0:00:02 > 0:00:03Buying property has highs and lows.
0:00:03 > 0:00:05It's not always as easy as it seems,
0:00:05 > 0:00:07especially if you are stuck in a chain.
0:00:07 > 0:00:11You can eliminate that by buying property at an auction.
0:00:36 > 0:00:42Here in Stoke-on-Trent, there's a property which I think has got a bit of a story to tell.
0:00:42 > 0:00:45Is there one house or two going under the hammer?
0:00:47 > 0:00:53This flat in London may look a dull chap, but trust me, he's a fun-gi.
0:00:53 > 0:00:56There's mushrooms and all sorts growing out of that.
0:00:59 > 0:01:04These properties went to auction and we find out who bought them, and what they paid for them,
0:01:04 > 0:01:06when they went under the hammer.
0:01:10 > 0:01:12I've come to Stoke-on-Trent.
0:01:15 > 0:01:19The terraces of middle England still seem good value
0:01:19 > 0:01:25when you consider the average house price is often half that of similar property further south.
0:01:26 > 0:01:32Well, here in Stoke-on-Trent, there's a property which I think has got a bit of a story to tell.
0:01:33 > 0:01:35So, 27 and 25.
0:01:35 > 0:01:38If a house has got two numbers, you don't necessarily have to be
0:01:38 > 0:01:42a super sleuth to figure out that at some stage it might have been two houses.
0:01:42 > 0:01:44But at the moment, this place is just one.
0:01:44 > 0:01:49But as soon as you walk through the door, there are clues about its previous life.
0:01:49 > 0:01:55You've got a kind of living room area there, this archway and then a living room here on this side.
0:01:55 > 0:01:57Through to the rear, stairs down to a cellar,
0:01:57 > 0:02:01a rear sitting room on that side and another rear sitting room on this side.
0:02:01 > 0:02:06This side, though, has a sort of slightly commercial, industrial feel to it,
0:02:06 > 0:02:11so maybe this place has a history of some kind of shop premises.
0:02:11 > 0:02:12Interesting light fittings!
0:02:12 > 0:02:15Beautiful ceiling rose with a fluorescent light fitting.
0:02:18 > 0:02:21Up for auction today at a guide price of 85 grand is actually
0:02:21 > 0:02:25a couple of old traditional two-up, two-down cottages.
0:02:29 > 0:02:33At some stage, one of them has probably been used as a shop,
0:02:33 > 0:02:37hence all the clues to its previous commercial life.
0:02:37 > 0:02:39Since they've been knocked together,
0:02:39 > 0:02:44there are still two of everything - two kitchens, two dining rooms and lots of floor space.
0:02:44 > 0:02:49At a guide price of 85 grand, I doubt if it will concern many investors.
0:02:49 > 0:02:54But out here in the back yard, there's something that might - a working commercial fridge.
0:02:54 > 0:02:57What on earth has this place been used for?
0:02:57 > 0:03:00And there are more hints of a commercial past
0:03:00 > 0:03:04with this strange alley and roller door contraption by the kitchen.
0:03:04 > 0:03:07So, what's on the first floor?
0:03:07 > 0:03:10Well, upstairs, our matching two properties continue.
0:03:10 > 0:03:14Here, in number 25, two good-sized double bedrooms.
0:03:14 > 0:03:18And in number 27, two good-sized double bedrooms.
0:03:18 > 0:03:23Back in 25, yep, a large bathroom and loo.
0:03:23 > 0:03:25And in 27...
0:03:25 > 0:03:28Surprise, surprise... a large bathroom and loo.
0:03:28 > 0:03:33The big question of course is, is it going to be two properties
0:03:33 > 0:03:35for the price of one?
0:03:38 > 0:03:42As this is a rental and first-time buyer's market,
0:03:42 > 0:03:45there's no need to go too overboard with the specifications.
0:03:45 > 0:03:51We've heard it all before - keep everything neutral, with plain kitchen and bathroom suites,
0:03:51 > 0:03:53and then this place could be transformed.
