:43Honourable mention to pal Darren, who has been helping out, too.

0:28:43 > 0:28:46So accountancy has definitely been put on the back burner,

0:28:46 > 0:28:49but Paul has been stacking up the numbers when it comes to that lease.

0:28:51 > 0:28:54When we purchased the property, it had 71 years remaining on the lease,

0:28:54 > 0:28:58but after speaking to the mortgage companies et cetera,

0:28:58 > 0:29:01they said 70 years would be fine going forward.

0:29:01 > 0:29:06Nothing's developed from that, and we do own 25% of the lease,

0:29:06 > 0:29:10which the mortgage company was quite pleased to hear.

0:29:10 > 0:29:13So owning 25% of the freehold means

0:29:13 > 0:29:16Paul isn't in any hurry to tackle it,

0:29:16 > 0:29:20and the kitchen ceiling remained the same height as the vent that housed

0:29:20 > 0:29:24the stairs to the flat above, so two possible savings right there.

0:29:24 > 0:29:26But how did the budget stack up?

0:29:26 > 0:29:30Our original budget was 10,000, but we've come in under that at 8,500,

0:29:30 > 0:29:33mainly because we thought we was going to have to have a new boiler,

0:29:33 > 0:29:36which we didn't have to, and we didn't involve a lot of tradespeople

0:29:36 > 0:29:39because we done it ourselves.

0:29:39 > 0:29:40# I'm gonna start all over. #

0:29:40 > 0:29:44Paul and John got the certified trades where needed,

0:29:44 > 0:29:48but other than that, they've kept the costs right down by their DIY approach.

0:29:48 > 0:29:53But is that why they've gone over their two-month timescale?

0:29:53 > 0:29:56The main reason for that is just probably being overcautious with it,

0:29:56 > 0:30:00really, isn't it? Just careful, it's our first one.

0:30:00 > 0:30:02We'd like to think the next one won't be as long,

0:30:02 > 0:30:04on the same scale of things.

0:30:04 > 0:30:07But, you know, we've learned a lot of stuff in this as well,

0:30:07 > 0:30:10so that's taken time to learn that and get it right.

0:30:10 > 0:30:13I think they've done a cracking job on their first adventure,

0:30:13 > 0:30:19and they've come in under budget, spending £133,500 in total.

0:30:19 > 0:30:22But what will two local estate agents think,

0:30:22 > 0:30:25starting with the agent who saw it last time?

0:30:25 > 0:30:28The flat was in fairly poor condition.

0:30:28 > 0:30:31Obviously, they've done a lot of work in here and made it very fresh

0:30:31 > 0:30:35and new, contemporary colours, modern features, modern fitting,

0:30:35 > 0:30:37good-quality carpets.

0:30:37 > 0:30:40Nice all-round, in fact. Very impressed with what they've done.

0:30:40 > 0:30:44Oh, the standard is amazing, it's really, really well done.

0:30:44 > 0:30:48It's nice how they've incorporated the original features as well and

0:30:48 > 0:30:51just make them pop out, a bit like the fireplace.

0:30:51 > 0:30:52Yeah, very good.

0:30:52 > 0:30:56Plenty of selling points, but will their decision not to extend the

0:30:56 > 0:30:58lease have an effect on the values?

0:30:58 > 0:31:02Let's see what the flat could be worth on the sales market.

0:31:03 > 0:31:09I would suggest that this property is currently worth in the region of £155,000.

0:31:09 > 0:31:10If they extended the lease,

0:31:10 > 0:31:14then I believe that it would go up to £175,000.

0:31:14 > 0:31:17If the current owners put this on the market,

0:31:17 > 0:31:21I would expect it to achieve in the region of £165,000.

0:31:21 > 0:31:24My assumption is, is that the value with the extended

0:31:24 > 0:31:26lease isn't going to really be any greater.

0:31:26 > 0:31:30It just increases your market in terms of potential buyers.

0:31:31 > 0:31:35Different opinions there, but with the potential of 20 grand on offer,

0:31:35 > 0:31:37it's worth looking into.

0:31:37 > 0:31:42But how do John and Paul feel about the values with the current lease?

0:31:42 > 0:31:44Well, I was expecting it to be 160,000,

0:31:44 > 0:31:47so it's literally round about where I was thinking,

0:31:47 > 0:31:49so I'm quite pleased with that.

0:31:49 > 0:31:51- Yeah, yeah.- Shows my research was correct!

0:31:51 > 0:31:54Numbers man, Paul, right on the money again,

0:31:54 > 0:32:01and the value of £155,000 could give them a profit of £31,500,

0:32:01 > 0:32:05minus taxes and fees - plenty of capital for another venture.

0:32:06 > 0:32:09Yeah, I'd definitely do this again, especially with Dad.

0:32:09 > 0:32:12We've really enjoyed it, and we'd like to get another one

0:32:12 > 0:32:15- and do it again, wouldn't we? - Yes, definitely.- Yeah.

