- 5 days ago
Homes Under the Hammer - Season 28 Episode 48 -
Driven to Succeed
Driven to Succeed
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00:00Hello, welcome to the show. Now, finding a property that ticks all the right boxes, size, location, price, it can be a bit of a challenge.
00:10But if you head down to your local auction house, there are literally thousands of properties that might just fit the bill.
00:18Yeah, why not find your next home under the hammer?
00:30Well, there's certainly lots of options when you head down to your local auction house.
00:51So, what inspired the buyers on today's show?
00:53In Derby, I'm a little confused about the state of this house.
01:01No damp, no cracks. What's going on?
01:06Whereas in a Northamptonshire property, it's the layout that's really confusing Jackie.
01:11This is very, very strange. Where do I go?
01:15And in Wales, Dion isn't confused but worried about what he finds in a Welsh End terrace.
01:23It's sopping wet.
01:27All these properties have been sold at auction and we'll find out who bought them and what they paid for them when they went under the hammer.
01:34Sold.
01:38We're heading to Derby and nestled on the eastern edge of the city is the suburb of Spondon.
01:45With its excellent transport links, including the nearby A52 and direct rail services to Derby's city centre, Spondon has all the amenities you could need right on your doorstep.
01:57And with easy access to the surrounding countryside, it's no wonder this area has become a popular choice for home buyers.
02:04So will the auction lot I'm here to see offer the best of both worlds?
02:07So, I am in Spondon, just outside the centre of Derby, here to see, some of this sounds quite interesting, it is a three-bedroom dormer bungalow.
02:17To access it, you come down this little pathway here, there's a few different options of pathways to get to it.
02:22But it's really nice that it's located right at the end, in these trees, quite private, quite nice.
02:30Let's have a look.
02:31Oh, guard price, £135,000.
02:33Okay, so, probably built in the 1970s, and at first glance, I don't think it's had a lot done to it since then.
02:47But a nice little entrance area there, and then a pretty standard layout, you walk down here into the kitchen.
02:53Now, kitchen, definitely in need of some tender loving care.
02:57You could transform this by some nice units.
02:59I don't think you can necessarily change the layout too much, but, you know, just sparkle it up, nice tiles, all that kind of stuff.
03:07The through here, again, very traditional layout.
03:09It's a through lounge, short dining room, out to the garden that way, little archway here.
03:16Fireplace in this side.
03:18I mean, it is exactly what you really expect, and it's all the better for that.
03:23It needs some tender loving care.
03:25It needs some of the old, sort of, slightly outdated features taken out.
03:29The doors, replace those.
03:31Do something with the flooring, modernise it, modernise the kitchen.
03:34But you've got a lot to work with here, and it just feels nice.
03:40Right?
03:40So, upstairs, and no major surprises in store, actually.
03:51Bathroom there.
03:52Doesn't look to be in too bad a condition.
03:54You could potentially keep it, maybe.
03:56Big bath around the corner, which is a bit of a bonus.
03:58Rear bedroom, good size.
04:00Box room there, which, you know, maybe isn't so brilliant.
04:05But then another really nice-sized bedroom at the front here.
04:08And what else is this to say?
04:11I mean, no damp, no mould, no cracks.
04:17What's going on?
04:19It's a mystery.
04:20Oh, it's a mystery.
04:23I'm still searching for a clue.
04:28It's a mystery.
04:30Yes, it's a bit of a mystery.
04:32It's a mystery, as when it comes to an auction property,
04:35the word nice doesn't always come to mind.
04:38More often than not, they come with a set of challenges.
04:41But with the back garden still to explore,
04:43there could be more potential for us to sink our teeth into.
04:47Always good to have a house that's on the end.
04:50So, in this case, you've got a bit of land at the side
04:53and also at the back.
04:55At the moment, just a set of doors,
04:57or, in fact, just a door, out from the lounge there.
05:01I mean, you might want to put a bigger set of patio doors in there.
05:05That would be very easy,
05:06because you've already got the support above it.
05:08A little patio area here.
05:10And then the garden itself,
05:12well, actually, it's pretty extensive.
05:15It's sloping down here.
05:16A few wobbly bits of, what are those things called?
05:20Oh, yeah, slabs.
05:21But actually, it's a really nice space.
05:23And because you're at the end,
05:24the trees, the openness, it's really nice.
05:27What a lovely space this is,
05:29and it just sort of caps off the house,
05:31which we really like.
05:34The garden might be the icing on the cake,
05:36but, like inside, it needs a good dose of TLC
05:38to bring it back to life.
05:41The downside with this property being tucked away
05:44on a corner plot
05:45is there's no direct parking at the front.
05:48That said, there is a parking space,
05:50a short walkaway,
05:51accessible via a rear lane.
05:54So, with all the positives on offer,
05:56what does a property expert think?
05:59We invited one from the auction house who sold it
06:02to get his take on this three-bed house
06:04that had a guide price of $135,000.
06:09The property itself is a dormer bungalow,
06:12built probably early 70s.
06:14It needs a good scheme of improvement and upgrading,
06:18starting with the windows.
06:20Gas centrality needs to be installed.
06:23Throughout, cosmetic improvement,
06:25installation of kitchens and bathrooms.
06:28I think what I'd probably change
06:30is where I am now in the kitchen,
06:31open that up into the dining area
06:33and maybe put some bifold doors in
06:36and just create that open-plan,
06:38living-kitchen sort of space.
06:39That could be something to consider.
06:44And once the renovation work's been carried out,
06:46what does he think the returns could be?
06:49I think after the improvements have been made,
06:51I would expect to see an open-market sale price
06:55in the region of £200,000.
06:57For rental purposes, £900 per calendar month.
07:01So, a pretty nice 1970s house
07:08that just needs a bit of updating.
07:11Location is really good
07:12and I don't think there's anything
07:14you should worry about with this one.
07:16Let's see who spotted it when it went under the hammer.
07:21The lot didn't sell when it went up in an online auction.
07:26Come and have a chat with us afterwards.
07:28We are very close on that one.
07:31But the accepted post-auction offer
07:33of £135,000, bang on the guy price,
07:36came from husband and wife Richard and Jules.
07:39The pair live in Surrey
07:40and I met them to find out
07:42why they wanted this Derby property.
07:46Richard, Jules, great to meet you both.
07:48Congratulations.
07:50Tell me why you wanted to buy this place.
07:52Looking for a house, pre- or post-auction.
07:55Oh.
07:56Oh, stop, stop, stop.
07:58Pre- or post-auction specifically?
08:00Specifically.
08:01Not a house that was in an auction.
08:03Absolutely.
08:03So you could buy before or you could buy afterwards.
08:06I didn't want to get involved in being in the auction
08:09and having the pressure of them saying,
08:11a bit more, a bit more, a bit more.
08:13So it was pre- or post-auction.
08:14Wow, what a strategy.
08:16Yeah.
08:16So what was it about,
08:18other than the fact that it was post-auction that you bought it,
08:21what was it about this house that you liked?
08:23Er, it was the right price.
08:25It's a lovely little area.
08:27It's got a lovely village feel to it.
08:28It just seemed absolutely ideal.
08:30Okay.
08:30You did see it beforehand?
08:32Er, I had a friend of mine who lives in Nottingham
08:35and he came and viewed it for me.
08:37Right.
08:37And he's a developer as well,
08:39a bloody developer,
08:40and his words to me was,
08:41if you don't buy it, I will.
08:43Oh, okay.
08:44So you took that as a bit of a positive tick.
08:46Absolutely.
08:47Well done.
08:48What did you think about when you first saw it, Gilles?
08:50I think it's lovely.
08:51Yeah?