0:03:53 > 0:03:59So, will our twin properties be double the trouble, or twice the fun?
0:03:59 > 0:04:00And who's ready to take them on?
0:04:00 > 0:04:02Let's find out at the auction.
0:04:02 > 0:04:07Lot 58 is now 25-27 Fenn Park Road in Fenton.
0:04:07 > 0:04:12Originally a shop premises.
0:04:12 > 0:04:15But adapted for use as a dwelling-house some years ago.
0:04:15 > 0:04:20Potential to re-establish as the two separate dwellings. So what shall we say for lot 58?
0:04:20 > 0:04:24You could make two houses out of this. 80 to start me?
0:04:24 > 0:04:2780 I'm bid now. At £80,000.
0:04:27 > 0:04:3085 it is. At 85,000. 90 can I say?
0:04:30 > 0:04:33I'll take one if it helps. £85,000.
0:04:33 > 0:04:3586, can I say?
0:04:35 > 0:04:38The bidder seated at £86,000.
0:04:38 > 0:04:43New bidder. £87,000. 88, is it? 88.
0:04:43 > 0:04:4689. 90.
0:04:46 > 0:04:4991. 92.
0:04:49 > 0:04:5193.
0:04:51 > 0:04:5394.
0:04:53 > 0:04:5795. 96. No?
0:04:57 > 0:05:02At £96,000, seated in the aisle. 97?
0:05:02 > 0:05:06No. At £96,000 then.
0:05:06 > 0:05:10The bid is in the aisle at 96. Are we all done? I'm selling it at £96,000.
0:05:10 > 0:05:12Against you, left.
0:05:12 > 0:05:15The bid is there at £96,000...
0:05:15 > 0:05:16You bought it, sir.
0:05:20 > 0:05:24The new owner of this property with a split personality is Rob.
0:05:24 > 0:05:31He paid 96 grand for it and he's a successful developer who specialises in the Stoke area.
0:05:31 > 0:05:35He's developed around 100 properties in the last ten years.
0:05:35 > 0:05:36The average is about one a month.
0:05:36 > 0:05:39Why did you want to buy this place?
0:05:39 > 0:05:44Well, we think we got a good deal, really, at the auction on these.
0:05:44 > 0:05:47- I'm going to split them back into two properties.- Oh?
0:05:47 > 0:05:51Hopefully they'll realise their value once we finish the renovation works.
0:05:51 > 0:05:56He's confident that a good clean-up and some decorating is the main requirement.
0:05:56 > 0:05:59He's already got the numbers for his two new houses,
0:05:59 > 0:06:03but how much has he earmarked to restore the two dwellings?
0:06:03 > 0:06:07We are perhaps looking at around 20,000 to spend on it.
0:06:07 > 0:06:11But hopefully, if we get the planning permission,
0:06:11 > 0:06:15which is the crucial element of this venture,
0:06:15 > 0:06:17we can then realise a value of the two properties.
0:06:17 > 0:06:19This isn't a great deal required.
0:06:19 > 0:06:25Both the two bathrooms and the kitchens would certainly do if the property was rented out.
0:06:25 > 0:06:28The main expense could well be bricking up the dividing wall
0:06:28 > 0:06:32which Rob discovered was only opened up about 10 years ago.
0:06:32 > 0:06:35What do you know about the history of the property?
0:06:35 > 0:06:39Well, they were actually built around the 1900s.
0:06:39 > 0:06:41Three Reverends, apparently, invested in the area.
0:06:41 > 0:06:48Then in the 1950s it was a greengrocer's shop until 1997.
0:06:48 > 0:06:54Which then, the owners at the time who had run the shop, changed it back to residential use.
0:06:54 > 0:06:57They converted it to one dwelling,
0:06:57 > 0:07:01where if you're changing back to one dwelling, you don't need planning permission.
