0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Now, when attending a property auction,
0:00:05 > 0:00:07you're always going to come across a varied bunch of people.
0:00:07 > 0:00:11Yes, from professional property developers to first-timers who are
0:00:11 > 0:00:13probably trying to do their best poker face.
0:00:13 > 0:00:15Yes, they should all have one thing in common, though -
0:00:15 > 0:00:18they should have done their research before attempting to buy
0:00:18 > 0:00:20their next home under the hammer.
0:00:46 > 0:00:49Now, it's not just the punters that are varied at auction.
0:00:49 > 0:00:51No, the lots are just as mixed.
0:00:51 > 0:00:55Houses, flats, commercial premises, plots of land, all on offer.
0:00:55 > 0:00:59Yeah, so let's see what went under the hammer on today's show.
0:01:01 > 0:01:02Coming up in historic Canterbury,
0:01:02 > 0:01:04there could be a surprise or two
0:01:04 > 0:01:06hidden underneath this building plot.
0:01:06 > 0:01:09Buried treasure, remains - who knows what?
0:01:11 > 0:01:15And I discover something completely unexpected in this one-bed flat in
0:01:15 > 0:01:18London. Loads of space.
0:01:18 > 0:01:20It can only be a good thing.
0:01:20 > 0:01:23And if you're after a bit of retro,
0:01:23 > 0:01:25how about this three-bed bungalow in Cumbria?
0:01:25 > 0:01:28Could this be a remote-controlled fire?
0:01:30 > 0:01:32Ah!
0:01:32 > 0:01:36- 150.- All these properties have been sold at auction, and we'll find out
0:01:36 > 0:01:39who bought them and what they paid when they went under the hammer.
0:01:39 > 0:01:40Yours, sir.
0:01:45 > 0:01:46In the 13th century,
0:01:46 > 0:01:50an unusual group of characters made their way to the town of Canterbury,
0:01:50 > 0:01:52in Kent - and, no,
0:01:52 > 0:01:53they weren't the crew
0:01:53 > 0:01:56from the very first series of Homes Under The Hammer!
0:01:56 > 0:01:59They were pilgrims in Chaucer's Canterbury Tales,
0:01:59 > 0:02:03making their way to see the shrine of Thomas Becket and the spectacular
0:02:03 > 0:02:05Canterbury Cathedral.
0:02:06 > 0:02:08Pilgrims still tread these paths,
0:02:08 > 0:02:12and Canterbury is one of the most-visited towns in Britain
0:02:12 > 0:02:14and still the seat of the Anglican Church.
0:02:14 > 0:02:18Well, in the heart of beautiful historic Canterbury,
0:02:18 > 0:02:20literally under the shadow of the cathedral,
0:02:20 > 0:02:24is the auction lot that I'm here to see.
0:02:24 > 0:02:28£120,000 to £125,000 is the guide price,
0:02:28 > 0:02:31and I'm not going to tell you any more.
0:02:32 > 0:02:35So, why the mystery?
0:02:35 > 0:02:38I don't know, looks all right, doesn't it?
0:02:38 > 0:02:40Yeah, quite a lot of house for the money.
0:02:40 > 0:02:43Yeah. But that's not it!
0:02:43 > 0:02:46That's not the auction lot, THIS IS!
0:02:46 > 0:02:48Ha!
0:02:48 > 0:02:53It's the garden, including that bit at the end, and nothing else.
0:02:53 > 0:02:55As you can see, it's quite narrow.
0:02:55 > 0:02:57Say about three metres...
0:02:57 > 0:03:00It's about - oh, I don't know - 16 or so metres long,
0:03:00 > 0:03:04probably smaller than the average garden in the UK.
0:03:04 > 0:03:08£125,000 for this?!
0:03:08 > 0:03:09Blimey!
0:03:11 > 0:03:16The plot is about 48 square metres, and if you bought it for £125,000,
0:03:16 > 0:03:19well, that's £2,500 per square metre,
0:03:19 > 0:03:24so why is this little garden giving London prices a run for their money?
0:03:25 > 0:03:29Well, you've probably been watching the programme for long enough
0:03:29 > 0:03:31to know that there is a reason, of course,
0:03:31 > 0:03:34why the guide price was set so high,
0:03:34 > 0:03:37and that's because this little plot of land has actually got
0:03:37 > 0:03:40full planning permission for the creation
0:03:40 > 0:03:42of a detached two-bedroom house.
0:03:42 > 0:03:48Now, something like that so close to the centre of Canterbury with
0:03:48 > 0:03:51the additional bonus of a parking space, well,
0:03:51 > 0:03:54fully built that's going to be worth a lot of money.
0:03:54 > 0:03:56So, definitely, it makes sense.
0:03:56 > 0:04:00A slight downside is that you are in a conservation area,
0:04:00 > 0:04:02so you're going to have to use traditional materials
0:04:02 > 0:04:04and it's going to have to look the part.
0:04:04 > 0:04:06So that's going to add to the build cost.
0:04:06 > 0:04:08Even so, as small as it is...
0:04:10 > 0:04:13..sometimes nice things come in small packages.
0:04:13 > 0:04:19# Little things mean a lot... #
0:04:21 > 0:04:24This tiny space has been approved for a two-floor,
0:04:24 > 0:04:29two-bed detached property, seen here in these plans.
0:04:29 > 0:04:32But it's not the plot's size that worries me.
0:04:32 > 0:04:35You'll need to consider access to the build, and this lane does seem
0:04:35 > 0:04:37a little on the snug side.
0:04:38 > 0:04:42Still, Canterbury is one of the most affluent areas in the UK,
0:04:42 > 0:04:45so this little lot could make you a pot!
0:04:47 > 0:04:51Well, no, I'm not just helping out with the gardening,
0:04:51 > 0:04:54I'm just illustrating a point, or rather, searching for something,
0:04:54 > 0:05:00because this plot of land is within an area of archaeological
0:05:00 > 0:05:02significance, which basically means
0:05:02 > 0:05:04there could be things under the ground here
0:05:04 > 0:05:09which are exactly that - archaeologically significant.
0:05:09 > 0:05:12Buried treasure, remains - who knows what?
0:05:12 > 0:05:15An archaeologist would have to supervise the works
0:05:15 > 0:05:16as you started digging down,
0:05:16 > 0:05:19just to make sure there wasn't something buried there.
0:05:19 > 0:05:25It potentially adds to the cost and also, if something is found, well,
0:05:25 > 0:05:30that throws up a WHOLE LOAD of potential issues!
0:05:33 > 0:05:37Hm, chances are you're not going to be sitting on a little gold mine,
0:05:37 > 0:05:39but a local estate agent can tell us
0:05:39 > 0:05:43if this £120,000 to £125,000 guided lot
0:05:43 > 0:05:45is a hidden treasure.
0:05:47 > 0:05:50The first impressions of the plot was quite impressive.
0:05:50 > 0:05:52It's a nice-sized plot.
0:05:52 > 0:05:53Certainly large enough to accommodate
0:05:53 > 0:05:55a two-bedroomed detached property.
0:05:55 > 0:06:00What might the two-bed cost to build?
0:06:00 > 0:06:03Well, planning permission has been given for a detached two-bedroom
0:06:03 > 0:06:05house with parking, so I suspect the build-out cost
0:06:05 > 0:06:08would be about £130,000.
0:06:08 > 0:06:11So, assuming you got it for the guide,
0:06:11 > 0:06:16and it's a £255,000 potential outlay, is it worth it?
0:06:16 > 0:06:18I think once completed to a good standard,
0:06:18 > 0:06:20this house should achieve something
0:06:20 > 0:06:25along the lines of £315,000 to £320,000.
0:06:25 > 0:06:29Well, I bet this little item's really got you thinking, hasn't it?
0:06:29 > 0:06:34Because behind this wall, an unassuming little garden
0:06:34 > 0:06:37could be a real pot of gold for somebody.
0:06:37 > 0:06:40Let's find out who bought it when it went under the hammer.
0:06:40 > 0:06:43As rare as hen's teeth to get building plots
0:06:43 > 0:06:44in the centre of Canterbury.
0:06:44 > 0:06:48It's in the conservation area, um,
0:06:48 > 0:06:51and it's of a standard construction and design,
0:06:51 > 0:06:53so nice and easy to build.
0:06:53 > 0:06:56Do you want to start me at 100 and we'll sort of move up from there?
0:06:56 > 0:06:58£100,000. 100...
0:06:58 > 0:06:59I got him first, so 105.
0:06:59 > 0:07:02110. 110...
0:07:02 > 0:07:05115. 115, 120.
0:07:05 > 0:07:07120... 118.
0:07:07 > 0:07:10118, I'm told. 120.
0:07:10 > 0:07:12122 now if you wish.
0:07:12 > 0:07:14122, may I see?
0:07:14 > 0:07:17£120,000 I've got, and two I'm looking for...
0:07:17 > 0:07:20At 120, I have, then, on my left for the first time...
0:07:20 > 0:07:23120,000 for the second...
0:07:23 > 0:07:25Third and final... 122.
0:07:25 > 0:07:28Just in time, sir. 122, 124.
0:07:28 > 0:07:31You thought you'd bought it. 124, 126.
0:07:31 > 0:07:34Holding on to the last second doesn't help very much.
0:07:34 > 0:07:35124, I've got.
0:07:35 > 0:07:38For the first time... 124 for the second time...
0:07:38 > 0:07:42126. 128. 127,
0:07:42 > 0:07:45you've been with it from the beginning. 127, if you like.
0:07:45 > 0:07:47127. Now 128, if you like.
0:07:47 > 0:07:48Just £1,000.
0:07:48 > 0:07:52At 127,000, I will be selling for the first time...
0:07:52 > 0:07:57£127,000 on my left for the second time...
0:07:57 > 0:08:01Third and final time, at £127,000, all done?
0:08:01 > 0:08:04Yours at 127, sir, and your number is S143.
0:08:04 > 0:08:08Two grand over the guide price at 127,000.
0:08:08 > 0:08:11The successful bidders were dad Tony and his son Paul.
0:08:11 > 0:08:14A lot of money for this little lot.
0:08:14 > 0:08:17What's the plan? Paul, Tony, great to meet you both.
