0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Now, buying a property for a financial investment
0:00:05 > 0:00:07can seem like a daunting prospect.
0:00:07 > 0:00:10Yes, but if you do your homework, you could be onto a winner.
0:00:10 > 0:00:13Yes, and one place you could find yourself a property bargain
0:00:13 > 0:00:15is at your local property auction.
0:00:41 > 0:00:45Property auctions are a great place to pick up a potential bargain.
0:00:45 > 0:00:48Yes, but one thing you've got to remember is always stay calm.
0:00:48 > 0:00:50Let's find out if any of today's buyers
0:00:50 > 0:00:52got an attack of auction fever.
0:00:52 > 0:00:53Here's what they bought...
0:00:55 > 0:00:58Today in Wednesfield, this semi has got me feeling poetic.
0:00:58 > 0:01:04RSJ... Open the door on a summer's day!
0:01:04 > 0:01:09Whereas in Sydenham, this maisonette had me lost for words...
0:01:09 > 0:01:13The thingy there, what's it called again? Socket! That's it. Thank you.
0:01:13 > 0:01:14Answers on a postcard, please!
0:01:16 > 0:01:21And in Chatham, the rooms in this end terrace left me pondering.
0:01:21 > 0:01:23It's too big, you don't need it!
0:01:23 > 0:01:25Upon reflection...
0:01:26 > 0:01:28All of these properties have been sold at auction,
0:01:28 > 0:01:31and we'll find out who bought them and what they paid for them
0:01:31 > 0:01:33when they went under the hammer.
0:01:33 > 0:01:34Congratulations!
0:01:39 > 0:01:41I'm in the historic village of Wednesfield,
0:01:41 > 0:01:44just two miles from the city centre of Wolverhampton.
0:01:45 > 0:01:48In the 19th century, the blacksmiths of Wednesfield
0:01:48 > 0:01:51specialised in traps for winning game.
0:01:51 > 0:01:54Traps of all shapes and sizes were exported,
0:01:54 > 0:01:58so Wednesfield became the trap-making capital of the world.
0:01:58 > 0:02:01So, will somebody snare a bargain with this property?
0:02:01 > 0:02:02I'm here to see.
0:02:02 > 0:02:06# We're caught in a trap... #
0:02:06 > 0:02:07In the auction catalogue,
0:02:07 > 0:02:14it says it's got three bedrooms and a guide price of £78-83,000.
0:02:14 > 0:02:16It also says it's a semidetached.
0:02:18 > 0:02:21It looks more like an end of terrace to me.
0:02:21 > 0:02:23Interesting though, let's have a look.
0:02:23 > 0:02:27# Look into my eyes, can't you see they're open wide?
0:02:27 > 0:02:29# Would I lie to you, baby?
0:02:29 > 0:02:32# Would I lie to you? #
0:02:34 > 0:02:39Very typical layout of a house of this era.
0:02:39 > 0:02:43Look at this, all original stained glass as well.
0:02:43 > 0:02:44Very, very cool.
0:02:44 > 0:02:45It's a little bit tight.
0:02:45 > 0:02:48Here are your stairs going up to the bedrooms.
0:02:48 > 0:02:53Come down the hallway, you've got a front room, really big bay window,
0:02:53 > 0:02:56and more stained glass as well at the top.
0:02:56 > 0:02:57Very, very smart. OK, some may say
0:02:57 > 0:03:00that's retro that's going round the top of the wall.
0:03:00 > 0:03:02It's not, it's original.
0:03:02 > 0:03:04And there's a gas fire as well, and I'd want to get rid of that.
0:03:04 > 0:03:06But it's a good-sized front room.
0:03:06 > 0:03:10Bit further down the hallway, you've got a very tight kitchen.
0:03:10 > 0:03:12Very small, very compact.
0:03:12 > 0:03:15There's a little bit of damp in the corner
0:03:15 > 0:03:17by the back door that goes out.
0:03:17 > 0:03:19And then you come into the dining room.
0:03:19 > 0:03:22Another gas fire in here as well.
0:03:23 > 0:03:25OK, so you've already got a door in place.
0:03:26 > 0:03:29Out into the back garden. And you've got a dining room.
0:03:29 > 0:03:34And on the other side of this wall, you've got a kitchen.
0:03:34 > 0:03:37So you've got a kitchen, and you've got a diner...
0:03:39 > 0:03:43Kitchen. Diner. If you say it quick -
0:03:43 > 0:03:46kitchen/diner - that's what you've got to try and achieve!
0:03:46 > 0:03:50What I would do is try and make better use of these two spaces.
0:03:50 > 0:03:53This is how I'd do it. Wall not needed.
0:03:53 > 0:03:56RSJ.
0:03:56 > 0:03:58Open the door on a summer's day!
0:04:00 > 0:04:03But will it be all sunshine and roses upstairs?
0:04:05 > 0:04:08OK, upstairs to the three bedrooms.
0:04:08 > 0:04:12But before we have a look at those, this is the family bathroom.
0:04:12 > 0:04:15And it's not a bad-sized family bathroom at all.
0:04:15 > 0:04:19You've got a bath, sink, and a toilet just behind the door.
0:04:19 > 0:04:24No shower, though. So I'd be inclined to take that out,
0:04:24 > 0:04:27put a brand-new suite in, try and get a shower in the bath as well.
0:04:27 > 0:04:29There's enough space, without a doubt.
0:04:29 > 0:04:33Enough space in there. Bedroom there,
0:04:33 > 0:04:37which is looking out onto the back garden.
0:04:37 > 0:04:39And again, it's a double bedroom.
0:04:39 > 0:04:41Lots of space in there.
0:04:41 > 0:04:44You've got a box bedroom just there. A bit tight, that one is.
0:04:44 > 0:04:49But these two bedrooms here are good sizes. And as I'm looking,
0:04:49 > 0:04:51both these rooms at the same time,
0:04:51 > 0:04:55I can see they are identically... Been decorated...
0:04:55 > 0:04:58You've got the carpets which are green, the fireplace is green,
0:04:58 > 0:05:01the walls are the same colour, the ceiling is the same colour...
0:05:01 > 0:05:04Somebody enjoyed that colour scheme!
0:05:04 > 0:05:08Into the main bedroom at the front of the house, nice big bay window.
0:05:08 > 0:05:09Really nice big bay window.
0:05:10 > 0:05:13There are a few cracks just up there,
0:05:13 > 0:05:16but I think that's just the age of the house.
0:05:16 > 0:05:19I wouldn't think that's anything to worry about.
0:05:19 > 0:05:22Get it checked out, of course, as always.
0:05:22 > 0:05:25I do like these original doors, all over the house.
0:05:25 > 0:05:27And these handles as well.
0:05:27 > 0:05:30They are original handles, they've been here from day dot.
0:05:30 > 0:05:33These are Bakelite handles.
0:05:33 > 0:05:37This is a really nice house, it feels solid.
0:05:37 > 0:05:40It hasn't been lived in for a while, but I think this would be a really
0:05:40 > 0:05:42good project to get hold of.
0:05:43 > 0:05:47Did you know that Bakelite was one of the first plastics?
0:05:47 > 0:05:49No? Well, me neither!
0:05:49 > 0:05:53Well, will an agent from the auction house who sold it be in the know
0:05:53 > 0:05:57about this lot, guided at £78-83,000?
0:05:57 > 0:06:00The property is in not too bad condition.
0:06:00 > 0:06:03I think it's probably been, by the look of it,
0:06:03 > 0:06:04lived in by an elderly person,
0:06:04 > 0:06:08and I suppose it's seen better days in terms of...
0:06:09 > 0:06:13..standard of workmanship and stuff like that.
0:06:13 > 0:06:17But to bring it back into habitable condition,
0:06:17 > 0:06:18it's not going to take an awful lot of work.
0:06:20 > 0:06:24I think this could be a nice home for a couple or a small family.
0:06:24 > 0:06:27But it could also be a nice, simple one for a first-time investor.
0:06:29 > 0:06:30Could there be scope for profit
0:06:30 > 0:06:33if you get it for somewhere near the guide price?
0:06:34 > 0:06:39I would envisage it selling in the region of £120,000 to £130,000.
0:06:41 > 0:06:43Typical with this style of house is the layout.
0:06:43 > 0:06:47There's also a few original features like the stained-glass windows still
0:06:47 > 0:06:50in, which is really nice. It does need a bit of a tweak, though.
0:06:50 > 0:06:51For me, I think a kitchen/diner's
0:06:51 > 0:06:54going to work a lot better for modern living.
0:06:54 > 0:06:56But if you got it for anywhere near that guide price,
0:06:56 > 0:06:58I think you could be on to a bit of a winner.
0:06:58 > 0:07:01Let's find out who agreed with me when it went under the hammer!
0:07:01 > 0:07:07This next lot is a freehold, three-bedroom, semidetached house.
0:07:07 > 0:07:09Start me if you will. 90,000?
0:07:09 > 0:07:1185,000?
0:07:11 > 0:07:1280,000?
0:07:12 > 0:07:16What to buy this will be! At £80,000, and thank you.
0:07:16 > 0:07:17At 80,000, I'm bid, is it?
0:07:17 > 0:07:21At 90 now. At 80,000, I'm bid, is it 90?
0:07:21 > 0:07:22This lot got off to a slow start,
0:07:22 > 0:07:26but gradually crept up with a few interested parties.
0:07:26 > 0:07:29We rejoin the bidding at £107,000.
0:07:29 > 0:07:31107. 108?
0:07:31 > 0:07:34107,500?
0:07:34 > 0:07:37108? 108.
0:07:37 > 0:07:38108,500?
0:07:38 > 0:07:41No? Are we all done, then?
0:07:42 > 0:07:44Could I see your number, please, sir?
0:07:44 > 0:07:46Number 780 is 108,500.
0:07:46 > 0:07:48Is it 109? 109.
0:07:48 > 0:07:50109,500?
0:07:50 > 0:07:57No. You've been a great bidder, sir, but with you, sir, at 109,000.