0:07:01 > 0:07:04But us converting back to two dwellings, we do need persmission.
0:07:04 > 0:07:10I can't imagine any major objections to the two properties regaining their own letter-boxes,
0:07:10 > 0:07:14but it is round the back that Rob's plans could be frozen out.
0:07:14 > 0:07:18This is the fridge that you've got in your back! What the heck are you going to do with it?
0:07:18 > 0:07:22Well, this may have to go. At present, the butcher uses it
0:07:22 > 0:07:25across the road at Christmas time and various times of year.
0:07:25 > 0:07:31But according to the planners, and we have to see what the position is with it.
0:07:31 > 0:07:34You'll need to get a specialist in to take it away?
0:07:34 > 0:07:37Yes. It is still in working condition.
0:07:37 > 0:07:41So we'll probably try to sell it on and see what offers we get.
0:07:41 > 0:07:44What would you do with the space?
0:07:44 > 0:07:50With the space, we'd have to re-flag the yard and turn it back to its original state.
0:07:50 > 0:07:53Well, I'm sure this investment won't turn into a turkey for Rob!
0:07:53 > 0:07:58After all, he's got vast experience in the property market and once he has got
0:07:58 > 0:08:02that all-important planning permission, the real work can start.
0:08:02 > 0:08:05So, how long is it all going to take?
0:08:05 > 0:08:11Well, the renovation work should take six weeks to convert the two back into two dwellings with new kitchens,
0:08:11 > 0:08:14new bathrooms, decoration. And hopefully ready for tenants!
0:08:14 > 0:08:16So is that the plan, to rent them out, then?
0:08:16 > 0:08:19Yes. I'll add these two to our portfolio.
0:08:19 > 0:08:23- We're getting a good rent on one next door... - You own the house next door?
0:08:23 > 0:08:24Number 29! Yes.
0:08:24 > 0:08:29So it will give us an ideal chance to have three properties in the same area,
0:08:29 > 0:08:31which is perhaps better for letting.
0:08:31 > 0:08:34- What of the future?- The future?
0:08:34 > 0:08:39Well, hopefully we want to try to achieve 20 refurbishments
0:08:39 > 0:08:41this year for the buy-to-let side.
0:08:41 > 0:08:44And perhaps a few new-builds as well.
0:08:44 > 0:08:49But what could take the time here could be separating two very old builds.
0:08:49 > 0:08:52If the planning department agrees that their number is up!
0:08:54 > 0:08:56Well, Rob's certainly got the experience.
0:08:56 > 0:09:00But how is he going to get on separating our twins?
0:09:00 > 0:09:02Find out later in the show.
0:09:11 > 0:09:15There are some parts of London that are exciting to be in right now
0:09:15 > 0:09:17and Tottenham is one of them.
0:09:17 > 0:09:21It may not look that great at the moment but what if I was to tell you
0:09:21 > 0:09:26there were thousands of pounds of regeneration money being poured into the area?
0:09:26 > 0:09:29It's certainly looking more attractive, isn't it?
0:09:32 > 0:09:37When it comes to Victorian houses, Tottenham has got streets of them.
0:09:37 > 0:09:40Over the years many of them have been converted into flats
0:09:40 > 0:09:43and that's exactly what I've come to have a look at today.
0:09:43 > 0:09:45Here's the property that's up for auction.
0:09:45 > 0:09:47I've got to say, it's really promising.
0:09:47 > 0:09:51It's got some lovely traditional Victorian features - beautiful sash windows.
0:09:51 > 0:09:55You've got these tall pillars with fine detailing above it.
0:09:55 > 0:09:59The guide price? £105,000.
0:09:59 > 0:10:01It's quite exciting, isn't it?
0:10:01 > 0:10:03I'm going to have a look around.
0:10:03 > 0:10:08Interesting exterior, so what's it like inside?
0:10:10 > 0:10:16It's incredible how these high ceilings give you such a sense of space.
0:10:16 > 0:10:19You can see how poorly decorated it is in here.