0:32:20 > 0:32:24This is Enfield, an area ten miles north of London,

0:32:24 > 0:32:26and along with the normal shops and amenities,

0:32:26 > 0:32:30it's a water-lover's paradise - whether it's cruising on the

0:32:30 > 0:32:35River Lee or kayaking on the Olympic course in the Lee Valley Park.

0:32:35 > 0:32:39But will the lot Lucy's here to see be worth splashing the cash on?

0:32:41 > 0:32:44Close to Lee Valley Park and about a five-minute walk to Enfield Lock

0:32:44 > 0:32:47railway station is the lot I'm here to see.

0:32:47 > 0:32:54And, well, it's this, a freehold site of just under 243 square metres.

0:32:54 > 0:32:58Essentially a little space between two sets of houses.

0:32:58 > 0:33:01The guide price - £180,000.

0:33:05 > 0:33:08Well, this is quite an unusual plot/garden, this.

0:33:08 > 0:33:11But what we do know is that it comes with planning permission to build a

0:33:11 > 0:33:17detached two-storey block with two times two-bed self-contained flats.

0:33:17 > 0:33:20Now that permission was granted fairly recently,

0:33:20 > 0:33:22so if you were to take this lot on,

0:33:22 > 0:33:25you'd know that you could definitely develop here,

0:33:25 > 0:33:30which really is great news for any potential buyer.

0:33:30 > 0:33:33# Baby, I'm ready to go

0:33:33 > 0:33:37# I'm back and ready to go

0:33:37 > 0:33:39# From the rooftops, shout it out

0:33:39 > 0:33:41# Shout it out. #

0:33:41 > 0:33:46That planning permission is why this small garden plot had a £180,000

0:33:46 > 0:33:48price tag attached.

0:33:48 > 0:33:52But it's not the only thing you get with this site.

0:33:52 > 0:33:54Ah, yes, something I did forget to mention.

0:33:54 > 0:33:58Right at the end of this plot is a train track, so you do get noisy,

0:33:58 > 0:34:01busy trains whizzing past.

0:34:01 > 0:34:05But it does still feel a little bit like a garden.

0:34:05 > 0:34:09You've got this lovely log placed right here!

0:34:09 > 0:34:12It's almost as though I want to get my picnic rug out and put some

0:34:12 > 0:34:16cheese-and-pickle sandwiches down and take a rest from my weary feet.

0:34:16 > 0:34:20But, oh, no, this is a prime development site just outside of London.

0:34:20 > 0:34:24I need to get my developer's head on. Time for work.

0:34:24 > 0:34:26# I got work to do

0:34:26 > 0:34:28# Got so much work, yeah, yeah. #

0:34:28 > 0:34:31Now, there are certain specifications that you need to

0:34:31 > 0:34:36adhere to if you go ahead with the permitted flats that come with the planning.

0:34:36 > 0:34:38Number one, slate roof tiles.

0:34:38 > 0:34:42Number two, you've got to have brickwork to match next door.

0:34:42 > 0:34:46Number three, white UPVC doors and windows.

0:34:46 > 0:34:48Number four, you've got to have black railings.

0:34:48 > 0:34:52Number five, you've got to have white render at the rear bottom.

0:34:52 > 0:34:54The list just goes on and on,

0:34:54 > 0:34:58and it is definitely worth checking this list before you start building.

0:34:58 > 0:35:02And just remember - rules are made not to be broken.

0:35:03 > 0:35:06# Follow the rules of life

0:35:06 > 0:35:08# And do the right thing

0:35:08 > 0:35:10# Do the right thing

0:35:10 > 0:35:13# But you've got to follow the rules of life... #

0:35:13 > 0:35:15Quite right, Lucy.

0:35:15 > 0:35:18If you do step away from the rule book, it's likely to cost time and,

0:35:18 > 0:35:21initially, money. But don't rule it out,

0:35:21 > 0:35:24cos it might be worth looking at alternatives.

0:35:25 > 0:35:28So you've decided you're going to build from scratch - hurrah!

0:35:28 > 0:35:30And this is where you want to do it.

0:35:30 > 0:35:33Well, there are three options when doing a new-build.

0:35:33 > 0:35:35Those are a self-build one-off home.

0:35:35 > 0:35:39That is where you manage the design and the construction process and do

0:35:39 > 0:35:42a fair proportion of the actual building work yourselves.

0:35:42 > 0:35:47A contractor-built one-off home, where you manage the design process,

0:35:47 > 0:35:52select a contractor, and then they take care of the construction work.

0:35:52 > 0:35:56Or you could purchase a kit home - you select you preferred kit or type

0:35:56 > 0:35:59of house you like, but you might have to organise all

0:35:59 > 0:36:02the foundations and the kit-home company.

0:36:02 > 0:36:04But then they put the house up for you.

0:36:04 > 0:36:07So it's certainly worth doing your sums to work out the most

0:36:07 > 0:36:09cost-effective route for you.

