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Homes Under the Hammer - Season 28 Episode 54 -
Life's a Beach
Life's a Beach
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00:00Hello and welcome to the show.
00:02Now, have you been considering buying at auction but you don't know where to start?
00:06You don't know how to make that first move?
00:08Well, hopefully we can help you as we follow buyers both new and experienced
00:13who found their home under the hammer.
00:30Buying at auction can feel like a leap of faith.
00:45But if you do your homework, you do your research, it doesn't feel quite as daunting.
00:51So, did today's buyers do that? Let's find out.
00:55In Aberdeen, can an office block be romantic?
00:58Well, there are roses outside.
01:01As I look up, I see a ceiling rose. Hurrah!
01:05On the West Sussex coast, Jackie's swept off her feet by this rare beachside auction lot.
01:11This is absolutely perfect. It's all about that view.
01:15And in Lancashire, with two flights of stairs, no wonder Dion's heart is beating a little faster.
01:21Nobody mentioned stairs.
01:24Let's have a look here.
01:25All these properties have been sold at auction and we'll find out who bought them
01:31and what they paid for them when they went under the hammer.
01:34You bought it, well, look.
01:38We're kicking off in Aberdeen.
01:43And it's a place where the properties are rock solid.
01:46I'm right in the centre of Aberdeen, a city that's famous for its oil industry but also as being known as the Granite City
01:59because so many of its beautiful buildings are made from the grey stone.
02:04And I love this location.
02:05I can hear the seagulls because the harbour is super close.
02:09It is quite a busy road but that's the payoff for being so central.
02:13And also you've got the train station very close by.
02:16Now, here's our building.
02:18It is granite.
02:19It's rather handsome.
02:21It's four storeys and it has been used to accommodate offices.
02:26Now, the guide price is £115,000, which I think seems quite low for what it is.
02:33That said, we've not seen inside yet.
02:41First up, you know I like a nice heavy door and that is one.
02:46Little vestibularia and then you come through to a fantastic size of room, which, again, is hardly homely
02:56with the hard-wearing thin carpets you would choose for an office but possibly not your home.
03:02Strip lighting.
03:03But as I look up, I see a ceiling rose.
03:06Hurrah!
03:07Period features are here.
03:09They've not been touched.
03:11You have the cornicing too, which is pretty pristine.
03:15And it doesn't feel like, once you've stripped out the kind of commercial look, there would
03:20be a huge amount to do here.
03:22And I come through to a second room, which, again, just feels great with proportions and
03:27space and light.
03:29Now, we're only at the beginning of our journey here.
03:30I've only discovered one floor so far, but this floor does have self-contained flat written
03:37all over it.
03:37I'm just saying.
03:39Why don't you take it from me?
03:42And the first floor doesn't do anything to change that view, with the toilet on the
03:55half-landing and three further rooms.
03:57And then there's the second floor.
03:59That's the right way to go.
04:03Top floor.
04:06And, ooh, I like it.
04:08It feels cosy and offers such a contrast to all the other floors and rooms where you have
04:13those high ceilings.
04:15And I can picture this as somewhere for the kids.
04:17It's just cosier and snug.
04:19So, yes, part of me is thinking, restore it into that grand townhouse.
04:25But is there a market for that in the centre of Aberdeen?
04:28Or should it be the self-contained flats, which can be quite costly because you've got to service
04:33them individually, individual electricity, plumbing, if you're going to do it properly?
04:39Or could it be, because we are in the centre of Aberdeen, which is popular with tourists,
04:43because could it be holiday lets?
04:45There's another idea.
04:47Ooh!
04:56With a kitchen and two more rooms on the lower ground floor, it's not difficult to see how
05:01separate apartments or flats could work here.
05:05There are a couple of potential stumbling blocks, though.
05:08It's currently a commercial space, and therefore a change to residential use would be required.
05:14But since it was residential in the first place, that shouldn't be too much of an issue.
05:19It is, however, grade two star or category B listed, and that will have some bearing,
05:26particularly on any external changes.
05:29With the windows and doors needing to be replaced in order to get the energy performance rating
05:34up to a level required to rent the space out, making sure they appear the same but also
05:40energy efficient might be a costly exercise.
05:44And there's still the outside space to check out.
05:47So out to the back garden gives you the ideal opportunity to look back at the property,
05:53and you can see the problems that exist.
05:55You have the timber frames around the windows which need some attention.
05:59The roof doesn't look too bad at all, but you want to check it.
06:02The garden itself is quite big, it's quite long, it's really overgrown.
06:08But you could do some work here and just add the wow factor to this already stunning property.
06:14This building that was guided at £115,000 does take a lot of boxes,
06:20but does it have what it takes to be converted into four flats or apartments?
06:25What does a local estate agent think?
06:27There's a lot of potential, not without work needed and required.
06:34I do think it's far more spacious than I was expecting with it.
06:39I think you can get four decent sized units in here,
06:41and there'll be limitations with what you can do,
06:45given it's a Category B listed building,
06:48and there'll be a need to be consideration for heating, efficiency,
06:51noise control from single glazed windows,
06:53but I reckon you could do quite well out of this.
06:57The agent also thought,
06:58as there are already a number of vacant commercial buildings nearby,
07:02that keeping this as a commercial space would not be a sensible option.
07:06So with a £115,000 guide price,
07:10and one would suspect another £100,000 at least to convert the property into four flats,
07:15is there much money to be made here?
07:17Ideally, if you could sell as individual properties,
07:21you could be looking at one bedrooms anywhere around the £70,000-£75,000 mark.
07:27Two bedrooms, depending on spec, finish,
07:29you could be looking at about £100,000-£110,000.
07:32And what kind of rental returns might you see?
07:36If you were aiming for one-bedroom properties,
07:39I would be estimating anywhere in the region from about £500 to £600 per calendar month.
07:44This could vary depending on spec, finish, how far of a refurbishment they go.
07:49If they can potentially push a two-bedroom, one or two out of the property,
07:53you could be aiming anywhere from £600 to maybe £750 per calendar month.
07:59I love this property, and it could be so many things.
08:03It could once again be a grand townhouse.
08:06It could be four luxury flats.
08:09It could be holiday lets.
08:11I think there's so much potential here,
08:13and I keep coming back to that guide price of £115,000.
08:17A bargain if you get it anywhere close to that, surely.
08:21Let's find out who agreed when it went to auction.
08:27This lot was part of a remote auction with bids taking place online.
08:31Sold.
08:32The successful bid of £136,000 was made by Artur on the left and Edwin.
08:40Originally from Lithuania, the pair met and became friends in Aberdeen over a decade ago
08:45and now run a small property investment company together.