0:08:17 > 0:08:20- Nice to meet you.- Hi.- Now, there's probably a lot of people at home
0:08:20 > 0:08:23watching, going, "I've got to sell my garden!"
0:08:23 > 0:08:25THEY LAUGH
0:08:25 > 0:08:31Cos it seems like a massive amount of money that you just paid
0:08:31 > 0:08:38for what is a pretty small, average UK-sized garden, isn't it?
0:08:38 > 0:08:41It's in the centre of Canterbury.
0:08:41 > 0:08:42- Yeah.- It's got a lot of potential.
0:08:42 > 0:08:47It's a plot where a sizeable house can be built on, and we're hoping to
0:08:47 > 0:08:48- make it quite a nice build and... - Yeah.
0:08:48 > 0:08:50It seemed like a good idea at the time, so...
0:08:50 > 0:08:53I'm not giving you a hard time. No, you've done the right thing.
0:08:53 > 0:08:55Of course, the real reason it went for that money was
0:08:55 > 0:08:57that it's got planning permission, isn't it?
0:08:57 > 0:09:00The additional thing is it's got a car parking space as well.
0:09:00 > 0:09:02- Yeah.- So, dragon's teeth in Canterbury centre.
0:09:02 > 0:09:05Yeah. So, we've got a father-and-son team here.
0:09:05 > 0:09:08Have you done projects together before, or what?
0:09:08 > 0:09:11No, it's the first time we've ever done anything together, really.
0:09:11 > 0:09:16- Right!- But he needs to get something under his belt in terms of a career
0:09:16 > 0:09:20or something to, you know, develop his life, and so this came up...
0:09:20 > 0:09:23"Well, cheers, Dad! I was completely worthless up until this point."
0:09:23 > 0:09:25- Yeah... No, no. He works... - Thank goodness, eh?
0:09:25 > 0:09:29Your dad stepped in and life's going to be good from this point on!
0:09:29 > 0:09:32- MARTIN CHUCKLES - Some sons do have them, eh, Paul?
0:09:32 > 0:09:33What can you do?
0:09:33 > 0:09:37In Paul's defence, he has had several other purposes,
0:09:37 > 0:09:40including erecting gazebos, but not building houses.
0:09:42 > 0:09:44And what does Dad do? What do you do? What's your job?
0:09:44 > 0:09:47Oh, I'm retired, I used to be in insurance, for many, many years.
0:09:47 > 0:09:50- OK. Right.- The good thing is, a lot of his friends are contractors.
0:09:50 > 0:09:52- Oh.- You know, they're in the trade.
0:09:52 > 0:09:53- Great.- And so there's the potential
0:09:53 > 0:09:55of using those as part of the project.
0:09:55 > 0:09:57But a new build, no experience at all?
0:09:57 > 0:09:59No experience at all. Then again,
0:09:59 > 0:10:01I suppose, you have to start from somewhere, don't you?
0:10:01 > 0:10:03Well, yes, but normally kind of...
0:10:03 > 0:10:07Well, look, I have jumped in the ocean at the deep end,
0:10:07 > 0:10:10- basically, so... - Yeah! Well, probably a bit, yes.
0:10:10 > 0:10:13# Throw caution to the wind
0:10:13 > 0:10:18# Take a deep breath and jump right in. #
0:10:18 > 0:10:21So, sink or swim time for Paul.
0:10:21 > 0:10:24Dad Tony has some property experience,
0:10:24 > 0:10:26so Paul will be able to get some guidance,
0:10:26 > 0:10:31but dealing with conservation and archaeological requirements,
0:10:31 > 0:10:32and a tricky little site...
0:10:32 > 0:10:34Well, it's not going to be easy.
0:10:34 > 0:10:37Had you seen the plot before you bought it?
0:10:37 > 0:10:38- No. - HE LAUGHS
0:10:38 > 0:10:40But we knew roughly where it was.
0:10:40 > 0:10:44Oh, that's all right, then. Now, look, you spent, you know,
0:10:44 > 0:10:48over £100,000 on a bit of land that could have been anywhere.
0:10:48 > 0:10:50But I've lived here for 28 years. I know Canterbury very well...
0:10:50 > 0:10:52- Do you know the road? - Yeah, I knew the road.- OK.
0:10:52 > 0:10:54I know there was no dump over the road,
0:10:54 > 0:10:56I knew there was no pylon going overhead.
0:10:56 > 0:10:58The only thing I didn't know is where exactly the plot was
0:10:58 > 0:11:00- and the measurements of it all. - So, obviously,
0:11:00 > 0:11:02the specific location does throw up a few issues.
0:11:02 > 0:11:04What do you know about those?
0:11:04 > 0:11:07Um, in the planning, we have to have an archaeological dig.
0:11:07 > 0:11:10- Oh, right.- Someone from the Canterbury Archaeological Trust
0:11:10 > 0:11:13will be here whilst we're doing the foundations to make sure there's
0:11:13 > 0:11:14nothing underneath this land.
0:11:14 > 0:11:16If you do find something, that's a nightmare?
0:11:16 > 0:11:18It could be a nightmare, but hopefully not.
0:11:18 > 0:11:20I mean, there hasn't been anything found in this area so far,
0:11:20 > 0:11:23we've found out, and, um, if there is,
0:11:23 > 0:11:26then they have to write up on it and dig it up...
0:11:26 > 0:11:29Sure. But is it yours if you do find pots of gold?
0:11:29 > 0:11:31- Pass, I wouldn't know. - Probably.- Hopefully!
0:11:31 > 0:11:33I don't think I actually know the answer to that question!
0:11:33 > 0:11:35- No, neither do I, no!- I believe so.
0:11:35 > 0:11:36- Well, that'd be good.- I believe so, yeah.
0:11:36 > 0:11:41Subsequent digging reveals that they may be disappointed.
0:11:41 > 0:11:45The Treasure Act 1996 stipulates that you can't just flog
0:11:45 > 0:11:48any coins or objects you discover.
0:11:48 > 0:11:51They have to be declared and offered to a museum to buy,
0:11:51 > 0:11:54although there might be a reward.
0:11:54 > 0:11:56In terms of their own war chest,
0:11:56 > 0:11:58the pair have a £140,000 budget
0:11:58 > 0:12:01and aim to have the two-bed built in five months.
0:12:01 > 0:12:05What value will it have, do you think, when it's done?
0:12:05 > 0:12:08Paul is taking some soundings from three local agents and
0:12:08 > 0:12:11we were working around 325,000...
0:12:11 > 0:12:15- OK.- But they're sort of heading up towards 350 if it's a decent build.
0:12:15 > 0:12:17They're heading more than what we think, so, yeah.
0:12:17 > 0:12:19So, there could be 100 grand in it.
0:12:19 > 0:12:21- Hopefully.- If we do make a reasonable amount of money,
0:12:21 > 0:12:24I'm happy to put all of that back into the next project.
0:12:24 > 0:12:26- Oh, great, OK.- So, because,
0:12:26 > 0:12:27you know, I think he could do a great job.
0:12:27 > 0:12:30- It's lovely to meet you both. Good luck with it.- Thanks very much.
0:12:30 > 0:12:34- I'm looking forward to seeing how you get on.- Thank you.
0:12:34 > 0:12:37Well, sometimes property is just a numbers game,
0:12:37 > 0:12:39and crazy though it seems
0:12:39 > 0:12:43at first glance, it does seem that the numbers stack up with this tiny
0:12:43 > 0:12:47plot of land. How will Paul get on building his house here?
0:12:47 > 0:12:49You can find out later in the show.
0:12:54 > 0:12:57South London now and Crystal Palace.
0:12:57 > 0:13:00The area has plenty of good amenities, like Crystal Palace Park,
0:13:00 > 0:13:03and it's pretty well placed with good transport links.
0:13:05 > 0:13:08Believe it or not, this quiet residential street
0:13:08 > 0:13:11is not too far from Crystal Palace town centre,
0:13:11 > 0:13:14and it's on this street we find our property.
0:13:14 > 0:13:16We have got a one-bed,
0:13:16 > 0:13:21first-floor flat with a guide price of 170 grand plus.
0:13:21 > 0:13:23Let's go and see what you get for your money.
0:13:26 > 0:13:29I understand that the block has some concrete construction,
0:13:29 > 0:13:32such as floors, ceilings and roof.
0:13:32 > 0:13:36It's always worth checking with an independent mortgage advisor,
0:13:36 > 0:13:39as some lenders might treat this as a nonstandard construction.
0:13:39 > 0:13:42Perhaps it has a bearing on the reasonable-sounding
0:13:42 > 0:13:45guide price for a purpose-built flat in London.
0:13:48 > 0:13:51So, you're in through the door and you get a little...hallway,
0:13:51 > 0:13:53which I wasn't expecting.
0:13:53 > 0:13:55I have gone straight through a cobweb, though,
0:13:55 > 0:13:57so nothing's happened in here for some time!
0:13:57 > 0:13:59So, geographically, we've got
0:13:59 > 0:14:01bedroom, bathroom,
0:14:01 > 0:14:03kitchen and lounge.
0:14:03 > 0:14:05I'm going to start in here.
0:14:05 > 0:14:08Right. What a good-sized bedroom.
0:14:08 > 0:14:12I can see that these windows are relatively new.
0:14:12 > 0:14:14And you know what? As I look outside,
0:14:14 > 0:14:16I can see some garages and a little bit of garden.
0:14:16 > 0:14:18I'll explore that a little bit later.
0:14:18 > 0:14:21I also like the flooring as well. It looks in pretty good condition.
0:14:21 > 0:14:23So, you could sand it, polish it,
0:14:23 > 0:14:25varnish it, bring it back to its best,
0:14:25 > 0:14:28put carpets in - not bad at all in here.
0:14:28 > 0:14:31Back over to the hallway area.
0:14:31 > 0:14:33Bathroom here.
0:14:34 > 0:14:36It's very small.
0:14:36 > 0:14:38It's to be expected, it's a one-bed flat.
0:14:38 > 0:14:41It is in reasonable nick, though, and, in fact,
0:14:41 > 0:14:43the only thing not looking too great
0:14:43 > 0:14:46are the rather dated storage heaters.
0:14:46 > 0:14:47I'd get those changed.