08:51It doesn't need that much work doing to it.
08:53The garden's beautiful
08:54and it's potential to be a really lovely, nice home.
08:58Have you done property renovation before?
09:00Only on our own homes.
09:02Okay.
09:02So what made, what prompted the leap to doing it?
09:07I'm currently a driving instructor
09:09and I'm kind of thinking of getting out of that.
09:12I've always had an interest in property
09:14and I had some money.
09:17Okay.
09:18So I thought rather than put it into savings,
09:21I'll invest it into property.
09:22Great.
09:23Driving instructor.
09:24Yes.
09:24Stories to tell.
09:25Lots of stories to tell, yes.
09:27It's changing, not always for the good.
09:29Patience of a saint.
09:31Exactly, yes.
09:32Oh, my word.
09:34And what about you, Gilles?
09:35I work in finance.
09:37Okay.
09:37For a care home.
09:38Okay.
09:39Brilliant.
09:39So the finance, I think,
09:40might come in quite useful in terms of...
09:42Yeah, hopefully, yeah.
09:43So what's the plan for it in the bigger picture terms?
09:46Are you going to sell it on
09:47or are you going to rent it out or what?
09:49Just flip it, yeah.
09:49Do a nice refurb on it.
09:52Make it a little bit more modern
09:53because I think it stuck.
09:54It was 1970 it was built
09:55and I think it stuck in there.
09:56Yeah, definitely.
09:58Let's talk through what you're planning to do to it.
09:59Okay, so there's no central heating at the moment
10:02apart from the storage heaters
10:03so we're going to put electric radiators all round.
10:06The kitchen needs taken out completely
10:08and the bathroom is quite nice.
10:11Might leave that as it is
10:12but just put a few modern touches in it.
10:15Completely redecorate.
10:16Okay.
10:17And that's about it, hopefully.
10:19And then the garden?
10:20The garden, we're going to get a garden clearance in
10:22just to clear it out
10:23because it is covered in weeds
10:24and then Jules has got some ideas.
10:27Yeah, we like to just landscape it.
10:28It's a big garden
10:29and there's potential for it to look absolutely beautiful.
10:31Take out the shed, there's an old shed,
10:32take the shed out
10:33but it is just a lovely sized garden.
10:36The couple will have some help
10:38to bring the garden back to life
10:40but inside, the pair hope to take on
10:42the majority of the renovation work themselves
10:44during weekends
10:45with help from Richard's cousin Nick
10:48who lives nearby.
10:49They will bring in specialised trades when necessary
10:52and they have a relaxed eight-month timescale
10:55and a £20,000 budget.
10:58There's just the small matter of the 300-mile round trip
11:01from Surrey to contend with
11:03but they do at least have a place to stay.
11:06Now, a little bird tells me
11:09that you went the ultimate step
11:11and that you actually slept here last night.
11:15We did.
11:16In the house as it is?
11:17As it is.
11:18Quite cold weather outside.
11:19Very cold.
11:20Very cold.
11:20Central heating?
11:21No.
11:22No.
11:23We did buy a heater last night from a supermarket.
11:26Did you?
11:26Yes, and we've got a camp bed.
11:28Did you?
11:28Yeah.
11:29Won't do it again?
11:30Won't it?
11:30Oh, yeah, very nice.
11:31Did you have your little instant food
11:34and all that stuff, did you?
11:35We went out to a restaurant show last night, yes.
11:37And we did have a candle.
11:39We had a candle?
11:40Oh, really?
11:41The camp bed?
11:42That's lovely.
11:43Bit of heat.
11:43So how did it feel to be your sort of first investment property?
11:47In my perspective, it felt like a home.
11:49It's a very homely feeling home.
11:51Yeah.
11:51It just is.
11:52When we walked in the door,
11:53it does feel like it could be a really happy home.
11:55Yeah.
11:56Cold at the moment, but, yeah, hey.
11:57It will be nice.
11:58Brilliant.
11:59And you seem to be having fun doing this.
12:01It's lovely.
12:01Big, happy, smiley people.
12:03Yeah, we've always got on the only thing we don't get on
12:05with is a carpet laying for some strange reason.
12:07Yeah, they do not.
12:07What do you mean?
12:08I don't know.
12:08We just don't agree on carpet laying.
12:10We never have some...
12:11Whoa, whoa, whoa, whoa, whoa, whoa, whoa, whoa, whoa.
12:12You squabble over carpet laying.
12:14Yeah, so we avoid it now.
12:16Everything else is fine.
12:17We are going to eat a carpet thing.
12:17That's so specific.
12:19But we've done 30 years together, so it's not bad.
12:21I think there are some specialist marriage guarantee
12:23who really hone in on that for you if you need it.
12:25Thank you, Lee.
12:26Awesome therapy.
12:27But we'll do it together and we'll do it well.
12:29Well, listen, good luck with it.
12:32Thank you very much.
12:32I'll do your other math, whatever.
12:36We look forward to seeing how you get on.
12:41So, no carpet laying in the renovation plan for Richard and Jules.
12:47But I think they've got a really great little house here
12:49and I can't wait to see how they get on sorting it out.
12:53You can find out later in the show.
12:54Next to Northamptonshire and the town of Corby.
13:02Despite being around 240 miles away,
13:05it was once known as Little Scotland.
13:08This was due to the large number of Scottish people
13:10who moved here to work in the steelworks in the 1930s.
13:18The steelworks closed in the 1980s
13:21and now it has settlers from all parts of the world.
13:25Now, the property I'm here to see is a three-bed-end terrace
13:28which is actually listed as a six-roomed house.
13:32Very interesting.
13:34And here it is.
13:34It went to auction for a guide price of £70,000 plus.
13:39Let's take a look.
13:40This is odd.
13:50I expected, like, a doorway here or rooms there,
13:55but it's just a wall, which is very odd.
13:59Erm, very strange.
14:00And then, OK, six key holders.
14:06This is very, very strange.
14:08Where do I go?
14:10The only way is up.
14:15This is very curious.
14:17Everything looks really new.
14:18The floors, the carpets, the doors.
14:21OK.
14:22So, up to the first floor,
14:24that's a very new kitchen.
14:27Bedroom here, OK.
14:29Floors are good.
14:30Good size.
14:31Nice and bright.
14:33Another bedroom here.
14:35Central heating there.
14:35Get that checked.
14:36But it all looks pretty new.
14:38And then a small bedroom here.
14:40And then you've got your bathroom.
14:41But what is throwing me,
14:43downstairs,
14:44the six sort of lock keepers,
14:47the kitchen,
14:48says number three on it.
14:50Then you've got number four on this door,
14:53number five there,
14:54number six there.
14:55So, that's four rooms.
14:57Where are the other two?
14:58But what I did see
14:59was a side entrance.
15:01I have to investigate.
15:03Hmm, this is a puzzle.
15:05Six key safes,
15:07but just four lockable rooms.
15:09And what presumably
15:09is a shared bathroom up here.
15:12But that doesn't add up to six.
15:14Hmm.
15:15So, the mystery deepens.
15:17OK, so,
15:19door here
15:20must be for the ground floor.
15:24Oh!
15:24That's no good.
15:27That shouldn't be there.
15:29Um,
15:30so here we are
15:30on the ground floor.
15:31Again,
15:32everything looks new
15:33from, you know,
15:34my angle here.
15:35What's this?
15:36OK, so you've got
15:37a toilet
15:38with a sink
15:39to the back.
15:41Um,
15:42OK,
15:44kitchen,
15:45that looks really new.
15:46And have a look at that
15:46in more detail.
15:47I feel this,
15:50that is what I'm seeing
15:52in that front entrance.
15:54That should be open
15:55so that it becomes
15:56one house.