08:49I met them to find out their plans for this building.
08:53Artur, Edwin, it's so lovely to meet you.
08:55Thank you for having us into your property.
08:57Tell me a bit about you both.
09:00So we are friends, and basically we are business partners.
09:04The story started when we decided to do short-term lets four or five years ago.
09:12And at the moment, that's where we are now, is our fourth property.
09:18Talk me through this.
09:19Had you been to see it?
09:20Had you read the legal pack?
09:22Had you done all your homework?
09:23And why this one?
09:24So this building was ideal for us because it's four floors and we can hopefully get four separate apartments in it.
09:32So you are thinking short-term lets?
09:33Yes.
09:34Just now you've got permission to use this as commercial premises.
09:38First up, you're going to have to ask to change it back to residential.
09:43So, have you done anything?
09:44So, all these houses usually were townhouses before.
09:50And then when the oil was booming here in Aberdeen, obviously they needed so many offices to house the staff and everything like that.
09:57So, this one's converted into the office.
10:01And then now we are looking to convert it back to residential, which will differ from the house.
10:06We'll go for a flat, but it will go back to the residential side, yes.
10:10Yeah, and there shouldn't be a problem because you've got that precedent, that history of it having been residential.
10:15Let's say you're definitely going to get your permission to make this into self-contained short-term lets.
10:22So talk me through your plans for each floor.
10:25Going from the top, the attic will be converted into the studio.
10:29And then the first floor will become two-bedroom apartment.
10:32And the ground floor where we are now and the basement will be one-bedroom apartment if it's going to be approved.
10:40The drawings are made for that just now.
10:41Okay.
10:42How are you going to access each of them?
10:45So, it will be the hallway that we have already.
10:48And it's just going to have like a flat, doors to each flat, you know, on every level.
10:54Okay.
10:54And then how about servicing them?
10:58Like, how is the electricity going to run?
11:00Are they going to run separately?
11:02So, the plan is to keep it as one because it's going to be used as one business.
11:07So, keeping the cost down, I think, as well, it will not be like four different units.
11:14It will be as one unit, but with four flats in it.
11:18Okay.
11:18And that does bring us to budget.
11:21So, what's your budget for the whole place to renovate?
11:24Right.
11:25I'm always a person who's trying to give less.
11:27Okay.
11:28Just being straightforward and honest.
11:30So, I was hoping like 70, 80, but it looks like always more expensive right now.
11:35Probably 100K is more realistic figure up to date.
11:38So, 25 per floor?
11:41Just basically 25 per floor and then including the planning and architect fees.
11:46So, if we can manage everything with the 100,000 pounds, we will be very happy.
11:51What's your time scale?
11:52So, we hope to finish in six months after we get the planning permission approved.
11:59Okay.
11:59So, hopefully a couple of months for planning.
12:01Yes.
12:02And do you get your sleeves rolled up?
12:04Do you actually do stuff or do you oversee?
12:07Are you in charge of the finances?
12:09You seem to like, you know.
12:11Yeah.
12:11To be honest with you, I'm more like a virtual person in our business.
12:14That's what I call myself.
12:15So, I'm more a digital kind of creator.
12:18He's a physical person.
12:19He's the main builder man.
12:21Project manager.
12:22Project manager.
12:22Yeah.
12:22So, you might be the presence more.
12:24If the plumber has a problem, they pick up the phone to you.
12:27So.
12:27Whereas you might be more in charge of like emails and budgets.
12:31Yeah.
12:31Administration works can kind of progression also, but it makes sure that bits and bobs are
12:36ready by the time the property is ready to be let.
12:38Right.
12:39So, yes.
12:40Lots going on.
12:41Lots to keep you busy.
12:43I wish you the very best of luck.
12:45You clearly love it.
12:48Yeah.
12:49And I think you're going to do really well.
12:51Best of luck.
12:52Thank you very much for coming here.
12:54Arthur and Edwin make a great team, but they've got a lot of work ahead of them.
13:00Will they do it?
13:01How will they do it?
13:02You can find out later in the show.
13:10Our next port of call is the West Sussex coastal town of Bognor Regis.
13:16Once a quiet fishing village, Bognor's expansion into a seaside resort came thanks to the vision
13:22of 18th century property developer Sir Richard Hotham, who felt the bracing air and chilly
13:29English Channel water was just what the doctor ordered for well-to-do Londoners needing a
13:34break from the big smoke.
13:36In 1929, George V spent three months here recuperating from surgery, and later that year, the suffix
13:44regis, meaning off the king, was added to the town's name.
13:48Today, Jackie's a few miles along the coast in the village of Pagham.
13:52So, will the auction lot she's here to see be fit for a king?
13:57Now, the property I'm here to see has been described as an incredibly rare opportunity,
14:02and it's easy to see wine.
14:04Here it is.
14:05It's a former boathouse, which is now a one-bedroom residential dwelling.
14:10It went to auction with a guide price of £190,000.
14:14Wow.
14:15Now, I know the front garden doesn't look like much at the moment, but you can clear
14:19it up, clear the debris.
14:20It would look really nice.
14:22That can be done.
14:23That view is priceless.
14:25Let's have a look at what it looks like on the inside.
14:36Pretty fresh out there.
14:37Very nice.
14:38OK, so straight in through your very good double-glazed concertina doors into your living,
14:46dining, kitchen area.
14:48It feels really bright and fresh, actually.
14:51I really love the sort of panelling with the whitewashed walls, but it's all about that
14:56view.
14:56So, this is absolutely perfect.
14:58Yeah, and I can see there's some work that's been happening.
15:00There's some insulation going on down there that just needs covering.
15:03You've got your faux beams.
15:05But, yeah, all in all, not a bad start.
15:11And then the kitchen.
15:12Look, I love this sort of shaker-style unit.
15:15It's workable.
15:17You've got double glazing.
15:19Again, the whitewashed panel walls continue.
15:22You've got everything that you need, your integrated oven, microwave.
15:25I wouldn't change this at all.
15:28I know this place is small, but it's perfectly formed at the moment.
15:31And then you've got your bedroom.
15:33Lots of light coming through.
15:35They have got three kind of single beds in here.
15:38You could squeeze in a double bed and maybe reconfigure it a little bit.
15:41But it's nice and cosy, and that sort of seaside theme continues.
15:46I love that they've kept it really neutral, so it keeps that lightness and brightness.
15:50Do you know what?
15:51It's not a long-term home stay, but it's a perfect holiday vacay stay.
16:00And to the smallest room of this property.
16:03It's not bad, actually.
16:04It's still bright, and you've got new units there.
