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Homes Under the Hammer - Season 28 Episode 58 -
Agree to Disagree!
Agree to Disagree!
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00:00Hello and welcome to the programme
00:02Now property auctions
00:04Happen up and down
00:06The country and there are
00:08Some incredible bargains
00:10To be had when you buy your
00:12Home under the hammer
00:30One of the appeals of the auction rooms is the variety
00:42Of property that's on offer
00:44Everything from bungalows
00:46Almost to stately homes
00:48So what inspired the buyers
00:50To bid on today's show?
00:54In Northampton after all these years
00:56Have I finally found the perfect auction property?
00:58Look at this!
01:00What a surprise!
01:02And in Norwich
01:04Has Jackie attained Nirvana?
01:06Well she's certainly seen the light
01:08It's a nice bright shop
01:12But for Dion it's back to earth
01:14With a bang in Stoat
01:16We've got rotting floorboards
01:18And rotting joys as well
01:20So I've had better thoughts
01:22All these properties
01:24Are you sure?
01:26All these properties
01:28Have been sold at auction
01:30And we'll find out who bought them
01:32And what they paid for them
01:34When they went under the hammer
01:36The town of Northampton
01:40Has long been a popular place to buy property
01:42Both for homeowners and investors
01:44It has all the amenities you'd expect to find
01:48In a modern English town
01:50But did you know it served as England's capital
01:52For 200 years?
01:54Or the area was famous for its apricot orchards?
01:56And was also renowned for its shoemaking excellence?
02:08Right, enough talking cobblers
02:10On with today's first auction property
02:12So I am literally in the centre of Northampton
02:16With all the amenities, facilities
02:18And positive things
02:20That being so close to the sound centre brings
02:22Here to see a self-contained basement flat
02:26Guy priced at £50,000
02:28And it's just down here
02:30So down the road we go
02:34Maybe take it fast
02:36Maybe take it real slow
02:38Well, the curb appeal
02:40Isn't that brilliant
02:42The flat is down here
02:44In this little
02:46Whatever you call that
02:48Down bit
02:50And it's that one in the corner there
02:52Whitened windows
02:54One doorway
02:55All a bit grubby
02:56I have to say
02:58My expectations are set fairly low
03:11Wow
03:15Well, those expectations have been blown out of the water
03:19Look at this
03:21What a surprise
03:23From yes
03:24Not the most auspicious of starts
03:29Somebody's obviously done a great job of renovating this
03:31This kitchen for a start
03:33Quite trendy
03:34The blackened
03:35Might not be everyone's taste
03:36But I really like it
03:37Erm
03:38And the layout seems to work really well
03:40I mean
03:41At the end of the day
03:42This is a studio flat
03:43So it's not got a massive amount of space
03:45What it's got
03:46It certainly makes the most of
03:47The bathroom
03:48Look at that
03:49You know
03:50It's marble
03:51It's got a cooler shower
03:52Trendy sink
03:53And then this is your main living room
03:56Stroke
03:57Bedroom area
03:58Nice flooring
04:00The lighting
04:01The lighting
04:02You've got these down lighters
04:03Which gives it
04:05You know
04:06Makes the most of that head height
04:07Because obviously
04:08Down here you're not going to have masses of head height
04:09But it doesn't feel claustrophobic
04:11And although obviously it hasn't got any windows in this bit
04:14You've just got the door at the front there
04:17All in all
04:18It makes the most of what it is
04:20And it's really really good
04:25But that is it
04:28In terms of the tour
04:30End of tour
04:32End of tour
04:33Goodbye
04:34There is nothing more to see
04:35Let's see here
04:36Goodbye
04:37Well there may be nothing more to see
04:43But there's more left to say
04:45Like many flats
04:46This is a leasehold
04:47But with 125 years remaining on the lease
04:50There's no need to dig deep for an extension anytime soon
04:53Although any major structural changes inside or out
04:56Would require permission from the freeholder
04:58And while the electrics and plumbing should always be checked by the professionals
05:04At first glance
05:05There's nothing here raising red flags
05:07That said
05:09When you're buying below ground level
05:12There's something else you need to consider
05:17Obviously the chance of damp in this kind of environment
05:21Is much greater than a flat that's above ground effectively
05:25Now I can't smell anything
05:28It's really important to use all your senses
05:30So no smell of damp
05:32Obviously no signs of damp
05:34So one of the things you want to be looking out for is fresh paint
05:37Somebody covering up maybe
05:39Damp patches that occurred
05:41But I can't say any of that
05:43You know there's lots of different ways
05:46To make a place like this dry
05:50Tanking where you paint the walls
05:53With waterproof compound
05:55Special systems where you put plastic on the walls
05:59Which leads into channels on the floor
06:01And then that's pumped out
06:02You'd probably want to do a bit of investigation
06:04To try and find out what has been done in here
06:07To give you a bit of reassurance
06:08That damp isn't going to come back
06:10But on the face of it
06:13It's really good
06:15So wonderful
06:18So wonderful
06:19So wonderful
06:20So wonderful
06:21So wonderful
06:22So wonderful
06:24So wonderful
06:25So wonderful
06:26Yes, an auction lot with no problems
06:30Is a wondrous thing to behold
06:31With clean walls, modern features
06:33And not a whiff of mould reaching my nostrils
06:35It appears to be turnkey ready
06:37So with a minimal renovation budget required
06:39Could this little studio punch above its weight
06:41When it comes to returns
06:42Or is there limited value to be added here?