0:10:19 > 0:10:23It's awash with woodchip wallpaper everywhere.
0:10:23 > 0:10:29But a fantastic reception room, incredible space, lots of light coming in through that window.
0:10:29 > 0:10:31Really airy.
0:10:31 > 0:10:34But the thing I like is the floorboards.
0:10:34 > 0:10:35They are in mint condition.
0:10:35 > 0:10:38They would look fantastic painted.
0:10:38 > 0:10:40That's a really good look at the moment.
0:10:40 > 0:10:45We've got a bathroom here. That probably needs to be changed. It's a bit old and tired.
0:10:45 > 0:10:48But it's very open - straight through into the kitchen.
0:10:48 > 0:10:50Again you've got this wonderful ceiling height.
0:10:50 > 0:10:57All of this needs to be completely ripped out and something new and modern installed.
0:10:57 > 0:11:03But you know how I'm always going on about I'd like to knock through from the kitchen into the garden?
0:11:03 > 0:11:07Look at this. We can do just that.
0:11:08 > 0:11:10This garden is a real plus.
0:11:10 > 0:11:14It's a good size, but you do have to share it with the upstairs flat.
0:11:17 > 0:11:22Back in the kitchen, I reckon you could get a bit of extra space by knocking down that corner wall.
0:11:22 > 0:11:25And you might squeeze in a table and chairs.
0:11:25 > 0:11:29And the potential for more space doesn't finish in the kitchen.
0:11:30 > 0:11:34Now, this is one big bedroom. It's certainly a luxury.
0:11:34 > 0:11:37You've got three lovely big windows here.
0:11:37 > 0:11:39Lots of space. I quite like it.
0:11:39 > 0:11:42But there's something that does worry me.
0:11:42 > 0:11:44It's these two big holes up here.
0:11:44 > 0:11:48If you look closely, there's mushrooms and all sorts growing out of that.
0:11:50 > 0:11:53Over the next few years, the council plan to expand housing,
0:11:53 > 0:11:57improve leisure facilities and take a look at the transport in the area.
0:11:57 > 0:12:01There's a bit of a buzz about the place.
0:12:01 > 0:12:03Could be a good time to invest.
0:12:03 > 0:12:08This flat has access to a garden and is within striking distance
0:12:08 > 0:12:12of a Tube station which gets you into central London in 15 minutes.
0:12:12 > 0:12:17That ticks two of the crucial boxes but most importantly...
0:12:17 > 0:12:19is the price.
0:12:20 > 0:12:25As is, Lot 17, 16A Colles Road, Tottenham, N15.
0:12:25 > 0:12:28This old flat.
0:12:29 > 0:12:31We've got a phone bidder on this, someone on the phone.
0:12:33 > 0:12:38Start low. We've got low reserve. 100,000 anywhere? 100, over here?
0:12:38 > 0:12:45105, 110, 115, 120,
0:12:45 > 0:12:47125?
0:12:47 > 0:12:52121? 121? 120, down here.
0:12:52 > 0:12:58125, 130. 135, 140.
0:12:58 > 0:12:59145.
0:12:59 > 0:13:04150, 155? 155, anywhere?
0:13:06 > 0:13:12155, new spot. 156, sir, 156?
0:13:12 > 0:13:17155, standing against the wall, looking for 156.
0:13:17 > 0:13:20First bid - £155,000.
0:13:20 > 0:13:23156, back in.
0:13:23 > 0:13:24157.
0:13:26 > 0:13:30158. 159.
0:13:30 > 0:13:33160. 159.5, sir?
0:13:35 > 0:13:37159, with you.
0:13:37 > 0:13:41159.5 by the door? If not, 159.
0:13:41 > 0:13:46First time, second time, third and last time, have we all done?
0:13:46 > 0:13:51The successful bidder who came in at the end there was Daniel.
0:13:51 > 0:13:57He paid 159,000 for the flat for himself and his girlfriend, Anita, to live in.