0:07:57 > 0:08:00Your number again was...? 780, or is 780.
0:08:00 > 0:08:02One, two, three...
0:08:02 > 0:08:06Congratulations, that property is yours, Mr 780.
0:08:07 > 0:08:10Mr and Mrs 780 on the day,
0:08:10 > 0:08:13paying £109,000 for the property,
0:08:13 > 0:08:16were maintenance engineer Kevan and wife Debbie,
0:08:16 > 0:08:18who is a PA for a construction company.
0:08:20 > 0:08:21The couple live locally,
0:08:21 > 0:08:24so I caught up with them to find out their plans
0:08:24 > 0:08:25for their new acquisition.
0:08:28 > 0:08:30- Kevan, nice to meet you.- You, too.
0:08:30 > 0:08:32- Nice to meet you. Debbie, nice to meet you too.- Nice to meet you.
0:08:32 > 0:08:34- Congratulations, guys. - BOTH: Thank you.
0:08:34 > 0:08:37Tell me who is responsible, then, for finding this house?
0:08:37 > 0:08:38Deb was the one that found the property.
0:08:38 > 0:08:40Are you taking the credit?
0:08:40 > 0:08:41I am taking the credit, yes!
0:08:41 > 0:08:43Now, are you happy with what she found, or...?
0:08:43 > 0:08:46I'm very happy with what she found, yeah!
0:08:46 > 0:08:49It ticked many of the boxes, so she contacted me after she'd viewed it,
0:08:49 > 0:08:52and she said it was really nice, so, yeah.
0:08:52 > 0:08:54What were you buying the house for?
0:08:54 > 0:08:57It's kind of a medium-term sort of investment, so, you know,
0:08:57 > 0:08:59we intended to turn it quite quickly,
0:08:59 > 0:09:02and get it on the rental market as soon as we can,
0:09:02 > 0:09:04and then maybe a bit further down the line,
0:09:04 > 0:09:06we'll look at maybe selling it on.
0:09:06 > 0:09:08OK, so is this your first venture together?
0:09:08 > 0:09:10Have you got any more ventures, or...?
0:09:10 > 0:09:11We have other ventures.
0:09:11 > 0:09:14We've got another one that we're refurbing at the minute -
0:09:14 > 0:09:15we're just waiting for the builders
0:09:15 > 0:09:17to come in and do an extension on it.
0:09:17 > 0:09:20And we've done two others in the past, which we've lived through,
0:09:20 > 0:09:23- haven't we, basically?- Yes. - We've lived in them.
0:09:23 > 0:09:24- Hard work!- Sounds ominous!- Yeah.
0:09:24 > 0:09:27"We've lived through them." What, hell or heaven?
0:09:27 > 0:09:31- Hell!- Extension work and building work all around,
0:09:31 > 0:09:34and so we know what's coming when we do that kind of thing, so...
0:09:34 > 0:09:37But we love it. We love, you know, weekends,
0:09:37 > 0:09:40- we love being here with rollers in our hands.- Getting stuck in.
0:09:40 > 0:09:42We love it, yeah. Just great fun.
0:09:43 > 0:09:45Now, each to their own,
0:09:45 > 0:09:48but these two sound like gluttons for punishment.
0:09:48 > 0:09:50And it won't just be rollers at the ready either!
0:09:53 > 0:09:54Much of the work we will be doing ourselves.
0:09:54 > 0:09:57We've got the kitchen waiting to install.
0:09:57 > 0:10:00Here, all the decor work, we'll be doing ourselves as well.
0:10:00 > 0:10:03Building work, if needed, we call people in, you know,
0:10:03 > 0:10:04we've used people before
0:10:04 > 0:10:07and we'd love to use the same or similar people again.
0:10:07 > 0:10:10You know, your main trades - your electricians and your bricklayers.
0:10:10 > 0:10:12- So...- OK.- The rest of it we'll do ourselves.
0:10:12 > 0:10:13So tell us... OK, let's start upstairs.
0:10:13 > 0:10:15Go on, just for a change, let's start upstairs.
0:10:15 > 0:10:18- What are you going to do upstairs? - Just basically decor,
0:10:18 > 0:10:19just tidy it all up.
0:10:19 > 0:10:22I think the bathroom will pretty well stay as it is.
0:10:22 > 0:10:25It needs some more tiles put in on it and a shower putting in.
0:10:25 > 0:10:27New flooring.
0:10:27 > 0:10:29But aside from that, it's really just updated,
0:10:29 > 0:10:30bringing it up to date.
0:10:30 > 0:10:33What other plans down here, then?
0:10:33 > 0:10:36Well, the flooring, original flooring, looks really nice.
0:10:36 > 0:10:39Same in this room. And the back room will stay as it is.
0:10:39 > 0:10:42Obviously, fires need to be replaced. From a rental point of view,
0:10:42 > 0:10:45we're probably looking at leaving the fireplaces,
0:10:45 > 0:10:46but obviously changing the gas fires.
0:10:46 > 0:10:49Picture rails, as well, will probably stay.
0:10:49 > 0:10:52- The stained-glass windows... - Yeah.- ..will remain as well.
0:10:52 > 0:10:53Just nice original features.
0:10:53 > 0:10:56- Pretty cool the stained-glass, isn't it?- Nice to see, yeah.
0:10:56 > 0:10:58And you've got it at the front door as well.
0:10:58 > 0:11:01- Lovely front door.- Yeah.- That'll frame the door. Very, very cool.
0:11:01 > 0:11:04Kitchen... It's a little bit tight.
0:11:04 > 0:11:06Any plans to make that a little bit bigger?
0:11:06 > 0:11:09Well, potential to knock the wall out into the dining room,
0:11:09 > 0:11:12so we could do that, make it a kitchen/diner which, you know,
0:11:12 > 0:11:14in modern-day terms, what most people seem to want.
0:11:14 > 0:11:16So we could do that quite easily.
0:11:16 > 0:11:19- Happy with that, Debs?- Yep, I want to knock the wall down, if we do it!
0:11:19 > 0:11:21- Is that right?- It's my job. Absolutely.
0:11:21 > 0:11:23She's handy with a sledgehammer, so watch out!
0:11:23 > 0:11:26# Stop, Hammer time! #
0:11:26 > 0:11:30I certainly will. Kevan and Debbie will spend the next six
0:11:30 > 0:11:32to nine months renovating the house,
0:11:32 > 0:11:35and while they still need to hammer out the exact budget,
0:11:35 > 0:11:38they're thinking five or six grand to do the work,
0:11:38 > 0:11:42seven maximum, if they decide to open up the kitchen/diner.
0:11:42 > 0:11:45Mind you, they'll need to earmark some of the cash
0:11:45 > 0:11:47for the upstairs decor.
0:11:49 > 0:11:52Two bedrooms upstairs are identical!
0:11:52 > 0:11:54Identical, are you keeping them like that or...?
0:11:54 > 0:11:57No, no! We'll change it, that's my job, the decor.
0:11:57 > 0:11:59- Oh, is it really? - Choosing the paint...
0:11:59 > 0:12:01So, tell us, what do you want to do?
0:12:01 > 0:12:03I don't know yet. I'll just see if there's some nice wallpaper
0:12:03 > 0:12:05out there, and we'll do a feature wall,
0:12:05 > 0:12:07and just make it a bit more attractive when you walk in.
0:12:07 > 0:12:10- Do you do wallpapering as well? - Yeah!- Yes.- Yeah?
0:12:10 > 0:12:13Look at these two, I might take a card!
0:12:13 > 0:12:15THEY LAUGH
0:12:15 > 0:12:17Listen, I know you're going to get on well.
0:12:17 > 0:12:18I wish you all the best.
0:12:18 > 0:12:20- Good luck, Kev.- Thank you.
0:12:20 > 0:12:23- Debs, good luck.- Thank you very much, thank you.- Pleasure.
0:12:24 > 0:12:28I do like them. Genuinely a very nice couple.
0:12:28 > 0:12:30And they've got a project that needs a bit of graft,
0:12:30 > 0:12:32but by the sounds of it, they are grafters
0:12:32 > 0:12:35cos they're looking to do a lot of the work themselves,
0:12:35 > 0:12:37which should help with keeping the budget down.
0:12:37 > 0:12:41My big question is, will they have a kitchen and a diner,
0:12:41 > 0:12:43or will it be a kitchen/diner?
0:12:43 > 0:12:46You can find out how they get on and what they choose
0:12:46 > 0:12:47later in the programme.
0:12:53 > 0:12:56This is Sydenham in southeast London.
0:12:56 > 0:12:59Crystal Palace Park lies to the west,
0:12:59 > 0:13:02Dulwich Village to the north, and Forest Hill to the east.
0:13:02 > 0:13:05It's a district that has lots of green spaces
0:13:05 > 0:13:08and good transport links into Central London,
0:13:08 > 0:13:09just eight miles away.
0:13:10 > 0:13:15Well, just a couple of minutes' walk from Lower Sydenham train station,
0:13:15 > 0:13:18with easy access by rail into Central London,
0:13:18 > 0:13:21is the maisonette I'm here to see.
0:13:21 > 0:13:26Three bedrooms, guide price £100,000 plus.
0:13:26 > 0:13:29That sounds very, very cheap.
0:13:29 > 0:13:31There must be a reason.
0:13:37 > 0:13:39Of course, cheap is a relative term,
0:13:39 > 0:13:42but this is London, and compared to neighbouring properties,
0:13:42 > 0:13:45100K around here is a steal.
0:13:45 > 0:13:48Let's head up to this first-floor flat to check it out.
0:13:50 > 0:13:53So, what have we got? Oh, double-glazed front door.
0:13:53 > 0:13:56That's a good start. In fact, looking around, the bathroom there.
0:13:56 > 0:13:58Nice condition, the bathroom, actually.
0:13:58 > 0:14:00But you've got double-glazed windows,
0:14:00 > 0:14:03so that is going to save you a good expense for sure.
0:14:03 > 0:14:05Through the front door... Kitchen there.
0:14:05 > 0:14:07Now, I have to say I'm a bit disappointed.