15:58I don't know
15:59what's going on here,
15:59but everything seems like
16:00it's been chopped up,
16:01but still new,
16:02like no-one's lived here.
16:03And this is a decent-sized room.
16:05Um,
16:06once again,
16:07clearly,
16:08this was a shared accommodation
16:10or was planning
16:11to be a shared accommodation
16:12because then here
16:13is the room number two
16:15downstairs.
16:16So that now,
16:16we've got six rooms.
16:18Cos I finally found you
16:19I finally found you
16:24Right,
16:25so we've found
16:26the six rooms
16:26that have their own key.
16:29Five of which are bedrooms
16:30and one,
16:31strangely,
16:32is a locked kitchen.
16:35Then there's a bathroom,
16:36kitchen and cloakroom
16:37which seem to have
16:39shared use.
16:40While out the back,
16:42there's also a shared garden
16:43which needs a tidy up
16:44but could be a real asset.
16:48In some shape or form,
16:50this is laid out
16:50as a house of multiple occupancy
16:52or an HMO.
16:54The current layout
16:55suggests it might be aimed
16:57at serviced accommodation
16:58possibly for supported living
17:00or even a care facility.
17:02But what does a local estate agent
17:04think of this intriguing lot
17:06guided at 70,000?
17:09This is HMO
17:10or house of multiple occupancy.
17:12The layout is quite strange.
17:15I'd consider potentially
17:17rearranging access.
17:19There looks to be potential
17:21to put a doorway in
17:22from the hallway at the front
17:24into the ground floor
17:25that could make things
17:27quite a bit easier.
17:28I agree it would make
17:30the connection to the rooms
17:31better
17:31but all the rooms
17:32would need to be checked
17:33for local authority compliance
17:35to obtain HMO status.
17:38But assuming that could be acquired,
17:41what kind of rental figure
17:42are we looking at per week
17:43for the five lettable rooms?
17:45With regard to the room rents,
17:51there's a variety of different sizes of rooms
17:54so I would expect the rooms
17:55to achieve between £100 and £125.
17:59That equates to a monthly income
18:01of between £2,000 and £2,500
18:03per calendar month for the five rooms.
18:07And what about its sale value?
18:09If this property was offered
18:11to the market for sale
18:12with the outstanding works completed,
18:15I'd expect it to achieve
18:16in the region of £230,000.
18:20Well, this three-bed-end terrace
18:23is certainly a bit of a mystery.
18:25But if you were looking
18:26for an investment opportunity,
18:28perhaps it could work.
18:30So who fancied
18:31unravelling this mystery?
18:32Let's find out
18:33when it went under the hammer.
18:34This lot was part
18:39of a remote auction
18:40with bids taking place online.
18:42We're done.
18:44Sold.
18:47The successful bid
18:48of £175,000
18:50was made by a team
18:51of developers.
18:52Jay, a solicitor,
18:53on the right,
18:54his uncle, Prince,
18:55on the left,
18:56and their friend
18:57and investor,
18:58Jahangir.
19:01This is their second time
19:02on Homes Under the Hammer.
19:03Back in 2017,
19:06we met them midway
19:07through a renovation
19:08in the market town
19:09of Willenhall.
19:11And while Jahangir
19:13went to explore the house,
19:15Jay and Prince
19:15caught up with Jackie.
19:18Prince, Jay,
19:19lovely to meet you both.
19:20Hi.
19:20Nice to meet you.
19:21So, obviously,
19:22you're no strangers to the show.
19:23How's it all going?
19:24It's going well,
19:25really well.
19:25So we've sort of
19:27expanded into more developments
19:28and we've expanded
19:29the area in which we were in
19:31last time we were in
19:31West Midlands
19:32and today Northamptonshire.
19:34Oh, wow.
19:34But this property,
19:36you visited the property
19:37before the auction?
19:39Visited from the outside.
19:41So at the time,
19:42it was quite difficult
19:44to get a viewing,
19:45but there was lots
19:45of internal pictures.
19:47We're quite satisfied
19:47from the pictures
19:48that we saw.
19:49Okay.
19:49and from what we found
19:51in the legal pack.
19:52Yeah.
19:52And so you saw pictures,
19:54you didn't actually come in,
19:54but when you did come in,
19:57what struck you?
19:58Because I know
19:59everything is sort of new.
20:00Yes, it's dusty,
20:01but it's new.
20:02New walls,
20:02new floors,
20:03new carpet,
20:04new everything.
20:05What struck us was
20:06we walked in through
20:06the front door
20:07and couldn't work out
20:07how to get in downstairs.
20:10Exactly.
20:11And the question was,
20:12it's not meant to be a flat,
20:13but when you go upstairs,
20:14the first room was a kitchen,
20:16there was a bathroom,
20:16there was three rooms
20:17and there was no way
20:18to get downstairs.
20:19Yeah.
20:19So we both were a bit puzzled,
20:21but we were pleasantly surprised,
20:23as you said.
20:23Yeah.
20:24Everything's new,
20:25Elvety flooring,
20:26new plastering,
20:26the electric has been done,
20:28two new kitchens,
20:29brand new bathroom,
20:30WC,
20:31everything's new,
20:32fire doors.
20:33So we saw that in the pictures,
20:34but obviously you only see
20:35three or four rooms,
20:36so we didn't know.
20:37Exactly.
20:37And there was no layout plan either,
20:39so it was really interesting
20:40because it's almost like
20:42there's a flat upstairs.
20:43Yeah.
20:43But there's one downside
20:44because there's no shower.
20:45Exactly.
20:46That's what I'm thinking.
20:47If you wanted to shower or a bath,
20:48you'd have to come out the side door,
20:49go down the side path,
20:50come through the other door,
20:51go upstairs,
20:51and then do that.
20:53So what is the plan for the place?
20:54So the plans,
20:55we haven't finalised them yet,
20:57but we think the best thing is
21:00to put the door back
21:01where it should be.
21:01So when you come in
21:02through the front door,
21:03you've got this as a communal lounge,
21:05leave the kitchen
21:06and WC where it is,
21:07and then you've got
21:08the three rooms upstairs
21:09which are already laid out as HMO,
21:11keep the bathroom where it is,
21:12and the front kitchen,
21:14perhaps turn it into
21:15a laundry room with a utility.
21:16So get rid of that kitchen.
21:18Get rid of the cooker.
21:19Yeah.
21:19Maybe keep the sink
21:20and keep the washing machine
21:22so you can do your laundry up there
21:23and maybe a shower
21:24in the other side
21:25so you've got another bathroom
21:26because you've got four rooms.
21:27And what about down here?
21:28No shower, no thing,
21:29just keep it?
21:30Just keep it as it is,
21:30yeah.
21:31So the person there
21:32would have to go upstairs.
21:33So you're going to keep it
21:34as a house of multiple occupations?
21:35Yes, yeah,
21:35I think that's going to be the plan.
21:37It's laid out well
21:38and as you can see
21:39they've furnished it
21:40and et cetera ready to go
21:41so there's not much to do.
21:43Yeah.
21:43Lots to do in the garden
21:44with rubbish and et cetera
21:46but yeah.
21:47So who's going to do the work?
21:48I mean obviously
21:49you're very experienced
21:50when it comes to renovations.
21:52Do you have a crack team
21:54or do you get your hands dirty?
21:55Here there's not much
21:56to do ourselves.
21:57We do have a team
21:58we work with different teams
22:01but we have one team in particular
22:02named a chap called Stan
22:03does a really good job
22:04he's done lots of developments for us
22:06we've converted pubs to flats
22:07offices to flats.
22:09So Stan's the man that can.
22:10Stan's the man that can.