06:55To help weigh up its potential
06:56We've asked along a local estate agent
06:58To give us her thoughts on this studio flat
07:01Guided of 50,000
07:03Yeah, look, I think the flat's a great size
07:16In terms of the condition
07:17I think there's a little bit of modernisation
07:19That might be needed
07:20But minimal
07:21And I think you'd have no problems in selling it
07:24What does she think the pros and cons are here?
07:28The biggest positive in the property is its location
07:31The fact that it's so close to the town centre
07:33And so close to all the amenities
07:34I think the only negative that you could probably find
07:36Is sometimes there's a little bit of a struggle with parking
07:39But that's your only negative
07:42And upon completion, what could the returns be?
07:45Once renovated, I think an achievable price
07:48Would be between £100,000 and £110,000
07:52And if put on the rental market?
07:55Once renovated, on the rental market
07:57I think you'd be looking to achieve £850 to £900 per calendar month
08:03So definitely one that doesn't look too much from the outside
08:08But the moment you step through that door
08:10What a lovely surprise
08:12Let's see who bought it when it went under the hammer
08:15This lot was part of a remote auction
08:21With bids taking place online
08:23Well done
08:25Amazingly, this lot failed to sell at auction
08:31But a post-auction offer was accepted
08:33And for bang on the guide price of £50,000
08:37It was bought by full-time property developer Oliver
08:40He's a familiar face on the show
08:42And the last time we saw him
08:44He converted a three-bed terrace into a four-bed HMO
08:47Just a few miles down the road
08:49I caught up with him to find out his plans for his latest purchase
08:55Oliver, great to see you again
08:57Yeah, and you
08:58Congratulations
08:59So we've seen you in slightly more glamorous projects
09:02Or working on glamorous projects in the past
09:04Yes, yep
09:05Sort of slightly bigger
09:06But now we're here
09:08Well, yeah
09:09We specialise in luxury HMOs
09:12So these are quite different
09:13But we do actually have quite a few studios anyway
09:17We've just got a lot more HMOs
09:19You have a diverse property portfolio, don't you?
09:22I do, yeah
09:23I do, yeah
09:24And it's just, you know
09:25It's whatever opportunity comes up
09:28That's what I go for
09:29It doesn't really matter what it is
09:31There's no criteria
09:32Right
09:33And so what did you think about it when you saw it?
09:37What, the first time I've seen it is right now
09:39What do you mean right now?
09:40Well, right now is the first time I've seen it
09:42What, right now at this moment in this interview?
09:44That's right
09:45I bought it post-auction
09:46Yeah
09:47So it was...
09:48So I went to the auctioneer afterwards
09:50And I said, if it's still available, I'll make an offer
09:53I offered the guide, they accepted and that was it
09:56Right
09:57The reality is you're big enough to suck it up, aren't you?
10:00If it was a disaster
10:01Yeah
10:02I mean...
10:03Not everybody is
10:04No, that's right, yeah
10:05There's a cautionary slapping of the wrist there
10:07Yeah
10:08Because we have to make sure that you watching don't necessarily follow
10:10This sort of slightly dangerous approach
10:13Yeah, it's not advised
10:15If this was your first investment, don't do what I've just done
10:19So what are you going to do, just add it to the portfolio?
10:21Yeah
10:22It was a very good price
10:23We're going to spruce it up
10:24There's not much really wrong with it
10:26What are you going to do?
10:27We've done it in a few studios
10:28And it works quite well
10:29So a wall at the end of the bed
10:31Where the TV is at the end of the bed on the wall
10:34And on the other side of the wall
10:36We've got another TV and then the sofa
10:39So that kind of micro wall, it's only about a metre and a bit
10:42And that kind of just divides the bedroom area to the lounge
10:46And it will look a lot more spacious, I hope
10:49Perfect for a one bedroom studio flame
10:51The kitchen will be much more modernised
10:55What do you mean, it is modern?