16:07I can see, obviously, someone started some tiling there.
16:10You can still see the pins in there.
16:12That's why they've got the plastic on there.
16:13They've got to grout there.
16:15The bath panel is missing.
16:16But all in all, it's good to go.
16:19And I love the fact that the seaside theme still continues.
16:22You know, you've got the porthole frosted sort of light coming through there.
16:25Yeah, not bad at all.
16:28That covers the inside of the property, but there's plenty to talk about outside.
16:33The beachfront area could do with a good tidy-up,
16:36and there's space enough to park a few deck chairs if the sun came out.
16:41There's much more room at the back of the house,
16:43and this raises the possibility of extending out to create a bigger footprint.
16:48Or the more ambitious developer might be tempted to demolish the existing building
16:53and start from scratch.
16:54Well, it's so easy to see a property like this through rose-tinted glasses,
17:04but there are a few factors I need to tell you about.
17:08Firstly, because you are on a beach location,
17:10your home insurance will be slightly higher.
17:13And secondly, because this was a former boathouse,
17:16it wasn't built in the traditional way.
17:18It was built using concrete.
17:20That means it's susceptible to structural defects
17:23and perhaps trickier to get a mortgage on.
17:26And thirdly, yeah, there's one more thing.
17:29When this was turned into a one-bedroom residential dwelling,
17:32the building regulations weren't signed off for.
17:35So whoever does get their hands on this property
17:37will need to be aware of that and will have to get it sorted.
17:41Sorry.
17:42But hey, the views are great.
17:44So plenty of things for a prospective buyer to be wary of,
17:49but what will the property expert from the auction house that handled the sale
17:53think about this one-bed bungalow guided at £190,000?
17:59Location's fantastic.
18:00Direct, obviously, sea views will be the key selling point here.
18:04They come to the market so rarely that, yeah, it's one of those things
18:09that if people are wanting something with a sea view,
18:11then this will be the one that they'll have to go for.
18:13It's a single-shell property, so although it's insulated,
18:18it wouldn't really come up to building standard regulations.
18:22Having never stayed here in the winter, but I'm sure it can get a bit chilly,
18:25but rewiring potentially,
18:29and there's no gas into the property at the moment.
18:32I think whoever's buying this may well probably opt for putting the gas in,
18:36which obviously will then take care of the central heating, hot water, etc.
18:40And how much could this beachside property be worth once renovated?
18:45We'd be looking at between £275,000 to £285,000.
18:50Rental prices on this would be, I would say, within the region of £1,250 per month.
18:57However, my advice would be more short lets, which would give you potentially sort of,
19:02you know, those sort of figures for a weekend potentially.
19:06Well, overall, I'd agree this is a rare and exciting opportunity for someone.
19:13It's not often that you find a property right on the beach.
19:17Yes, it's a little bit small.
19:18It does need a bit of an upgrade,
19:20and of course there's those building regs to sort out too.
19:24So is it still worth it?
19:26What do you think my answer's going to be?
19:28Of course it is.
19:29Let's see who agreed when it went under the hammer.
19:32This lot was part of a remote auction with bids taking place online.
19:40Goal!
19:43The successful bid of £221,000 was made by Joanne.
19:48What were her plans for the bungalow?
19:51Jackie met her for a chat.
19:53Well, Joanne, it's lovely to meet you, and congratulations.
19:57Thank you.
19:58It's such a cool place.
20:00I'm kind of a little bit in love with it.
20:03So am I already.
20:05So what made you choose to buy...
20:09Well, I mean, I sound really silly even saying it.
20:12What made you buy this place by the beach?
20:16I think it's an opportunity of a lifetime.
20:20I have never seen anything that is directly on the beach.
20:23Normally there's always a pathway or a road ahead.
20:26And this is you walk straight outside and you're straight on the beach
20:29and you can hear the waves constantly, which is just fabulous.
20:33Do you know this area really well?
20:35I don't know this area.
20:37I have stayed in Celsie, which is just around the corner, for a little while.
20:43I've been to Bognor.
20:44But as a child, I was very much down in Weymouth, in Dorset.
20:48And we had similar kind of settings on the beach.
20:53And that's where we went as a family all the time.
20:55So this is, Pagham, it's brand new to me.
20:58Oh, wow.
20:58But it just has that sort of...
21:00It evokes that memory, I suppose.
21:02It does evoke that memory, very much so, yes.
21:05So how did you find this place?
21:07OK, I have a stepson who looks at all properties and auctions.
21:12And I was actually on holiday and he sent me through an email saying,
21:16Jo, I think this is a bit of you.
21:18So I looked at it and I thought, hmm, I'm kind of interested.
21:22So when I came back, I came down here, arranged viewing and had a look.
21:27And where were you? You were on holiday.
21:29I was in Australia.
21:30You were in Australia?
21:31I was in Australia, yes.
21:32I hadn't been back there for a long time.
21:33So I used to live there many years ago.
21:36And I decided it was time to go back and just see old friends
21:40and go and visit all the places I used to live and work when I was there.
21:44Oh, wow.
21:45So what did you do when you were there?
21:46I was working for a company doing farming machinery,
21:49which was completely different because I'm a city girl.
21:52And there's me telling all the farmers how they need to be ploughing their farms
21:56and things like this with the machinery that I was doing.
21:58Wow.
21:59And then after that, I went into recruitment.
22:01And do you still do that now?
22:03No.
22:04After Australia, I then left and I went to Belgium.
22:07And I lived there for 13 years.
22:09And I set up my own business, which was a tennis academy.
22:13So I was then doing tennis for the international schools.
22:17Oh, wow.
22:18And then I returned back to the UK after 20 years being out,
22:22just visiting now and again.
22:23And I came back about just under three years ago.
22:26Oh, my goodness.
22:27And now property.
22:29There we go.
22:29Oh, that's amazing.
22:31So is that what you're going to stick to now, doing property or tennis as well?
22:35Are you still doing tennis?
22:36Yes.
22:36So I'm still teaching a little bit of tennis to the kids in schools.
22:41Nice.
22:41Just to keep my hand in there and just help out locally.
22:44And I'm also getting involved in a new sport called paddle,
22:48which is like a paddle tennis.
22:49So I'm just in the process of just helping doing the local tennis club
22:53with building two paddle courts.
22:55So fingers crossed, that is also a project going on at the moment as well.
22:59I said, do you like that here?
23:03Yes, I do.
23:05Well, Joanne certainly does.
23:08And what she's aiming to serve up here
23:10is a two-bedroom, two-bathroom bungalow
23:12extended into the back garden.