0:14:47 > 0:14:51Into the lounge and kitchen area.
0:14:51 > 0:14:53Kitchen first. Follow me into the kitchen.
0:14:53 > 0:14:58And you know what? This isn't a bad-sized kitchen at all.
0:14:58 > 0:15:00It's bigger than what I was expecting,
0:15:00 > 0:15:01it's not in great condition,
0:15:01 > 0:15:03it has been left for some time,
0:15:03 > 0:15:04but if you were to take all this out
0:15:04 > 0:15:06and put a brand-new kitchen in here -
0:15:06 > 0:15:09maybe just a nice white and black kitchen -
0:15:09 > 0:15:11it'd really smarten this place up.
0:15:11 > 0:15:14And through that big pane of glass,
0:15:14 > 0:15:17I can see a good-sized lounge.
0:15:17 > 0:15:19Let me have a look at this. Let me have a look at this,
0:15:19 > 0:15:23let me see what we've got. Again, loads of space.
0:15:23 > 0:15:26Wasn't expecting the bedroom to be so big,
0:15:26 > 0:15:29wasn't expecting this lounge to be as big as it is,
0:15:29 > 0:15:31kitchen's a decent size.
0:15:31 > 0:15:33You got to remember, it's a one-bed flat,
0:15:33 > 0:15:37so if there is a little bit of space and you're a little bit surprised,
0:15:37 > 0:15:39it can only be a good thing.
0:15:39 > 0:15:42The combination of words "big" and "flat"
0:15:42 > 0:15:46can often be exaggerated in the London property market,
0:15:46 > 0:15:51but this former housing association flat at 568 square feet
0:15:51 > 0:15:54is big in London.
0:15:54 > 0:15:57# It's a good thing
0:15:57 > 0:16:00# Such a good thing... #
0:16:00 > 0:16:04Plus, there's the gem I spotted from the bedroom -
0:16:04 > 0:16:07a garage. That's got to be a bonus point.
0:16:07 > 0:16:10If you've got a car, bang it in there, keep it safe.
0:16:10 > 0:16:12If you haven't - storage!
0:16:14 > 0:16:18There is one fly in the ointment, though - a short lease
0:16:18 > 0:16:19of just 53 years.
0:16:19 > 0:16:23So, that means this one is more than likely going to be for a cash
0:16:23 > 0:16:26investor. Getting a mortgage on it will be tricky,
0:16:26 > 0:16:28maybe not even possible.
0:16:28 > 0:16:30So time to ask along a local estate agent
0:16:30 > 0:16:35to give us his thoughts on this lot guided at £170,000 plus.
0:16:35 > 0:16:37What does he think about the area?
0:16:37 > 0:16:39It's a lovely residential area,
0:16:39 > 0:16:41very popular amongst commuters and families.
0:16:41 > 0:16:43We're about a mile away from the town centre,
0:16:43 > 0:16:45which, again, very popular.
0:16:45 > 0:16:48You have the Crystal Palace Triangle where you can find an array of local
0:16:48 > 0:16:52amenities, such as local restaurants, coffee shops,
0:16:52 > 0:16:57convenience stores, and there's also some outdoor space via Westow Park.
0:16:57 > 0:17:02Plus, there's a bit of communal space outside, too, and that garage,
0:17:02 > 0:17:04which you could rent out if you wanted to.
0:17:07 > 0:17:10What about the other features on this property?
0:17:10 > 0:17:12The property, in general, is in good condition.
0:17:12 > 0:17:15The layouts are quite good, the proportions are quite good.
0:17:15 > 0:17:19It does need a bit of modernising, but that's about it, to be honest.
0:17:19 > 0:17:24Currently guided at £170,000 plus, the agent thinks this flat -
0:17:24 > 0:17:29once refurbished with an extended lease - could be worth 350 grand.
0:17:29 > 0:17:31I think it could make a nice,
0:17:31 > 0:17:34easily-maintained rental, and the agent thinks so, too.
0:17:35 > 0:17:39He estimates the rental income to be £1,200 per calendar month.
0:17:40 > 0:17:43Let's find out who was interested when it went under the hammer.
0:17:43 > 0:17:45Flat with a garage.
0:17:45 > 0:17:49And you'd have a garage, so looking for 180 upwards.
0:17:52 > 0:17:53202? Right.
0:17:53 > 0:17:56202, very precise.
0:17:56 > 0:17:57204 anywhere?
0:17:57 > 0:18:01204, 206.
0:18:01 > 0:18:02Yes? No?
0:18:02 > 0:18:05Looking for 206 elsewhere.
0:18:05 > 0:18:07If not, 204, first time...
0:18:07 > 0:18:09Second time...
0:18:09 > 0:18:11206 at the back.
0:18:11 > 0:18:13Nearly got it. 208, madam.
0:18:13 > 0:18:15With you. Yes?
0:18:16 > 0:18:19Yeah, 208. 210.
0:18:19 > 0:18:23212. 212...
0:18:23 > 0:18:25210 at the back,
0:18:25 > 0:18:27right at the back, first time...
0:18:27 > 0:18:29Second time...
0:18:29 > 0:18:31Third and last time...
0:18:33 > 0:18:35Sold. 210, right at the back.
0:18:35 > 0:18:39The flat was purchased by property investor Jarum.
0:18:39 > 0:18:42He sent along Anne-Marie, who has project managed several
0:18:42 > 0:18:45of his properties over the past two years.
0:18:46 > 0:18:48Anne-Marie, nice to meet you.
0:18:48 > 0:18:51- Nice to meet you, Dion.- What were you doing before you were doing
0:18:51 > 0:18:54- this, then?- I was actually a children's centre manager,
0:18:54 > 0:18:55and then I took redundancy,
0:18:55 > 0:18:58and then I decided to start a property company.
0:18:58 > 0:19:00So, what was your inspiration, then?
0:19:00 > 0:19:01You know, you've been in the classroom
0:19:01 > 0:19:03and you got made redundant,
0:19:03 > 0:19:06then you went straight into property developing.
0:19:06 > 0:19:08Well, first it was my dad.
0:19:08 > 0:19:11- OK.- In terms of doing the... In terms of doing construction work.
0:19:11 > 0:19:14- Uh-huh.- But also watching Homes Under The Hammer.
0:19:14 > 0:19:17See... See, that's the correct answer.
0:19:17 > 0:19:20- Yeah.- Tell me about your dad, then. What did your dad do in order to...?
0:19:20 > 0:19:22- When my dad first came to England... - OK.
0:19:22 > 0:19:24..he came to the construction world.
0:19:24 > 0:19:25- OK. From where?- From Jamaica.
0:19:25 > 0:19:28- OK.- Yeah, so, he came over and he worked in...
0:19:28 > 0:19:32You know, he was doing carpentry for a long period of time.
0:19:32 > 0:19:34- OK.- So that's where it all started.
0:19:36 > 0:19:39The last property Anne-Marie renovated for Jarum
0:19:39 > 0:19:42was a five-bed house, so this one should be a doddle.
0:19:42 > 0:19:44And what has he said to you?
0:19:44 > 0:19:45What does he want to do with it?
0:19:45 > 0:19:47- Right.- "Right!"
0:19:47 > 0:19:51So, he's sent the plans over to me for me to have a look at,
0:19:51 > 0:19:52so this is how it usually works.
0:19:53 > 0:19:56So, what he wants me to do, he wants me to do a full renovation.
0:19:56 > 0:20:02- OK.- OK, so, we're going to start by ripping everything out completely.
0:20:02 > 0:20:06- OK.- What we plan to do is to turn the kitchen into a bedroom...
0:20:07 > 0:20:10- Yep. OK?- Wow.- So...
0:20:10 > 0:20:11Now, I wasn't expecting that!
0:20:11 > 0:20:13- OK.- So, this is going to be another bedroom?
0:20:13 > 0:20:15- It's going to be a second bedroom. - OK, all right.- OK?
0:20:15 > 0:20:19- OK, good.- So, what we plan to do is to take down this wall here...
0:20:19 > 0:20:21- OK.- Bringing it backwards this way.
0:20:21 > 0:20:24- Yeah.- So that rather than making it a cheeky double,
0:20:24 > 0:20:28we'll make it into a proper double bedroom.
0:20:28 > 0:20:29Right, a decent-sized double bedroom.
0:20:29 > 0:20:31A decent size, yeah.
0:20:31 > 0:20:33- OK.- So, we're going to change the doorway.
0:20:33 > 0:20:34It'll be from the passageway.
0:20:34 > 0:20:36- OK.- As the other bedroom as well.
0:20:36 > 0:20:38- Nice one.- So, what we will do with the property,
0:20:38 > 0:20:40we'll bring it up to a high spec...
0:20:40 > 0:20:43- Uh-huh.- ..so that he can flip it at the end.
0:20:43 > 0:20:45- Really?- Yeah.- So he's in and out, isn't he?
0:20:45 > 0:20:47- He is, yeah.- Sharpish.
0:20:47 > 0:20:49- Yeah.- Bathroom staying as is?
0:20:49 > 0:20:51In terms of where the toilet and the sink and the bath is, yes,
0:20:51 > 0:20:54but we will rip everything out and upgrade it all.
0:20:54 > 0:20:58- And...?- In here, we'll fit the kitchen along the back wall.
0:20:58 > 0:21:02- OK.- So it'll just go straight across the back.
0:21:02 > 0:21:05As the property is a leasehold,
0:21:05 > 0:21:08checks with the freeholder will be necessary to see if permission to
0:21:08 > 0:21:11change things around is needed.
0:21:11 > 0:21:13It might even cost to get that permission.
0:21:14 > 0:21:17Fitting the kitchen along here with concrete floors and ceilings
0:21:17 > 0:21:21might be tricky, because moving a kitchen also means re-routing
0:21:21 > 0:21:25the drainage, pipework - and don't forget that ventilation!
0:21:25 > 0:21:27Building regulations will also have to be followed
0:21:27 > 0:21:30and checked by Building Control where appropriate,
0:21:30 > 0:21:34so client Jarum will leave Anne-Marie to take care of all that.
0:21:36 > 0:21:39Cos making this into a kitchen's no easy job.