0:14:07 > 0:14:08It feels a little bit pokey.
0:14:08 > 0:14:11It's got this very strange, sort of, thing on the end there.
0:14:11 > 0:14:12Nice views over the garden,
0:14:12 > 0:14:15but I wonder if there is something we can do about that,
0:14:15 > 0:14:18cos you've got, like, this glass here which is letting more light
0:14:18 > 0:14:23into the kitchen there, but it's just a bit weird.
0:14:23 > 0:14:24Then through into the living room.
0:14:24 > 0:14:26I'd like to see some kind of nice fireplace there.
0:14:26 > 0:14:28At the moment, it's like breeze blocks.
0:14:28 > 0:14:30I don't think that necessarily works. But, you know,
0:14:30 > 0:14:31it's not in bad condition.
0:14:31 > 0:14:36I mean, you could theoretically just rent this out pretty much as it is.
0:14:36 > 0:14:39A few issues here. That's actually quite a useful thing.
0:14:39 > 0:14:43Somebody's actually taken off the...the thingy there.
0:14:43 > 0:14:44What's it called again? A socket.
0:14:44 > 0:14:46That's it. Thank you.
0:14:46 > 0:14:49Answers on a postcard, please. It is a good way to check out
0:14:49 > 0:14:51what the condition of the electrics is.
0:14:51 > 0:14:54Obviously, be very, very careful if you do that.
0:14:54 > 0:14:57So that wiring is definitely something you want to consider,
0:14:57 > 0:14:59maybe needing updating in the not too distant future.
0:14:59 > 0:15:02You have got nice views out the garden here as well.
0:15:02 > 0:15:06You know, for a maisonette-type flat thing,
0:15:06 > 0:15:07I've seen a lot worse.
0:15:10 > 0:15:11Yeah, and before you write in, yes,
0:15:11 > 0:15:14I did make sure the power was switched off before I touched the
0:15:14 > 0:15:16inside of the socket.
0:15:16 > 0:15:21Wiring of the old standard colours before they changed in 2006 can be
0:15:21 > 0:15:24detected where you see a red wire,
0:15:24 > 0:15:27but always get a certified electrician to check things out.
0:15:27 > 0:15:29Now, on to the rest.
0:15:29 > 0:15:31There are two small bedrooms.
0:15:31 > 0:15:34The second has a really unusual shape.
0:15:34 > 0:15:36Fitting in furniture will need thought.
0:15:36 > 0:15:38But what is really good
0:15:38 > 0:15:41is this maisonette comes with its own garden.
0:15:41 > 0:15:43It might be a bit of shrubbery at the moment,
0:15:43 > 0:15:46but I do think it could be a cracking space.
0:15:46 > 0:15:50And it is London, and the guide is only £100,000 plus.
0:15:50 > 0:15:53What, really?! And there is even more.
0:15:57 > 0:16:00So, upstairs, and you find the third bedroom.
0:16:00 > 0:16:03And a nice additional feature for the flat for sure.
0:16:03 > 0:16:06All you need to check, though, is that it was A -
0:16:06 > 0:16:09done with the freeholder's permission, and B -
0:16:09 > 0:16:11done to building regulations.
0:16:11 > 0:16:13So that includes things like the strength of the floor,
0:16:13 > 0:16:16the staircase, fire escape routes and things like that.
0:16:16 > 0:16:19But, on the face of it, it looks pretty good.
0:16:19 > 0:16:21And it is just a nice additional bonus
0:16:21 > 0:16:24to what is already a pretty good flat.
0:16:27 > 0:16:31# You're just too good to be true
0:16:31 > 0:16:34# Can't take my eyes off of you. #
0:16:48 > 0:16:50- Stop the music! - RECORD SCRATCHES
0:16:50 > 0:16:53Ah, let's take a moment to think.
0:16:53 > 0:16:58So, as yet, I haven't seen anything which explains why this flat is,
0:16:58 > 0:17:02or seems, a lot cheaper than similar properties in the area.
0:17:02 > 0:17:05Well, as usual, there is a reason for that,
0:17:05 > 0:17:10and that is the fact that this place actually comes with a relatively
0:17:10 > 0:17:14short lease. There is only 20 years left on the existing lease.
0:17:14 > 0:17:17However, the good news is that what's called
0:17:17 > 0:17:20a Section 42 notice has already been issued.
0:17:20 > 0:17:23Now, normally you'd have to own a house for two years before you can
0:17:23 > 0:17:26apply for that, but the process is already undergoing,
0:17:26 > 0:17:29and that's actually really good news for whoever buys this place.
0:17:31 > 0:17:34However, as you'll no doubt know if you are a regular viewer,
0:17:34 > 0:17:37the shorter the lease, the more expensive it is to extend.
0:17:37 > 0:17:41So a very short lease like this could be pretty pricey indeed.
0:17:41 > 0:17:45I'm told that the figure could be £30,000,
0:17:45 > 0:17:47which actually sounds on the cheap side.
0:17:47 > 0:17:49So, cue that Too Good To Be True number again.
0:17:49 > 0:17:53# You're just too good to be true
0:17:53 > 0:17:56# Can't take my eyes off of you. #
0:17:59 > 0:18:03And we invited a estate agent to cast his eye over this maisonette
0:18:03 > 0:18:06guided at £100,000 plus.
0:18:07 > 0:18:08I think it is a great little flat.
0:18:08 > 0:18:10I love maisonettes because
0:18:10 > 0:18:11you get your own front door,
0:18:11 > 0:18:12a garden as well,
0:18:12 > 0:18:14and a lot of space for your money.
0:18:15 > 0:18:17What about the short lease?
0:18:17 > 0:18:20Does he see it as an issue for the property?
0:18:20 > 0:18:24Short leases are a massive issue now, more these days than ever.
0:18:24 > 0:18:27The problem is that one can't get a bank or building society to lend on
0:18:27 > 0:18:32them, therefore one has to extend the lease prior to actually getting
0:18:32 > 0:18:35finance on it. So from a first-time buyer's perspective,
0:18:35 > 0:18:38any cash buyer coming in, which it will need to be to buy as is,
0:18:38 > 0:18:42will need to consider that a buyer will want that lease extended.
0:18:42 > 0:18:45So, could the buyer sell this property on in the future
0:18:45 > 0:18:47without the lease extended?
0:18:47 > 0:18:49You could sell it without lease extension, indeed.
0:18:49 > 0:18:54We do sell without lease extensions, but the value is massively impacted.
0:18:54 > 0:18:56So, just how much of an impact does the lease have?
0:18:56 > 0:18:59Let's hear the numbers.
0:18:59 > 0:19:01The value of this property, once it has been refurbished,
0:19:01 > 0:19:04would be around 250,000 with a short lease,
0:19:04 > 0:19:06and around 330,000 with a long lease.
0:19:07 > 0:19:10So, not a bad flat at all,
0:19:10 > 0:19:14but that short lease does mean it would be cash buyers only.
0:19:14 > 0:19:18However, with the lease extension process already under way,
0:19:18 > 0:19:20if you can get through that little hurdle,
0:19:20 > 0:19:23potentially some good money to be made on this one.
0:19:23 > 0:19:25Let's see if who agreed when it went under the hammer.
0:19:25 > 0:19:27Who'd like to kick off on this?
0:19:27 > 0:19:29125, anywhere?
0:19:29 > 0:19:31In the aisle, 125?
0:19:31 > 0:19:33On the phone? 125.
0:19:33 > 0:19:35Down here. 125.
0:19:35 > 0:19:37130, anywhere?
0:19:37 > 0:19:3830, with you.
0:19:38 > 0:19:40135?
0:19:40 > 0:19:42132.
0:19:42 > 0:19:44134.
0:19:44 > 0:19:48There was quite a bit of interest, and bidding was slow but steady,
0:19:48 > 0:19:50climbing by £2,000 increments.
0:19:50 > 0:19:56We rejoin at 160,000 - well past the £100,000-plus guide.
0:19:56 > 0:19:58160. Standing up.
0:19:58 > 0:20:00162, sir?
0:20:00 > 0:20:02Yeah? 164.
0:20:02 > 0:20:03166.
0:20:03 > 0:20:08And the bidding went up and up, and we rejoin again at 182,000.
0:20:08 > 0:20:10182, in the front.
0:20:10 > 0:20:14184. 184, either of you?
0:20:14 > 0:20:16If not, it is going down here at 182.
0:20:16 > 0:20:17You are going to lose it. 184?
0:20:18 > 0:20:19If not, 182.
0:20:19 > 0:20:22First time, second time...
0:20:22 > 0:20:23Third and last time...
0:20:25 > 0:20:28Sold. 182.
0:20:28 > 0:20:29Sorry, all the bidders.
0:20:29 > 0:20:31But at least you had a crack. Well done.
0:20:31 > 0:20:34# Give it a go, give it a go
0:20:34 > 0:20:39# Give it a go, give it a go... #
0:20:39 > 0:20:42Ready to take a punt on this property was Kim
0:20:42 > 0:20:44and her husband Sean,
0:20:44 > 0:20:49who picked it up for well over the guide price at 182,000.
0:20:49 > 0:20:51Kim is a full-time property developer,
0:20:51 > 0:20:53and this will be her eighth renovation.
0:20:53 > 0:20:56While Sean took a look around the maisonette,
0:20:56 > 0:20:58I spoke to Kim about their purchase.
0:20:59 > 0:21:01Kim, lovely to meet you.
0:21:01 > 0:21:02- Congratulations.- Thank you.
0:21:02 > 0:21:05Tell me why you wanted to buy this little place.
0:21:05 > 0:21:06First of all, it is local.
0:21:06 > 0:21:11It is about ten minutes' drive to where we live.
0:21:11 > 0:21:14And secondly, as you can see, it's in very good condition.
0:21:14 > 0:21:16So, in terms of the house itself, though,
0:21:16 > 0:21:19what are you planning to do to it?
0:21:19 > 0:21:22Except the bathroom, which is in quite a good condition,
0:21:22 > 0:21:24and the windows,
0:21:24 > 0:21:26we're changing everything.