23:15And she'll be bringing an architect on board
23:17to help get her ideas off the ground.
23:19Did you read the legal pack then, Jo?
23:22I read the legal pack.
23:24Yeah.
23:24There are some issues that come with this
23:25and one of those is about building regs.
23:29So there is a little bit of work I have to do here
23:31to get this current building as it is assigned through building regs.
23:35Yeah.
23:36And then after that, then I can start thinking about
23:37what I want to do for any enhancements.
23:38Once that's all sorted, what's your plan for it?
23:42My idea is to have a holiday let,
23:44but have a little bit of half and half.
23:46A little holiday let, a little bit of a getaway for me too.
23:48Yeah.
23:49So I want it to a standard that I'd be happy to be in.
23:53I like it as it is now.
23:54It reminds me of a caravan of my childhood.
23:56So it's a, I want to kind of keep that kind of feel.
24:00Yeah.
24:00Who's going to be doing that work?
24:02I'm hoping to find some nice local builders.
24:05So I am really going to immerse myself with the locals of Pagham, Bognor region.
24:11I think there's a lot of tradespeople from there.
24:14So once I have a clear understanding of exactly what I'm going to do,
24:17then I'm going to try and find the locals who can do it for me.
24:22What's the timescale?
24:23What are you hoping?
24:24Once planning's in place, then I'm going to set six months.
24:28How much are you willing to spend here?
24:31My initial thought is 60,000 is going to be my budget.
24:36Why do you say it like that, my initial thought?
24:38Because I feel that an architect's going to come in here
24:41and change my whole mind saying you could do this, this, this,
24:44and I want to try and keep it within a holiday let kind of scenario,
24:49not your multi-million pound house on the beach.
24:52It's a different thing.
24:54So I've set aside 60,000 for the plans of a two-bedroom, two-bathroom
24:59with a nice patio out in the front.
25:00Stick to it.
25:01Yes.
25:01I am so excited for you, Jo.
25:04Honestly, I have total faith that it's going to be amazing.
25:08No pressure.
25:09No.
25:09But it will be.
25:13The very best of luck to you and, yeah, congratulations once again.
25:17Lovely.
25:17Thank you, Jackie.
25:18Thank you.
25:18Well, securing this beachfront property has been a real dream for Joanne.
25:25In fact, it's game, set and match.
25:28Now, she does have great memories.
25:30It reminds her of where she used to holiday as a child,
25:33but she has a long list of things to do here.
25:36She has got a decent budget, but will she have to shell out a little bit more?
25:40Well, you'll have to wait and see later in the show.
25:46Still to come, this buyer in B Cup has plenty of backup.
25:50Who else is getting involved?
25:51My daughter Shauna, my other daughter Terri-Ann,
25:53my son-in-law-to-be, Chris, and Mike.
25:58And in Pagham, did Joanne manage to get planning permission
26:02for her seaside Shangri-La?
26:04Yeah.
26:10We're heading back north to Aberdeen,
26:13where earlier I took a look around this four-storey townhouse
26:16guided at £115,000.
26:20The building had been used as office space for many years,
26:24but I wondered if it was time for a change.
26:27This floor does have self-contained flat written all over it.
26:32I'm just saying.
26:33And each subsequent floor seemed to confirm this would be the right idea.
26:38Friends and business partners Arter and Edwin certainly agreed,
26:42buying the property for £136,000.
26:46So this building was ideal for us because it's four floors
26:49and we can hopefully get four separate apartments in it.
26:55The four flats would be aimed towards the short-term rental market
27:00and the boys had a budget of £100,000.
27:03It all depended on planning permission,
27:05but if successful with that,
27:08they figured it would take a further six months to complete.
27:12Well, one year and nine months later,
27:15we're back to see how things have turned out.
27:17The difference between those boring old offices
27:39and these chic and modern apartments couldn't be more striking.
27:43But Arter and Edwin have had to modify their plans,
27:48creating three self-contained flats rather than the four originally intended.
27:53The basement and ground floor each contains a one-bed flat.
27:58And the first floor has been converted into a two-bed.
28:05Unfortunately, due to fire regulations,
28:08the top floor was deemed unsuitable for a fourth dwelling
28:11and so the boys dropped their plans for the studio flat.
28:15But that setback inspired them to push the boat out in terms of finish.
28:19We went for a higher spec properties
28:25and with the shutter blinds, designer furniture,
28:30some of the designer pieces actually were made specially for this project.
28:35We also tried to leave exposed fireplaces
28:39and some original features that the property already had,
28:42which we think benefits this property very well.
28:45The building's Category B listing meant that any external change
28:50that significantly altered the look
28:52would need to be approved by the local planning authority.
28:56But rather than try and replace the windows,
28:59Arter and Edwin took the decision to refurbish the existing ones.
29:03It took quite a while.
29:05I think it was like two weeks for three joiners to work on four windows,
29:09which was totally restored because it was in a very bad state.
29:15Another big part of the project was deciding
29:18how to rescue the overgrown back garden.
29:22The garden was absolutely abandoned,
29:23so we need to clear it from the bushes kind of thing,
29:26get rid of all the old stuff,
29:28and we put a new shed in there for the bikes
29:30and make it nice and tidy.
29:34Outside and in, this development looks a million dollars,
29:38but what did Arter and Edwin actually end up spending?
29:41So, the original budget was £100,000 for four properties.
29:47However, because we went for three properties,
29:50we decided to actually increase the value
29:53by bringing them up the spec.
29:57So, the budget went up to £140,000 now,
30:02including all the works that will need to be done
30:05for the staircase and the fire panel.
30:11Arter and Edwin have created a marvellous trio of short-let flats
30:16furnished immaculately and finished to the highest standard,
30:20which are now ready to receive their first guests.
30:22But will the returns be equally spectacular?
30:26Time to hear from the estate agent who viewed the property earlier.
30:29There have been significant changes since my first visit.
30:32When I first came round, it was basically a shell.
30:34It was an empty office block.
30:36Since then, it's been converted into two one-bedroom flats
30:39and one two-bedroom, split over three floors,
30:42all finished at high standards.
30:44It seems to have all been well thought out and well executed.
30:47Overall, the fit and finish throughout the property
30:50has been very well done.
30:51Design-wise, every flat's been individually decorated,
30:54furniture's been well thought out and chosen,
30:56and small design features have been well thought out.
31:00Two values.
31:02The boys have spent a total of £276,000 on this project.
31:07So how much does the agent think the flats could be worth
31:10on the local resale market?
31:12In my opinion, on the sales market currently,
31:14the one-bedroom properties you'd be looking to achieve
31:16around £110,000 to £115,000
31:18and for the two-bedroom, around £140,000.