0:36:11 > 0:36:15# Do the right thing Do the right thing. #

0:36:15 > 0:36:18With those trains whizzing by and the narrowness of the plot,

0:36:18 > 0:36:22this doesn't scream out dream site for any would-be builder.

0:36:22 > 0:36:25But it does scream out development potential.

0:36:25 > 0:36:29But will two two-bedroom flats make the most of this plot?

0:36:29 > 0:36:31What does a local estate agent think?

0:36:33 > 0:36:36I would try and maximise the profit as much as I can,

0:36:36 > 0:36:39so, personally, I would put flats here.

0:36:39 > 0:36:42Four flats - three studios and a one-bedroom flat.

0:36:45 > 0:36:48Interesting, so let's weigh up the difference in values between the

0:36:48 > 0:36:53approved two two-bed flats or the agent's suggestion of four smaller flats.

0:36:54 > 0:36:57So once the proposed two-bedroom flats have been made here,

0:36:57 > 0:37:02they would be on the market at £260,000-£270,000.

0:37:02 > 0:37:05On the studios, you would be looking at a price range between

0:37:05 > 0:37:09£150,000-£155,000.

0:37:09 > 0:37:13On the one-bedroom flat, again, I would be looking to achieve around

0:37:13 > 0:37:17the £200,000 mark to the £210,000 mark.

0:37:18 > 0:37:22Taking the lower valuations, the two flats would potentially be

0:37:22 > 0:37:26worth £130,000 less than the four-flat option.

0:37:26 > 0:37:31And with the rental income jumping from £2,400 per calendar month

0:37:31 > 0:37:34to £3,400 per calendar month, getting more,

0:37:34 > 0:37:38smaller flats does seem to have bigger financial benefits.

0:37:38 > 0:37:42Of course, there might be added build cost in terms of kitchens and

0:37:42 > 0:37:48bathrooms, not to mention the time spent changing the plans and getting approval.

0:37:48 > 0:37:51So here it is, this long plot of land, and it comes with planning

0:37:51 > 0:37:55permission to build two two-bedroom flats, which is fantastic.

0:37:55 > 0:38:00And I actually think that makes it worth the £180,000 guide price.

0:38:00 > 0:38:03But the question is, could you do more with it and ensure an even

0:38:03 > 0:38:05better return for your money?

0:38:05 > 0:38:09Let's see who saw this plot's potential when it went under the hammer.

0:38:14 > 0:38:17Freehold site approximately 0.024 hectares.

0:38:17 > 0:38:20Planning permission for a detached two-storey block to provide two

0:38:20 > 0:38:23two-bedroom self-contained flats.

0:38:23 > 0:38:25Start me at 170.

0:38:25 > 0:38:27Back left. 170.

0:38:27 > 0:38:28172,500.

0:38:28 > 0:38:3375. 77,500. And 80.

0:38:33 > 0:38:3682,500. 85.

0:38:36 > 0:38:3887,500. And 90.

0:38:38 > 0:38:41Though one of the later lots in the auction,

0:38:41 > 0:38:44there was quite a battle for the Enfield land.

0:38:44 > 0:38:48We rejoin the bidding at £220,000.

0:38:48 > 0:38:53220. 221. 22. 23.

0:38:53 > 0:38:5524. 25. 26. 27.

0:38:55 > 0:38:58OK. 226, with you there.

0:38:58 > 0:39:00Been there from start to finish.

0:39:00 > 0:39:02First time. Second time.

0:39:02 > 0:39:05Third and final time at 226,000.

0:39:06 > 0:39:08Sold to you at 226.

0:39:08 > 0:39:10Well fought, sir. Thank you.

0:39:10 > 0:39:15And the hammer fell at £226,000, with the successful bid by one-time

0:39:15 > 0:39:20financial adviser and long-term property developer Bobby.

0:39:20 > 0:39:23And Bobby, along with his architect, Leila,

0:39:23 > 0:39:25joined Lucy back at the Enfield plot.

0:39:26 > 0:39:28Bobby and Leila, congratulations.

0:39:28 > 0:39:29- Thank you.- Well done.

0:39:29 > 0:39:32- Cheers.- Now, Bobby, you actually bought this at auction.

0:39:32 > 0:39:35- I did, yes.- It comes with planning permission for two flats.

0:39:35 > 0:39:37- Yes.- With two bedrooms.

0:39:37 > 0:39:39- Yes, that's right.- Is that what you're going to build here?

0:39:39 > 0:39:41- No, it's not.- What?!

0:39:41 > 0:39:43Why are you not going to build that?

0:39:43 > 0:39:46We've done some research and basically,

0:39:46 > 0:39:49what I want to do is maximise the number of units I can build here.

0:39:49 > 0:39:52So, essentially, I want to build three studios

0:39:52 > 0:39:54and one one-bedroom flat.

0:39:54 > 0:39:57If I can get this and change it, great.

0:39:57 > 0:40:00If I can't, keep it as it is and it gives me the experience to actually

0:40:00 > 0:40:01build something from the ground up.