0:13:57 > 0:14:03Daniel's studying for a master's degree and they've recently moved to London from Prague.
0:14:03 > 0:14:05Anita has not seen inside yet.
0:14:05 > 0:14:09She didn't go to the auction and left the bidding to her boyfriend.
0:14:09 > 0:14:12Today is the first time she's seen what he bought.
0:14:13 > 0:14:17Before they tackle the flat, they've got to acclimatise.
0:14:17 > 0:14:19How are they finding life in the city?
0:14:20 > 0:14:22Difficult.
0:14:22 > 0:14:25- Stressful.- Why?
0:14:25 > 0:14:28The pace of life is just so high.
0:14:28 > 0:14:33You live in a small town and you get used to the slow pace of life and taking things easy
0:14:33 > 0:14:36and suddenly, you're in a rush and there's people everywhere.
0:14:36 > 0:14:38It's a big, big culture shock.
0:14:41 > 0:14:43Forget about a culture shock.
0:14:43 > 0:14:48Anita could have been in for an even bigger shock when she walked into this flat for the first time today.
0:14:50 > 0:14:54She trained as a designer and had already sketched some plans
0:14:54 > 0:14:59before she saw the place but they may well have to change when she sees the state of the bedroom.
0:15:02 > 0:15:06Now, guys, what are you planning to do to rectify this?
0:15:08 > 0:15:10What's all this, Daniel?
0:15:10 > 0:15:14I don't know, actually. I'm hoping that it's not a big deal.
0:15:14 > 0:15:22I'm kind of hoping that it's just replace the ceiling and it will all be fine. I don't know.
0:15:22 > 0:15:24I'm hoping it's not damp.
0:15:24 > 0:15:26What do you think you're going to have to do to rectify this?
0:15:26 > 0:15:29Talk to the neighbours, get them to fix their pipes.
0:15:29 > 0:15:31Take the ceiling down. Put it back up.
0:15:31 > 0:15:35Straightaway, that has eaten into your budget, hasn't it?
0:15:35 > 0:15:38Definitely. We were hoping not to make any big structural changes.
0:15:38 > 0:15:41We were hoping that it was going to be superficial work.
0:15:41 > 0:15:45Lick of paint, a few tiles, and we're off, but this is going to be a bit more serious.
0:15:45 > 0:15:47How much money have you got to spend?
0:15:47 > 0:15:49- 25 quid.- Something like that!
0:15:52 > 0:15:55We are talking very optimistically about something like £5,000.
0:15:55 > 0:15:58Buying things from auctions and just being very careful.
0:15:58 > 0:16:03You have got a new kitchen, a new bathroom suite to think about.
0:16:03 > 0:16:07And all of this. I think you may have to up it. Slightly.
0:16:07 > 0:16:13You'd be amazed what we can do with £5,000. A bit of handiwork and a bit of artwork.
0:16:13 > 0:16:15Anita's art's going to go up on the walls.
0:16:15 > 0:16:18There's all kinds of little ideas we have.
0:16:18 > 0:16:22With Anita's design background, she has a great eye for colour.
0:16:24 > 0:16:28So I have a sneaking suspicion we won't see much magnolia paint here.
0:16:28 > 0:16:30No, no magnolia in the flat.
0:16:30 > 0:16:33What is your style, Anita?
0:16:33 > 0:16:35I am a minimalist.
0:16:35 > 0:16:38So I like to keep everything to the minimum.
0:16:40 > 0:16:42Just plainness and flashes of colour.
0:16:42 > 0:16:47- Are you just going to use colour on one wall?- Yes, I think that's what I'm going to be working with
0:16:47 > 0:16:51because if you put colour all around it will just make it more work.
0:16:51 > 0:16:54Anita and Daniel have set themselves a challenge and a half.
0:16:54 > 0:16:59That damp is a worry. Mind you, they plan to do a lot of the work themselves,
0:16:59 > 0:17:02which will certainly help the finances.