31:22Our plan was to get maybe up to a half a million
31:25with the four properties, but obviously now we are where we are.
31:29But I'm pretty happy with what the valuation is.
31:34That would give Arthur and Edwin a profit
31:37of between £84,000 and £94,000 before taxes and fees.
31:42And if the flats were let out on a long-term basis?
31:45On a long-term rental market, I reckon each one-bedroom property
31:48you'd be looking at around £625 per calendar a month,
31:51and for the two-bedroom, around £850 to £900 per calendar a month.
31:56I actually wasn't so optimistic about such rates,
31:59but if he's right, I'm even happy to join that, you know?
32:01So that's great.
32:04A decent yield of around 9%,
32:07but the short-term letting market is where the real profit can be made.
32:11For renting the properties short-term,
32:14I reckon the one-bedrooms,
32:15you'd be looking at around £100 per night.
32:18For the two-bedroom, you'd be looking at around £140 per night.
32:22That sounds about right, to be honest.
32:24So, again, our business is pretty seasonal, to be honest,
32:26so wintertime could be drastically down,
32:28while summertime, that's probably the rates you're talking about,
32:31kind of thing.
32:32So, on average, maybe a little bit less
32:34if we're taking the annual kind of accounting for that,
32:36but overall, yeah, that's something about right.
32:38Assuming full occupancy for 30 weeks per year,
32:43that could earn the boys a return on investment of 25%.
32:47They have a number of projects behind them now,
32:51but this was the pair's first successful auction purchase,
32:54so do they have plans to try their luck again?
32:58We already bought one property
33:00while we were waiting for planning permission, you know,
33:02so that's the second project as well.
33:06So we are happy to buy again from the auction
33:09as long as it meets our requirements, obviously.
33:15We're off to Lancashire now,
33:17and right in the heart of the South Pennines,
33:19you'll find the town of Baker.
33:21With its stunning Victorian architecture
33:23and its characterful buildings,
33:26it's thought to be the best-preserved cotton mill town in England.
33:29Darling, you look perfect tonight.
33:35I'm here to see a two-bed mid-terrace property
33:38that had a guide price of £55,000
33:41when it went to auction.
33:44Here's the property.
33:45There's the town centre.
33:47It's just there.
33:48It's 100 yards away.
33:49Location is brilliant.
33:51The house, it looks solid.
33:54Inside, let's have a look.
34:03OK, so it is nice and bright, actually,
34:06as you come into the hallway.
34:07It's a nice, long hallway.
34:09It's very high as well,
34:11lovely high ceilings, which I do love.
34:13Some original coving as well,
34:15so I'd want to keep that.
34:16The other thing as well,
34:17I can see that the walls need skimming,
34:18everything needs plastering from what I can see,
34:20but it's spacious.
34:21I can see the kitchen.
34:22I can see the stairs leading to the bedrooms as well.
34:25And as I come into this first reception room,
34:28it's not a bad size.
34:29It's not massive.
34:30They've put a little window seat in as well.
34:32That works.
34:33Needs decorating.
34:34I do like the oversized skirting boards, though.
34:37They're definitely original.
34:39Not a bad start.
34:41I'd like it to be a little bit bigger, though.
34:43Right, then, into the kitchen,
34:46and it's spacious.
34:47There's a lot of space in here.
34:48Nice high ceilings again.
34:50I can see some water damage, though.
34:52I like to recycle and upcycle,
34:53but on this occasion,
34:55I think the kitchen's going to have to come out,
34:56then you're left with a big room to fill.
34:59I'm happy with this.
35:00Happy with the first reception room.
35:02Happy with upstairs.
35:03I'd better check it out.
35:04All right, then, upstairs.
35:08Getting a bit warm now with all my layers on.
35:11Phew.
35:12OK, two bedrooms here.
35:13There are one on this side and one on this side.
35:15This is the front of the house here.
35:17It's a really good-sized bedroom.
35:19That one, it's got two big windows,
35:21double bed in there, no problem,
35:22and you get your wardrobe and all kinds of stuff
35:25across the hallway into the second bedroom.
35:28It's a little bit smaller,
35:29and I'm not finding any major problems.
35:32And as I walk around the house,
35:33it does feel quite solid as well,
35:35which is good.
35:36The family bathroom is here.
35:38Rip everything out, start again.
35:40Tiling needs to be done again.
35:41Flooring needs to be done.
35:42Then I think you'd be off and running.
35:44What have we got here?
35:46We've got some stairs.
35:48But hold it a minute.
35:49It said two bedrooms in the auction catalogue.
35:52One, two, bathroom.
35:55Nobody mentioned stairs.
35:58Let's have a look.
36:03Oh, wow.
36:08This is a good-sized room.
36:11And you've got another one.
36:13Same kind of size on the other side of the stairs as well.
36:16And what are you thinking?
36:17You're thinking,
36:18two extra bedrooms.
36:19Brilliant.
36:20It's a four-bed.
36:22Slow down.
36:23You're going to have to go and speak to the building department
36:26at your local council first and foremost
36:29just to make sure that you've got building legs
36:31and safety legs for these two rooms
36:34to be called bedrooms
36:36or an office
36:37or a room in general.
36:39Just make sure everything's done in the right way.
36:42You've ticked all the boxes
36:43and everything is safe.
36:45But that little bit of extra space
36:46at the top of the house,
36:48I'm not going to grumble.
36:49One thing definitely worth grumbling about
36:53is to be found in the backyard.
36:55The dreaded Japanese knotweed.
37:00Although in this case,
37:01it's growing just beyond the property boundary,
37:04it can spread rapidly if left untreated
37:07and is known to cause structural damage
37:10if growing close to buildings.
37:12Our advice would be to get a reputable specialist
37:14out to advise on the best course of treatment.
37:17Time to hear what a local estate agent
37:22thinks about this two-bed mid-terrace
37:24guided at £55,000.
37:27So this is a good-sized property.
37:29It's got accommodation over three levels.
37:31It's got a pretty modern boiler,
37:33but you're going to want to put in new kitchen, bathroom
37:35and just really decorate throughout.
37:38In terms of the layout,
37:39I think it works well.
37:40The rooms are well apportioned.
37:41The only thing you might look at doing
37:42is maybe an en suite on the top floor,
37:44but in all honesty,
37:46I think it really works well as it is.
37:47There is a plaque on the front
37:48relating to former religious uses on the site.
37:51So there's a little bit of heritage
37:52with this property as well,
37:53which gives it a slightly unique selling point.