10:56Ah, it's not
10:57Yes, it is
10:58It is
10:59Black and red and shiny fronted units
11:01What's not modern about that?
11:02Exactly, yeah
11:03We are squabbling like a married couple, you and I here, aren't we?
11:07And look, there's nothing wrong with it
11:08Exactly
11:09Why would you take that out?
11:11It looks great
11:12Yeah, but it's not our style
11:15What is your style?
11:16I've got a style
11:17Country kitchen
11:18Yeah, well we go for the same kitchens every time
11:20Our same sort of design
11:21Might change the colour
11:22So stuck in a rut then?
11:23Err, yeah
11:24We'll put the same flooring down as we put everywhere else
11:26Okay
11:27Err, we'll get this place turned around in like three weeks
11:30So sticking to a formula is a way of you, what?
11:35Minimising your need to think creatively?
11:39Yeah, pretty much, yeah
11:40Because with that thought sort of being done
11:42Such a backhanded instrument
11:43You didn't get that, did you?
11:44I did, I did
11:45I'm sliding past it
11:46I'm so sorry
11:47It's only because I know you can take it
11:49Yeah
11:50We're trying to sell kitchens
11:51Yes
11:52That aren't actually that
11:53Yeah, are perfectly fine
11:54But you'll be surprised
11:56Err, sometimes they go, sometimes they don't
11:58Sometimes it's more hassle than it's worth
11:59And you've just got to get rid of it
12:00So, what is the budget?
12:02About 10,000, I think
12:04Oh, okay
12:05It'll be done over 10,000
12:06So, I'll just tell you what you're going to do with it when it's done
12:08Rent it
12:09Rent it
12:10Okay
12:11So, talk me through the logic
12:13Of the time, money, and expense
12:15In ripping out what I think is a perfectly reasonable kitchen
12:17And replacing it with something
12:18Yeah
12:19When you are renting it, especially
12:21Err, if we put a nicer kitchen in than this
12:23It would be worth more
12:25Err, and we get that in the back ends when we remortgage it
12:28Okay
12:29I presume we can completely remodel the perfectly adequate bathroom too
12:33I don't know about that one
12:35You know what?
12:36It's not, it's not our style
12:38I walked in here and I loved this place
12:41Well
12:42You know
12:43I thought I might keep the radiator
12:48Okay, good
12:49And then we move on to the next project
12:52Yeah, well this is a filler
12:54So, I've got, er, one of the project managers just finished one
12:57Err, and he's going to move on to another one
12:59But the steels and stuff from the first fix aren't quite done
13:03So, he's going to be doing this one in between
13:06Which works quite well
13:07Good
13:08Well, thank you for entering into the spirit of this very funny interview
13:12It's all right
13:13Good luck with everything you do
13:14It's all right
13:15I'm sure we'll see you again
13:16Yeah?
13:17Great to see you, Oliver
13:18Well, I was possibly a little bit tough on Oliver there
13:25But it's great
13:26He entered into the spirit of things
13:28And it does throw up that whole issue of
13:30Do you really need to spend money doing things that aren't necessarily needed?
13:34I think it's fine
13:35Oliver has a different set of plans
13:38And one of us, or maybe both of us will be right or wrong
13:41You can find out how it all turns out later in the show
13:48We're off to Norwich, a city steeped in medieval charm
13:54And a cathedral so enchanting
13:56It made it into the world of Harry Potter
13:59And just like magic
14:01Jackie's found an auction lot, a stone throw away
14:04Call it magic
14:07Well, I'm on a residential road quite close to the main road
14:12But just a 15 minute walk to the famous Norwich Cathedral
14:16Perfect
14:17Now the property I'm here to see is kind of nostalgic
14:20Because it's a corner shop
14:22But it's a corner shop with a difference
14:24It's a corner shop that also has a separate entrance for a one bed flat
14:28And here it is
14:29You do have off-road parking, which is rather nice
14:33And then this is a separate entrance for your one bed flat
14:39Everything looks rather neat
14:40The one bed flat has a little front garden there as well
14:43Now this entire lot went to auction for a guide price of £130,000 to £150,000
14:51I don't think that's bad
14:52I love the fact that all of the windows from the flat to the shop all look sound
14:59In fact, in really good nick
15:01Yeah, should we start with the shop?