22:11Stan's the man with the plan.
22:13Well he converted for me and Prince
22:15an old bakery at the back
22:17and the mayor come along
22:19and the mayor said
22:19he's the best builder in town.
22:22Very good
22:23you've got the best builder in town.
22:25That's fantastic.
22:26How soon do you see this
22:28being finished and good to go?
22:30Four to six weeks maximum
22:31just so
22:32it needs a good clean
22:33as you can see the dust
22:33the dust is coming and coming
22:35so I think once we've had a good clean
22:37it's just really the garden
22:38that's the main point
22:40get that all cleared
22:41and I think away we go
22:42and get it let out
22:43as soon as possible.
22:45Yeah very good
22:45and then what about money
22:47how much are you going to spend here?
22:49I would budget a maximum
22:51of two to five thousand pounds
22:54I don't think we're going to be
22:55anywhere over five thousand
22:56but I'd be easily within that.
22:57That should be okay.
22:58Well look
22:59I mean what can I say
22:59to me
23:00I think this is like
23:01a slam dunk.
23:02Yeah yeah yeah
23:03I agree.
23:03It really is.
23:04I wish you both
23:05the very best of luck
23:06I really do.
23:06Thank you very much.
23:13Well it would seem
23:14the mystery
23:15of this three bed
23:16right end terrace
23:17has been solved
23:18case closed.
23:20Jay and Prince
23:21have a plan
23:22in fact they have
23:23Stan
23:23the man that can
23:25with a plan
23:26and I think it's definitely
23:27fallen into safe hands
23:29but will it all go
23:30according to plan?
23:31You can find out
23:32later in the show.
23:36Coming up in Wales
23:37Dion is looking for bright ideas
23:39to help this house.
23:41That's how dark
23:42this room is
23:43without our light.
23:48And back in Northamptonshire
23:50has this puzzling property
23:51finally been worked out?
23:58Back to Derby now
24:00and a three bed dormer bungalow
24:02guided at 135,000
24:04the state of which
24:05came as a pleasant surprise.
24:07No damp
24:09no mould
24:10no cracks
24:12It's all good
24:14What's going on?
24:16It's all good
24:18This good property
24:23was just what
24:24Surrey based
24:24married couple
24:25Jules and Richard
24:26were looking for.
24:27Having paid
24:28135,000 pounds for it
24:30they were keen to check out
24:31its qualities
24:32for themselves.
24:35Now a little bit
24:36tells me
24:37that you went
24:38the ultimate step
24:39and that you actually
24:41slept here last night.
24:43We did.
24:44So how did it feel
24:45to be your
24:46sort of first
24:46investment property?
24:48From my perspective
24:48it felt like a home.
24:50It's a very homely
24:51feeling home.
24:51Yeah.
24:52It's all good
24:53Yeah, yeah, yeah
24:55So a good bungalow
24:57that just needed
24:57a good refurb.
24:58And with a fairly
25:00healthy
25:00£20,000 budget
25:02and allegedly
25:03eight months
25:03to get it ready
25:04to sell on
25:05we left the pair
25:06to it.
25:07Now just four months
25:09on
25:09we're back.
25:14It looks like
25:15there's no major
25:15changes on the outside
25:17but what about
25:18inside?
25:21OK then Jules
25:22what's been happening?
25:24OK, we kept
25:25the fireplace
25:25but we've now
25:26got an electric
25:26fire in place
25:27and we've kept
25:31all the doors.
25:35In the kitchen
25:36we've changed
25:37all of the units
25:38new flooring
25:42new spotlights
25:45courtesy electrician
25:46and some of the
25:48double glazing units
25:49have been replaced
25:50because they were
25:50also blown as well.
25:51And upstairs
25:56The bath
26:00the sink
26:01and the toilet
26:01we've kept
26:02we've just changed
26:03the edging
26:04on the bath
26:05to make it
26:06a bit more modern
26:07we've changed
26:08the power shower
26:09so that's
26:10a nice new one
26:11And the three bedrooms
26:16have been given
26:16a full makeover
26:17And we've also
26:19changed
26:20there was two
26:21storage heaters
26:21and now there
26:22is electric
26:23eco4 heating
26:25in every single room
26:27Well I think
26:31they've made
26:31a fine job
26:32of the inside
26:33What about
26:34that overgrown
26:34garden at the back?
26:36So with the back
26:37garden
26:38it was
26:39almost level
26:41with dirt
26:42that's been there
26:42for years and years
26:43lots of weeds
26:44I did hire a digger
26:46and whilst we were
26:47digging some of
26:48the dirt
26:49to move it around
26:49I did find
26:51a landscape garden
26:52out there already
26:53Wow
26:56what a find
26:57that was
26:58So all we did
26:58we dug back
26:59to the landscape garden
27:00and tidied it up
27:02Though the garden
27:05was hard work
27:06it has reaped
27:07its own rewards
27:09Mother nature
27:10is coming back
27:11now
27:11the garden
27:12is growing
27:12we found flowers
27:13that we didn't
27:14know were there
27:14we've put lots
27:16of bark
27:16down the side
27:17and then out
27:17the front
27:18we haven't
27:18really touched
27:19it
27:19because it's
27:19a beautiful
27:20garden
27:20with some
27:21beautiful flowers
27:21so we have
27:22just left it
27:23as it is
27:23and nature
27:24is coming up
27:24it's lovely
27:25Let it grow
27:27Let it blossom
27:33Let it grow
27:35And it isn't
27:36just the garden
27:36that's growing
27:37they've discovered
27:38they've got more
27:39for their money
27:40than they realised
27:41So when I
27:43originally looked
27:44at the details
27:45for the house
27:45the parking
27:46it was never
27:47mentioned
27:47when we got here
27:49the first day
27:49we went down
27:50to the bottom
27:50we found an alleyway
27:51that was in
27:52very very bad repair
27:53leading to a gate
27:54leading to a hard
27:56standing area
27:56which is enough
27:57as we found out
27:58to park two cars on
27:59it just wasn't
28:00very safe
28:01walking down there
28:02which we've rectified
28:04That's a bonus
28:07a car parking
28:08space now
28:09with easy
28:10rear garden
28:11access
28:11to this now
28:12really together
28:13three bed
28:14As a first
28:15property development
28:16venture
28:16Richard was determined
28:18to be on site
28:19as much as possible
28:20including staying
28:21over at weekends
28:22It's been cold
28:28at times
28:29I have woken up
28:30with ice
28:30on the inside
28:30of the windows
28:31and now the heating's
28:34in
28:34it's an awful lot
28:34warmer
28:35now I know
28:37what's involved
28:37in refurbishing
28:38the house
28:38I know
28:39what trades
28:40now need to be done
28:41and when
28:42so it's been
28:44a massive learning
28:45curve
28:45and I absolutely
28:46love doing it
28:47They brought in
28:48an electrician
28:49and a plasterer
28:50who also did
28:51the decorating
28:51and then there
28:53was his cousin
28:54Nick
28:54who fitted the
28:55bathroom
28:55kitchen
28:56and flooring
28:57Together
28:58Jules and Richard
28:59project managed it
29:00so how did that
29:01go working together
29:02The one thing
29:04we've always said
29:04we'd never do
29:05is fit carpets
29:06we've got a carpet
29:06fitter in
29:07we don't do
29:08carpet fitting together
29:08I think we mentioned
29:09that the first time
29:10but we proved
29:12that we can work together
29:13we've got each other's
29:14backs
29:15Yeah
29:15and chose the colour
29:16schemes and agreed
29:16Yep
29:17which is unusual
29:18We did to agree
29:20Yep
29:20Let's come together
29:21Right now
29:24Oh yeah
29:26In sweet harmony
29:29Let's come together
29:31A harmonious project
29:32all round
29:33with not too much stress
29:35that's what we like to hear
29:36but was it all calm
29:38and straightforward
29:39when it came to
29:40sticking to the budget
29:41Oh yeah
29:43The original budget
29:45was set at
29:46£20,000
29:46and I am just
29:48over £18,000
29:49now
29:50so I'm short
29:51on the budget
29:51which is nice
29:52Chappellus
29:52£18,000
29:56on top of their
29:56£135,000
29:58purchase price
29:59sees them
30:00in this
30:00for £153,000
30:02So
30:03money well spent
30:04what does an expert
30:05from the auction house
30:06who originally sold
30:07the property
30:08make of it
30:08My first time
30:10on the property
30:10and it's an excellent
30:12renovation
30:12they've done it
30:13nice and efficient
30:14made the most of the space
30:15and it's really bright
30:16and bright and nice
30:17It's a good standard of finish
30:21it's relatively basic
30:22but that's all it needed
30:23whoever buys the property
30:25can move straight in
30:26puts a little touch
30:26on the walls
30:27and good to go
30:28But what will
30:29the good to go price
30:30be on this property
30:31Richard and Jules
30:32have invested
30:32£153,000 into
30:35On the sales market
30:36I'd expect this property
30:37to achieve
30:37between £200,000
30:39to £210,000
30:40Well
30:42I've already had
30:43one valuation
30:43and they are going
30:45to market it
30:45at £230
30:46with a minimum
30:48of £215,000
30:49It sounds like
30:51a pre-tax profit
30:52of £47,000
30:53to £77,000
30:54could be on the table
30:56And if they did
30:57change their mind
30:58and opt for the rental route
30:59then the expert
31:01thought they'd be looking
31:02at an income
31:02of £1,100
31:04per calendar month
31:05which equates
31:06to a yield
31:06above 8%
31:07So this has been
31:09a successful
31:10first development project
31:11for the couple
31:12For driving instructor
31:15Richard
31:15he was considering it
31:16as a possible
31:17new career path
31:18So is that still
31:20the case?