0:21:39 > 0:21:42- No.- Who's going to do the work? - Well, I have a team
0:21:42 > 0:21:44of tradespeople.
0:21:44 > 0:21:46- OK.- And we've been working together for a while now.
0:21:46 > 0:21:50- OK.- So we've done other renovations as well,
0:21:50 > 0:21:52so I want to use them again for this one.
0:21:52 > 0:21:57- Nice one.- Because they take pride in their work.
0:21:57 > 0:21:58Which is huge, isn't it?
0:21:58 > 0:22:02Yeah. They're trusted workers and I know that, you know,
0:22:02 > 0:22:03they will get on with it.
0:22:03 > 0:22:08And what kind of properties have you done apart from this to date?
0:22:08 > 0:22:11So, a property in Deptford.
0:22:11 > 0:22:14- OK.- It was a four-bedroom property...
0:22:14 > 0:22:16- Oh, wow, a lot bigger! - And we turned it into a five.
0:22:16 > 0:22:20We added two shower rooms to it and we upgraded everything.
0:22:20 > 0:22:21- Wow!- Yeah.
0:22:21 > 0:22:23So, this is a small one?
0:22:23 > 0:22:26- Yeah. Compared to that one, yeah. - This is a small one.
0:22:26 > 0:22:30But I'm doing another one at the moment in Camberwell.
0:22:30 > 0:22:34- Gotcha.- A three-bedroom turned into four.
0:22:34 > 0:22:36- Adding a shower room again. - You love adding, don't you?
0:22:36 > 0:22:39- You love to add things!- Add value. - Add value, of course!
0:22:39 > 0:22:41- Well done!- Add value.
0:22:41 > 0:22:44I'm also doing a property in Brixton as well.
0:22:44 > 0:22:47Fantastic. So, when we come back and we come and visit you and
0:22:47 > 0:22:50- everything's finished and plush... - Yeah.- ..what kind of flat
0:22:50 > 0:22:52can we expect when we come through the door?
0:22:52 > 0:22:55You can expect something that is up-to-date,
0:22:55 > 0:22:58it will be a smooth finish...
0:22:58 > 0:23:00Gotcha. Neutral?
0:23:00 > 0:23:03He doesn't usually use bright and powerful colours, however...
0:23:03 > 0:23:04OK, so he keeps it simple.
0:23:04 > 0:23:07- OK.- However, when we have done furnished properties,
0:23:07 > 0:23:08he does like to use green and...
0:23:08 > 0:23:11- Oh, does he?- Yeah. Yellows and that kind of thing.
0:23:11 > 0:23:13- So, we might see a bit of colour when we come back?- You might do,
0:23:13 > 0:23:17- as the accent of the room...- OK. - As opposed to the general colour.
0:23:17 > 0:23:20And what about the timescale? How long is it going to take to turn
0:23:20 > 0:23:23- this around?- Um, it should take eight weeks.
0:23:23 > 0:23:25It might be less, it might be more.
0:23:25 > 0:23:28It depends on what we come across when we're doing the work.
0:23:28 > 0:23:31Yes. Ie, taking the floors up, are there going to be any problems?
0:23:31 > 0:23:34- Yeah.- And what about the budget, how much is it going to cost?
0:23:34 > 0:23:35Well, I don't actually hold
0:23:35 > 0:23:38the purse strings on the budget - he does.
0:23:38 > 0:23:40- Oh, really?- OK? So we've yet to discuss that.
0:23:40 > 0:23:43Yeah! Listen, get that in sharpish.
0:23:43 > 0:23:44- Get that in sharpish!- I am!
0:23:44 > 0:23:46You need to know how much you're working with.
0:23:46 > 0:23:48- In and out.- Anne-Marie, good luck. - Thank you very much.
0:23:48 > 0:23:50- I wish you all the best. - Thank you, Dion.
0:23:51 > 0:23:54So, this is a relatively small project for Anne-Marie.
0:23:54 > 0:23:58She's done a lot larger, so this really should be a walk in the park.
0:23:58 > 0:24:03What I would do is find out what budget she's working with ASAP,
0:24:03 > 0:24:06so she knows exactly where to spend that money.
0:24:06 > 0:24:09I am intrigued to find out what that second bedroom's going to look like.
0:24:09 > 0:24:12Is it going to be cheeky, or is it going to be charming?
0:24:12 > 0:24:14You can find out later in the programme.
0:24:16 > 0:24:18Still to come... In Cumbria,
0:24:18 > 0:24:21I meet a couple who may struggle with their planned renovation.
0:24:22 > 0:24:25We are very, very good at making things worse.
0:24:27 > 0:24:30And in Crystal Palace, did Jarum sort out a lease?
0:24:30 > 0:24:32I offered them £10,000,
0:24:32 > 0:24:35they offered me to buy a lease extension at £100,000.
0:24:39 > 0:24:42We're heading back to lovely Canterbury now, where earlier,
0:24:42 > 0:24:44I cast my eye over this plot of garden
0:24:44 > 0:24:47that came with planning permission
0:24:47 > 0:24:48to build a two-bedroom house.
0:24:50 > 0:24:54# I walk alone... #
0:24:54 > 0:24:58Just as well I was alone - not much room for anybody else!
0:24:58 > 0:25:02Probably smaller than the average garden in the UK!
0:25:02 > 0:25:05But building in the centre of ancient Canterbury
0:25:05 > 0:25:08could pose some unique problems.
0:25:08 > 0:25:14This plot of land is within an area of archaeological significance,
0:25:14 > 0:25:19which basically means there could be things under the ground here which
0:25:19 > 0:25:22are exactly that, archaeologically significant.
0:25:22 > 0:25:25Buried treasure, remains - who knows what?
0:25:25 > 0:25:30It was property treasure that Tony and his son Paul were after.
0:25:30 > 0:25:32Yours at 127, sir.
0:25:32 > 0:25:36But as I found out, there were just a few tiny problems!
0:25:37 > 0:25:40Have you done projects together before or what?
0:25:40 > 0:25:43No, it's the first time we've ever done anything together, really.
0:25:43 > 0:25:46- Had you seen the plot before you bought it?- No.
0:25:46 > 0:25:50But we knew roughly where it was.
0:25:50 > 0:25:52# Treasure! #
0:25:52 > 0:25:53Oh, dear.
0:25:53 > 0:25:56There can't be any less promising starts to a development story.
0:25:56 > 0:25:58But full of enthusiasm,
0:25:58 > 0:26:02the pair of intrepid novice builders set themselves a maximum budget of
0:26:02 > 0:26:05140 grand and a timescale of five months.
0:26:10 > 0:26:13Well, we're back two years later to see if this story has turned into
0:26:13 > 0:26:15a Canterbury cautionary tale.
0:26:29 > 0:26:30Well, I have to confess,
0:26:30 > 0:26:34I was doubtful what would be here on my return,
0:26:34 > 0:26:35even after two years.
0:26:35 > 0:26:38But Tony and Paul have certainly delivered the goods.
0:26:40 > 0:26:44This tidy detached house has a well-appointed kitchen,
0:26:44 > 0:26:48a cosy living room complete with under-stairs cupboard,
0:26:48 > 0:26:51and they've even squeezed in a downstairs loo.
0:26:55 > 0:26:58Underfloor heating runs throughout the ground floor.
0:26:58 > 0:27:02It's flat-pack furniture only up this tight stairwell,
0:27:02 > 0:27:05where upstairs the compact layout accommodates
0:27:05 > 0:27:08two bedrooms and a bathroom.
0:27:11 > 0:27:14The outside space is limited to an area for off-road parking,
0:27:14 > 0:27:19but in central Canterbury, this is worth its weight in gold.
0:27:19 > 0:27:21So it looks like a cracking little house,
0:27:21 > 0:27:24fitting snugly onto the garden plot.
0:27:24 > 0:27:28But I'll wager there's a good reason why it took so much longer to build
0:27:28 > 0:27:30than anticipated. Over to Paul.
0:27:32 > 0:27:34The land is tiny, so, therefore,
0:27:34 > 0:27:37getting every inch out of the property has been a struggle.
0:27:37 > 0:27:39We've also had a problem with the back garden,
0:27:39 > 0:27:42of their garden being 600mm higher than ours,
0:27:42 > 0:27:45which meant that we've had to tank the back of the property,
0:27:45 > 0:27:48which caused a struggle with what tanking system to use,
0:27:48 > 0:27:51how to implement it and how to get it involved in the build.
0:27:51 > 0:27:54And also we've had problems with getting water out
0:27:54 > 0:27:57into the main road - foul and surface drainage.
0:27:58 > 0:28:00As is so often the case,
0:28:00 > 0:28:03it's the things you don't see that cost time and money.
0:28:03 > 0:28:06The soil level next door being two feet higher
0:28:06 > 0:28:10meant waterproofing the walls was necessary to prevent damp.
0:28:10 > 0:28:13Dad Tony adopted a hands-off approach but was always there
0:28:13 > 0:28:15if Paul needed help.
0:28:15 > 0:28:16My dad helped quite heavily
0:28:16 > 0:28:18with the stuff like party wall agreements,
0:28:18 > 0:28:22which were a lot more technical than I thought they would be.
0:28:22 > 0:28:25A lot of the investing side of it he's helped me with, um,
0:28:25 > 0:28:30but it's mainly been me working alongside builders on this project.
0:28:30 > 0:28:32Because it's so different to anything I'd done before,
0:28:32 > 0:28:36I've had to learn really fast with some very helpful builders and very
0:28:36 > 0:28:38helpful people that know the trade very well.
0:28:38 > 0:28:41They've been patient with me, I've been patient with them.
0:28:41 > 0:28:44Patience is key, I presume, in this industry!
0:28:44 > 0:28:47Um, and, yeah, it's been a big learning curve,
0:28:47 > 0:28:48one big learning curve.
0:28:48 > 0:28:52So, what about that archaeological survey - did it cause any delays?
0:28:54 > 0:28:58We had to have an archaeological dig on site when we did the footings.
0:28:58 > 0:29:01That all went a lot easier than expected.
0:29:01 > 0:29:03Good news for the house-building team,
0:29:03 > 0:29:07as the only item unearthed was a common type
0:29:07 > 0:29:09of Victorian smoking pipe.