0:17:02 > 0:17:07Our first-time buyers, Daniel and Anita, certainly have their work cut out.
0:17:07 > 0:17:15I am concerned, with all the work they have to do here, their five grand budget is overly modest.
0:17:15 > 0:17:17Will they stick to it?
0:17:17 > 0:17:21Well, join me later on in the programme to find out.
0:17:23 > 0:17:27The seasons have changed since we last saw those auction lots.
0:17:27 > 0:17:30Have the new owners been racing ahead with the work?
0:17:30 > 0:17:33- Or has it all ground to a halt? - Let's go back and find out!
0:17:33 > 0:17:39Back in Stoke, we did some basic maths and proved that two into one would go.
0:17:39 > 0:17:43Two terraced houses opened up into one large house.
0:17:46 > 0:17:51Local property developer Rob bought the big, grown-up house for 96 grand.
0:17:51 > 0:17:54But he wasn't going for the open-plan living look.
0:17:54 > 0:17:58He planned to brick the wall up and give the two houses
0:17:58 > 0:18:00back their independence.
0:18:00 > 0:18:03Three months on, and clearly something's been happening.
0:18:03 > 0:18:07A new front door has been added to the corner of the property.
0:18:09 > 0:18:14And inside, as promised, both houses now have separate identities.
0:18:18 > 0:18:24But of course, it's been twice the work for Rob's team, with two kitchens to refurbish.
0:18:24 > 0:18:27But both are now looking very inviting.
0:18:27 > 0:18:30With new laminate flooring and decoration throughout,
0:18:30 > 0:18:37both houses are now establishing their own identity, and making their mark on the Stoke housing market.
0:18:39 > 0:18:45Of course, it all relied on planning permission being granted, but it seems Rob's been successful.
0:18:45 > 0:18:49There's certain jobs we could do before we'd actually got the approval.
0:18:49 > 0:18:53So once the permission came through, to convert to two dwellings,
0:18:53 > 0:18:57it was quite easy then, we were 80 per cent through the project.
0:18:57 > 0:19:02Finished it on time, and it's turned out two good buy-to-let properties.
0:19:02 > 0:19:07Like all good investors, he's only spent money when absolutely necessary.
0:19:07 > 0:19:13We've actually done a re-plaster downstairs, but upstairs we've papered, paint and decorated.
0:19:13 > 0:19:16If we were selling this house, it would be a different story.
0:19:16 > 0:19:19We would definitely plaster throughout.
0:19:20 > 0:19:25Rob's had various careers in the past, including mining and computing,
0:19:25 > 0:19:29but started to concentrate on property back in 1999.
0:19:30 > 0:19:35Since then he's bought and sold over 100 properties,
0:19:35 > 0:19:43he's planning a portfolio of 50 buy-to-lets, and these two are numbers 21 and 22.
0:19:43 > 0:19:48Well, here's the bathroom. We've put a new suite in here.
0:19:48 > 0:19:50Made it all nice, bright and airy. Very clean.
0:19:50 > 0:19:53We've changed the flooring from carpet to laminate.
0:19:53 > 0:19:59The reason for that is if we lose a tenant, when tenants move out, you find that you can
0:19:59 > 0:20:02spruce it up nice and clean and it's as good as new for the next tenant.
0:20:02 > 0:20:04A good tip.
0:20:04 > 0:20:09So, how have Rob's finances stacked up on this double refurb?
0:20:09 > 0:20:13The total budget was £30,000.
0:20:13 > 0:20:15And we were nearly at our budget.
0:20:15 > 0:20:1728,000, 29,000.
0:20:17 > 0:20:21Why has Rob decided to leave that old fridge?
0:20:21 > 0:20:23There's many reasons with that.
0:20:23 > 0:20:25Really, there's a cost element to removing the fridge.
0:20:25 > 0:20:30But if it doesn't affect the property value, is there a need to remove the fridge?