31:23My view is
31:24that I have
31:25enjoyed doing this
31:26I can see a change
31:27of career coming
31:28for me on this one
31:28because I've enjoyed
31:29this so much
31:30I would like to
31:32plough an awful lot
31:33more of the profit
31:34from this
31:34into another property
31:35I'm actively looking
31:38for more property
31:38at the moment
31:39And I'm 100%
31:40with him
31:40We're heading to
31:49North Wales
31:50and the picturesque
31:51harbour town
31:52of Porthmadog
31:53It's a beautiful spot
31:56with a rural national park
31:59practically on your doorstep
32:00and Dion's here
32:02to see our next auction lot
32:03We're in lovely Wales
32:06We are in Port Maddock
32:08Now I know
32:09that's not the correct
32:11pronunciation
32:12but I'm not going to
32:13try the Welsh
32:14because I tried the Scouse
32:15once
32:16and my wife
32:16gave me a bit of stick
32:18so that's your lot
32:19We are here to see
32:20this end of terrace property
32:22four beds
32:23had a guide price
32:24of £90,000
32:25when it went to auction
32:27you can walk
32:29to the seaside
32:30you can walk
32:31to the shops
32:32and just around
32:33the corner
32:34you'll find
32:35your yeast
32:36and your hops
32:37commonly known
32:38as your local pub
32:39Great location
32:41eh?
32:42Well there's plenty
32:43to see here
32:44before we think
32:44about the pub deal
32:45hopefully inside
32:46doesn't disappoint
32:47OK
32:49It is
32:50it's actually nice
32:52and bright
32:53when you come
32:53into the house
32:54Stairs are right
32:55in front of you
32:55which is
32:56oh nice
32:57sturdy banister
32:58which is good
32:59stairs to the bedrooms
33:00back of the house
33:01is there
33:02and then you're
33:02into a really
33:03sort of large
33:04lounge area
33:06loads of space
33:07and you've got
33:08this window
33:09sort of here
33:10going into
33:10what I expect
33:11to be
33:12the kitchen
33:13through there
33:13now
33:14I would normally
33:16be saying
33:17I've not seen
33:17the kitchen yet
33:18but I'd normally
33:18be saying
33:19knock it through
33:19big massive
33:20kitchen diner
33:21but you've got
33:21a nice big gap
33:22there
33:22you could take
33:23this out
33:24and there's your
33:25access
33:26to the kitchen
33:27from the lounge
33:28this wall
33:28seems incredibly
33:30thick
33:31these houses
33:31are built
33:32well
33:32at this end
33:33of the property
33:35my eye
33:36my eye is drawn
33:37to this
33:37bit of damp
33:38here
33:39I've got some
33:40wallpaper
33:40coming off the wall
33:42oh my word
33:43sopping wet
33:48so we have a
33:49problem
33:49at this
33:50end of the house
33:51time to investigate
33:53a little bit further
33:54right what else
33:56have we got
33:57a little bit dark
33:58and dingy
33:59around here
33:59I'm assuming
34:00that this is a
34:01dining room
34:02I'll tell you
34:03I'm going to show you
34:03a bit of an experiment
34:04here
34:04this is how dark
34:05I'm going to turn
34:06one of our lights
34:06off here
34:07have a look at this
34:08that's how dark
34:13this room is
34:14without
34:14our light
34:16I can see damp
34:17everywhere
34:17we've got a fireplace
34:18which needs to come out
34:19the only bit of natural light
34:21coming in
34:21is from this
34:23kitchen door
34:24without that
34:25it's absolutely
34:26pitch black
34:26so you've got to try
34:27and find a way
34:28of maybe getting
34:29some more light
34:30into this room
34:31and then you're into
34:32a very tight kitchen
34:33colourful kitchen
34:34colourful kitchen
34:36but tight
34:37and a new kitchen
34:39needed as well
34:40there's loads of jobs
34:41that need to be done
34:42on the ground floor
34:43but you know what
34:44if you get the
34:45configuration right
34:46I believe
34:47it could be
34:48really nice
34:49but you're going to need
34:51a decent budget
34:52yes the layout
34:55doesn't really flow
34:56as it is
34:57and these old walls
34:58are thick
34:59so knocking them down
35:00and supporting the weight
35:00above
35:01is not going to be
35:02a small feat
35:03let's just hope
35:05things flow a little
35:06better upstairs
35:07okay
35:09to the bedrooms then
35:11up the stairs
35:12nice
35:12sturdy banister
35:13carpet
35:14not too sure
35:16okay
35:17what have we got
35:17we have got
35:19two bedrooms
35:20two bedrooms here
35:22we have got
35:24family bathroom there
35:26we've got
35:27storage there
35:28with water tank
35:29and we've got
35:30two bedrooms
35:31at the front
35:32of the property
35:33as well
35:34right
35:34so we can hear
35:35the bathroom
35:36not too bad
35:38I like that
35:39letting lots of
35:40lighting
35:41this makes it
35:43kind of tight
35:44here
35:44that's the cupboard
35:45with the water
35:46tank in
35:47you know I'm going to
35:48say get rid of this
35:49reconfigure
35:51the whole bathroom
35:53this area here
35:55can be part of the
35:56bathroom
35:56maybe a freestanding
35:57shower
35:58more than enough
35:59space to create
36:00just what you want
36:02not me
36:03it's yours
36:03it's down to you
36:05you have what you want
36:06but Misha
36:08freestanding shower
36:08freestanding shower
36:09bit of a dark corridor
36:11this area is quite dark
36:12itself
36:13we've got two more
36:13bedrooms here
36:14follow me into here
36:15now I am now
36:16above the dark room
36:19and this feels
36:20kind of the same
36:21we've got a little
36:21window there
36:22and a little bit
36:24damp on this wall
36:25as well
36:25that's why it's always
36:26good to check
36:27what's underneath
36:28the wood panelling
36:29that room needs to
36:30be sorted
36:31and investigated
36:32for water too
36:33ah this is better
36:34this is brighter
36:35and drier
36:37this is only a small
36:38bedroom
36:39single bed
36:40nursery
36:41office
36:42there is a
36:43decent list of jobs
36:45that needs to be done
36:46in this house
36:47but with a little bit
36:49of jiggery pokery
36:50I think
36:51it could be a really
36:52nice house
36:53for someone
36:54but it needs your input
36:56there's also a single
37:00room at the front
37:01and a large double
37:02but here there are
37:04more issues with damp
37:05outside and there's
37:09even more work
37:10the curb appeal
37:11needs to be improved
37:12and the outside space
37:14is also going to take
37:15a day or two
37:15to get straight
37:16from the side of the
37:19house you can see
37:19that an extension
37:20has been added
37:21at some point
37:22but dividing the old
37:23from the new
37:24is a large crack
37:25a sign of possible
37:27subsidence
37:28so get it checked out
37:29this is definitely
37:31not a lot
37:32for the faint of heart
37:33what does a local
37:38estate agent
37:39make of this
37:40four bed
37:40end terrace
37:41that came with a
37:42guide price
37:43of £90,000
37:44the condition
37:46the condition of the
37:46property is poor
37:48it does need quite a