0:29:09 > 0:29:12Unfortunately, things weren't as straightforward with the budget.
0:29:12 > 0:29:16They planned to spend £140,000 on top of the purchase price
0:29:16 > 0:29:18of 127,000,
0:29:18 > 0:29:24but extra costs brought their total outlay to almost 288,000.
0:29:26 > 0:29:28Lots of money spent on tanking,
0:29:28 > 0:29:30party wall agreements with surveyors,
0:29:30 > 0:29:33delays in construction and stuff, which has cost us time and money.
0:29:33 > 0:29:35But it's been a good experience nonetheless.
0:29:37 > 0:29:40This might be a good time to call in two local property experts.
0:29:40 > 0:29:43Will their valuations ease Paul and Tony's pain?
0:29:44 > 0:29:49Well, I think they've made the best use of the space available.
0:29:49 > 0:29:50I like the size of the bedrooms,
0:29:50 > 0:29:55they're very good, and the place is very contemporary and nicely fitted
0:29:55 > 0:30:00- out.- This property would appeal to young professionals in Canterbury.
0:30:00 > 0:30:02It could also be mature students
0:30:02 > 0:30:05studying at one of the universities.
0:30:06 > 0:30:08The total spend was 288,000,
0:30:08 > 0:30:11so what value would they put on the house on the resale market?
0:30:13 > 0:30:15I would estimate the resale value of this property
0:30:15 > 0:30:19to be between £280,000 and £290,000.
0:30:19 > 0:30:21The resale value, I would think,
0:30:21 > 0:30:24would settle around the £300,000 mark.
0:30:24 > 0:30:27Roughly about the ballpark I thought of.
0:30:27 > 0:30:31I'm hoping with the future gate that we'll put outside with parking might
0:30:31 > 0:30:35- increase the value further.- A sale at 300,000 would leave Paul and Tony
0:30:35 > 0:30:39with a relatively slim 12 grand profit, minus selling fees and tax,
0:30:39 > 0:30:43perhaps not the greatest result for two years' work.
0:30:43 > 0:30:45Will the rental figures be any cheerier?
0:30:45 > 0:30:48The rental value of this property
0:30:48 > 0:30:51would be about £950 per calendar month.
0:30:51 > 0:30:56I would anticipate the rental value of this property to be between £950
0:30:56 > 0:30:58and £1,000 per calendar month.
0:30:58 > 0:31:00But, again, roughly the ballpark figure.
0:31:00 > 0:31:01I reckon we can get a bit more.
0:31:01 > 0:31:02I had a flat in Canterbury,
0:31:02 > 0:31:05a two-bedroom flat that gets 1,100, so,
0:31:05 > 0:31:09- you never know.- A rental of £1,000 per month would mean a return on
0:31:09 > 0:31:11investment of just over 4%.
0:31:11 > 0:31:15The original plan to sell the house has been shelved for the time being,
0:31:15 > 0:31:17but Paul thinks that he could capitalise
0:31:17 > 0:31:22on the booming short-term holiday rental market in Canterbury.
0:31:22 > 0:31:24Tony's biggest hope for this project
0:31:24 > 0:31:27was it would kick-start a new career for Paul.
0:31:29 > 0:31:32This project has changed my career path slightly to now working with
0:31:32 > 0:31:33interior design architects.
0:31:33 > 0:31:36I'm now back at university studying.
0:31:36 > 0:31:39So not necessarily in this industry of building new builds,
0:31:39 > 0:31:41but in the industry definitely itself.
0:31:44 > 0:31:47I'm in Cumbria, on the edge of the Lake District,
0:31:47 > 0:31:50five miles from the town of Workington.
0:31:51 > 0:31:55The property I'm here to see is in Branthwaite, a semi-rural village.
0:31:55 > 0:31:57It might not have a lot of amenities,
0:31:57 > 0:32:01but it definitely scores in other ways.
0:32:01 > 0:32:03If you love the idea of country living
0:32:03 > 0:32:05but don't fancy being isolated,
0:32:05 > 0:32:07this could be the perfect spot,
0:32:07 > 0:32:09because it's such pretty countryside,
0:32:09 > 0:32:12you've got lots of neighbours around,
0:32:12 > 0:32:16and a lovely little village pub just a stone's throw away.
0:32:16 > 0:32:18I might move here myself.
0:32:18 > 0:32:20So, the property I'm here to see is this -
0:32:20 > 0:32:25it's a three-bed bungalow with a guide price of £150,000 plus.
0:32:25 > 0:32:26Let's go look.
0:32:27 > 0:32:30The first impressions here are good -
0:32:30 > 0:32:32there's a drive and a garage at the end of it,
0:32:32 > 0:32:36so plenty of parking and an easy maintenance front garden.
0:32:37 > 0:32:42Inside and into quite a spacious porch area,
0:32:42 > 0:32:45a great place to hang up your coats, put your shoes.
0:32:45 > 0:32:47Now you have the hall area.
0:32:47 > 0:32:48I can see various rooms going off.
0:32:48 > 0:32:50First up, at this end...
0:32:51 > 0:32:54..you have a kitchen, and it's a really nice size.
0:32:54 > 0:32:57Great proportions, but very dated.
0:32:57 > 0:32:59You'd want to bring in a new kitchen here.
0:32:59 > 0:33:02But I tell you what - the thing that strikes me first about this place is
0:33:02 > 0:33:04it's been well loved.
0:33:04 > 0:33:07It's clean. It's maybe not been updated for decades,
0:33:07 > 0:33:09but look at those carpets!
0:33:09 > 0:33:10They're immaculate!
0:33:11 > 0:33:14Coming through the hallway...
0:33:14 > 0:33:18..into a reception room - again, a really nice size.
0:33:18 > 0:33:21And then you've got the street - nice to watch people go by.
0:33:21 > 0:33:25It's quite a sleepy village with a quiet feel, but enough going on.
0:33:25 > 0:33:28You've got your double-glazed windows to keep out the noise of
0:33:28 > 0:33:31passing traffic. You've got central heating and then...
0:33:31 > 0:33:33Ah! Now we're talking.
0:33:33 > 0:33:37Could this be a remote controlled fire?
0:33:38 > 0:33:42Ah! All of the sudden, I'm back in, what, the '70s, the '80s?
0:33:42 > 0:33:44I think it's time for a pina colada.
0:33:44 > 0:33:47# Yes, I like pina coladas... #
0:33:47 > 0:33:50Of course, I'm only joking!
0:33:50 > 0:33:52It's a bit too early for me anyway.
0:33:52 > 0:33:56But it was a good excuse to use this epic song and have a closer look at
0:33:56 > 0:34:02the kitchen. At the other end of the house, you have your bathroom.
0:34:02 > 0:34:03Now, it's a good size.
0:34:03 > 0:34:05For me, the layout doesn't quite work.
0:34:05 > 0:34:07You come straight into your shower.
0:34:07 > 0:34:09It could be moved around a bit, a new bathroom,
0:34:09 > 0:34:12but as I'm looking at it, it looks like it's brand spanking new.
0:34:12 > 0:34:15I know it's not, but this house has really been well cared for.
0:34:15 > 0:34:18Pretty jazzy wallpaper there.
0:34:18 > 0:34:22Through to your hall, and you've got covered space on your left
0:34:22 > 0:34:24and then a good-sized double bedroom.
0:34:24 > 0:34:28It's your master bedroom because you've got a wee en suite.
0:34:28 > 0:34:31It's got in your shower, your WC and a basin.
0:34:31 > 0:34:34So that work really well as your master bedroom.
0:34:34 > 0:34:37It's not huge, but, you know, it's a decent size.
0:34:37 > 0:34:40And then your second bedroom is a smaller double.
0:34:40 > 0:34:43You could get a double bed in there, not much else.
0:34:43 > 0:34:47And your third bedroom is a bit bigger.
0:34:47 > 0:34:50It's a good size and also, you know,
0:34:50 > 0:34:53see all this taking up so much space,
0:34:53 > 0:34:58it's the fitted wardrobes, you've got your dressing table drawers,
0:34:58 > 0:35:01really going around all of the walls, apart from the window.
0:35:01 > 0:35:04And if you took that out, this would feel so much more spacious,
0:35:04 > 0:35:07but what astonishes me is this was...
0:35:07 > 0:35:10This is probably '80s, it reminds me of the late '80s,
0:35:10 > 0:35:13and if this has been here for 30 plus years,
0:35:13 > 0:35:16then someone's really cared about this house,
0:35:16 > 0:35:17and the very good thing
0:35:17 > 0:35:21about that is if somebody's cared for, loved their house,
0:35:21 > 0:35:23there is more chance they would have fixed any problems.
0:35:23 > 0:35:26A leaky roof, burst drains.
0:35:26 > 0:35:29And that means that a potential buyer is in with a good chance of
0:35:29 > 0:35:31inheriting a good house.
0:35:32 > 0:35:36So far, this is a straightforward looking refurbishment.
0:35:36 > 0:35:39New kitchen, new bathroom, new decor, perhaps a rewire.
0:35:39 > 0:35:43So, is there anything else to do?
0:35:43 > 0:35:44Now, as with all bungalows,
0:35:44 > 0:35:48you do have the option of going up, and there is your loft.
0:35:48 > 0:35:51You could think about adding a fourth bedroom up there,
0:35:51 > 0:35:54but you'd need planning permission, you'd need to put in windows,
0:35:54 > 0:35:55you'd need to put up a stair.
0:35:55 > 0:35:58There is space here to put in a stair, so you could think about it,
0:35:58 > 0:36:01but it's a big costly job.
0:36:01 > 0:36:02Is it worth your while?
0:36:02 > 0:36:05You need to do your research to figure out if there is a market
0:36:05 > 0:36:09for four-bedrooms in the area and if you would add more profit,
0:36:09 > 0:36:12more value to this property by doing it.
0:36:12 > 0:36:15Otherwise, you might just want to keep it for storage space.
0:36:16 > 0:36:18Also, it's worth bearing in mind
0:36:18 > 0:36:22that only 1% of houses built last year were bungalows,
0:36:22 > 0:36:25so this house type is becoming rarer.
0:36:25 > 0:36:27But, with the growing elderly population,
0:36:27 > 0:36:29they're increasingly sought after.