0:20:30 > 0:20:33Because then you've got to re-flag the back yard, redo the brickwork,
0:20:33 > 0:20:36and you've got all the extra costs.
0:20:36 > 0:20:42Our view on that was, if we padlock it up, leave it there, maybe in the future we can reconsider.
0:20:42 > 0:20:44Maybe the fridge will put off prospective tenants.
0:20:44 > 0:20:48Two local experts in the field of property,
0:20:48 > 0:20:53as opposed to refrigeration, should know whether Rob's about to freeze his assets.
0:21:04 > 0:21:08The yard isn't so much of an issue, because even unfortunately
0:21:08 > 0:21:10with terraces where they do have yards,
0:21:10 > 0:21:12quite often they can be quite small.
0:21:12 > 0:21:15so it isn't necessarily space that you would sit out and enjoy the sun.
0:21:15 > 0:21:20We'd expect to market this one at £74,950, and then the end terrace,
0:21:20 > 0:21:25we'd expect to market that one in the region of 79,950.
0:21:25 > 0:21:28£75,000 for each one I'd be happy with.
0:21:28 > 0:21:32But if we got £80,000 on the end property, being a larger space property,
0:21:32 > 0:21:36that would be very good, we'd be very pleased with that.
0:21:36 > 0:21:39Rental value, I would have said £425.
0:21:39 > 0:21:45Possibly a little stronger, in view of the fact that everything is nice and shiny and new.
0:21:45 > 0:21:50We've put these on a little bit higher, with having a new spec inside.
0:21:50 > 0:21:54And we've managed to achieve £450 rental on each of them.
0:21:55 > 0:21:59Not only a good income, but Rob's letting agents have tenants desperate to move in.
0:21:59 > 0:22:02But that's left Rob with a bit of a problem.
0:22:02 > 0:22:05They have got two tenants ready to move in on Monday,
0:22:05 > 0:22:09so we've got to urgently get the metering sorted out for the electric and gas now.
0:22:13 > 0:22:16Well, at least it'll give the two neighbours something
0:22:16 > 0:22:20to chat about over the garden wall of these two fantastic houses.
0:22:28 > 0:22:30Back in Tottenham in London,
0:22:30 > 0:22:34first impressions of this one-bedroom ground-floor flat were good.
0:22:34 > 0:22:37Big rooms, high ceilings, and shared rear garden.
0:22:40 > 0:22:44But with two big, wet holes in the bedroom, would anyone be prepared
0:22:44 > 0:22:47to pay the ceiling price for the area?
0:22:47 > 0:22:54Daniel and Anita had just returned from living in Prague and reckoned the flat was worth £159,000.
0:22:55 > 0:23:01Nearly four months later, we've come back and the broken bay window is fixed.
0:23:01 > 0:23:07The living room has been decorated, and Anita's artistic flair is shining through.
0:23:07 > 0:23:10The fabulous floorboards are ready to varnish.
0:23:11 > 0:23:15The kitchen's been ripped out and bright white units put in.
0:23:15 > 0:23:19The bathroom has also been transformed.
0:23:21 > 0:23:23But the huge bedroom remains.
0:23:23 > 0:23:25It's not been split into two.
0:23:25 > 0:23:29But hang on... The holes in the ceiling are still there!
0:23:29 > 0:23:32Surely that was the first job to tackle?
0:23:32 > 0:23:35Well, when we first moved in it was...
0:23:35 > 0:23:40We thought it was one of our priorities, to basically replace them, get a new ceiling in,
0:23:40 > 0:23:45but we had the problem fixed, the dripping pipes, and at that point it just...
0:23:45 > 0:23:47There were other priorities.
0:23:47 > 0:23:49And so it got left, and that's why it's still there.
0:23:50 > 0:23:55Well, the holes remain, but Daniel and Anita have been busy ripping out all the old clutter.
0:23:58 > 0:24:02Kitchen was a state, pretty much. There was a horrible old stove,
0:24:02 > 0:24:07two or three horrible old units, and a collapsing wall.