15:03Let's pop in
15:06Ooh
15:07It's a nice, bright shop
15:11Yeah, lots and lots of light coming through
15:13You've got heating there
15:15Doesn't look too bad, but as ever, get everything checked out
15:18But you've got electrics that I'd like to see sort of a bit more modern
15:22Get the electrics sorted
15:24The ceiling's been re-plastered
15:27So that's good, actually
15:29It looks like things have been stripped away
15:30You've got under stairs storage, which is really nice
15:34And then into your second room
15:37Again, all of the ceiling and the chimney breasts, the wall there
15:42That's all been re-plastered
15:43I can see there's coving, which is always nice to see some original features
15:47And then you go through to this section
15:50Now what would this have been used for?
15:52Maybe more storage or just a little chill-out zone for the staff
15:58But this is really dark because in that front garden that belongs to actually the flat
16:04If all of that was taken away, it'll bring a lot more light through
16:08Every staff quarters needs a downstairs loo
16:12And there is one there, that's good
16:14And then to the back, again, it's very dark
16:17This is the kitchen, so they're where you make your teas, coffees, have your lunch
16:21And there is space for everything
16:23But once again, things seem to have been stripped back
16:26But there's something that comes with a bit of a bonus with this shop
16:31There was planning permission granted to turn this shop into a one-bed flat
16:37That has since lapsed
16:39But if it was given in the first place, you could reinstate it
16:44Bring it all back now
16:45Don't stop, never give up
16:47Hold your head high and reach the top
16:49Let the world see what you have got
16:51Bring it all back to you
16:53Bring it all back now
16:54Yes, don't give up on those plans just yet
16:57There's a precedent in place, so there's a good chance the planners would approve something similar again
17:02With a bit of rejigging, this old corner shop could serve up a smart ground-floor one-bedroom flat
17:13Out the back, there's the courtyard with separate access via an alleyway
17:17And let's not forget the upstairs one-bed flat, which is accessed from the front
17:25So good that this flat has its own entrance
17:29Wow, look at these stairs
17:31They are seriously steep
17:33I feel like I need another handrail on this side
17:37Um, okay
17:38Um, so, to my right, you have got your principal bedroom
17:44Not a bad size, a little bit of storage there as well
17:47And then, this would be your living room
17:51It's not the biggest of living rooms, but decent-sized ceiling height
17:56And then you enter your kitchen
17:58It's quite long
18:00Nice and bright
18:02A space for everything
18:04It just needs a little bit of, you know, modernisation
18:07And then, as you go, step down
18:10WC
18:11And then you've got your bathroom
18:13And it's a good size, actually
18:15But I just had a thought
18:17Could you move the WC into the bathroom?
18:20Because it is a decent space
18:22And then that space could become like a mini-utility
18:26A washing machine
18:27A couple of shelves for all your products
18:28Um, jobs are good
18:30And all in all, I would say this flat
18:32Is bright
18:33It's, you know, got huge amounts of potential
18:36It just needs someone to come in
18:38And make their mark
18:40Come and leave them all
18:41Come and leave them all
18:42Come and leave them all
18:43Come and leave them all
18:46The upstairs flat should be a relatively straightforward upgrade
18:50So the real question is
18:51What's the plan for downstairs?
18:56To get some expert insight
18:57We invited along a property pro from the auction house that sold it
19:01To hear their take on this lot
19:03Which came with a guide price of $130,000 to $150,000
19:08I think there's probably three options with this property
19:12You could turn it back into a house, no problem whatsoever
19:15I think you could have two one-bedroom flats
19:18Or retain the commercial use on the ground floor
19:22For maybe somebody who wants an area of workshop
19:25As well as a display and exhibition area
19:28And I think those are your three options to consider
19:30When the property comes into auction
19:32So for a potential buyer, what could those options generate
19:39In terms of sales value on the open market?
19:43If you were to put it back into a house
19:46Or retain it as commercial and flat above
19:50I think you're looking somewhere around $210,000, $220,000
19:54However, if you put it into two one-bedroom flats
19:58You're going to have a greater return
20:00And I think you could expect somewhere around $125,000 to $130,000 per flat
20:10So this lot has a strong potential
20:12But what if you took the long-term investment route?
20:15What sort of income could each option generate once renovated?
20:21If the buyer decides they're going to keep downstairs as a commercial
20:24I think you could probably be looking at $500 to £600 per calendar month on a rental
20:29If you do turn it into two one-bedroom flats
20:31You're looking at around £750 to £800 per calendar month
20:35If you keep it as a house, £1,000 to £1,200 per calendar month
20:41Well, this commercial and residential lot is in a great location
20:47But would you go back and get that planning permission to turn this shop into a one-bed flat?