37:56I think if refurbished to a high standard
37:58and bedrooms three and four on the upper floor
38:00can be classed as bedrooms,
38:02done to building regulations,
38:04then I would be looking to market this property
38:06at around £110,000.
38:08It's a good rentable area,
38:09very, very letable.
38:10I think once refurbished,
38:12you should be able to achieve £675 to £700
38:15per calendar month,
38:17possibly a little bit more
38:18if you really push the refurb.
38:21Right, I think this is a good, solid house.
38:24It needs a full refurb from top to bottom.
38:27Every wall needs to be skimmed.
38:29You need a new kitchen.
38:30You need a new bathroom.
38:31But positives,
38:32the town centre is just down the road.
38:35Guy price of £55,000.
38:37Get it anywhere near that.
38:38It's definitely a project worth taking on.
38:40And don't forget those two extra rooms
38:43at the top of the house.
38:44If you can get the building legs sorted
38:46and the safety legs sorted,
38:48you might have two extra bedrooms.
38:50Bonus.
38:51Let's see what happened when you went to auction.
38:56This lot was part of a firm-walt auction
38:58with bids taking place online.
39:01Sold.
39:01Congratulations.
39:02Well bid.
39:05And the successful bid of £60,000
39:07was made by Andy.
39:10This is his first ever auction purchase
39:12and he met with Dion to tell him his plans.
39:16Andy, nice to meet you.
39:17Nice to meet you, Dion.
39:19Before we start on the house,
39:21do you know this area well?
39:22I've been coming around here for about 20 years, yeah.
39:25OK, are you from the area or...?
39:26No, just the next village down.
39:28Oh, so nearby then?
39:29Yes, yeah.
39:30Have you been keeping an eye on houses in this area?
39:33By chance.
39:34On and off.
39:35OK.
39:35Yeah.
39:36And was it something like this you were looking for?
39:38Yeah, yeah, bit of a doer-upper.
39:40Have you bought this to rent it, to sell it, live in it?
39:43No, we're going to live in it.
39:44Oh, brilliant.
39:45Yeah.
39:46So who's going to live in it?
39:47Me and my wife, Nicky.
39:48Both of my daughters have just had children
39:50and we can look after the grandkids.
39:52Brilliant.
39:52So this is going to be home?
39:53Yes.
39:53How cool is that, by the way?
39:55I know, I know.
39:55It changes it, though, doesn't it?
39:57Because if it's a rental, you're doing it to sell it,
40:00it's a different mindset, isn't it?
40:02Yeah, yeah.
40:02Spend a bit more money on it and do it a bit nicer.
40:04Oh, that is great.
40:05Nicky, is she going to get involved in the renovation?
40:07Yeah, all the family.
40:08All the family?
40:09All the family.
40:10Who else is getting involved?
40:11My daughter, Shauna, my other daughter, Terri-Ann,
40:14my son-in-law-to-be, Chris,
40:16and Mike, my oldest daughter's partner.
40:18OK.
40:19Chris is going to do the plastering
40:20and Mike's going to do all the electrics.
40:23I like the way you're thinking.
40:24I like the way you...
40:25Yeah.
40:26Lads, listen, give a hand.
40:28Which is fair play, keeping the family one.
40:30Definitely, yeah.
40:30So what are you going to do?
40:32How are you going to change it?
40:33New kitchen, new bathroom, underfloor heating,
40:36move the boiler out of the bedroom.
40:38Yeah, nice little snug living room.
40:40Absolutely.
40:40And kitchen, diner.
40:42So the configuration stays the same?
40:44Yeah.
40:44Windows, everything?
40:46Windows, doors, all new.
40:47Everything new?
40:48Yeah.
40:48Wow.
40:49So we've got two bedrooms,
40:52which in the auction catalogue,
40:53it said two bedrooms and a bathroom,
40:54which is great.
40:55And you go upstairs,
40:56and the staircase that I didn't know was there,
40:58which was a great surprise,
41:00and you've got two really good-sized rooms up there.
41:03Yeah.
41:03What's the situation with building legs, safety legs?
41:06Have you looked into that?
41:07Not yet.
41:08We'll probably give it a couple of weeks
41:09and see where we're up to
41:11and then see what we need to do for building regs,
41:14obviously, to get the compliance,
41:16and then it will be classed as a four bed.
41:17Which is brilliant, isn't it?
41:19Yeah.
41:20And I can see why you wanted to make it home now,
41:21because that extra middle space makes all the difference,
41:24doesn't it?
41:24Yeah.
41:24A little bit of sort of backyard-y space there.
41:28Yeah.
41:28But I have seen a bit of Japanese knotweed.
41:31Yeah.
41:32Have you looked into what's going on with that?
41:34At the minute, there's no treatment plan on that,
41:36so we need to get hold of the landowner
41:38to find out what the score is with that.
41:40And, you know, if there's a possibility of buying that land,
41:43then we could do that.
41:44And then there's a piece of land at the end as well,
41:46which is council-owned,
41:48and that's got a bit of knotweed on it,
41:49and we may look into that as well, so...
41:51Is this buying up?
41:52Buying up houses and pieces of land at the moment, aren't you?
41:55Just anything to give you a bit of garden, really, isn't it?
41:57Yeah, of course.
41:58Oh, good for you, man, good for you.
42:01Andy is putting the slight damp found in the property
42:04down to poor ventilation,
42:06so is hoping it should be an easy fix.
42:08He's got a budget of £35,000 to £40,000
42:11and wants to complete the project within six months.
42:19So, have you got any building experience at all?
42:22I've worked in the building trade for about 30 years,
42:26various different bits of it.
42:29OK, so taking on this, it's not daunting.
42:32No, no, no.
42:33What do you do when you're not, you know, creating your new home?
42:37Do you have jobs?
42:39Yeah, my wife works full-time,
42:41and I've got a deli that takes up the rest of our time.
42:46A deli? Delicatessen?
42:47Yes.
42:48Have you?
42:48Yeah, it's currently on the market.
42:51Wow.
42:51So, complete lifestyle change.
42:53For what reason?
42:54The deli's so busy.
42:56Long days and everything,
42:57so we don't get a chance to see the grandkids as much as we want to,
42:59so, yeah.
43:01Good on you.
43:01It's all about priorities, isn't it?
43:03Yeah.
43:03It's all about the family, keeping them close
43:05and making sure everybody's fine, isn't it?
43:06That's it, yeah.
43:07Listen, I wish you all the best.
43:08I hope it works out.
43:08You've got all the family involved as well.
43:10I know you're going to create a bit of space upstairs.
43:12Definitely.
43:13For the girls and the kids.
43:14Yep, definitely.
43:15They'll absolutely love that.