37:50lot of work to it
37:51it's got elements
37:53of damp
37:54there is quite a
37:55severe crack
37:56on the outside
37:57between the main
37:59house and the
37:59extension
38:00and that would need
38:01a bit more
38:01investigation I think
38:03roof looks okay
38:05and it's got a
38:06great chimney stack
38:07to it built out
38:08of the local stone
38:09maybe on the stone
38:10lovely brickwork
38:12indeed
38:13but judging by the
38:14vegetation growing
38:15out of the chimney
38:16it could be letting
38:17water in
38:18and causing some
38:19of those damp
38:20issues
38:21another thing to
38:22investigate
38:22and to add to the
38:24long to do list
38:25but once everything
38:27has been tackled
38:28what sort of returns
38:29could a buyer
38:29expect
38:30I would be putting
38:33it on the market
38:34somewhere in the
38:35region of £195,000
38:36to £200,000
38:38the rental will be
38:40in the region of
38:40£650,000 to £700
38:42per calendar month
38:43so we've got a
38:46wet house that's
38:47had a bit of
38:48movement but I think
38:50this project in the
38:51right hands with
38:52the right budget
38:53and the right team
38:54remember location's
38:55great and the views
38:57are outstanding
38:58it could be pretty
39:00amazing
39:01let's find out
39:02what happened
39:02when it went
39:03under the hammer
39:03this lot was part
39:08of a remote auction
39:09with bids taking
39:10place online
39:11sold
39:13with a successful
39:16bid of £86,000
39:18£4,000 under
39:20the guy price
39:21it was bought
39:21by Stee
39:22and his wife
39:23Claire
39:23they are experienced
39:25with property
39:26and do projects
39:27in their spare time
39:28as Stee
39:29is a digital artist
39:30for video games
39:32and Claire works
39:33for a council
39:33they see property
39:36as their future
39:37and Dion
39:37met up with Stee
39:39to find out
39:40their plans
39:40for their latest
39:41purchase
39:42Stee nice to meet you
39:46you too
39:47right you've got
39:48a project on your
39:49hands here
39:50what made you
39:51want to take this
39:52test on
39:53it's a tester
39:54isn't it
39:55yeah
39:55well there's quite
39:58a few things
39:58we want to test
39:59on the area
39:59for starters
40:00we
40:00are you from here
40:01no
40:02we're from the
40:03north of England
40:05so we're from
40:06near Manchester
40:07so why this area
40:08then
40:08we saw potential
40:10with what's
40:11around us
40:12the beach
40:12not too far away
40:13the snow
40:14not too far away
40:15yeah we just
40:15we love the place
40:17did you
40:17by the way
40:18did you view the property
40:19we didn't view
40:19before
40:20I should get my
40:22yellow card out
40:22but I'll leave it
40:23for now
40:23did you read
40:25the legal pack
40:25my wife did
40:26okay
40:26good
40:27what's your wife's
40:28name
40:28Claire
40:28Claire
40:29well done Claire
40:30Claire gets the
40:32tick
40:32and no yellow card
40:33which is good
40:34so
40:35big question is
40:37the elephant in the
40:38room
40:38what are you going
40:39to do about that
40:40big crack
40:41we've spoken to
40:42a builder about it
40:43we've looked at
40:44a structural survey
40:45which
40:47pinpointed
40:48ways to fix it
40:49so
40:50the builder
40:51said
40:51yeah
40:52he's going to
40:52pin it both sides
40:53nice
40:54it was also pointed out
40:56that it could have been
40:56a drainage problem
40:58underneath which
40:58when it was first built
41:00and over time
41:01water's got underneath
41:02the property
41:03so we need to have
41:04that checked out
41:05just to make sure
41:07that it's not that
41:07so it's not a problem
41:09no it's not a problem
41:10okay
41:10let's start at the
41:11front of the house
41:12is anything changing
41:14towards the front
41:15of this house here
41:15the major thing
41:17in here will be
41:17that these walls
41:18will be knocked out
41:19this one
41:20this one
41:21it's going to be
41:22knocked out
41:22and that one
41:23and that one
41:23yes
41:24okay
41:24it's going to be
41:25open plan
41:25wow
41:26from the front door
41:27I didn't have that
41:28one in me locker
41:28by the way
41:29I like that
41:30so you come through
41:30the door
41:31yeah
41:31and it's going to be
41:32all open plan
41:32yeah yeah
41:33yeah
41:33stairs are staying
41:34where they are
41:35stairs are staying
41:35where they are
41:35yeah
41:36wow that'll make
41:37this massive
41:37yeah
41:38is this staying
41:39in place
41:39where the window
41:40is there
41:41that's going to be
41:41a doorway into
41:42the kitchen
41:43good
41:44good
41:44that entrance
41:46is going to be
41:47blocked off
41:47is going to be
41:47blocked off
41:48yes
41:48perfect
41:49yes
41:49and then you've
41:50got kitchen
41:51and the little
41:53dining space
41:54yes
41:54the kitchen is going
41:55to be moved
41:56from where it is
41:57now into the dining
41:58where the dining
41:58space is
41:59oh
41:59and that's the
42:01hence the reason
42:01why we're going
42:02to block that
42:02door off
42:03there's no window
42:04in there though
42:04is there
42:04no we're going
42:05to put a window
42:05in
42:05you are going
42:06to put a window
42:07fantastic
42:07because it's
42:08quite dark
42:08yes it is
42:09very dark
42:10yeah
42:10okay
42:10the wall
42:12is chimney breast
42:14yeah
42:14yeah
42:14so that's been
42:15taken out
42:16brilliant
42:16so you can get
42:17a window in there
42:17yes and it'll
42:18be a little bit
42:18bigger as well
42:19brilliant
42:20yeah
42:20I like that
42:21yeah
42:21I like that
42:22yeah
42:22okay so we've
42:23got the stairs
42:24yeah
42:24we've got four
42:25bedrooms
42:25and a bathroom
42:26any configuration
42:28changes or is it
42:28all staying as is
42:29we're doing a
42:31new bathroom suite
42:31where the water
42:32boiler is
42:33there's talks of
42:34it could be an
42:35ensuite to one of
42:36the bedrooms or
42:37as a separate
42:38toilet just for
42:39that or we could
42:40use it as a
42:41shower room
42:41good options though
42:42eh
42:42yeah
42:42the rest of the
42:43bedrooms two
42:44end bedrooms
42:46have a pitched
42:47roof
42:48yeah
42:48but it's got a
42:49low ceiling so
42:50we're going to
42:50take the ceiling
42:51out and have it
42:52so that you can
42:53see the pitch
42:54so you're doing
42:54a fair amount
42:55to be fair
42:56yeah
42:56you really are
42:57who's doing
42:59the work
42:59let's get that
43:00sorted out first
43:01yeah well
43:01previously me and
43:03my wife has done
43:03a few refurbs
43:05before I did
43:05refurb on the
43:06other ones
43:07with the help
43:08of a few
43:08tradesmen but
43:09this one we're
43:10taking a hands
43:11off approach
43:11we're getting
43:12a team of
43:13builders in
43:13and yeah
43:15my father-in-law
43:15might do the
43:16garden
43:16big question
43:17it's coming
43:18now drumroll
43:19budget please
43:20what have you
43:20got to spend