0:40:01 > 0:40:05- OK.- So, Leila, talk me through how it's going to look like and which

0:40:05 > 0:40:09- way they'll face.- It will be a hybrid between the house, you know,

0:40:09 > 0:40:11and the flats on the left.

0:40:11 > 0:40:14So the entrance will be from the front elevation.

0:40:14 > 0:40:17And entrance to the studio on the ground floor at the back.

0:40:17 > 0:40:19There will be two studios on the ground floor.

0:40:19 > 0:40:21One will be from the front elevation,

0:40:21 > 0:40:23the other will be from the side elevation.

0:40:23 > 0:40:26You have two on the ground floor, studio flats,

0:40:26 > 0:40:29one one-bed flat on the first floor. And one studio in the loft.

0:40:29 > 0:40:30So, that's four units.

0:40:30 > 0:40:32- That's right, yeah.- You're trying to get four units out of this plot.

0:40:32 > 0:40:35Are you feeling quite confident that this will go through and you will

0:40:35 > 0:40:38- get permission? - We are. We're very confident.

0:40:38 > 0:40:41We did some research, we had a look, we had a chat with the officers,

0:40:41 > 0:40:43and you know, it's doable.

0:40:43 > 0:40:44Come on, then. Let's talk about the budget.

0:40:44 > 0:40:47How much money have you got to spend?

0:40:47 > 0:40:50I think we'll probably end up spending about 130,000.

0:40:50 > 0:40:52All in. Yeah.

0:40:52 > 0:40:54Plus the cost of the land and the fees.

0:40:56 > 0:41:00So, a spend of around 360 grand plus fees.

0:41:00 > 0:41:02And Bobby believes, once built,

0:41:02 > 0:41:06the four flats will be worth around £600,000.

0:41:06 > 0:41:10And so he hopes in about a year's time, if all goes to plan,

0:41:10 > 0:41:13of course, there will be a nice tidy profit

0:41:13 > 0:41:16here which should mean smiles all round.

0:41:16 > 0:41:18Now, Bobby, I have heard about you.

0:41:18 > 0:41:21- Yeah.- I know you like to create happiness all around you.

0:41:21 > 0:41:22- I do.- You like a team.

0:41:22 > 0:41:25- I do, yes.- You like to have fun while you're doing it.

0:41:25 > 0:41:27- I sure do.- Tell me more about yourself.

0:41:27 > 0:41:30Well, basically, it comes down to this.

0:41:30 > 0:41:32Every time I have something that's successful,

0:41:32 > 0:41:35I like to share it and while I'm getting to that success,

0:41:35 > 0:41:38I like to share it with the people that helped me get there as well.

0:41:38 > 0:41:41I'm really laughing because nobody has ever done this before.

0:41:41 > 0:41:45- OK.- Brought the whole team to the shoot.

0:41:45 > 0:41:47- That's true. That's true.- Now, I know you love to spread the love,

0:41:47 > 0:41:50- but they're all here today. - They are.- Who's come along today?

0:41:50 > 0:41:53I brought my builders, my parents...

0:41:53 > 0:41:54- Three builders.- Three builders.

0:41:54 > 0:41:56- Mum and Dad.- Mum and Dad.

0:41:56 > 0:41:58My three architects.

0:41:58 > 0:42:01And my very good friend and also my solicitor.

0:42:01 > 0:42:04- So, they've all just come along today.- Yes.- Hello, everybody.

0:42:06 > 0:42:07That's very funny.

0:42:07 > 0:42:10I know. I know. But as I say, it is all about spreading the love.

0:42:10 > 0:42:15# Even though the darkest clouds are in the sky

0:42:15 > 0:42:20# When things go wrong you mustn't sigh

0:42:20 > 0:42:25# Spread a little happiness as you go by... #

0:42:25 > 0:42:29All smiles from Bobby 's team and family but this is going to be his

0:42:29 > 0:42:34first ground-up property build and he will need all the help and

0:42:34 > 0:42:37goodwill he can get from friends, family and - importantly -

0:42:37 > 0:42:40the neighbours and the local planning department.

0:42:40 > 0:42:42Who is going to be project managing this?

0:42:42 > 0:42:45- That'll be me.- So you will be here on site every day?

0:42:45 > 0:42:47- More or less, yes. - Why are you laughing?

0:42:47 > 0:42:50- Come on, Leila.- No, no. He is very assertive,

0:42:50 > 0:42:52very determined and is a very good project manager.

0:42:52 > 0:42:55He has been managing his previous projects as well and is doing a very

0:42:55 > 0:42:57great job. With the builders, of course.

0:42:57 > 0:43:01So this will be a step up but it'll be great.

0:43:01 > 0:43:04- Yeah.- Anything you're worried about with this?

0:43:04 > 0:43:07- No. Nothing at all.- Are you confident?- Very much.- Leila?

0:43:07 > 0:43:09We are. Very confident.