43:16You'll be happy here.
43:17Good luck to you.
43:17Yeah, thank you.
43:18So, Andy has got all his ducks in a row,
43:23or should we say,
43:24all his family members lined up,
43:26ready to give him a hand
43:27to create his forever home for him and Nicky.
43:31And I think he's going about it the right way as well.
43:34Full refurb from top to bottom.
43:36I think it's going to be a good one.
43:38You can find out how he gets on later in the programme.
43:44Back to the village of Pagham near Bogner,
43:47where earlier Jackie hit the beach
43:49to visit this one-bed bungalow.
43:52A former boathouse,
43:54it was for sale at auction
43:55with a guide price of £190,000.
43:58And although it offered basic accommodation,
44:01it came with one huge selling point.
44:03This is absolutely perfect.
44:05It's all about that view.
44:09Built from concrete,
44:10the bungalow was classed as non-standard construction,
44:13which could cause problems with mortgage lenders.
44:16But there was more.
44:17When this was turned into a one-bedroom residential dwelling,
44:22the building regulations weren't signed off for.
44:24So whoever does get their hands on this property
44:27will have to get it sorted.
44:29Sorry.
44:30The lure of the sea view proved too strong for Joanne,
44:33who bought the property for £221,000.
44:36It's an opportunity of a lifetime.
44:40She planned to build a two-bed, two-bathroom home
44:44with a budget of £60,000.
44:46But first, she'd have to overcome the many planning hurdles
44:50that come with trying to build in such a unique location.
44:53How did she get on?
44:57Two years after Jackie's visit,
45:00we're back to find out.
45:01Well, after such a long wait,
45:16I was hoping the development might be a bit further on.
45:19But I'll wager the delay may have something to do with planning.
45:23Planning was very interesting.
45:25I had to go through it three times.
45:28So the first planning application was refused.
45:31The second planning application was likely to be refused.
45:35So we pulled that just before.
45:36And then I went for pre-app to get a real understanding
45:39because the planning for this road only
45:43is completely different to the rest of everywhere else.
45:46So it was very difficult being on the beach
45:49and how to get that planning.
45:50So after the third attempt, I then got approval.
45:53I then found I couldn't go up into two storeys,
45:57which did scarple my plans of having a two-bedroom.
46:00So now I've gone back to my original plan
46:03of looking at a one-bedroom,
46:04but making a very large one-bedroom with a mezzanine.
46:09The mezzanine has been made possible
46:12by replacing the roof with one that has a steeper pitch
46:15to allow the required headroom.
46:17The building has also been extended to the rear
46:20and all that remains of the original boathouse
46:23are the two side walls.
46:24But what will it look like when it's finished?
46:27The accommodation we'll have here
46:29will be a one-bedroom with an en-suite,
46:32a separate bathroom with a mezzanine upstairs,
46:35which can be incorporated as another bedroom
46:38or lounging area,
46:39and then an open-plan kitchen diner.
46:43The end look I'm looking for is to be very modern.
46:47We're going to have a lot of glass.
46:49There will be glass in the front looking out to the beach.
46:51There will be both folding doors.
46:53We'll have glass looking out the top
46:55so you can look from the mezzanine straight out into the sea.
46:58We'll have skylights
47:00and probably keeping it quite neutral in colour.
47:04So outside is going to be a little covered area,
47:07so just for a little protection
47:08for those windy days that we may get,
47:11but also for the sun
47:12because it is the sunniest place in the UK.
47:15And then it will just be free to go out,
47:18maybe pop a barbecue out there in the nice weather,
47:20a little open fireplace,
47:22but just enjoy the nature that I have right on my doorstep.
47:28This view comes with a price tag.
47:31So how much has she spent up to now?
47:34The original budget I had for this property
47:36was a little tiny conversion
47:38just putting out the back.
47:41And needless to say,
47:43I've actually wiped that whole idea
47:45and done effectively a new build.
47:48So my spend to date so far has been at 100,000.
47:52And I expect to be spending
47:54probably another 120,000 to 130,000 for completion.
48:01Joanne was keen to spend her budget locally.
48:04So was she successful in her search for nearby trades?
48:07I was able to find local tradespeople
48:10and I have one company
48:11who are looking off the whole project for me
48:13and I'm overjoyed with my choice.
48:18With an estimated five months left to complete the build,
48:21the projected budget has ballooned
48:24from 60 to a whopping £230,000.
48:28And although Joanne is untroubled by the rising costs,
48:31it would be reassuring to know her dream beach house
48:34is an asset and not a liability.
48:37So time to hear from the property expert
48:39who viewed the bungalow earlier
48:41and find out what he makes of the new development.
48:44Well, enormous significant changes
48:46from what was here originally,
48:48which we could just probably describe as a shack.
48:51I mean, now it's sort of, you know,
48:52like I said, significantly larger than what it was,
48:55but certainly set to become a fantastic holiday let
48:59or someone's seaside home.
49:01With regards to open space upstairs,
49:03obviously a mezzanine floor,
49:04a lot of space which will be very versatile indeed.
49:08With her updated budget by completion,
49:11Joanne will have spent a total of £451,000 here.
49:16So what does he reckon the new building could sell for?
49:19Once completed, certainly in the region,
49:21£450,000 to £475,000.
49:25That's a nice price.
49:26I'm quite happy with that.
49:28And it's pretty more than I expected,
49:31considering I'm keeping it as a one-bedroom.
49:34That would leave Joanne either breaking even
49:37or making a slight profit of £24,000 before tax and fees.
49:42And if she were to put the house on the long-term rental market...
49:46Once completed, this would rent for £1,750 per calendar month.
49:51I think it's a nice price, but I'm not going to be renting out.
49:54A yield of 4.6% isn't one to get the heart racing,
50:00but the expert did reckon that as a short-term holiday let,
50:04she could earn the same income, £1,750,
50:08but not per month, per weekend.
50:12Wow. That's interesting.
50:14But for now, it's going to be mine,
50:17and I'll keep it to myself, my family and my very close friends.
50:24Back now to the Lancashire town of Bake-Up
50:28and a two-bed mid-terrace situated on an historic site,
50:33guided at £55,000 that had not one,
50:36but two sets of Dion's favourite thing.
50:39Got some stairs.
50:41But hold it a minute.
50:42It said two bedrooms in the auction catalogue.
50:44One, two, bathroom.
50:47Nobody mentioned stairs.
50:48And although the second set of stairs led to two extra rooms,
50:52they didn't count as bedrooms
50:53because they didn't meet building regulations,
50:56but were still a bonus.