0:21:26 > 0:21:29New carpets, new flooring, new kitchen,
0:21:29 > 0:21:32rewiring, new boiler, and painting.
0:21:32 > 0:21:33I mean, I like the flat.
0:21:33 > 0:21:36The only thing I don't think is quite right is the kitchen.
0:21:36 > 0:21:39- It's really small, isn't it?- It is. - Are you planning to leave it as it
0:21:39 > 0:21:41- is, or are you going to open it up a bit?- No.
0:21:41 > 0:21:44We are going to open some stud walls there, which is quite stuffy.
0:21:44 > 0:21:48- Yeah.- But otherwise, we are just keeping it as it is.
0:21:48 > 0:21:50And is the idea with this one to do it up and sell it on,
0:21:50 > 0:21:52or to rent it out?
0:21:52 > 0:21:56Depends. We will need agent advice, yes, yes.
0:21:56 > 0:21:59So, if it doesn't sell,
0:21:59 > 0:22:02we have an option of renting it out.
0:22:02 > 0:22:04And what is the budget for the work?
0:22:04 > 0:22:05- Up to 20,000.- OK.
0:22:05 > 0:22:08That's a really decent budget for all the work,
0:22:08 > 0:22:12and they aim to get their builders in and out in just three weeks.
0:22:12 > 0:22:14Yeah, you heard me right, three weeks!
0:22:16 > 0:22:20Now, obviously, one of the reasons I guess it was such
0:22:20 > 0:22:24a keen price was the lease issue, the short lease.
0:22:24 > 0:22:25Did you know all about that?
0:22:25 > 0:22:26We did.
0:22:26 > 0:22:32We had the legal packs checked by the solicitors beforehand.
0:22:32 > 0:22:35So we knew there was only 20 years left on the lease.
0:22:35 > 0:22:38- Yeah.- They served a notice.
0:22:38 > 0:22:42- I mean, so it was in the process already, so we took it over.- Right.
0:22:42 > 0:22:46In terms of that process, to get the lease extended, right,
0:22:46 > 0:22:49do you have any idea how much it is going to cost, to extend the lease?
0:22:49 > 0:22:50Yes, yes. It was in the legal packs.
0:22:50 > 0:22:53- Oh, it was? OK. The actual amount. - Mm.- 30,000, is that right?- 30,000.
0:22:53 > 0:22:57- Yeah. And that extends it 99 years. - 99 years.
0:22:57 > 0:23:00That's not actually as much as it could have been, is it?
0:23:00 > 0:23:02That's not a bad price.
0:23:02 > 0:23:04No, it wasn't a bad price at all, no.
0:23:04 > 0:23:07So, remind me what you paid at auction, in terms of the price.
0:23:07 > 0:23:10We ended up paying for 182.
0:23:10 > 0:23:12182.
0:23:12 > 0:23:14- Were you happy with that? - I was very happy, yes.
0:23:14 > 0:23:16And with the 20-odd you are spending on it...
0:23:16 > 0:23:20So you are only in it for about, with an extension of the lease,
0:23:20 > 0:23:22and the works, about 230 or so.
0:23:22 > 0:23:27240, because we're having to pay for the seller's agent fees
0:23:27 > 0:23:29- and legal costs.- You knew about that, did you, as well?
0:23:29 > 0:23:32- Yes.- OK. So, 240, then.
0:23:32 > 0:23:35Do you know how much it will be worth when that's all done?
0:23:36 > 0:23:37- 320.- OK.
0:23:37 > 0:23:39So, 80 grand in it, perhaps.
0:23:39 > 0:23:40And are you doing this all on your own,
0:23:40 > 0:23:42or have you got other people involved?
0:23:42 > 0:23:43My husband is also...
0:23:43 > 0:23:46Because he was bidding at the auction, is that right?
0:23:46 > 0:23:49Yes, we went together and he was the bidder.
0:23:49 > 0:23:53Right. And what kind of skills do the both of you have?
0:23:53 > 0:23:56Do you have sort of building skills, anything like that?
0:23:56 > 0:23:59We are good DIY people, so just some, maybe, painting.
0:23:59 > 0:24:01But you work on your projects together, do you?
0:24:01 > 0:24:04Oh, yes. We do overlook the project.
0:24:04 > 0:24:06Yeah, good. Well, listen, congratulations.
0:24:06 > 0:24:09- Good luck with it.- Thank you.- Look forward to seeing how you get on.
0:24:09 > 0:24:10Thank you. Thank you very much.
0:24:13 > 0:24:16Well, Kim certainly seems to have done quite well with this place,
0:24:16 > 0:24:19even with that 30 grand for the lease extension.
0:24:19 > 0:24:21I think there is money to be made here.
0:24:21 > 0:24:25But three weeks to sort the place out, including doing a full rewire?
0:24:25 > 0:24:27That's going to be tight. How will she get on?
0:24:27 > 0:24:28You can find out later in the show.
0:24:30 > 0:24:35Coming up, I visit an end terrace in Chatham that was in quite short
0:24:35 > 0:24:37supply of sunshine.
0:24:37 > 0:24:40It's just really dark because there isn't a big window there.
0:24:41 > 0:24:43Back in Sydenham, we'll discover
0:24:43 > 0:24:46if trouble came a-knocking in Kim's maisonette.
0:24:46 > 0:24:50We received Counter Notice from the freeholder.
0:24:54 > 0:24:58Back to the Wolverhampton area now, and the village of Wednesfield,
0:24:58 > 0:25:01where I saw this lot that went to auction with a guide price of
0:25:01 > 0:25:04£78,000-£83,000.
0:25:04 > 0:25:07It was listed as a semi, but I have to say,
0:25:07 > 0:25:09it looked more like a terrace to me.
0:25:09 > 0:25:14That aside, it was a typical '30s house packed with typical original
0:25:14 > 0:25:17features. And the other typical thing about it was it had
0:25:17 > 0:25:20a good living space but a pokey kitchen.
0:25:20 > 0:25:22You know where I am going with this.
0:25:22 > 0:25:25So, you've got a kitchen and you've got a diner.
0:25:27 > 0:25:29Kitchen. Diner.
0:25:29 > 0:25:31If you say it quick - kitchen/diner -
0:25:31 > 0:25:34that's what you've got to try and achieve.
0:25:34 > 0:25:38# If you conceive it You can achieve it
0:25:38 > 0:25:43# That's why I believe in you And I believe in me! #
0:25:43 > 0:25:46The rest of the house worked just fine as it was,
0:25:46 > 0:25:48with a decent family bathroom,
0:25:48 > 0:25:50a standard box room, and two double bedrooms.
0:25:50 > 0:25:52Or was I seeing double?
0:25:53 > 0:25:57As I'm looking, both these rooms at the same time, I can see they are
0:25:57 > 0:25:59identically... Been decorated...
0:25:59 > 0:26:01You've got the carpets, which are green,
0:26:01 > 0:26:04the walls are the same colour, the ceiling is the same colour.
0:26:04 > 0:26:06Somebody enjoyed that colour scheme.
0:26:07 > 0:26:11Local couple and part-time property developers Kevan and Debbie
0:26:11 > 0:26:14enjoyed this enough to buy for 109 grand on auction day.
0:26:16 > 0:26:19The keen DIY-ers were going to be sympathetic
0:26:19 > 0:26:20to the original features,
0:26:20 > 0:26:24but were open to adding some more contemporary touches.
0:26:24 > 0:26:26Kitchen - it's a little bit tight.
0:26:26 > 0:26:28Any plans to make that a little bit bigger?
0:26:28 > 0:26:30Potential to knock the wall out
0:26:30 > 0:26:32into the dining room, so we could do that,
0:26:32 > 0:26:35make a kitchen/diner, which, in modern-day terms,
0:26:35 > 0:26:39what most people seem to want, so we could do that quite easily.
0:26:39 > 0:26:41- Happy with that, Debs?- Yeah. I'll knock the wall down if we do it.
0:26:41 > 0:26:43- Is that right?- Absolutely.
0:26:43 > 0:26:45She is handy with a sledgehammer, so watch out.
0:26:46 > 0:26:51The couple had five to six grand to spend, but could stretch to seven
0:26:51 > 0:26:53to cover the cost of the kitchen/diner.
0:26:53 > 0:26:56And they thought they'd manage the work in six to nine months.
0:26:56 > 0:27:00So when we returned a year later, did they manage it?
0:27:00 > 0:27:02And had Debbie been busy with that sledgehammer?
0:27:14 > 0:27:16Kevan and Debbie have really struck the right balance
0:27:16 > 0:27:18between old and new,
0:27:18 > 0:27:21opening up the kitchen and separate reception room,
0:27:21 > 0:27:23while maintaining classic features of the house,
0:27:23 > 0:27:26like original wood flooring and stained-glass windows.
0:27:32 > 0:27:35Upstairs, the sympathetic renovation continues.
0:27:35 > 0:27:39The original fireplaces have been restored and the feature wall adds a
0:27:39 > 0:27:41stylish modern touch.
0:27:45 > 0:27:48It's a slick renovation from head to toe.
0:27:48 > 0:27:51The last time we spoke, they had planned to do the work themselves.
0:27:51 > 0:27:53So, was that the case?
0:27:53 > 0:27:57And did a Debbie actually manage to get her hands on that sledgehammer?
0:27:58 > 0:28:01Kev did most of the graft, but I did help where I could.
0:28:01 > 0:28:05I helped with putting kitchens together, wallpapering, decorating,
0:28:05 > 0:28:08painting... But you did the hard bit, didn't you?
0:28:08 > 0:28:11Done a reasonable amount. You've done your fair share.
0:28:11 > 0:28:14So, you know, we are a team, so that's what we do.
0:28:15 > 0:28:19Unfortunately, Debbie didn't get to use her sledgehammer
0:28:19 > 0:28:23on that dividing wall, as it required an RSJ steel beam
0:28:23 > 0:28:24for support.