20:53And I think it could be easily done with a bit of jiggery-pokery
20:56So who saw its potential?
20:58Let's find out when it went under the hammer
21:04This lot was part of a remote auction with bids taking place online
21:09Sold!
21:11With a successful bid of £205,000
21:14The property was snapped up by Peter here on the left
21:17Who runs a marketing business alongside his property ventures
21:21He's joined here by his builder, Daniel
21:24Peter's no stranger to the show
21:27Yes, I'm bad, hey
21:29Like I never left with another step and another fret
21:32With no walk, back on track
21:34Last time we saw him convert a former office in Norwich into two flats
21:40Now he's back with a new property project for his growing rental portfolio
21:46Peter, Daniel, lovely to see you
21:50Lovely to see you and lovely to see you again
21:52Obviously you're no stranger to the show, so how's it all going?
21:54Yeah, really well, thank you
21:56Since we last were on the show, I think I'm up to about 13 properties now
22:01So a bit of an increase from last time
22:03Lucky for some?
22:04Hopefully
22:05And Daniel, so you've joined Peter, what's your role and how long have you guys been working together?
22:11Quite a while now
22:12And obviously I just help people out with the building sort of side and everything else really
22:17Oh wow, so you're the everything man
22:18Yeah, I do everything basically
22:20Apart from the kitchens where Pete loves doing the kitchens
22:23Oh really?
22:24Yeah, that's my favourite, but the only skill I have
22:26It's a good skill to have, it's a very good skill
22:29So Daniel, you do the build, you do the plastering, you do the painting, you do the flooring
22:34Not electrical work
22:36Yeah
22:37Or the plumbing, or the hard plumbing sort of thing
22:39Yeah, absolutely, and did you visit the property?
22:42Did you both come to visit the property before the auction?
22:44Yeah, we did, we had a good look round
22:46I've made that mistake before, so
22:48Read the legal pack, came and visited it
22:50Very good
22:51Yeah, made sure that we had a good look round
22:53For any sort of things that might catch us and want to wear
22:56So when you read the legal pack, I'm sure then you read
22:59That there's elapsed planning permission to turn the shop into a one bed flat
23:04Absolutely, that was one of the reasons that I sort of was really interested in it
23:08Because we've got experience in turning a shop into a flat
23:12Yeah
23:13So this was the next step where, even though it was lapsed planning permission
23:16I think it would be quite easy to get some new planning permission
23:18Or I hope so anyway
23:19Yeah, I think so, yeah
23:20Yeah
23:21And then, yeah, do the conversion from the shop into the flat
23:24Because I think it would be much more usable as a flat than it is as a shop in this area
23:28Let's say you get that planning and this is going to be a one bed flat
23:34How are you going to reconfigure it? Because I'd love to know how you're going to do it
23:38Yeah, so the front room will be a bedroom
23:40So this will be the bedroom?
23:41This will be the bedroom, yeah
23:42So it will be a one bedroom flat
23:43The middle room will be the living area
23:45Yes
23:46Then right at the back will be the kitchen
23:48Yes
23:49And then where there's an existing toilet
23:50We'll extend that out a little bit
23:52And make it sort of a shower room with a shower and a sink in it
23:55Right, okay
23:56And we'll also block this front, block the front door up
23:58And then use the entrance at the rear as the main entrance to the property
24:03Very good, okay
24:04And then upstairs, what's going to happen there?
24:07Probably going to leave it as it is
24:08We're not going to do too much with that
24:10So upstairs we'll sort of tidy it up obviously
24:14But put a new kitchen in there upstairs
24:17Yeah
24:18And generally decorate it throughout
24:19I think that's quite a quick turnaround on the upstairs flat
24:21Yeah
24:22Most of the workers I think will be down here
24:24And so what do you think about those plans Daniel?
24:26Because obviously you're the one that's going to have to be doing it
24:28That's a challenge, we'll sort it
24:30We always do sort of thing
24:32Yeah
24:33You know
24:34If you don't learn something during that day
24:36By building then it's not worth being in the industry
24:39Is that sort of thing?
24:40It's true, it's true
24:41But you think this is all doable?
24:43Oh yeah
24:44Yeah
24:45Did you start this work?
24:46Because I see there's that fresh plaster on some of the ceiling
24:48No, this was all done prior to us getting here
24:50This is as we purchased it
24:52So some of this will need redoing again
24:55And there's soundproofing things that will need doing
24:57So we might have to strip some of it back again
24:59Even though it's been done
25:00So I want to do that work and put soundproofing in
25:02And when we're converting it
25:04So how much are you going to spend here?