50:58For delicatessen owner Andy,
51:00who bought the house for £60,000
51:02for him and his wife, Nicky, to live in,
51:05it was a chance to move in a new direction.
51:07It's time to find the courage
51:10To be bold
51:13Things are gonna change
51:15You're getting rid of the deli?
51:17Yes, yeah.
51:18For what reason?
51:19Long days and everything,
51:20so we don't get a chance to see the grandkids as much as we want to,
51:22so, yeah.
51:24With plans to sell both the deli
51:26and the house they currently lived in
51:28to fund the new venture,
51:30they had a budget of £35,000 to £40,000
51:32and a six-month timescale.
51:35Now, 16 months on,
51:37we're finally back.
51:41It looks like it's been worth the wait,
51:43from the outside at least.
51:45We put new doors and windows in.
51:46We've completely cleared the front,
51:48which was a bit of a mess.
51:50We put a new roof on,
51:52had the stormwork clean.
51:54We didn't use chemicals on it,
51:55we had it hot blasted.
51:56Stay here, stay here,
51:58Father, Father,
52:01So, in this room,
52:12we've knocked the wall down
52:13to create one big room.
52:15Threw into the kitchen,
52:16we blocked the back door up,
52:17removed the window
52:18and created French doors there.
52:23We've put underfloor heating
52:25and we've put a high-end kitchen in.
52:31So, first floor,
52:37master bedroom,
52:39we've lowered the ceilings,
52:40completely re-plastered.
52:50And along with the master bedroom,
52:51the second bedroom
52:52is looking ready
52:53for the grandchildren to stay over.
52:55The bathroom, again,
52:59underfloor heating,
53:00lowered the ceilings.
53:09And the bathroom also has
53:11a fantastic walk-in shower
53:12beside the bath.
53:16The loft bedrooms,
53:17they were just loft rooms,
53:21they weren't to regs.
53:21So, we've soundproofed that.
53:23We've put fireboard on,
53:25bigger loft-like windows in.
53:29And that, as they can give us
53:30the scope to get the regs
53:32to turn it into a four-bed.
53:35All I can see is,
53:37wow,
53:38this is an amazing job
53:39from bottom to top.
53:41But what about the outside area
53:42at the back?
53:44Yeah, the backyard,
53:45the neighbour up the way
53:48decided that they didn't want
53:50any access through
53:51into their back garden,
53:52which gave us scope
53:53to knock the wall down,
53:55which was a pathway
53:56because they didn't want access.
53:57It was a no-brainer, really.
53:59We open it up
54:00and have the extra space
54:01for ourselves.
54:02Andy was also hoping
54:04to get the land
54:05at the side of the house as well,
54:07but the owner
54:07wouldn't sell it to him.
54:09But he has done a course
54:10on Japanese knotweed
54:12and is now qualified
54:13to remove it,
54:14should he ever acquire that land.
54:16And talking of invasive plants,
54:18it does seem like
54:19they've taken over
54:20the house a bit.
54:22Yeah, my wife's
54:23a very big plant enthusiast,
54:26so there's plants everywhere.
54:28And we've not finished,
54:29apparently.
54:30She does want more.
54:32But yeah,
54:33the plants are very invasive.
54:44Well, I think it's lovely to see
54:46and it just adds to the way
54:47they've made the whole house bloom.
54:50But it's been no bed of roses
54:51getting it to this stage.
54:53So who put in all the hard graft?
54:55I've done a lot of work myself.
54:59I've lowered all the ceilings
55:01and boarded the ceilings.
55:02I've done a lot of the dry lining myself.
55:05I did get Plasterer in,
55:07who was a friend.
55:08I've had an electrician in,
55:10who again was a friend.
55:11And my son-in-laws
55:13and daughters have helped
55:15getting the internet sorted
55:16and things like that.
55:17So yeah,
55:18it's been good having people
55:20that we know do the work.
55:21But in order for anyone
55:23to get on with any of the work,
55:25Andy was hoping to sell the house
55:27and the delicatessen business
55:29he owns and runs.
55:31But it took six months
55:32to sell the house
55:33and the deli is still up for sale,
55:35all of which delayed
55:37the start of the renovation work.
55:39So how much of his proposed
55:41£35,000 to £40,000 funding
55:44did he need in the end?
55:45Initially we,
55:50the budget we decided on,
55:52that has been,
55:55been and gone,
55:57shall we say.
55:58But we have gone
55:59for higher-end equipment.
56:02So yeah,
56:02I think we've gone
56:03probably about
56:04maybe £20,000 over.
56:08So with a £60,000 spend,
56:11Andy has shelled out
56:12as much money on the house
56:13as he did to buy it,
56:15making his total cost
56:16£120,000.
56:18But is it money well spent?
56:21What does the estate agent
56:22who saw it last time think?
56:24It's a complete transformation.
56:26It was very, very tired
56:29to say the least
56:29when I first saw the property.
56:33Needed a bit of everything doing
56:35and yeah,
56:37it's been done
56:37and then some.
56:38You don't often see finishes
56:43to this level.
56:44It's top quality throughout.
56:46It really shines.
56:49It's hard to disagree
56:50with any of that.
56:52It really does shine.
56:53But all that glitters
56:55isn't always gold.
56:56So having invested
56:57£120,000
56:59into his new home,
57:00is there money
57:01to be made here?
57:02If you're looking
57:04to sell this property,
57:05you'll be putting the property
57:06on the market
57:06for £175,000.
57:08Yep,
57:09impressed with that.
57:10The valuations
57:11probably round about
57:13where I thought
57:13it was going to be
57:14if I'm being honest.
57:15But yeah,
57:15definitely impressed.
57:16A potential
57:17£55,000
57:19pre-tax profit
57:20could be on the table
57:21at a later date.
57:22And the agent
57:24also thought
57:25a rentable value
57:26of £950
57:27per calendar month
57:29should be possible,
57:30which equates
57:31to a yield
57:31of 9.5%.
57:33The numbers are good.
57:35So is Andy feeling good
57:36about this house
57:37to home project?
57:41Yeah,
57:42love it.
57:43Love it.
57:44It was worth
57:44going over budget
57:45just because
57:47we've got exactly
57:48what we wanted.
57:50If we were going
57:50to sell it
57:51or rent it,
57:52we wouldn't have
57:53probably put
57:53as much money
57:54into it.
57:55But yeah,
57:56definitely,
57:56definitely love it.
58:01That's it for today
58:02but make sure
58:03you join us again
58:04for more highs and lows
58:05from the auction house.
58:07So we'll see you
58:07right here next time
58:09on Homes Under The Hammer.
58:10Bye-bye.
58:22We'll see you next time.
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