0:36:29 > 0:36:32So trying to give this place an upstairs
0:36:32 > 0:36:34could well be a waste of money.
0:36:34 > 0:36:37Outside, the garden has a decent sized plot.
0:36:37 > 0:36:40It's neat and easy to maintain,
0:36:40 > 0:36:42but maybe not the green little haven
0:36:42 > 0:36:45you'd perhaps expect of a country garden.
0:36:45 > 0:36:48There is a feature, though, that you might not be so surprised
0:36:48 > 0:36:51to find in a country property.
0:36:51 > 0:36:54It's a big tank full of oil, and you'll find that every garden
0:36:54 > 0:36:58in this area has one, either full of oil or LPG,
0:36:58 > 0:37:01which stands for liquid petroleum gas.
0:37:01 > 0:37:04It's not the most attractive of features,
0:37:04 > 0:37:07but with the British winters, it's a necessity.
0:37:09 > 0:37:11We invited an estate agent along
0:37:11 > 0:37:13to share his local knowledge and to get
0:37:13 > 0:37:17an idea of the financial prospects of the bungalow going forward.
0:37:19 > 0:37:23It's a good property, it is well laid out, the structure looks fine.
0:37:23 > 0:37:26It's ideal for some renovation and modernisation.
0:37:26 > 0:37:29And how about the option of converting the roof space?
0:37:29 > 0:37:31Personally, I wouldn't advise that.
0:37:31 > 0:37:34Most people want three bedrooms. Four bedrooms is a luxury,
0:37:34 > 0:37:36maybe a personal thing.
0:37:37 > 0:37:39Once it's been dragged into the 21st century,
0:37:39 > 0:37:41what would the property rent for?
0:37:41 > 0:37:44Once updated, I would estimate that this property would rent
0:37:44 > 0:37:46for in the region of £800 per calendar month.
0:37:46 > 0:37:49And for sale on the open market?
0:37:49 > 0:37:51In terms of resale value, this is a very popular area.
0:37:51 > 0:37:56I would estimate this probably would sell for in the region of £260,000.
0:37:56 > 0:38:01This is a lovely bungalow with loads of charm, and unless there are any
0:38:01 > 0:38:05hidden nasties, all that really needs is cosmetic work
0:38:05 > 0:38:07to make it sing.
0:38:07 > 0:38:09Let's find out who wanted to give it that face lift
0:38:09 > 0:38:10when it went to auction.
0:38:10 > 0:38:12What a property, this.
0:38:12 > 0:38:15Three-bedroom detached bungalow, it's a sought-after village,
0:38:15 > 0:38:17easy access to Cockermouth, Walkington,
0:38:17 > 0:38:19Whitehaven and the Lake District National Park.
0:38:19 > 0:38:21Anybody at 150?
0:38:21 > 0:38:22145?
0:38:22 > 0:38:25140? We'll move on if there's no bids.
0:38:25 > 0:38:28140 here. At £140,000 in fives...
0:38:28 > 0:38:30At 140 bid.
0:38:30 > 0:38:31At 140 bid, are we done?
0:38:31 > 0:38:34At... 145, 150.
0:38:34 > 0:38:36150, 155...
0:38:36 > 0:38:38With the guide price passed,
0:38:38 > 0:38:42the bids continue to where we rejoin at £174,000.
0:38:42 > 0:38:46174. 174 bid, 175.
0:38:47 > 0:38:49175 bid, 176...
0:38:49 > 0:38:52177. Shake of the head.
0:38:52 > 0:38:54176 with you.
0:38:54 > 0:38:56Second row from the back.
0:38:56 > 0:38:58First time. It's against you right the back...
0:38:58 > 0:39:01Second time at 176 in the checked shirt.
0:39:01 > 0:39:03Third and final time, all done...
0:39:03 > 0:39:05Back in at 177.
0:39:05 > 0:39:07Thought you might. 178.
0:39:07 > 0:39:09178, 179.
0:39:09 > 0:39:11I'm here to sell, for the first time...
0:39:11 > 0:39:13Second time with you, sir.
0:39:13 > 0:39:14Third and final time.
0:39:14 > 0:39:15Fair warning, I'm selling...
0:39:17 > 0:39:20Yours, sir. Can I have your paddle number, please?
0:39:20 > 0:39:2132.
0:39:21 > 0:39:25The top bid of 178 grand came from Ryan,
0:39:25 > 0:39:30a retired mechanical engineer, with his wife of 33 years, Alison,
0:39:30 > 0:39:32a recently retired teacher.
0:39:32 > 0:39:35They've refurbished three properties before, but the bungalow was their
0:39:35 > 0:39:38first successful auction purchase.
0:39:38 > 0:39:40Alison, pleased to meet you.
0:39:40 > 0:39:42- Hello, pleased to meet you. - Brian, pleased to meet you, too.
0:39:42 > 0:39:44- Hi.- Congratulations.
0:39:44 > 0:39:47- BOTH:- Thank you.- So, is this the first or the first of a few?
0:39:47 > 0:39:49This is our third.
0:39:49 > 0:39:52We've done the previous two close to where we live and this is a little
0:39:52 > 0:39:56- bit further out.- And do you know this area reasonably well?
0:39:56 > 0:39:59Yes, he's grown up here, so he knows it really well.
0:40:00 > 0:40:04So, we sort of selected areas where we knew the area,
0:40:04 > 0:40:06we sort of knew the locale,
0:40:06 > 0:40:09and then this was the first village property we've done.
0:40:09 > 0:40:11What was it about this that you wanted?
0:40:11 > 0:40:13We were trying to move up a little bit,
0:40:13 > 0:40:17up market from your regular sort of terraced or semi,
0:40:17 > 0:40:20and this was just a good opportunity to do it.
0:40:20 > 0:40:24We had two properties in mind at the auction - this was the first,
0:40:24 > 0:40:27our first choice, and luckily we got it, so...
0:40:27 > 0:40:29We're just dying to get cracking.
0:40:29 > 0:40:31What was the auction experience like for you?
0:40:31 > 0:40:32Heart-stopping.
0:40:32 > 0:40:34As soon as he started bidding,
0:40:34 > 0:40:36cos he plays games when he's at auctions,
0:40:36 > 0:40:39and as soon as he started, my heart starts going boompty-boompty-boom,
0:40:39 > 0:40:42And I was thinking, "We're going to lose it, he's not going to bid."
0:40:42 > 0:40:44And then he decided, "Oh, I'll step in now."
0:40:44 > 0:40:50In my uni days, I was trying to fund my uni by buying and selling cars
0:40:50 > 0:40:54through the auctions. I have bid at auctions before.
0:40:54 > 0:40:58Aha! This might be their first successful property auction bid,
0:40:58 > 0:41:01but clearly Brian has developed a technique.
0:41:01 > 0:41:02So, now they've got it,
0:41:02 > 0:41:07they plan to get it done up for resale in three to six months.
0:41:07 > 0:41:09So, will they be hands-on?
0:41:09 > 0:41:12We're very, very good at making things worse.
0:41:12 > 0:41:16Alison with a crowbar and a hammer is great at knocking kitchens out,
0:41:16 > 0:41:21but the clever bits we get teams in, and they do the proper work.
0:41:21 > 0:41:24It sounds like you both like to get your sleeves up and really get
0:41:24 > 0:41:27involved. Has it been plain sailing with the properties so far?
0:41:29 > 0:41:31- Brian?- Well...
0:41:31 > 0:41:34Yes and no. In the last property, we smashed the kitchen out
0:41:34 > 0:41:39and on the very last load, I broke my ankle stepping off a step.
0:41:39 > 0:41:41I raced motorbikes, I raced cars,
0:41:41 > 0:41:45I did all sorts of crazy things, and of all things to break my ankle on
0:41:45 > 0:41:47was a step. And it was the last load -
0:41:47 > 0:41:49that was the frustrating thing -
0:41:49 > 0:41:52and it obviously put the whole project back.
0:41:52 > 0:41:54Yeah! I know we're laughing, but it's not that funny, really.
0:41:54 > 0:41:56- It was hilarious. - It wasn't funny at the time!
0:41:56 > 0:41:59- Oh, it was.- Hopefully, no breakages this time.
0:41:59 > 0:42:02- Hopefully not.- What work are you planning with the house?
0:42:02 > 0:42:05We'll be knocking the kitchen and the bathroom out, initially.
0:42:05 > 0:42:07- And a fire.- And a fire.
0:42:07 > 0:42:09Stripping the floors and seeing what we find.
0:42:09 > 0:42:11I'm very much... I like neutrals.
0:42:11 > 0:42:13I don't like patterns.
0:42:13 > 0:42:15So, I think we'll neutralise it.
0:42:15 > 0:42:18But maybe have a bit of a wow factor in the bathroom and kitchen.
0:42:18 > 0:42:20What's your budget?
0:42:20 > 0:42:24Budget, we think is around about the £25,000 mark.
0:42:24 > 0:42:26It's not all just cosmetic changes, though.
0:42:26 > 0:42:30Even a nice house like this can benefit from making improvements
0:42:30 > 0:42:34in energy saving. Buyers often look at the EPC,
0:42:34 > 0:42:38the energy performance certificate rating, before they buy a house,
0:42:38 > 0:42:42since an energy inefficient house can prove to be an expensive one.
0:42:42 > 0:42:45We're going to try to improve the EPC value
0:42:45 > 0:42:49with loft insulation and underfloor, hopefully.
0:42:49 > 0:42:50Speaking of loft,
0:42:50 > 0:42:53is there any chance of getting another bedroom in there?
0:42:53 > 0:42:56That is possible. I haven't had the opportunity yet to get up
0:42:56 > 0:42:58in the loft, to measure the height,
0:42:58 > 0:43:01but that is something we're going to consider.
0:43:01 > 0:43:03Possibly putting another bedroom on.
0:43:03 > 0:43:05Again, it depends on the numbers.
0:43:05 > 0:43:09That hall's quite nice for maybe quite a modern spiral staircase up.
0:43:09 > 0:43:12It could make something... Because that space could be a bit of
0:43:12 > 0:43:15a wasted space, so... Maybe put a staircase up.