25:07Roughly about 30, 31,000
25:09Yeah, in the total
25:10Oh, okay
25:11And then what about time scale?
25:12How soon do you want it done and dusted?
25:15Yeah, so upstairs three to four weeks
25:17We'll have that done
25:18I would say four weeks at the most
25:21Downstairs, the conversion
25:23Hopefully we'll get the planning consent
25:25We're probably looking at about two months
25:27So that means
25:28Okay, so this is number 13 for you
25:30But really it'll be 13, 14?
25:3212, 13
25:3312, 13
25:34Yes
25:35Oh, okay
25:36Well look, best of luck guys
25:38Thank you very much
25:39Thank you
25:40Thank you so much
25:41Well, Peter and Daniel have plenty of property experience behind them
25:46But the question is
25:47Will they be able to reinstate that planning permission to turn the shop into a flat?
25:52You can find out how it all goes later in the show
25:57Still to come, the buyers of this stoke property are ready to administer some intensive care
26:02Is this your job?
26:04No
26:05Not really, that's not our primary job
26:06We are nurses
26:10And in Norwich we find out if Peter succeeded in his bid to get permission for his ground floor flat
26:21We're heading back to Northampton
26:23Where earlier I was not optimistic about what, on paper at least, sounded like it would be a pretty dismal viewing
26:29This basement studio flat guided at 50,000
26:34Wow
26:36Well those expectations have been blown out of the water
26:40The flat was fabulous
26:42And to my eyes was in moving condition
26:45It was bought post-auction for 50,000 pounds by experienced property investor Oliver
26:50And it's fair to say he hadn't really done his homework on this one
26:55What did you think about it when you saw it?
26:56The first time I've seen it is right now
26:58What do you mean right now?
26:59Well right now is the first time I've seen it
27:02Okay, buying the flat unseen to add to his extensive rental portfolio
27:06I assumed he'd give the floor a quick once over with a mop and that would be that
27:11Oliver however had different ideas
27:14Kitchen will be much more modernised
27:17What do you mean it is modern?
27:18Nah it's not
27:19No
27:20We agreed to disagree on that
27:22And I wondered just how much difference his three week timescale and ten grand budget would actually make to this flat
27:29Well, two months later we're back to find out
27:32And well actually it turns out quite a big difference
27:49The new kitchen looks splendid
27:51And I'm particularly taken with the dividing panel
27:54Which as Oliver suggested it would
27:57Makes the flat look slightly more spacious I guess
28:01So the acoustic panels they're in fashion
28:04Most people use them just because they look nice
28:06But they do have a dual function
28:09So the acoustic boards add that bit of sound protection
28:13Both with the neighbouring property and also with the dividing wall
28:18If someone is watching TV
28:20It helps a smidgen
28:24Not only did Oliver replace the perfectly adequate kitchen
28:27But he also completely revamped the perfectly adequate bathroom
28:30I think if you're going to go so far you may as well go all the way
28:36It doesn't cost a lot more for those extra final touches of quality
28:41So that's what we've done here
28:44One feature in the flat that Oliver told me he wasn't going to change
28:49Was the radiator
28:51Oh Oliver
28:53I think when I said to Martin that we'd keep the radiator
28:56I think it might have just been keeping him happy
29:00We replaced that
29:02But of course there is method in Oliver's madness
29:06Future proofing his investment
29:09I think if you do a good standard of finish
29:12You protect it for the long term
29:14You're not going to get a call in a few months time with a previous issue
29:18It holds its value, it always makes sense
29:21And we're not spending as much as people think anyway
29:23Which brings us neatly to budget
29:26So our original budget was around 10
29:29We've spent a bit more than that
29:31Maybe closer to 15
29:33But that's that
29:35There's only one external problem to be addressed
29:39Render that has fallen off the retaining wall
29:42But Oliver is leaving that for the freeholder to sort out
29:46Other than that this place is ready to be tenanted
29:49I hope I have proved Martin wrong
29:54And but also he is happy that we've done the work
29:59And he can see the vision
30:01Well, when I'm wrong and you know what this is not fun
30:07I hold up my hands
30:09So I'd just like to say Oliver you were right about everything
30:12And the expenditure has been absolutely justified
30:13There
30:15But now it's time to hear from the estate agent who viewed the flat earlier
30:19And find out whether or not the numbers add up
30:22When I opened the door I was blown away by the remodelling in the property
30:28And the renovations that have been taken place here
30:31And it's got a real wow factor to it
30:34The standard of finish internally is to an extremely high standard
30:37It is five star accommodation
30:39I think the demand for a property like this from a rental point of view
30:42Is extremely high
30:44We're close to all the local amenities including the hospital
30:47And I think in terms of its position in the town centre
30:50It would be perfect for the sales market
30:52In property development terms
30:55Oliver's total spend of 65,000 is a modest investment
30:58But how much does she reckon the studio flat could sell for?