0:43:09 > 0:43:12Can you guys stop having so much fun along the way, please?

0:43:12 > 0:43:15- You look far too happy. - We try but it won't happen.

0:43:15 > 0:43:17- Yeah.- I hope you're still smiling when we come back

0:43:17 > 0:43:18in nine months to a year.

0:43:18 > 0:43:21It's been smashing meeting you today and good luck with this project.

0:43:21 > 0:43:26- Thank you.- Leila, thank you. Lovely to meet you.- You too.

0:43:26 > 0:43:30Well, Bobby recognises the value of teamwork when it comes to a project

0:43:30 > 0:43:31like this. He likes to share the work,

0:43:31 > 0:43:36share the love and share the success with his trusty gang and he still

0:43:36 > 0:43:38likes to have a laugh along the way.

0:43:38 > 0:43:40The question is,

0:43:40 > 0:43:44will he get that planning permission for those four flats and still be

0:43:44 > 0:43:45laughing at the end?

0:43:45 > 0:43:49You can find out how Bobby gets on later in the programme.

0:43:53 > 0:43:56Earlier, we found out how one of the properties on today's show ended up,

0:43:56 > 0:43:58but what about the other two?

0:43:58 > 0:44:01Yes, did they hit the jackpot or not?

0:44:01 > 0:44:03Time to go back and find out.

0:44:05 > 0:44:06Time to head back to Bolton,

0:44:06 > 0:44:10where I saw this modern two bed flat guided at 55 grand.

0:44:10 > 0:44:14Situated on the top floor in a block with no lift,

0:44:14 > 0:44:17buyers with mobility issues would be off-limits.

0:44:17 > 0:44:21But this pristine condition flat would certainly be appealing to others.

0:44:23 > 0:44:28This spacious kitchen living room area had front row seats to

0:44:28 > 0:44:32the neighbouring entertainment complex and cinematic views across the town.

0:44:32 > 0:44:37But I couldn't give this flat a five-star rating yet due to issues

0:44:37 > 0:44:39in the en suite.

0:44:39 > 0:44:41Oh, dear. That's not ideal, is it?

0:44:41 > 0:44:43Ventilation problems,

0:44:43 > 0:44:46condensation on there has caused the paintwork to come off

0:44:46 > 0:44:48on that ceiling.

0:44:48 > 0:44:51Obviously, you need to look at the ventilation in there,

0:44:51 > 0:44:52improve whatever there is.

0:44:52 > 0:44:54As you can see, lots of mould going on.

0:44:54 > 0:44:56You want to catch that before it gets any worse.

0:44:56 > 0:45:02Despite the minor mould issue, this flat was pretty much good to go.

0:45:02 > 0:45:04Fortunately, for freelance consultant, Sarah,

0:45:04 > 0:45:09who bought the flat for £57,500 without viewing it.

0:45:09 > 0:45:14But she had flexed her property developing muscles on other

0:45:14 > 0:45:18properties in her hometown of Hull, so would this one work too?

0:45:18 > 0:45:21On the morning of the auction, I was at the gym in Hull,

0:45:21 > 0:45:25was on the treadmill, chatting to a mate of mine, and I said,

0:45:25 > 0:45:28"I just don't know, shall I go to this auction?"

0:45:28 > 0:45:32Talked it through and he said, "Well, it sounds like it's worth a trip."

0:45:32 > 0:45:37So I came over and I had an upper limit in mind and thought,

0:45:37 > 0:45:38if one of them is...

0:45:38 > 0:45:43If it's possible to get one for under that limit, then I'll go for it.

0:45:43 > 0:45:46And that, as they say, was history.

0:45:46 > 0:45:49Sarah was going to fix the bathroom for a couple of hundred pounds and

0:45:49 > 0:45:52get it back onto the rental market in a matter of weeks.

0:45:54 > 0:45:59So, when we returned just 14 days later, had she managed it?

0:45:59 > 0:46:02# Whoa, don't change it

0:46:02 > 0:46:05# Whoa, don't change it

0:46:05 > 0:46:11# Whoa, don't change it, don't change for me

0:46:11 > 0:46:13# Don't change it, baby

0:46:13 > 0:46:15# Don't change it

0:46:15 > 0:46:19# Oh, no, don't change it... #

0:46:19 > 0:46:22Unsurprisingly, not much has changed,

0:46:22 > 0:46:25yet the flat is looking exceptional.

0:46:25 > 0:46:28# Whoa, don't change it

0:46:28 > 0:46:31# Whoa, don't change it

0:46:31 > 0:46:36# Whoa, don't change it, don't change for me

0:46:36 > 0:46:38# Don't change it, baby. #

0:46:38 > 0:46:40Though I'm glad to see one thing has changed.

0:46:40 > 0:46:44The en suite now looks as good as the rest of the flat and all that

0:46:44 > 0:46:45unsightly mould has gone.

0:46:47 > 0:46:50So, what exactly has Sarah been up to?