0:43:15 > 0:43:18But until he's poked around up there and got his tape measure out...
0:43:18 > 0:43:20It depends what the market can stand.
0:43:20 > 0:43:23I really can't wait to see the transformation and best of luck.
0:43:23 > 0:43:25- Thank you, Alison. - Thank you very much.
0:43:25 > 0:43:26- Thank you.- Pleasure.- Thanks.
0:43:28 > 0:43:31Alison and Brian have got themselves a peach of a property
0:43:31 > 0:43:34here. They've got a really healthy budget,
0:43:34 > 0:43:37and with nothing fundamentally wrong with the house,
0:43:37 > 0:43:39I'm expecting a real wow factor
0:43:39 > 0:43:41when it comes to that transformation.
0:43:41 > 0:43:43You can find out how they do fare later in the show.
0:43:47 > 0:43:50Well, earlier on in the show, we saw how one of the buyers got on.
0:43:50 > 0:43:53But what about the other two? How did their projects get on?
0:43:53 > 0:43:55Yes, let's find out.
0:43:57 > 0:44:00Let's head back to Crystal Palace, in south London,
0:44:00 > 0:44:05where I saw this first-floor one-bed flat guided at £170,000 plus.
0:44:05 > 0:44:08Inside was in reasonable nick.
0:44:08 > 0:44:10And while the bathroom was a little small,
0:44:10 > 0:44:16the 568-square-foot former housing association flat was large,
0:44:16 > 0:44:17in London terms.
0:44:17 > 0:44:20Let me have a look at this, let me have a look at this.
0:44:20 > 0:44:24Let me see what we've got. Again, loads of space.
0:44:24 > 0:44:26You got to remember, it's a one-bed flat.
0:44:26 > 0:44:30So if there is a little bit of space and you're a little bit surprised,
0:44:30 > 0:44:32it can only be a good thing.
0:44:32 > 0:44:37Another good thing with this flat was the garage included in this lot.
0:44:37 > 0:44:38But...
0:44:38 > 0:44:41# I don't like flies in my ointment
0:44:41 > 0:44:46# And that's what you are. #
0:44:46 > 0:44:48Yes, the flies in the ointment here
0:44:48 > 0:44:51were the partly concrete construction
0:44:51 > 0:44:53and the short 53-year lease.
0:44:53 > 0:44:56Both potential issues with mortgage lenders.
0:44:56 > 0:44:57Sold to...
0:44:57 > 0:45:02However, that didn't stop Jarum paying £210,000 on auction day.
0:45:02 > 0:45:05And he sent along his trusty project manager Anne-Marie
0:45:05 > 0:45:07to discuss the plans for the flat.
0:45:08 > 0:45:11What we plan to do is to turn the kitchen into a bedroom.
0:45:11 > 0:45:13So this is going to be another bedroom?
0:45:13 > 0:45:16- It's going to be a second bedroom. - OK, all right. OK, good.
0:45:16 > 0:45:19So, what we plan to do is to take down this wall here.
0:45:19 > 0:45:21- OK.- Bringing it backwards this way.
0:45:21 > 0:45:25- Yeah.- So rather than making it a cheeky double,
0:45:25 > 0:45:28we'll make it into a proper double bedroom.
0:45:28 > 0:45:31# Cheeky girls... #
0:45:31 > 0:45:35This not so cheeky renovation was expected to take eight weeks.
0:45:35 > 0:45:38- And the budget?- I don't actually hold the purse strings
0:45:38 > 0:45:41- on the budget.- Oh, really?- OK? So we have yet to discuss that.
0:45:42 > 0:45:44So how much would it cost,
0:45:44 > 0:45:47and would the lease and part-concrete construction
0:45:47 > 0:45:48throw up any issues?
0:45:49 > 0:45:53We're back just ten weeks later to find out.
0:45:53 > 0:45:55# We never go out of style
0:45:55 > 0:45:58# We never go out of style... #
0:46:00 > 0:46:02Now this flat is one cool customer.
0:46:02 > 0:46:07I love the contemporary styling and the new open-plan living space.
0:46:11 > 0:46:14What was the kitchen is now bedroom number two.
0:46:14 > 0:46:18It was created by stealing a bit of space off the living area.
0:46:21 > 0:46:25The master bedroom, just like the rest of the flat, looks stylish.
0:46:25 > 0:46:26And the mirrored wardrobes
0:46:26 > 0:46:28help create that feeling of space and light.
0:46:31 > 0:46:34To top it all, there's a sleek, new bathroom suit.
0:46:34 > 0:46:37So they've managed to carry out their plan,
0:46:37 > 0:46:39and very cool it looks, too.
0:46:39 > 0:46:42It's a big deal moving plumbing, drainage, and wiring.
0:46:42 > 0:46:45So moving the kitchen could have been a challenge,
0:46:45 > 0:46:48especially with the concrete construction.
0:46:48 > 0:46:53How did it go? Anne-Marie and Jarum are here to fill us in.
0:46:53 > 0:46:55It worked out really well, actually.
0:46:55 > 0:46:57Because once we pulled up the floors,
0:46:57 > 0:47:00there was enough space for us to be able to run wires underneath.
0:47:02 > 0:47:05When we checked the structure of the ceilings,
0:47:05 > 0:47:07the way that the ceiling is,
0:47:07 > 0:47:09it was easier for the electricians
0:47:09 > 0:47:11to be able to run the wires through
0:47:11 > 0:47:14as opposed to it being a complete concrete ceiling.
0:47:14 > 0:47:17# We never go out of style
0:47:17 > 0:47:20# We never go out of style... #
0:47:21 > 0:47:24So luck was on their side, and as it turned out,
0:47:24 > 0:47:25any changes to the layout
0:47:25 > 0:47:27were allowed on the lease,
0:47:27 > 0:47:29so they didn't have to get permission from the freeholder.
0:47:30 > 0:47:34But remember that fly in the ointment?
0:47:34 > 0:47:36That short 53-year lease - has it been resolved?
0:47:38 > 0:47:41So I'm in the process of extending the lease at the moment.
0:47:41 > 0:47:43So I offered them £10,000,
0:47:43 > 0:47:46they offered me to buy a lease extension at £100,000.
0:47:46 > 0:47:49And hopefully we're going to meet somewhere in the middle.
0:47:49 > 0:47:51More towards a realistic valuation.
0:47:51 > 0:47:54I expect I'll end up paying between £30,000 and £35,000
0:47:54 > 0:47:55for a lease extension.
0:47:55 > 0:47:58If you own a short-lease property for two years,
0:47:58 > 0:48:01you have the right to add 90 years to what's left,
0:48:01 > 0:48:04subject to the price being agreed.
0:48:04 > 0:48:06Extending a lease can be complicated.
0:48:06 > 0:48:09So we'd recommend having a solicitor.
0:48:09 > 0:48:11Or there is also free, independent advice
0:48:11 > 0:48:15from the Leasehold Advisory Service, which is government funded.
0:48:15 > 0:48:19However, as Jarum wanted to sell the flat on,
0:48:19 > 0:48:22hopefully he and the landlord can negotiate a deal
0:48:22 > 0:48:24that will give Jarum a profit.
0:48:24 > 0:48:28If you recall, we didn't know how much the budget was going to be.
0:48:28 > 0:48:32When I bought it, I had planned on spending about £25,000 on it,
0:48:32 > 0:48:34at the very most.
0:48:35 > 0:48:37Eventually, I think we spent £35,000
0:48:37 > 0:48:40simply because we wanted that high-end finish.
0:48:40 > 0:48:42That does cost a little bit more.
0:48:42 > 0:48:45But I firmly believe that people are out there that are willing
0:48:45 > 0:48:48to pay for that extra niceness, as it were.
0:48:49 > 0:48:52Well, niceness is definitely something they've achieved.
0:48:52 > 0:48:55But will two local estate agents agree?
0:48:55 > 0:48:57And will they have nice things
0:48:57 > 0:49:00to say about Jarum's 245-grand investment?
0:49:00 > 0:49:02It's been done to a very high spec.
0:49:02 > 0:49:04All the fixtures and fittings.
0:49:04 > 0:49:07The colours, the scheme, the white in the kitchen, the bathroom...
0:49:07 > 0:49:09It all looks very, very top notch.
0:49:09 > 0:49:13And that's in sitting with what clients expect in this sort of area.
0:49:13 > 0:49:15Selling points, I think first-time buyers love the kitchens.
0:49:15 > 0:49:18Normally, the open-plan space, just a big living area.
0:49:18 > 0:49:20The standard of finish seems really good,
0:49:20 > 0:49:21they dressed it up really well,
0:49:21 > 0:49:23which does make a difference to some buyers,
0:49:23 > 0:49:24especially for vacant property.
0:49:24 > 0:49:28I think the layout works quite well because the bedrooms are still quite
0:49:28 > 0:49:29two good sizes.
0:49:29 > 0:49:32And even though the lounge is now open-plan,
0:49:32 > 0:49:34you've still got space to have a table
0:49:34 > 0:49:36and to have, you know, sofas in there as well.
0:49:36 > 0:49:40So it actually works a lot better than what it was originally.
0:49:41 > 0:49:42All very positive.
0:49:42 > 0:49:47So with the £210,000 purchase price and the £35,000 spent,
0:49:47 > 0:49:51would the flat make a profit if put on the market right now?
0:49:51 > 0:49:55I expect the value to be in the region of £280,000.
0:49:55 > 0:49:57The retail value of this property
0:49:57 > 0:50:00with a short lease would be £275,000 to £300,000.
0:50:00 > 0:50:03Without extending the lease,
0:50:03 > 0:50:05Jarum could still be looking
0:50:05 > 0:50:08at a profit of £55,000 minus taxes and fees.
0:50:08 > 0:50:12However, the agents agree the sales figure would rise with a lease
0:50:12 > 0:50:15extension - up to 350 grand.
0:50:15 > 0:50:20So spending 35 grand on a lease extension could increase the profit
0:50:20 > 0:50:21to around £70,000.
0:50:21 > 0:50:23He'll have to weigh that up.
0:50:23 > 0:50:26But what's his initial thinking on the figures?
0:50:26 > 0:50:29£350,000 has certainly surpassed expectation.
0:50:29 > 0:50:32Very pleased with that.