31:02I think if we were marketing on the sales market today
31:05It would be marketed for £125,000
31:08Yeah, great, fantastic
31:11I'll go with that one
31:13It's probably around that
31:15Yeah, I was thinking more of £130
31:18It's about that
31:20So yeah, bought it very well at auction
31:22That could give Oliver a pre-tax profit of £60,000
31:27Not bad for a few weeks work
31:28And what does she think the flat should be renting for?
31:32I think on the rental market
31:33If it was to be marketed in today's market
31:36You'd be looking at a rent of £1,000 per calendar month
31:39Yeah, we've already agreed to let it for £9.50
31:41We had a lot of people interested
31:43So I do think we could have got more
31:45But sometimes you've just got to put it on
31:47And see where we're at
31:49So we'll have a review of that later
31:52Based on Oliver's lesser figure
31:55He's earning a whopping return of 17.5%
31:59This has been a quick fixer-upper for Oliver
32:02But what's next?
32:04I've got quite a few things going on
32:07We've got about eight different projects at the moment
32:10And so just keep going on
32:12We've got a few more studios that we've purchased
32:14We've also got some large developments that we're doing as well
32:18So a bit of everything, a bit of variety
32:21Compared to many renovation projects we've seen over the years
32:25This one may seem a bit small fry
32:28But we can all learn a lesson from Oliver
32:30Regardless of size, if a job's worth doing, it's worth doing well
32:32It's worth doing well
32:42We're heading to Stoke-on-Trent
32:44Where, according to a research study
32:46In 2024, the area saw the largest house price growth in the UK
32:52Making it a compelling place to look for an auction lot
32:55Search for a hero inside yourself
32:59Until you find the key to your life
33:04I am just north of Stoke-on-Trent
33:08I'm here to see a two-bed, end-of-terrace house
33:12That went to auction with a guide price of £63,000
33:17Now I know what you're thinking
33:19That's one of the undoubling shots
33:21It's not, by the way
33:22I used to hit the target
33:24Curb appeal is not great
33:26I'm gonna blow it away
33:28Gonna blow it away
33:30But I know they can play
33:32Cause I remember...
33:34Oh!
33:36That's not very welcoming
33:39You've got a hole in the floor as you come in
33:43Right there, you've got wallpaper falling off the walls
33:47With plaster attached as well
33:49So not very welcoming at the moment
33:51And quite dark in this area
33:53I've got to say
33:54This is your first reception room
33:56And...
33:57Okay
33:58What is it with missing floorboards
34:00And missing floor in this house?
34:02We've got rotting floorboards and rotting joists as well
34:06Right under the window
34:08You're gonna have to take all this out
34:10Before you start putting your stuff back in
34:11And I think you have to check this area as well
34:14So, er...
34:16I've had better starts
34:18Where do you go?
34:20Well, the floor may be missing
34:22But look up and there's still some period charm
34:25Worse for wear but full of potential
34:28First things first though
34:30Those rotting joists need expert attention before anything else
34:33Okay then, we've got a bit of storage under the stairs
34:37And then you're into the second reception room
34:40High ceilings, you've got textured wallpaper
34:43And we've got a little, er...
34:45A little bubble there
34:47So there must have been a leak in the ceilings at some stage
34:49Central heat in there
34:51The fire's been ripped out
34:53But it's a good sized room with nice high ceilings
34:55Which is good
34:56And then we are down
34:58I say down because we've got a step here
35:00Into...
35:02The kitchen space
35:04And it's...
35:06Well, there's glass everywhere because the windows are all smashed
35:09But it's not a bad space at all
35:11You take all this out and you put a brand new kitchen in here
35:14I think
35:16There's enough space just to do that
35:18I can see a window just here as well
35:20Off that second reception room
35:21Just looking into nothing
35:22And then we've got...
35:24We've got downstairs, bathroom and toilet in there
35:27There's a lot of work to be done
35:29But the flow's good
35:31And the space is better than what I thought
35:34The ground floor needs a decent budget
35:38And let me worry about it
35:40Let me worry about it
35:42Let me worry about it
35:45At first glance there's a lot of room
35:47Don't worry about it
35:48Don't worry about it
35:50At first glance there's plenty to worry about
35:53But strip this place back to brick
35:55Tackle the issues
35:56And it's all about putting it back together
35:59The layout downstairs works
36:02But an upstairs bathroom could be a nice addition
36:07OK then
36:09Right, let's do the front room first
36:11It's nice and bright
36:12And...