0:28:24 > 0:28:27Kevan did re-plumb and damp proof the kitchen.
0:28:27 > 0:28:30I'm really impressed that both he and Debbie repainted
0:28:30 > 0:28:33the entire exterior of the house,
0:28:33 > 0:28:36plus they have transformed the garden for good measure.
0:28:36 > 0:28:40They have done a great job, but what's been the hardest bit?
0:28:40 > 0:28:43For me, the biggest challenge is just the tiredness.
0:28:43 > 0:28:45You get exhausted, you are working full-time,
0:28:45 > 0:28:47you come here in evenings and weekends.
0:28:47 > 0:28:49The other thing was the damp.
0:28:49 > 0:28:52We decorated, we had finished, and then damp came up,
0:28:52 > 0:28:56so then we had to rip skirting boards off and start again.
0:28:56 > 0:29:00Kevan and Debbie have been incredibly thorough,
0:29:00 > 0:29:04but was it attention to detail like that that caused them to overrun on
0:29:04 > 0:29:07- their timescale?- We have done more than we originally set out,
0:29:07 > 0:29:10so that has taken us longer anyway.
0:29:10 > 0:29:14I have had to have a bit of time out cos I had a bad back,
0:29:14 > 0:29:16so it took me out of the equation for a while.
0:29:16 > 0:29:19So once I got back into it, managed to now get it finished off,
0:29:19 > 0:29:23and here we are, just two or three months over our original timescale.
0:29:25 > 0:29:28Let's hope Kevan's back has made a full recovery.
0:29:28 > 0:29:31But is their seven-grand budget in perfect health?
0:29:32 > 0:29:35The original budget was around 7,000.
0:29:35 > 0:29:37We've actually spent just under 12,000.
0:29:37 > 0:29:40We've gone for a high spec just purely because we thought
0:29:40 > 0:29:41it might give us a better return
0:29:41 > 0:29:43when we decide what we are going to do with it.
0:29:45 > 0:29:48Kevan and Debbie had planned to rent it out,
0:29:48 > 0:29:49but they are not too sure now.
0:29:49 > 0:29:52Maybe two local estate agents can help them out.
0:29:53 > 0:29:57What did they make of the couple's £121,000 investment,
0:29:57 > 0:30:00starting with the agent who saw it prior to renovation?
0:30:02 > 0:30:04This is my second visit to the property,
0:30:04 > 0:30:06and, wow, hasn't it changed?!
0:30:06 > 0:30:09It has been transformed from
0:30:09 > 0:30:12a very tired property
0:30:12 > 0:30:16to one that is now top-notch.
0:30:16 > 0:30:19The standard of finish has been very good, high standard.
0:30:19 > 0:30:22For example, in that reception room at the front,
0:30:22 > 0:30:25you've got that wooden floor, and the bathroom and the kitchen has
0:30:25 > 0:30:26been done really nice.
0:30:26 > 0:30:30They've retained the original doors. So it's been really good.
0:30:30 > 0:30:32And anybody that is looking to buy the property
0:30:32 > 0:30:34are just going to be able to move straight in.
0:30:34 > 0:30:38Like me, the agents think this is a lovely property.
0:30:38 > 0:30:41So could Kevan and Debbie make a profit
0:30:41 > 0:30:43on their 121-grand investment?
0:30:43 > 0:30:45If they are going to resell the property,
0:30:45 > 0:30:49I would imagine that they will achieve something between £135,000
0:30:49 > 0:30:52and £140,000.
0:30:52 > 0:30:54The valuation of the property for me would be an asking price of
0:30:54 > 0:30:59£145,000, and I would certainly expect to get a figure of £143,000.
0:30:59 > 0:31:06£143,000 could see the couple achieve a profit of 22 grand,
0:31:06 > 0:31:08minus taxes and fees.
0:31:08 > 0:31:10The agents thought it could rent for
0:31:10 > 0:31:13between £600 and £650 per calendar month.
0:31:13 > 0:31:17That's a yield of almost 6.5%.
0:31:17 > 0:31:20Now you've got the figures, guys, what do you think?
0:31:20 > 0:31:23We are aiming more at selling it rather than renting,
0:31:23 > 0:31:26so we are going to consider the figures
0:31:26 > 0:31:29and make our final decision as to what we are going to do.
0:31:29 > 0:31:32So, they are still undecided at the moment,
0:31:32 > 0:31:35but they have a lot on their plate, as they still have to focus on
0:31:35 > 0:31:38finishing the other property they bought to renovate.
0:31:38 > 0:31:40But how do they sum this one up?
0:31:40 > 0:31:43- Good fun.- Yeah, we have had a lot of fun doing it,
0:31:43 > 0:31:46we've enjoyed the experience. We'd definitely do it again.
0:31:46 > 0:31:47We are going to do it again,
0:31:47 > 0:31:50and we may well do it again after the next one, so, yeah,
0:31:50 > 0:31:51- we thoroughly enjoyed it.- Yeah.
0:31:57 > 0:32:01Chatham in Kent has seen a lot of investment over the last few years.
0:32:01 > 0:32:04The dockyard, marina and naval history
0:32:04 > 0:32:06give this place a lovely vibe,
0:32:06 > 0:32:10and it has been proven to be a good place to invest in recent years.
0:32:10 > 0:32:13So, will some property buyer's ship come in today?
0:32:14 > 0:32:17On the border of Chatham and Walderslade is the property
0:32:17 > 0:32:20I am here to see. It is in end-of-terrace,
0:32:20 > 0:32:25three-bed house with a guide price of £140,000 plus.
0:32:25 > 0:32:28This is it. My first impressions are, if this is your main entrance,
0:32:28 > 0:32:30there is no access for vehicles.
0:32:30 > 0:32:35Also, some pretty steep stairs and a distinct lack of windows.
0:32:35 > 0:32:36Let's go look.
0:32:39 > 0:32:41# Take it step by step... #
0:32:41 > 0:32:45I find it a bit strange that a family-sized house would have
0:32:45 > 0:32:46as many steps.
0:32:46 > 0:32:50It wouldn't be ideal for anyone with mobility issues or getting
0:32:50 > 0:32:52a pram up and down.
0:32:52 > 0:32:54This end terrace used to be a local authority house,
0:32:54 > 0:32:58and it looks like it has been through some rough times.
0:32:58 > 0:33:02# And take it step by step. #
0:33:02 > 0:33:04Interesting front door.
0:33:04 > 0:33:06Listen. A bit of a...
0:33:06 > 0:33:07CLANG
0:33:07 > 0:33:10It's like a prison door.
0:33:10 > 0:33:12I come in, and off the hallway,
0:33:12 > 0:33:16you have a toilet with a sink, which is always great for guests,
0:33:16 > 0:33:19or not hoiking yourself upstairs to a bathroom -
0:33:19 > 0:33:21assuming there is a bathroom upstairs.
0:33:21 > 0:33:24And the kitchen, this is a great size.
0:33:24 > 0:33:26Yeah, I'm always banging on about knocking down walls,
0:33:26 > 0:33:29open-plan living, but sometimes there is no need
0:33:29 > 0:33:31when it is as big as this.
0:33:31 > 0:33:34A real sociable area, no problem getting in your dining table.
0:33:34 > 0:33:38You could really benefit, obviously, from a new kitchen.
0:33:38 > 0:33:40Back door leading to the garden.
0:33:40 > 0:33:42I will investigate that further later.
0:33:42 > 0:33:45Through your hall, a bit of dead space under the stairs
0:33:45 > 0:33:47you could think about making into some storage space.
0:33:47 > 0:33:50And a good-sized reception room.
0:33:50 > 0:33:53But what strikes me here is it is a room of two halves,
0:33:53 > 0:33:55and this half is good,
0:33:55 > 0:33:59because you've got your patio doors that lead out into the garden.
0:33:59 > 0:34:01This half, not so good.
0:34:01 > 0:34:04It is just really dark because there isn't a big window there.
0:34:04 > 0:34:07I noticed some other houses had put another window in,
0:34:07 > 0:34:10so it seems that planning permission would be possible.
0:34:10 > 0:34:12I think that's a great idea.
0:34:12 > 0:34:16# Hey, let the sunshine in
0:34:16 > 0:34:18# Come over right away
0:34:18 > 0:34:23# Hey, let the sunshine in Brighten up my day... #
0:34:24 > 0:34:30Upstairs to a really good-sized...bedroom. Really good.
0:34:30 > 0:34:33I like the long window - a wee bit different,
0:34:33 > 0:34:35loads of light coming through. And the size!
0:34:35 > 0:34:39When you look at this cupboard area, it's big, almost too big.
0:34:39 > 0:34:42You don't need it. Upon reflection,
0:34:42 > 0:34:44maybe you could get an en-suite in here.
0:34:44 > 0:34:47It would add something to this room.
0:34:47 > 0:34:51A shower room or you might even have room for a proper bath and shower.
0:34:51 > 0:34:54It would certainly add a bit of wow factor.
0:34:54 > 0:34:58And then you have a smaller, much smaller room, a single.
0:34:58 > 0:35:00This place has got family house written all over it.
0:35:00 > 0:35:03You could get a cot in there, or you could have a study.
0:35:03 > 0:35:06And you have a bathroom upstairs - it is a good size,
0:35:06 > 0:35:09maybe pushing it to get a shower and bath separately,
0:35:09 > 0:35:12but just now you've got your shower in your bath.
0:35:12 > 0:35:14It just needs modernisation.
0:35:14 > 0:35:17And through to a really good-sized double room.
0:35:17 > 0:35:23So, the layout really does work for family living especially.
0:35:23 > 0:35:25Yes, you could put an en-suite in,
0:35:25 > 0:35:27depends if it is not too big a job.
0:35:27 > 0:35:30Looking into plumbing first - you might not have the budget.
0:35:30 > 0:35:32There's so much work that needs done that is just cosmetic.
0:35:32 > 0:35:36Taking the woodchip off the wall and giving this place a real facelift
0:35:36 > 0:35:38could add fantastic value.