0:46:52 > 0:46:55It seemed as though there was a serious lack of ventilation,

0:46:55 > 0:47:00so I had a new, more powerful extractor fan put in on a delay timer.

0:47:00 > 0:47:04And then just cleaned up all the black mould, you know,

0:47:04 > 0:47:06redid all the silicon around the shower.

0:47:06 > 0:47:09A bit of new flooring and now it looks, well...

0:47:09 > 0:47:13You know, clean and tidy and hopefully will prevent the problem coming back.

0:47:13 > 0:47:17The ventilation problem was fairly straightforward and Sarah got in an

0:47:17 > 0:47:20electrician to install the extractor fan,

0:47:20 > 0:47:23which just needed some finishing touches.

0:47:23 > 0:47:27Sarah got someone in to fix the silicon sealant and she project

0:47:27 > 0:47:30managed and touched up the paintwork where needed.

0:47:30 > 0:47:34So, were there any challenges at all?

0:47:34 > 0:47:37The thing that I thought was going to be difficult was the fact that I

0:47:37 > 0:47:40live in Hull, the flat is in Bolton.

0:47:40 > 0:47:43And whereas in Hull, I've got, you know,

0:47:43 > 0:47:47a team of people that I regularly call on to do works for me,

0:47:47 > 0:47:50I didn't know anybody in Bolton.

0:47:50 > 0:47:52But I discovered that you know, via social media,

0:47:52 > 0:47:57there are apps where people will recommend other people to you

0:47:57 > 0:47:58in a local area.

0:47:58 > 0:48:01And to be honest, before I even got the keys to the flat,

0:48:01 > 0:48:05I had the names and telephone numbers of electricians, plumbers,

0:48:05 > 0:48:09decorators, you know, almost anything that I might need.

0:48:11 > 0:48:13Labour and materials cost Sarah...

0:48:13 > 0:48:15Wait for it, £225.

0:48:15 > 0:48:18So, she was well on target with her budget.

0:48:18 > 0:48:21And the work itself only took a week,

0:48:21 > 0:48:24but she did take time to add some home comforts.

0:48:24 > 0:48:28I did decide to bring some furniture into the property.

0:48:28 > 0:48:34I just decided that in terms of sort of showing the property off at its

0:48:34 > 0:48:37best, I would just kind of make it look a little bit homely.

0:48:37 > 0:48:42That's also partly because I think there are quite a number of

0:48:42 > 0:48:44properties very similar to this locally on the rental market

0:48:44 > 0:48:48and I kind of wanted mine to stand out a little bit from the rest.

0:48:49 > 0:48:51Well, has she managed it?

0:48:51 > 0:48:58Let's see what two local estate agents thought of Sarah's £57,725 investment.

0:48:59 > 0:49:01Starting with the agent that saw it last time.

0:49:01 > 0:49:03The property is really nice.

0:49:03 > 0:49:05It's been finished to a good standard.

0:49:05 > 0:49:09It definitely needed a freshen up, so it's fantastic now.

0:49:09 > 0:49:12My first impressions of the property are that it's very clean,

0:49:12 > 0:49:15it's presented well with neutral colours, which is very good.

0:49:15 > 0:49:18And attractive. It's very marketable.

0:49:18 > 0:49:23And we've sold properties like this in the same apartment block and they

0:49:23 > 0:49:25sold fairly rapidly for good price.

0:49:25 > 0:49:28So I'm confident that it will sell well.

0:49:28 > 0:49:33Sarah intends adding this to her Hull portfolio and renting it out.

0:49:33 > 0:49:39But if she did decide to sell, the agents thought it would fetch 83 grand.

0:49:39 > 0:49:42And bearing in mind that one of the agents said flats are selling well

0:49:42 > 0:49:47here, that could mean a quick profit of around 25 grand.

0:49:47 > 0:49:49So, could that change her plans?

0:49:50 > 0:49:54Probably not. I think I will rent and hold on to the property for a few

0:49:54 > 0:49:59years and you know, keep an eye on the market, see how things go.

0:49:59 > 0:50:02See how much hassle it is to rent a property out

0:50:02 > 0:50:04when I live on the other side of the country.

0:50:04 > 0:50:06That will be a bit of an acid test.

0:50:06 > 0:50:09But it's nice to know that I've got, you know,

0:50:09 > 0:50:11some reasonable equity in this if I do decide to sell.

0:50:12 > 0:50:16So, what about those all-important rental values then?

0:50:16 > 0:50:18If I was to put the property on the market for rent,

0:50:18 > 0:50:22I would expect it to achieve £475 per calendar month.

0:50:22 > 0:50:23If we were to rent this property,

0:50:23 > 0:50:26we would look to market it at £500 per calendar month.

0:50:26 > 0:50:29That's spot on with what my expectation was,

0:50:29 > 0:50:31so I'm very happy with that.

0:50:31 > 0:50:35It would seem that snap decision at the gym has really paid off.

0:50:35 > 0:50:38I think Sarah's persuasive work-out buddy deserves a drink.