43:21on turning it
43:22from what it
43:23is to your
43:24vision
43:24£70,000
43:26is our budget
43:27what's it for
43:28to sell
43:28or to be
43:29rented out
43:29I think we're
43:30going to be
43:31selling
43:31we're going
43:31to be flipping
43:32this one
43:32okay
43:33at the moment
43:34how long's it
43:34going to take
43:35you there
43:35do you think
43:36ish
43:36I'd say about
43:37three months
43:38hopefully
43:38no problems
43:39listen
43:40Steve good luck
43:41thank you
43:41hope it all
43:41works out
43:42thank you
43:42and we'll see
43:44how we get on
43:44take care
43:44yeah thank you
43:45Steve and Claire
43:48have got it all
43:49worked out
43:50big open plan
43:52lounge
43:52exposed staircase
43:54going into the
43:55new kitchen dining
43:57area which is a
43:58great idea
43:59up the stairs
44:00to the new
44:01bathroom
44:01separate toilet
44:03maybe that toilet
44:04is going to be
44:05incorporated into
44:06a bedroom
44:07to create an
44:08ensuite
44:09all for
44:10£70,000
44:11will they get it
44:12done
44:12you can find out
44:13later in the
44:14programme
44:14we're heading
44:20back to
44:20Corby in
44:21Northamptonshire
44:22where a
44:23three bed
44:23end terrace
44:24with a
44:24£70,000
44:25guide price
44:26had us
44:26scratching our
44:27heads
44:28this is odd
44:30I expected
44:32like a doorway
44:33here or rooms
44:34there
44:35but it's just
44:35a wall
44:36very strange
44:37and then
44:37six
44:38key holders
44:40there's so much
44:42we can't
44:42explain
44:43the layout
44:45was unusual
44:45with entrances
44:47for each floor
44:48but there was
44:48one clear upside
44:49the property
44:50was practically
44:51brand new
44:52it was snapped
44:56up for £175,000
44:58by a team
44:58of developers
44:59Jay a solicitor
45:01on the right
45:01his uncle
45:02Prince on the left
45:03and their friend
45:04and their friend
45:04and investor
45:05Jahangir
45:06they were all
45:07trying to get to grips
45:08with their latest project
45:10so we both were a bit puzzled
45:12but we were pleasantly surprised
45:14everything's new
45:15LVT flooring
45:16new plastering
45:17the electric
45:17has been done
45:18two new kitchens
45:20brand new bathroom
45:20the plan at the time
45:23was to use it
45:24as a house
45:24of multiple occupancy
45:26with a single entrance
45:27with a £5,000 budget
45:29and a six week timeline
45:31the clock was ticking
45:32two months on
45:34we're back
45:35and as you can see
45:45very little house changed
45:46the house is still
45:47in its original configuration
45:49and Jay
45:50and Jahangir
45:52have come along
45:53to tell us
45:54what's been happening
45:55so in terms of layout
45:56we're going to have to
45:57put the door back in
45:58have it through
45:59into either the back hall
46:01or through the living room
46:02into the kitchen
46:03so it becomes a house again
46:05but the way
46:06it worked out
46:07was we managed
46:07to find a tenant
46:08the tenant then said
46:10we don't need it changed
46:11this used to be
46:13sort of supported living
46:14assisted living
46:15type of accommodation
46:16and they said
46:17this is the layout
46:18they require
46:18for their business
46:19so we are lucky
46:21for this property actually
46:22so no HMO conversion
46:28it's worked out well
46:30for the team
46:30and their future tenants
46:32with the space
46:33fitting their requirements
46:34perfectly
46:34downstairs is actually
46:37the supported carer's
46:38accommodation
46:39where they'll have an office
46:40a rest area
46:42and as you know
46:43there's no shower room
46:44down there
46:44it's just for their daytime
46:46and they'll come up
46:47and care for the people
46:48upstairs
46:49and with the configuration
46:52there was no need to fix something
46:56that wasn't broken
46:57the work that's already done
46:59it's all done to last
47:01fire doors really heavy
47:02all the locks etc
47:04are of very good quality
47:06so why destroy what's here
47:08the plans may have to be scaled back
47:12but Jay, Prince and Jahangir
47:14still got the essentials sorted
47:17the boiler was checked
47:19the electric certified
47:20with some new wiring downstairs
47:22and everything was professionally clean
47:25to make sure it was neat and tidy
47:26outside actually
47:28is not a massive job
47:29so we did painting
47:31repairing for the fence
47:33and the grass carting
47:34in the garden
47:36we had a lot of rubbish
47:37that was there
47:38and that was one of the things
47:38was probably the biggest job for us
47:41so we had a big skip
47:41eight yard skip come
47:43and we had that cleared up
47:44the guys are all experienced
47:48when it comes to property
47:49working on large scale projects together
47:52and they have a trusted builder
47:53Stan the man
47:55but this time he wasn't needed
47:57as the team took a different approach
47:59here we were thinking
48:04if we needed to get a team in
48:05it would have been Stan
48:06but we actually didn't need a builder
48:07we just needed an electrician
48:08and a plumber
48:09and a gardener
48:10and that's literally all we've had in
48:11with things turning out in their favour
48:14the job was wrapped up in just two weeks
48:17saving both time and money
48:20our original budget was
48:23we thought about 2,000, 2,000 to 5,000 I think I said
48:26in the end we've ended up spending 1,875 pounds
48:29so with the guys pleased with how things have turned out
48:35let's see what a local estate agent thinks
48:38we invited back the agent
48:40who saw it last time
48:41to get his thoughts and valuations
48:43it's my second time at this property
48:47and I can see that they haven't done an awful lot to it
48:51since my initial visit
48:52they've tidied up the garden
48:54and cleared up inside
48:56but they haven't done any major works
48:58Jay Jahangir and Prince have spent a total of £176,875 on their investment
49:09including the purchaser auction
49:11so how much does the agent think it could now be worth?
49:14so if this property was on the market as a going concern
49:18I think you could potentially achieve somewhere in the region of £220,000 and £230,000 in the current market
49:25so with due respect to the local estate agent
49:28the current use of the property is quite specialist
49:32the use is specialist
49:33and I would put the value used as a assisted living probably around £270,000
49:39taking their higher valuation that would leave them with a pre-tax profit of around £93,000
49:46but what about its long-term investment potential?
49:52the agent believes there could be scope to run it as an HMO
49:55if they can obtain a licence
49:57when it comes to bills these are usually included
50:01so rented out like this he estimates that it could bring in
50:04between £2,000 and £2,400 per calendar month
50:08what do the team make of that?