0:24:07 > 0:24:09So we had to have that done.
0:24:09 > 0:24:13Once it's finished it'll be all white with greys and metal.
0:24:13 > 0:24:18It will be very minimalistic, very clean, mainly because of the budget, but...
0:24:18 > 0:24:20I think it'll look good anyway.
0:24:20 > 0:24:25We started out with quite a small budget, I plucked a figure out of the air of £5,000.
0:24:25 > 0:24:28- Everybody laughed at us. - But...so far,
0:24:28 > 0:24:33sort of £1,200 a room, we're kind of sticking to it.
0:24:33 > 0:24:38They've shopped around for bargains, and it's not just the house that came from an auction.
0:24:38 > 0:24:42The internet's been great, and then apart from that, actual auctions.
0:24:42 > 0:24:45And if you've got a book and know where to turn,
0:24:45 > 0:24:49doing it yourself is an excellent way to keep a check on your cash flow.
0:24:49 > 0:24:52In the Czech Republic we renovated a property there,
0:24:52 > 0:24:55and I've been using the book over there for the last couple of years.
0:24:55 > 0:24:59Whenever I have a question I just turn to the Good Book.
0:24:59 > 0:25:02Most things you can try.
0:25:02 > 0:25:05- If it doesn't work out, then you just try again.- Tiling, grouting...
0:25:05 > 0:25:09my new best friend, I think!
0:25:11 > 0:25:14Anita is a talented designer, as you can see from the bathroom,
0:25:14 > 0:25:16the one area that is almost finished.
0:25:21 > 0:25:23I'm quite happy with the bathroom.
0:25:23 > 0:25:25It's not completely what I imagined it to be,
0:25:25 > 0:25:31but I'm hoping the rest of the house will at least reach its standards.
0:25:31 > 0:25:35Let's see what two local property experts think.
0:25:45 > 0:25:49I think the kitchen is actually very well laid-out, in the right way,
0:25:49 > 0:25:53coming out into the garden, which a lot of people will like.
0:25:53 > 0:25:57They've really gone for it, with very modern bathroom fittings, it works really well. It looks so cool.
0:25:57 > 0:26:04The couple paid £159,000 for the flat, and I reckon the budget could double to £10,000.
0:26:04 > 0:26:09So they'll be hoping for a valuation over £170,000.
0:26:09 > 0:26:14I think when the flat is finished it will be worth £220,000.
0:26:14 > 0:26:17As a one-bedroom flat, once they've finished it, I think the value of
0:26:17 > 0:26:21this property will be probably about £235,000.
0:26:22 > 0:26:28£50,000 more! Or £65,000 with the higher valuation.
0:26:28 > 0:26:31Well, you know, I mean, what can we do with that?
0:26:32 > 0:26:34Yeah, no, that's fantastic.
0:26:34 > 0:26:38We've still got a bit of work to do before we get there, but it's nice to know.
0:26:38 > 0:26:40We're doing the place up the way we want it.
0:26:40 > 0:26:46And we are planning to live here, but at some point in the future, it's always possible we could sell it.
0:26:46 > 0:26:52- Yeah.- Knowing it's worth this much, makes you feel a bit more relaxed when you have mortgages to pay.
0:26:52 > 0:26:57Well, thanks to the Good Book, it seems Daniel and Anita have done pretty well.
0:26:57 > 0:27:00But I'd find the chapter on fixings ceilings next.
0:27:00 > 0:27:03I think that's definitely the one they need to turn to.
0:27:05 > 0:27:09We'll be back next time with more interesting auction lots for you.
0:27:09 > 0:27:12So join Lucy and I for more Homes Under The Hammer.
0:27:12 > 0:27:13- We'll see you then.- Goodbye.
0:27:17 > 0:27:20Subtitles by Red Bee Media Ltd
0:27:20 > 0:27:23E-mail subtitling@bbc.co.uk