0:50:39 > 0:50:44I definitely owe him a drink, so got to book in, get him down to the pub.

0:50:49 > 0:50:53Earlier in the show, Lucy was ten miles north of London in the area of

0:50:53 > 0:50:57Enfield at a freehold plot guided at 190,000.

0:51:00 > 0:51:04Sandwiched between two existing properties and measuring just

0:51:04 > 0:51:07243 square metres, the plot seemed more like a garden than

0:51:07 > 0:51:10a profitable investment opportunity.

0:51:10 > 0:51:12But there was more here than met the eye.

0:51:14 > 0:51:17What we do know is that it comes with planning permission to build a

0:51:17 > 0:51:23detached two-storey block with two times two bed self-contained flats.

0:51:23 > 0:51:27# Catch a train to my place

0:51:27 > 0:51:30# Call me when you get into town... #

0:51:30 > 0:51:34The railway link could put some potential buyers off but more importantly,

0:51:34 > 0:51:37there were some planning stipulations that could

0:51:37 > 0:51:39derail a buyer's plans.

0:51:39 > 0:51:42Number one, slate roof tiles.

0:51:42 > 0:51:45Number two, you've got to have brickwork to match next door.

0:51:45 > 0:51:50Number three, white UVPC doors and windows.

0:51:50 > 0:51:52Number four, you've got to have black railings.

0:51:52 > 0:51:56Number five, you've got to have white render at the rear bottom.

0:51:56 > 0:51:58The list just goes on and on.

0:51:59 > 0:52:03And property developer, Bobby, didn't make things easy for himself.

0:52:03 > 0:52:07He engaged a team of architects, including Leila,

0:52:07 > 0:52:13to change the approved plans for the site he bought for £226,000.

0:52:13 > 0:52:18Essentially I want to build three studios and one one-bedroom flat.

0:52:18 > 0:52:21And are you feeling quite confident that this will go through and you

0:52:21 > 0:52:23- will get permission?- We are.

0:52:23 > 0:52:25With confident architect, Leila, on board,

0:52:25 > 0:52:29happy-go-lucky Bobby was ready to go and had the full support of his

0:52:29 > 0:52:30family and friends.

0:52:31 > 0:52:35- I've brought my builders... - Mum and dad.- Mum and dad.

0:52:35 > 0:52:36My three architects.

0:52:36 > 0:52:39And my very good friend and also my solicitor.

0:52:39 > 0:52:40Hello, everybody.

0:52:42 > 0:52:47So, Bobby was spreading the love but could that 130 grand budget spread

0:52:47 > 0:52:51far enough to get the four properties built within a year?

0:52:51 > 0:52:57Well, we're back almost two and a half years later to find out.

0:52:57 > 0:52:59- # Where is the love - The love

0:52:59 > 0:53:02- # Where is the love - The love

0:53:02 > 0:53:04- # Where is the love - The love

0:53:04 > 0:53:08# Where is the love, the love, the love. #

0:53:08 > 0:53:10I'm definitely feeling the love for this transformation.

0:53:12 > 0:53:17On the ground floor is a spacious two-bedroom flat with an en-suite

0:53:17 > 0:53:18and a master bedroom.

0:53:21 > 0:53:23Upstairs is flat number two.

0:53:23 > 0:53:27Also a two bed with the impressive master suite in the loft.

0:53:28 > 0:53:32Soundproofing and double glazing ensures there's no noise from the

0:53:32 > 0:53:36train line out back. But last time Lucy spoke to Bobby,

0:53:36 > 0:53:38he had grand plans for four flats.

0:53:38 > 0:53:40So, what gives?

0:53:41 > 0:53:46Leila tried her best to actually get four flats within the property.

0:53:46 > 0:53:48But the council weren't budging.

0:53:48 > 0:53:52Then we reverted to a plan where, how about we do three flats?

0:53:52 > 0:53:54But the council weren't keen on that either.

0:53:54 > 0:53:56So we decided to actually scrap that idea.

0:53:56 > 0:53:59Basically, there was too many people going to be in the property.

0:53:59 > 0:54:04And they wanted to make sure that they had enough amenities to look

0:54:04 > 0:54:05after those people within the community.

0:54:05 > 0:54:09So that was one of the reasons they actually refused.

0:54:11 > 0:54:15After multiple attempts to get planning, Leila and her company left

0:54:15 > 0:54:17the project with planning for the two flats

0:54:17 > 0:54:21finally being granted in January 2016.

0:54:22 > 0:54:26After engaging a replacement company and getting going again,

0:54:26 > 0:54:29Bobby came across another potential stumbling block.

0:54:29 > 0:54:33The discovery that a massive rainwater pipe ran across the property.

0:54:34 > 0:54:36I thought, OK, this is not going to be a good thing.

0:54:36 > 0:54:39So I contacted Thames Water and yes, there was a big pipe.

0:54:39 > 0:54:43But for miraculous reasons, I actually never touched it.