50:11yes it's about right
50:16so we've done it for slightly less excluding bills
50:19but it's about right yeah
50:20so Jay, Jahangir and Prince
50:24should see an annual pre-tax income of close to £24,000
50:28a healthy yield of around 13%
50:31it's a good return considering the limited amount of work they've had to do here
50:36but how do they feel about the project and what comes next?
50:42this project, what the plan is, get it done
50:45get the tenants in
50:46we've got a really good rental return
50:47we've got a really high yield
50:49we'll remortgage because we brought, without a mortgage
50:52we'll take the money out and we'll go and do another project
50:55we're heading back to Porth Madog
51:01and the four bed end terrace that Dion viewed earlier
51:05for sale at auction with a guide price of £90,000
51:08and it didn't take him long to uncover a problem
51:11oh my word
51:13sopping wet
51:18so we have a problem at this end of the house
51:21yes, a lot of damp, a lot of darkness
51:24and a terrifying crack running down the outside
51:27hinting at major structural issues
51:30however, none of these things put off Stee and his wife Claire
51:35who bought the house for £86,000
51:37what are you going to do about that big crack?
51:41we've spoken to a builder about it
51:43he's going to pin it both sides
51:45so it's not a problem?
51:47no, it's not a problem
51:48hmm, how many times have the words
51:51not a problem come back to haunt a house buyer?
51:54with a budget of £70,000
51:55and at a timescale of three months
51:57Stee and Claire set about turning this damp
51:59and dark house around
52:0120 months later
52:06we're back
52:07to see the results
52:09we're going to do a dark place
52:28walking in light
52:30going, walking in light
52:32don't rain around you
52:34the heat of you
52:35the coldness and light
52:38of you
52:40well, I have just one word
52:45breathtaking
52:46Stee and Claire have taken this dated
52:49dark and damp house
52:51and filled it with light
52:52removing internal walls
52:54to open up the ground floor
52:55creating a spacious
52:57yet homely kitchen
52:58dining, living area
53:00there's two things you do
53:02when you go into a property
53:03first is see which walls
53:04you can knock down
53:05and then it's
53:07having a look at the chimney
53:08to see if we can expose
53:09what's behind it
53:10yes
53:10we absolutely love
53:16restoring things
53:17to its former glory
53:18and
53:19the chimney breast
53:21the beautiful
53:22welch stone
53:24that we've exposed
53:24and really left it
53:26quite raw
53:27and authentic
53:27that's the thing
53:29I'm the most pleased with
53:30equally
53:31on the outside
53:33really, you know
53:34stripping it back
53:35and exposing that beautiful stone
53:37the idea that someone
53:38has built this property
53:39placing stone
53:40on top of stone
53:41I think to
53:41to create that authentic
53:43feel again
53:44and thankfully
53:46as predicted by Stee
53:47the scary external
53:49crack
53:49didn't turn out
53:50to be a serious problem
53:51there was the big crack
53:53there was the big crack
53:53and a lot of people
53:54were quite worried about it
53:55it put a lot of investors
53:56off buying the property
53:57however
53:58when it came down to it
54:01it was literally
54:02just ties
54:03from the brick
54:04to the stone
54:05which was a really easy fix
54:06so yeah
54:08we got that done
54:08the widespread damp
54:13in the house
54:14was caused
54:14by a number of issues
54:15including
54:16blocked and broken
54:17guttering and downpipes
54:19lack of ventilation
54:20in the rooms
54:21and the poor condition
54:22of mortar
54:22in the external brickwork
54:24all of which
54:25were addressed
54:26by the team
54:27of local builders
54:27hired for the project
54:29and internally
54:31attention to detail
54:32and quality of finish
54:33were the most important
54:35factors for Stee and Claire
54:36we can't do anything less
54:39you know
54:39it might not necessarily
54:41always be good business sense
54:42but we tend to
54:44not put basic things in
54:45we like the design
54:48of old meets new
54:49so we really love
54:51natural stone
54:52woodwork
54:53concrete
54:54we make a lot of the things
54:56to install
54:57like the bathroom sink
54:58upstairs
54:58is made by Stee
54:59concrete
55:00fireplace
55:01bottom
55:02made by
55:03half made by Stee
55:04we really want to
55:05invest
55:06our energy
55:08and our design sense
55:09into all of our properties
55:10it's not just energy
55:14and design sense
55:15that's been invested here
55:16their 70 grand budget
55:18grew to 98,000
55:19and their three month
55:21time frame
55:21turned into 20
55:23but now it's complete
55:25the couple have decided
55:26on a change of direction
55:28they're no longer
55:29selling the house
55:30and instead
55:31have turned it
55:31into a holiday let
55:33the bookings are coming in
55:35you know
55:35we're feeling
55:36very optimistic
55:37and very positive
55:38about how the property
55:40has been received
55:41on the market
55:41yeah
55:42we've had a lot
55:43of good feedback
55:44so
55:45I think potentially
55:46we might be keeping it
55:48as a holiday let
55:48long term
55:49Stee and Claire
55:53have brought about
55:54a spectacular
55:55transformation
55:55of this house
55:56and are taking
55:57their first steps
55:58into the holiday
55:59letting market
56:00but what is their
56:02investment in this
56:03property worth
56:03time to speak
56:04to this state agent
56:05who viewed the house
56:06earlier
56:07well since I was here
56:08last there's been
56:09so much change
56:11the transformation
56:12is just absolutely
56:14amazing
56:15they do say
56:16don't they
56:16that you never get
56:17a second chance
56:18to make a first impression
56:19and this has got
56:21the wow factor in it
56:23from the time you walk
56:24in through the door
56:25you look at the
56:26living space
56:27you go upstairs
56:28look at the bedrooms
56:29the quality finish
56:31of the bathroom
56:31everything has been
56:33done perfectly
56:34and the property
56:36really stands
56:37as a brilliant
56:38brilliant piece
56:39of refurbishment
56:41the couple have spent
56:43a total of £184,000
56:45on this project
56:46and if they decided
56:48to sell
56:48how much could they
56:49achieve on the local
56:50sales market
56:51if we were to place
56:53this property
56:53on the open market
56:55for sale
56:56then we would
56:57probably put it on
56:58in the region
56:59of £300,000
57:00I'm happy with that
57:02it brings in
57:03a decent amount
57:04of profit
57:05it validates
57:06what we thought
57:07of
57:08yeah
57:08before tax
57:11and fees
57:12that would leave
57:13Stee and Claire
57:13with a profit
57:14of £116,000
57:16but how much
57:17can they expect
57:18to achieve
57:19if they go ahead
57:20with their plans
57:20to rent it out
57:21as a holiday let
57:23on a weekly basis
57:24so we're looking
57:26in a range
57:27on average
57:28from between
57:29£700
57:30and £1,400
57:31from a low season
57:34to a high season
57:35based on a 30 week
57:37occupancy rate
57:38and factoring in
57:39a low and high season
57:41that would give
57:41Stee and Claire
57:42around a 16% return
57:44on their investment
57:45it sounds okay
57:47the lower end
57:48the £700
57:48is probably a little
57:49bit low
57:50for what we're thinking
57:51however
57:52time will tell
57:53and final thoughts
57:55after this
57:5520 month marathon
57:56overall
57:57I think
57:58us getting to the end
58:00has been
58:01what I'm most
58:02pleased about
58:03well that's it
58:07for today's show
58:08we'll have lots
58:09more stories
58:09from the auctions
58:10for you
58:11next time
58:11here on
58:12Homes Under The Hammer
58:13goodbye
58:33you
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