0:35:40 > 0:35:43It just goes to show you shouldn't judge a book by its cover.
0:35:43 > 0:35:47The stairs did put me off and so did its rather neglected appearance,
0:35:47 > 0:35:51but outside, well, this book has a promising plot.
0:35:52 > 0:35:53Talking of plots...
0:35:55 > 0:35:59I've seen enough overgrown gardens, not to be fazed by a few weeds.
0:35:59 > 0:36:01OK, there's maybe more than a few weeds,
0:36:01 > 0:36:03but I can see this layout working.
0:36:03 > 0:36:06You've already got a decking area, so there is a split level,
0:36:06 > 0:36:11down the slope, and it is not too steep to see how this could work.
0:36:11 > 0:36:14It has got certain charm. It goes down to a little shed.
0:36:14 > 0:36:18And you can't see it, but I do know there is a gate at the back,
0:36:18 > 0:36:21so when you clear away all the overgrowth,
0:36:21 > 0:36:24you can have some rear access. And when you look around here,
0:36:24 > 0:36:28it is about seeing past the problems and seeing the potential.
0:36:28 > 0:36:31# Open up your eyes
0:36:31 > 0:36:37# Isn't it surprising what you'll find? #
0:36:37 > 0:36:39Yes, this is one of those properties that will
0:36:39 > 0:36:43need imagination, elbow grease and a couple of skips, I think.
0:36:43 > 0:36:47At a guide price of £140,000 plus,
0:36:47 > 0:36:49it's bursting with potential.
0:36:49 > 0:36:53We asked along a local estate agent for his opinion.
0:36:53 > 0:36:57There is an awful lot of work to be done here.
0:36:57 > 0:37:03I would say a complete refit, everything - floorboards, walls,
0:37:03 > 0:37:05ceilings, and then, you know,
0:37:05 > 0:37:08kitchen, and that kind of thing has all got to be done.
0:37:08 > 0:37:12There is a strong demand in the area, both for rental and for sales,
0:37:12 > 0:37:16but I would certainly be targeting at the rental market,
0:37:16 > 0:37:18which is even stronger than the sales market,
0:37:18 > 0:37:22so therefore I'd have a regular income coming from it.
0:37:22 > 0:37:24OK, so this agent thinks
0:37:24 > 0:37:26the property would suit the rental market,
0:37:26 > 0:37:30so let's hear valuations for both sales and rental.
0:37:31 > 0:37:38I would think the resale value on this property is from £225,000 to
0:37:38 > 0:37:43£250,000, and the rental value should be in the region of
0:37:43 > 0:37:47£950 per calendar month.
0:37:48 > 0:37:52This is a good-sized house with a layout that works.
0:37:52 > 0:37:55The work that does need done seems to me to be mainly cosmetic.
0:37:55 > 0:37:59For me, the main problems are a lack of windows in that reception room,
0:37:59 > 0:38:01also the lack of access.
0:38:01 > 0:38:03Let's find out who could see past those problems
0:38:03 > 0:38:05when it went under the hammer.
0:38:05 > 0:38:09It is a modern three-bedroom end-terrace house for improvement.
0:38:09 > 0:38:11Where are we going to start on that one?
0:38:11 > 0:38:13Be cheap at 130.
0:38:13 > 0:38:15Give me 125. 125.
0:38:15 > 0:38:17I am on the way. 125, I've got.
0:38:17 > 0:38:19130 now, do I see?
0:38:19 > 0:38:21130. 130 and five.
0:38:21 > 0:38:24135. 140. 140, sitting down at the back.
0:38:24 > 0:38:26145 in the middle.
0:38:26 > 0:38:27145, if you like.
0:38:27 > 0:38:29145. And 50.
0:38:29 > 0:38:31The bids are flying in.
0:38:31 > 0:38:35We leave the auction there and return at 175 grand.
0:38:35 > 0:38:37175, 178.
0:38:37 > 0:38:40178 it's against again.
0:38:40 > 0:38:42At 175...
0:38:42 > 0:38:44178, I'm looking for.
0:38:44 > 0:38:48First time at £175,000, then.
0:38:48 > 0:38:51Second time at 175. Against you sitting down, third and final...
0:38:51 > 0:38:52178.
0:38:52 > 0:38:55180. 180.
0:38:55 > 0:38:57180. No?
0:38:57 > 0:39:00At £178,000, sitting down in the middle, for the first time.
0:39:00 > 0:39:03178 for the second time.
0:39:03 > 0:39:07Third and final time at £178,000, are we all done?
0:39:07 > 0:39:10Yours at 178, and it's W447.
0:39:12 > 0:39:13After a bit of a battle,
0:39:13 > 0:39:19it was bought for £178,000 by Leslie and her partner Darren.
0:39:19 > 0:39:23This will be local couple Leslie and Darren's first venture in property
0:39:23 > 0:39:26development together, so I'm excited to hear their plans.
0:39:26 > 0:39:28- Leslie.- Hi.
0:39:28 > 0:39:29- Pleased to meet you.- And you.
0:39:29 > 0:39:31- Darren.- Hiya. - Pleased to meet you too.
0:39:31 > 0:39:33- Congratulations. BOTH:- Thank you.
0:39:33 > 0:39:39Talk me through - why auction, why now, why this property?
0:39:39 > 0:39:43We... Since we got together, we decided that we would like to go
0:39:43 > 0:39:48down this route, and we had been to a couple of auction properties
0:39:48 > 0:39:50beforehand, but never been to auction,
0:39:50 > 0:39:54and saw this one, and then decided to go for the auction.
0:39:54 > 0:39:56How much homework had you done before auction?
0:39:56 > 0:39:59How much time had you spent looking at places?
0:39:59 > 0:40:01I would say we'd probably been looking
0:40:01 > 0:40:03for about nine or ten months,
0:40:03 > 0:40:05realistically. We had been to a lot of open houses,
0:40:05 > 0:40:08seen a lot of properties,
0:40:08 > 0:40:13and we decided to eventually do this to maybe rent out or sell on,
0:40:13 > 0:40:16rather than living in something.
0:40:16 > 0:40:18First auction we went to, first property.
0:40:18 > 0:40:21Yeah, we expected to come home with nothing and came home with this.
0:40:21 > 0:40:23Fantastic. What do you both do?
0:40:23 > 0:40:25Are you in the property business?
0:40:25 > 0:40:27Yeah, yeah, I am.
0:40:27 > 0:40:31I install kitchens, bathrooms, electrical works, plumbing works,
0:40:31 > 0:40:33- bit of everything, really.- Yep.
0:40:33 > 0:40:35And obviously I know, in the trade,
0:40:35 > 0:40:38I know loads of guys that can come over and give us a hand for cups of
0:40:38 > 0:40:41teas instead of money, so that might come in handy.
0:40:41 > 0:40:43Well, that is fantastic.
0:40:43 > 0:40:46You will be an absolute godsend to a place like this.
0:40:46 > 0:40:48- And what about you, Leslie? - I work for the police.
0:40:48 > 0:40:52- OK.- So I'm a receptionist, so very, very different for me.
0:40:52 > 0:40:55I've got experience, though, doing up own properties and stuff
0:40:55 > 0:40:59that I've lived in, in the past, but very basic DIY,
0:40:59 > 0:41:02I'm not anywhere near the standard that Darren is, so...
0:41:02 > 0:41:05Talk me through from coming in the door, what you plan to do.
0:41:05 > 0:41:07- That's your domain.- Yeah, we are going, obviously...
0:41:07 > 0:41:08rip everything out,
0:41:08 > 0:41:12gut everything out, including the garden, get rid of all the rubbish.
0:41:12 > 0:41:17Then we're going to look at redoing and fitting a new toilet suite,
0:41:17 > 0:41:20also a new bathroom suite upstairs,
0:41:20 > 0:41:22new kitchen, change the layout a bit,
0:41:22 > 0:41:26have a look, see if we can take down a cupboard space to make the dining
0:41:26 > 0:41:28- room a bit bigger.- Yeah.
0:41:28 > 0:41:31New carpets and flooring throughout, once we are done.
0:41:31 > 0:41:33- New boiler.- New boiler, new windows. - New windows, yeah.
0:41:33 > 0:41:36Yes, we have got some windows that need doing.
0:41:36 > 0:41:38It just feels like it could do with another window.
0:41:38 > 0:41:41Inside it would bring in light and outside it would just look nicer.
0:41:41 > 0:41:42Had you given that a thought?
0:41:42 > 0:41:46Yeah, we'd noticed that, at the other end of the terrace, they'd
0:41:46 > 0:41:48actually put another window in the front as well,
0:41:48 > 0:41:50and we thought that was quite a good idea.
0:41:50 > 0:41:53We're not decided on whether we are or aren't going to do that,
0:41:53 > 0:41:55depends on the cost of it.
0:41:55 > 0:41:56So, we are going to look into that,
0:41:56 > 0:41:59but it is something that we had thought about.
0:42:02 > 0:42:05These first-time developers who plan to sell this on,
0:42:05 > 0:42:06have taken their time
0:42:06 > 0:42:08and are willing to adapt their plans.
0:42:08 > 0:42:11The en-suite and window will be decided on
0:42:11 > 0:42:13once they have looked in detail at the costs.
0:42:16 > 0:42:17And the budget?
0:42:17 > 0:42:19- Well...- That's your... You are in charge of that.
0:42:19 > 0:42:23Yeah. We originally looked at probably about 15,
0:42:23 > 0:42:26but that was putting in an en-suite and stuff,
0:42:26 > 0:42:28so we're now thinking maybe 10 to 12.
0:42:28 > 0:42:30- Yeah, thinking 10 to 12.- Yeah.
0:42:30 > 0:42:33- OK.- Because the labour obviously is going to be a massive factor that we
0:42:33 > 0:42:35- don't have to pay for. - Yeah, it's great.
0:42:35 > 0:42:37And I guess there's certain things,
0:42:37 > 0:42:39like, whether you put a window in or not
0:42:39 > 0:42:41that you might edge over that 12, or...?
0:42:41 > 0:42:44Possibly. We've got the funds available, so...