0:54:44 > 0:54:48After a retrospective inspection to ensure there was no damage,

0:54:48 > 0:54:52Bobby agreed a deed of grant of easement with Thames Water which

0:54:52 > 0:54:54means they'll have some rights over the land,

0:54:54 > 0:54:56even though it's owned by Bobby.

0:54:57 > 0:55:01By this time, Bobby had engaged a third architect and a building

0:55:01 > 0:55:04consultant who saw the project through to the end.

0:55:04 > 0:55:06But all those delays didn't come cheap.

0:55:07 > 0:55:12I had a very ludicrous budget of 130,000 that I wanted to spend.

0:55:12 > 0:55:14Unfortunately, it went beyond that.

0:55:14 > 0:55:18My budget rocketed like anything to probably double that.

0:55:18 > 0:55:20Bobby is not exaggerating.

0:55:20 > 0:55:25Originally he was aiming at a total of something around the £360,000

0:55:25 > 0:55:27mark, plus fees.

0:55:27 > 0:55:31Now, he's spent something in the region of £575,000

0:55:31 > 0:55:33and it's not been an easy ride.

0:55:33 > 0:55:38So, is Bobby still feeling the love for building from scratch?

0:55:38 > 0:55:42The challenges that I faced with this one only reconfirms

0:55:42 > 0:55:43that I like to do more.

0:55:43 > 0:55:46And I've learned from my mistakes on this one.

0:55:46 > 0:55:51So if I can actually apply that to the next one and the one after that,

0:55:51 > 0:55:53that's great. And at the end of the day,

0:55:53 > 0:55:56you kind of like learn to make better quality properties.

0:55:58 > 0:56:03Bobby's first attempt at building may have had its fair share of challenges.

0:56:03 > 0:56:06But he now has two fantastic flats ready to rent.

0:56:06 > 0:56:08So, what was the professional opinion?

0:56:08 > 0:56:11Let's see what two local estate agents thought.

0:56:11 > 0:56:15My first impressions walking into the property is it oozes quality.

0:56:15 > 0:56:17I think downstairs,

0:56:17 > 0:56:20they utilise the space with having the open-plan kitchen lounge.

0:56:20 > 0:56:23And then you've got your two bedrooms

0:56:23 > 0:56:26which benefits one being en suite, which is a major plus.

0:56:26 > 0:56:28Layout is very good.

0:56:28 > 0:56:31They have used every bit of space possible that they could have.

0:56:31 > 0:56:36And the finish has been done to a very high spec throughout and it

0:56:36 > 0:56:37will appeal to buy to let investors,

0:56:37 > 0:56:41but will also be for families and first-time buyers.

0:56:41 > 0:56:45The flat could prove popular with both the sales and rental markets.

0:56:45 > 0:56:47But as Bobby is going to rent them,

0:56:47 > 0:56:50what kind of income could he be looking at?

0:56:50 > 0:56:53I think as these properties are two-bedroom, which is sought after,

0:56:53 > 0:56:58I see no reason why these properties cannot achieve £1,350 per calendar

0:56:58 > 0:57:00month each.

0:57:00 > 0:57:05The average two-bedroom flat goes round £1,350 per month.

0:57:05 > 0:57:09Given their location and the way the property has been done,

0:57:09 > 0:57:12you could push for the slightly higher price and go for £1,400

0:57:12 > 0:57:14per calendar month.

0:57:14 > 0:57:19Brilliant. I'm happy with that. That's way above my expectations,

0:57:19 > 0:57:21so, yeah, I mean, brilliant.

0:57:21 > 0:57:23Bring it on. Yeah.

0:57:23 > 0:57:27The higher value could give Bobby a potential yield of almost 6% and

0:57:27 > 0:57:33the agents agree the ground floor flat could sell for 320 grand with a

0:57:33 > 0:57:38top floor flat valued at 330,000, which could mean a potential profit,

0:57:38 > 0:57:42minus taxes and fees, of 75 grand.

0:57:42 > 0:57:44But he's not tempted to sell just now.

0:57:44 > 0:57:48Because true to form, Bobby is doing this for his nearest and dearest.

0:57:48 > 0:57:50His kids, Ryan and Keane.

0:57:51 > 0:57:57It's an investment for my kids so that they have a happy future.

0:57:57 > 0:58:00I'm not going to give it to them that easily.

0:58:00 > 0:58:05But it's also providing something back to people who deserve good

0:58:05 > 0:58:08quality accommodation. That's what I want to provide.

0:58:10 > 0:58:13As you've just seen, there are a lot of factors at play when you invest

0:58:13 > 0:58:18in property and hopefully, we've been able to offer up some words of wisdom.

0:58:18 > 0:58:22Yes, we wandered lonely as property developers but did we inspire you to

0:58:22 > 0:58:24become one?

0:58:24 > 0:58:26Join us next time for more Homes Under The Hammer.

0:58:26 > 0:58:28- Bye-bye.- Goodbye.