0:50:32 > 0:50:35Another successful project for this dynamic duo.
0:50:35 > 0:50:37So, is there more work on the horizon?
0:50:38 > 0:50:41Oh, Anne-Marie is absolutely fantastic.
0:50:41 > 0:50:46She is doing another project for me as we speak, and hopefully that one
0:50:46 > 0:50:49will be completed on time and within budget as well,
0:50:49 > 0:50:51just like the other few that she's done for me.
0:50:51 > 0:50:53So, yeah. Definitely a long-standing relationship,
0:50:53 > 0:50:57- and look forward to doing many more together.- Thank you.
0:51:01 > 0:51:05We're back on the Cumbrian coast and the village of Branthwaite.
0:51:05 > 0:51:09It was here we first came across a three-bed detached bungalow.
0:51:09 > 0:51:13With great views, it was actually in really good order.
0:51:14 > 0:51:18It even came complete with state-of-the-art technology.
0:51:19 > 0:51:22Could this be a remote-controlled fire?
0:51:24 > 0:51:26All of a sudden, I'm back in, what, the '70s?
0:51:26 > 0:51:31The '80s? OK, so it might have been state-of-the-art a while back,
0:51:31 > 0:51:34and that was perhaps the biggest problem with the bungalow -
0:51:34 > 0:51:36it was just all a bit dated.
0:51:37 > 0:51:42# When nothing is new and There's nothing doing
0:51:42 > 0:51:43# Step back in time. #
0:51:43 > 0:51:48And it was bought for £178,000 by Brian and Alison
0:51:48 > 0:51:51as a do-upper and sell-on project.
0:51:51 > 0:51:55And they were hoping this would be a less painful experience than
0:51:55 > 0:51:57previous property refurbishments.
0:51:57 > 0:52:00Has it been plain sailing with the property so far?
0:52:00 > 0:52:03- Brian?- Well,
0:52:03 > 0:52:06yes and no. In the last property, we smashed the kitchen out, and on
0:52:06 > 0:52:10the very last load, I broke my ankle stepping off a step.
0:52:10 > 0:52:13# One step beyond! #
0:52:13 > 0:52:17With a 25-grand budget and a three-to-six-month timescale,
0:52:17 > 0:52:22let's hope this bungalow didn't turn out to be a step too far.
0:52:25 > 0:52:27All right, OK.
0:52:29 > 0:52:33Well, 3½ months later, we're back and it's crunch time.
0:52:33 > 0:52:34Make or break.
0:52:37 > 0:52:39It's tidy and fresh outside.
0:52:39 > 0:52:42Is that a clue to what we might find inside?
0:52:48 > 0:52:53Well, yes. The bedrooms are airy and bright and wardrobe free.
0:52:55 > 0:52:57But what about the tired, old kitchen?
0:52:59 > 0:53:02Wow, I like that.
0:53:02 > 0:53:05And this really is now a state-of-the-art space.
0:53:07 > 0:53:09So this is the kitchen.
0:53:09 > 0:53:13Originally, it was an old '60s kitchen with dark wood units
0:53:13 > 0:53:15on these two walls.
0:53:15 > 0:53:19So, we decided to lighten it up, make it a more modern feel,
0:53:19 > 0:53:20with more modern appliances.
0:53:20 > 0:53:23We felt that the colour just lifted the whole place.
0:53:23 > 0:53:24Especially with the lighting.
0:53:24 > 0:53:26And it just... We absolutely love it.
0:53:26 > 0:53:28- We think it's great.- Delighted.
0:53:29 > 0:53:32The kitchen has definitely now got the wow factor.
0:53:34 > 0:53:36The bathroom is pretty impressive, too.
0:53:38 > 0:53:40And with a living room neatly finished
0:53:40 > 0:53:43with no remote-controlled fireplace
0:53:43 > 0:53:46in sight, modern is definitely the word you can now use
0:53:46 > 0:53:50to describe the bungalow. So, how did it all go?
0:53:51 > 0:53:54Well, when we first came to the house, we thought there was not
0:53:54 > 0:53:55going to be a lot to do in it, really.
0:53:55 > 0:53:58We thought maybe redecorate, new kitchen, new bathroom.
0:53:58 > 0:54:01However, once we got in, we realised
0:54:01 > 0:54:05- that there was going to need to be new windows.- Yep.
0:54:05 > 0:54:09New boiler because we took oil out and put mains gas in.
0:54:09 > 0:54:11And we considered a loft conversion
0:54:11 > 0:54:14to try and get it up to a four-bedroom.
0:54:14 > 0:54:18But in actual fact, when we looked at the numbers,
0:54:18 > 0:54:21the cost of a conversion didn't really make sense.
0:54:21 > 0:54:25And also there was a restriction on headroom in the loft, so...
0:54:25 > 0:54:27We didn't do it in the end.
0:54:27 > 0:54:29The place does look great, and I think its simple,
0:54:29 > 0:54:32modern look will appeal to the family market
0:54:32 > 0:54:35and the right-sizer market, too.
0:54:35 > 0:54:39But how did this husband and wife team divide the tasks?
0:54:39 > 0:54:41Well, I smash it all to bits.
0:54:41 > 0:54:44And Brian comes along and puts it back together again.
0:54:44 > 0:54:48Which has been the tradition in these things that we've done.
0:54:48 > 0:54:52But, actually, this year I sloped off to Morocco for a week golfing.
0:54:52 > 0:54:58So, he had to finish all the stripping, and that took the full...
0:54:58 > 0:55:00Well, 2½ weeks that took you to strip the wallpaper.
0:55:00 > 0:55:03Yeah. To be fair, she's very good.
0:55:03 > 0:55:05She's... With a sledgehammer, she's a demon.
0:55:05 > 0:55:12# You're just another brick and I'm a sledgehammer
0:55:12 > 0:55:19# You're just another brick and I'm a sledgehammer. #
0:55:19 > 0:55:22So, after the sledge-hammering and the wallpaper stripping
0:55:22 > 0:55:26were done, it was time to hand over to the professionals.
0:55:26 > 0:55:28Which, of course, is the expensive bit.
0:55:28 > 0:55:31So, where are they now with their budget?
0:55:31 > 0:55:35The original budget was 25,000, but...
0:55:35 > 0:55:37..with all these little problems that we found,
0:55:37 > 0:55:40we have gone over that. We haven't got a final figure yet,
0:55:40 > 0:55:44but I would expect it to be 30,000-some-hundred,
0:55:44 > 0:55:46so I'm not quite sure yet.
0:55:47 > 0:55:50Changing the heating and the new windows pushed
0:55:50 > 0:55:51the budget slightly up,
0:55:51 > 0:55:55and that 30 grand on top of the 178,000 spent
0:55:55 > 0:56:00takes their total expenditure to over 208 grand.
0:56:00 > 0:56:02So, was it worth going the extra mile?
0:56:02 > 0:56:05What did two local estate agents think?
0:56:05 > 0:56:07First, the agent who saw it last time.
0:56:07 > 0:56:10I think that it probably has been transformed.
0:56:10 > 0:56:13It was old and dirty last time I was here. It's really fresh and modern.
0:56:13 > 0:56:15He's done a really great job with this property.
0:56:15 > 0:56:19I think the property's been done to a high standard.
0:56:19 > 0:56:21Nice and bright, modern fixtures and fittings,
0:56:21 > 0:56:24good size, good location.
0:56:24 > 0:56:26I think they put a good finish on the property.
0:56:26 > 0:56:28There is usually the danger sometimes that people go too far
0:56:28 > 0:56:30and make it more personal. This way,
0:56:30 > 0:56:32someone can come in and make it their own.
0:56:32 > 0:56:35I think perhaps, for the family market,
0:56:35 > 0:56:38I might have lawned part of the garden.
0:56:38 > 0:56:41Maybe a family would be looking for something with maybe a little bit of
0:56:41 > 0:56:44a lawn area for the children to play.
0:56:44 > 0:56:47Yes, a little more greenery might have been nice.
0:56:47 > 0:56:50But then, the greenery and the expanse of the Lakeland Fells
0:56:50 > 0:56:52is almost on your doorstep.
0:56:52 > 0:56:55And Brian and Alison bought the house solely to do up and
0:56:55 > 0:56:57sell on. So, how much return
0:56:57 > 0:57:01will they see on their 208-grand investment?
0:57:04 > 0:57:05Put this property on the market right now,
0:57:05 > 0:57:11I'd probably achieve somewhere between £250,000 and £255,000.
0:57:11 > 0:57:12On the sales market,
0:57:12 > 0:57:17I would expect this property to achieve £245,000 to £250,000.
0:57:17 > 0:57:20It's about where we thought it would be.
0:57:20 > 0:57:23Obviously, we've gone over our budget a little bit, but...
0:57:24 > 0:57:28- ..we're quite happy with that.- Yeah. Very pleased with that, yes.
0:57:28 > 0:57:33There's a potential pre-tax profit of £37,000 to £47,000,
0:57:33 > 0:57:37and the agents also thought rental values
0:57:37 > 0:57:41of around £650 per calendar month could be possible,
0:57:41 > 0:57:44which is a yield of just under 4%.
0:57:44 > 0:57:45So, with those numbers,
0:57:45 > 0:57:49it does seem the selling option is much more appealing.
0:57:49 > 0:57:53But overall, how do they feel about their Cumbrian bungalow project?
0:57:54 > 0:57:56It's been good fun. It's always good fun.
0:57:57 > 0:58:01There are problems along the way, but that's all part of the thing.
0:58:01 > 0:58:04You just have to go on with it and sort out anything that crops up.
0:58:04 > 0:58:07Brian didn't break any ankles this time, so that's an added bonus.
0:58:07 > 0:58:09That's a bonus, yes.
0:58:09 > 0:58:10So, last time, he did.
0:58:10 > 0:58:12This time, he hasn't. Result.
0:58:17 > 0:58:20Well, you should've learned a few things from today's show.
0:58:20 > 0:58:24Yes, every day is a school day when it comes to property developing.
0:58:24 > 0:58:26So, join us next time for more pearls of wisdom
0:58:26 > 0:58:30- here on Homes Under The Hammer. Bye-bye.- Bye.- Goodbye.