0:42:44 > 0:42:47But obviously keeping it as low as possible,
0:42:47 > 0:42:49but to look as good as possible as well.
0:42:49 > 0:42:52Now, what's your timescale for turning things around?
0:42:52 > 0:42:56I'm going to be doing a lot of the work around my other work I've got
0:42:56 > 0:42:59booked in, so, yeah, about three to four months, you reckon?
0:42:59 > 0:43:03Yeah, we've got a couple of solid days on it and then it'll be around
0:43:03 > 0:43:06- Darren's current workload. - Yeah, after other jobs, come back here at four...
0:43:06 > 0:43:09- Yep, lots of late nights. - ..five o'clock in the afternoon and working through.
0:43:09 > 0:43:11I'm actually not at work at the moment,
0:43:11 > 0:43:14I've taken a year off, so I'll be here as much as I can,
0:43:14 > 0:43:16pending my little boy being at school.
0:43:16 > 0:43:17I can't wait to see the job you do.
0:43:17 > 0:43:22I think you're both really up for it, and you'll do a great job.
0:43:22 > 0:43:23- Best of luck.- Thank you.
0:43:23 > 0:43:25- Thanks, Leslie.- Thank you. - Thanks, Darren.- Thank you.
0:43:27 > 0:43:28They're good, aren't they?
0:43:28 > 0:43:31Leslie and Darren clearly know their stuff and
0:43:31 > 0:43:35not many people have researched the area and properties in it
0:43:35 > 0:43:39for ten months. That said, this is a big first-time project.
0:43:39 > 0:43:43Will that 10 to 12-grand budget really cover it?
0:43:43 > 0:43:44You can find out later in the show.
0:43:48 > 0:43:51Now, not all development projects go to plan.
0:43:51 > 0:43:55No, there's always a chance that unexpected things
0:43:55 > 0:43:57change timescales and budgets.
0:43:57 > 0:44:00Yes, let's see if any unexpected surprises appeared
0:44:00 > 0:44:02on our final two properties.
0:44:05 > 0:44:08Back to southeast London now, and the district of Sydenham,
0:44:08 > 0:44:13where I had a look around maisonette guided at £100,000 plus,
0:44:13 > 0:44:15which seemed like a little bit of a steal as,
0:44:15 > 0:44:18apart from some questionable electrics,
0:44:18 > 0:44:20it was in pretty good condition.
0:44:20 > 0:44:24The bathroom was fine, the two bedrooms were nice.
0:44:24 > 0:44:27It had loft space and outside space too,
0:44:27 > 0:44:31and really my only quibble was the kitchen.
0:44:31 > 0:44:34Kitchen there. Now, I have to say, a bit disappointed.
0:44:34 > 0:44:36It feels a little bit pokey.
0:44:36 > 0:44:39It's got this very strange sort of thing on the end there. Nice views
0:44:39 > 0:44:40over the garden. But I wonder
0:44:40 > 0:44:42if there's something we can do about that.
0:44:42 > 0:44:48The successful bid of £182,000, nearly twice the guide price,
0:44:48 > 0:44:50was made by Kim and her husband Sean.
0:44:50 > 0:44:52They planned to renovate the maisonette
0:44:52 > 0:44:53with the help of their builders,
0:44:53 > 0:44:57and there was only one snag - a very short lease.
0:44:57 > 0:44:59But Kim had done her homework.
0:45:00 > 0:45:03We had it... We had the legal packs
0:45:03 > 0:45:05checked by the solicitors beforehand,
0:45:05 > 0:45:09so we knew there was only 20 years left on the lease.
0:45:09 > 0:45:15- Yeah.- They served a notice, I mean, so it was in the process already.
0:45:15 > 0:45:16- Right.- So we took it over.
0:45:16 > 0:45:21Kim's expectation was that the lease would be extended for £30,000 and
0:45:21 > 0:45:25that she'd have the work done for under 20,000 in just three weeks.
0:45:25 > 0:45:27Well, we are back two months later.
0:45:29 > 0:45:33# Another day, another way
0:45:33 > 0:45:37# For me to open up to you... #
0:45:44 > 0:45:46Wow, the whole place looks bright,
0:45:46 > 0:45:50modern and sleek with nice details like stylish radiators,
0:45:50 > 0:45:53and the space is much better used.
0:45:53 > 0:45:57That awkward spot at the back of the kitchen is now a sensible
0:45:57 > 0:45:59utility space, but how did they achieve
0:45:59 > 0:46:02an open-plan feel in that pokey kitchen?
0:46:02 > 0:46:06We knocked just a mini wall down,
0:46:06 > 0:46:10and then took the door off,
0:46:10 > 0:46:12and rewiring,
0:46:12 > 0:46:16re-plumbing, boiler, new boiler,
0:46:16 > 0:46:19and pretty much everything.
0:46:20 > 0:46:24Taking away that stud wall to the hall was a good move.
0:46:24 > 0:46:27The bedrooms have been freshened up in a nice neutral colour.
0:46:35 > 0:46:37And the loft has been transformed
0:46:37 > 0:46:40into a usable space with some extra storage.
0:46:43 > 0:46:46The real bonus of this maisonette was the outside space.
0:46:46 > 0:46:49The overgrown greenery has been cleared,
0:46:49 > 0:46:51revealing a really charming garden.
0:46:51 > 0:46:55So, given the quality of the work, has she managed to stay on budget?
0:46:57 > 0:46:59We came under 20,000 budget,
0:46:59 > 0:47:04which is about 15,000, 16,000,
0:47:04 > 0:47:05we ended up spending.
0:47:06 > 0:47:09Kim has done a great job on the maisonette
0:47:09 > 0:47:11and has stayed within budget,
0:47:11 > 0:47:13which would normally be good news.
0:47:13 > 0:47:14However, unfortunately,
0:47:14 > 0:47:18the couple have had to change their plan of selling this on.
0:47:18 > 0:47:23Because of this, a bit of a nasty surprise just related to the lease
0:47:23 > 0:47:26extension. We have decided now...
0:47:27 > 0:47:30..to rent it out for a long term.
0:47:31 > 0:47:35Moves to extend the short lease had been made via a Section 42 notice
0:47:35 > 0:47:37before Kim bought the property,
0:47:37 > 0:47:40however not everything was as cut and dry as it seemed.
0:47:41 > 0:47:45Soon after the auction,
0:47:45 > 0:47:49we received a Counter Notice from the freeholder.
0:47:49 > 0:47:54Now provides a premium of much higher than anticipated, so
0:47:54 > 0:47:59this was the nasty surprise just waiting for us.
0:47:59 > 0:48:02When we first met Kim, she believed the extension would cost 30,000,
0:48:02 > 0:48:04however it transpired this figure
0:48:04 > 0:48:07had not been agreed with the freeholder.
0:48:07 > 0:48:11The freeholder was entitled to make a counter offer, so Kim engaged a
0:48:11 > 0:48:13surveyor to give her a valuation,
0:48:13 > 0:48:16which would give her a basis for negotiation.
0:48:19 > 0:48:24According to the valuation report done by my surveyor,
0:48:24 > 0:48:31he thinks that in the region of £158,000 is more likely.
0:48:31 > 0:48:35Wow, that is a staggering five times more than the original price of the
0:48:35 > 0:48:39lease. That must've been terribly disappointing for Kim.
0:48:39 > 0:48:43Yes, I should have sought advice from the surveyor,
0:48:43 > 0:48:45so I didn't do that,
0:48:45 > 0:48:48so it was kind of my fault, but I have learned a hard lesson.
0:48:49 > 0:48:54This is a cautionary tale indeed, and Kim is taking it on the chin,
0:48:54 > 0:48:57knowing that she has no chance of a profit on a resale.
0:48:57 > 0:48:59She paid over the guide price,
0:48:59 > 0:49:04had to pay the vendor's legal and auction fees and now has a humongous
0:49:04 > 0:49:06cost for the lease extension,
0:49:06 > 0:49:10so what will this turn of events mean for her investment,
0:49:10 > 0:49:14which is now at a total of £366,000?
0:49:14 > 0:49:17We invited along two local estate agents to give us their thoughts,
0:49:17 > 0:49:20starting with the agent who saw it before.
0:49:20 > 0:49:22This is the second time I've seen this property.
0:49:22 > 0:49:23Originally when I saw it,
0:49:23 > 0:49:25there was some modernisation required, and now looking at it,
0:49:25 > 0:49:27it's a complete transformation,
0:49:27 > 0:49:29so the developers have done a nice job.
0:49:29 > 0:49:30Coming into the property,
0:49:30 > 0:49:33it's a real, good, contemporary, clean finish.
0:49:33 > 0:49:37There has been some intelligent design, very nice.
0:49:37 > 0:49:39Some good news, but now numbers,
0:49:39 > 0:49:42how much could it go for on the resale market?
0:49:43 > 0:49:46I think the resale value of this property is £310,000.
0:49:46 > 0:49:49In terms of resale values, I would expect this property
0:49:49 > 0:49:53to achieve on the open market £325,000.
0:49:53 > 0:49:56The values are pretty much what I expected,
0:49:56 > 0:49:58but we are not going to sell it
0:49:58 > 0:50:01so it doesn't really matter.
0:50:01 > 0:50:03They will hang on to the property for now,
0:50:03 > 0:50:05as at the agents' top estimate,
0:50:05 > 0:50:10they will make a potential loss of £41,000, including auction fees.
0:50:10 > 0:50:12But could they make it back in yield?
0:50:12 > 0:50:15The rental value of this property is £1,200 per calendar month.
0:50:15 > 0:50:18For the lettings market, I would expect this property
0:50:18 > 0:50:20to achieve somewhere within the region of £1,400 to
0:50:20 > 0:50:23£1,500 per calendar month.
0:50:23 > 0:50:26That would give Kim something in the region of 5%,
0:50:26 > 0:50:28which is pretty standard for the area.
0:50:28 > 0:50:32That is good news and hopefully, if the property market rises,
0:50:32 > 0:50:35she may be able to recoup any potential loss in the future.
0:50:35 > 0:50:37So, how would she sum this project up?
0:50:40 > 0:50:45I've been to heaven and I've been to hell as well,
0:50:45 > 0:50:46so it is like heaven and hell.
0:50:48 > 0:50:50Between those two.
0:50:50 > 0:50:55But it's definitely worth taking a small risk, but...
0:50:55 > 0:50:58So, I will do it again. I will do it again, definitely.
0:51:02 > 0:51:04Time to return to Kent now,
0:51:04 > 0:51:08and the Medway town of Chatham, where I saw this rather
0:51:08 > 0:51:12neglected-looking three-bed end terrace, guided at £140,000 plus.
0:51:14 > 0:51:17There were some red flags straightaway,
0:51:17 > 0:51:19not only was there no vehicle access,
0:51:19 > 0:51:23but the steep stairs to the property would inhibit anyone with mobility
0:51:23 > 0:51:27issues, while inside, the lounge was lacking some serious vitamin D.
0:51:30 > 0:51:33It's just really dark because there isn't a big window there.
0:51:33 > 0:51:36# Let the sun shine
0:51:37 > 0:51:41# Let the sunshine in
0:51:41 > 0:51:43# The sunshine in... #
0:51:45 > 0:51:49On the bright side, like many other ex-council houses,
0:51:49 > 0:51:53it had good dimensions that would be ideal for family living,
0:51:53 > 0:51:55even if the garden could use a tidy up
0:51:55 > 0:51:58before it could be deemed child-friendly.
0:52:02 > 0:52:05Cue first-time property developers Leslie and Darren,
0:52:05 > 0:52:08who bought the house for 178 grand
0:52:08 > 0:52:12at auction, and while Leslie's job as a police receptionist
0:52:12 > 0:52:16might not have given her much DIY experience,
0:52:16 > 0:52:20she had a get-out-of-jail-free card when it came to Darren's skill set.
0:52:20 > 0:52:24I install kitchens, bathrooms, electrical works, plumbing works,
0:52:24 > 0:52:26- bit of everything, really.- Yep.
0:52:26 > 0:52:28So, and obviously I know, in the trade,
0:52:28 > 0:52:31I know loads of guys that will come over and give us a hand for cups of
0:52:31 > 0:52:35teas instead of money, so that might come in handy.
0:52:35 > 0:52:38Armed with a 10 to 12-grand budget,
0:52:38 > 0:52:41a load of research and pals in the trades,
0:52:41 > 0:52:44Leslie and Darren were in a great position to get started
0:52:44 > 0:52:46on their first-ever project together.
0:52:46 > 0:52:48But would they manage to do it
0:52:48 > 0:52:50in their three to four-month timescale?
0:52:51 > 0:52:54We are back just over six months later, to find out.
0:52:57 > 0:53:00# I got this, I got this
0:53:00 > 0:53:03# Bring on the future
0:53:03 > 0:53:07# I'm gonna be all right
0:53:07 > 0:53:10# So hear all this
0:53:10 > 0:53:12# Say, I got this. #
0:53:12 > 0:53:16In Darren's capable hands, the pair have got this renovation done,
0:53:16 > 0:53:18and they have managed to squeeze in
0:53:18 > 0:53:22extra dining space in the kitchen, by ripping out cupboards in the hall.
0:53:24 > 0:53:27In the end, they decided not to add an extra window in the living room.
0:53:29 > 0:53:32The downstairs WC and family bathroom upstairs
0:53:32 > 0:53:34have both been transformed
0:53:34 > 0:53:36with new suites and fresh decor.
0:53:39 > 0:53:43That narrow window in the bedroom has been blocked up and replaced
0:53:43 > 0:53:48with a large window, creating a superb dual-aspect bedroom.
0:53:48 > 0:53:49That's fab.
0:53:52 > 0:53:54The pair have done a totally cracking job -
0:53:54 > 0:53:56after all, Darren is a pro -
0:53:56 > 0:53:59but how did Leslie fare away from the desk job?
0:54:00 > 0:54:04This is definitely not my normal day job but I learnt a massive amount of
0:54:04 > 0:54:10skills on this job. How to paint a door correctly, how to grout,
0:54:10 > 0:54:14how to lay wooden flooring. And I learnt how to, well,
0:54:14 > 0:54:18the basics of fitting windows cos I watched you and a friend do it.
0:54:18 > 0:54:20Sounds like Leslie was quite the apprentice,
0:54:20 > 0:54:23but she wasn't the only helping hand they had around the place.
0:54:25 > 0:54:27- You thought it was haunted, didn't you, at one point?- Yeah.
0:54:27 > 0:54:30You thought something dropped out of the loft at one stage!
0:54:31 > 0:54:33I did stay here a couple of nights whilst
0:54:33 > 0:54:37on the renovation and I did hear a few noises in the night-time.
0:54:37 > 0:54:40You heard it here first, Haunted Homes Under The Hammer.
0:54:40 > 0:54:45But did they have any less-spooky issues with the house?
0:54:45 > 0:54:47The biggest challenge, I would say, was the boiler.
0:54:47 > 0:54:51When we took over the property, it wasn't working.
0:54:51 > 0:54:54Darren and his dad had managed to get it working.
0:54:54 > 0:54:56- Yes.- But over a period of time,
0:54:56 > 0:54:59stuff started to go wrong on it, so you replaced a couple of items.
0:54:59 > 0:55:02- Yes.- Then eventually, we had to replace it.
0:55:02 > 0:55:03- Enough was enough.- Yeah,
0:55:03 > 0:55:07it just stopped working and it just wasn't feasible to keep changing
0:55:07 > 0:55:10stuff, so we just changed the whole boiler in the end.
0:55:10 > 0:55:14Fortunately, Darren's dad is a Gas Safe engineer, so it didn't cost the
0:55:14 > 0:55:18earth and they've come in right in the middle of their 10 to 12-grand
0:55:18 > 0:55:22budget, spending £11,200 in total.
0:55:22 > 0:55:25But did they overrun on that three to four-month timescale?
0:55:25 > 0:55:28I think we're up to about six months now,
0:55:28 > 0:55:30so it was slightly longer than planned.
0:55:30 > 0:55:33- Yeah.- That was mainly due to family commitments.
0:55:33 > 0:55:35I returned back to work.
0:55:35 > 0:55:37And, yeah, my work went absolutely manic, didn't it?
0:55:37 > 0:55:39- Yeah.- Yeah.
0:55:40 > 0:55:42Six months is still pretty darn good,
0:55:42 > 0:55:45so with just the back garden left to complete,
0:55:45 > 0:55:47will they be back at auction any time soon?
0:55:49 > 0:55:55I would do it again, but I wouldn't do as big a project.
0:55:55 > 0:55:56Yeah, maybe not around my work,
0:55:56 > 0:55:59maybe actually take the time out and get it done in a short period of
0:55:59 > 0:56:01time, because I think it would be more cost-effective.
0:56:01 > 0:56:02I think, yeah,
0:56:02 > 0:56:08we chose a rather large property to do for our first renovation.
0:56:09 > 0:56:13Leslie and Darren have gained some valuable knowledge on their first
0:56:13 > 0:56:16project, but will the house have gained in value?
0:56:16 > 0:56:19Let's see what two local estate agents thought of the house
0:56:19 > 0:56:24that has cost £189,200 in total,
0:56:24 > 0:56:26starting with the agent who saw it last time.
0:56:26 > 0:56:29It's been completely transformed.
0:56:29 > 0:56:32It was a complete and utter wreck when we first saw it,
0:56:32 > 0:56:36and now it has been finished and done to a really nice standard.
0:56:36 > 0:56:39I think the owners have done a really good job on this property.
0:56:39 > 0:56:41It is bright and airy and very modern.
0:56:41 > 0:56:43I like the layout, the kitchen is really nice.
0:56:43 > 0:56:45I like the bathroom, the lounge,
0:56:45 > 0:56:47everything about the property, really.
0:56:47 > 0:56:51The main selling point to this property would be the size,
0:56:51 > 0:56:55the kitchen/dining area, and the fact that it is
0:56:55 > 0:56:57like a brand-new house.
0:56:57 > 0:56:59I couldn't agree more.
0:56:59 > 0:57:02But what could Leslie and Darren get for it when they put it on the sales market?
0:57:02 > 0:57:07I would say the resale value on this property would be between
0:57:07 > 0:57:12225,000, up to £250,000.
0:57:12 > 0:57:13I think, in the current market,
0:57:13 > 0:57:18we could expect to sell this property for approximately £225,000.
0:57:18 > 0:57:22225-250 is quite a broad gap,
0:57:22 > 0:57:23somewhere in the middle, absolutely fine.
0:57:23 > 0:57:26- It would be spot on for us, wouldn't it?- Yeah.- What we were expecting.
0:57:26 > 0:57:31If the couple were able to achieve the higher value of 250 grand,
0:57:31 > 0:57:38that could mean a pre-tax profit just shy of £61,000.
0:57:38 > 0:57:41Evidence that this property-developing partnership
0:57:41 > 0:57:42is pretty fruitful,
0:57:42 > 0:57:44but what's next for Leslie and Darren?
0:57:46 > 0:57:49- A rest.- A rest.
0:57:49 > 0:57:51Definitely a rest. Have a bit of
0:57:51 > 0:57:53free time to do stuff that we want to do.
0:57:53 > 0:57:54Yeah, to get our life back.
0:57:54 > 0:57:57Rather than be tied down to being here 24/7.
0:57:57 > 0:57:59- Yeah.- But, yeah, bit of a break.
0:58:02 > 0:58:04Have you been inspired to dip your toe
0:58:04 > 0:58:06into the property-developing world?
0:58:06 > 0:58:08Or do you fancy jumping in headfirst?
0:58:08 > 0:58:11Whatever stage you are at, join us next time for more
0:58:11 > 0:58:13inspiration here on Homes Under The Hammer.
0:58:13 > 0:58:15- Goodbye.- Bye-bye.- Bye-bye.