36:14We've got two windows that are not smashed
36:17Oh my word
36:19That is rare in this house
36:21You would have to change the windows actually
36:22Because they're blown
36:24But they're intact, which is good news
36:26Nice high ceilings
36:28Front bedroom is OK
36:30Bit of work to be done
36:32Back bedroom, however
36:34Is possibly a little bit bigger
36:37No bathroom, no toilet
36:39Upstairs we've also got a boiler in the bedroom
36:41In the bedroom
36:42I don't really like that
36:43So let's try and relocate it
36:45But we have an issue right there
36:47Water getting in to the bedroom
36:50Right against that back wall
36:52Get that sorted first and foremost
36:54And then you can redo the bedroom again
36:57Nice size
36:59Double bedroom, no problems
37:01No toilet in the bathroom though
37:03Which I think is a bit of an issue
37:05Could you nick a bit of space and start putting things up here?
37:07Possibly
37:08But right now you've got two decent bedrooms
37:11That need a bit of work
37:13Especially that
37:17By the look of things the roof or guttering will need checking over
37:20It's likely the cause of that leak
37:22But it's not all bad news
37:25This two bed end terrace comes with a surprising amount of space out the back
37:30There's a split level courtyard and a solid built brick garage
37:37Yes it needs work but with a bit of graft inside and out this property would shape up nicely
37:43So what does a property expert from the auction house who sold it think?
37:49We invited one along to get their take on this lot that was guided at £63,000
37:55So the property does need a lot of attention and a lot of work
38:01It has had quite a lot of the walls and floors damaged and pipework removed so it does need a lot of attention
38:09But the exterior it's absolutely fantastic it's not a typical run of the mill end terrace
38:15You do have the side access path as well as the garage and quite a decent sized garden as well
38:21So if the property was updated throughout how much could it be worth on both the sales and rental markets?
38:27So once renovated I would expect this property to achieve in the region of £110,000 to £120,000
38:37And on the rental market approximately £750 per calendar month
38:42So there's a long to-do list with this house and it will cost you a few quid
38:48But I've got to say it's bigger than what I expected and you've got the outside space as well
38:52I think it's worth taking on let's find out what happened when it went under the hammer
38:59This lot was part of an auction with bids taking place in the room and online
39:04You bought it, well done, thank you
39:08With a successful bid of £69,000 only £6,000 over the guide price
39:13It was bought by husband and wife Confidence and Bami
39:16Who are originally from Nigeria and purchased this two-bed-end terrace as a new challenge
39:22Dion met up with them to find out more
39:26Confidence and Bami, nice to meet you
39:29Nice to meet you, sir
39:31Are you happy? Very happy
39:33What was the reason for buying this house then? What do you want to do with it?
39:37Yeah, it's an investment property. Our main reason for buying this property is to get it renovated to a very high standard
39:45Okay
39:46And at the end of the day, rent it out
39:48So is this what you do Bami? Is this your job?
39:51No, really that's not our primary job
39:53We are nurses
39:54Are you?
39:55We are both nurses, but we want to go into property business, so we are just starting now
40:02And the properties, like, is it something you want to get into after nursing or alongside nursing?
40:08Alongside nursing
40:10Really? Yeah
40:11The passion, isn't it? It's there, isn't it?
40:13We see how it goes
40:16So is this your first one?
40:17Yeah, the first one for business purpose
40:20Obviously we have our mortgage where we live
40:21Of course
40:22Yeah
40:23Do you live around here or do you live somewhere else?
40:24No, we don't live around here
40:25We live in Kent
40:26You live in Kent?
40:27Yes
40:28Do you know you're in Stoke?
40:29Stoke
40:31You're just north of Stoke here, what are you doing up here?
40:34I want to partner with you
40:36So why Stoke then? What's the...you know, because you're a long way away
40:41Property generally in Stoke on Trent, generally in the northern part of England is, you know, very cheap
40:48Yeah
40:49And it is easier for you to get into property
40:52Are you going to be travelling back and forth or...?
40:55My honourable friend here and colleague, he will be in charge of that for us
41:00Okay, so you'll have like a manager, site manager or...?
41:03Yes, yeah
41:04To look after you, what's his name?
41:05His name is Ernest
41:06So he's going to look after it for you, so he's going to do all your work
41:09It's going to be your eyes
41:10Yes
41:11And he's going to report back to you?
41:12Yeah, exactly
41:13So tell me what you're going to do, first and foremost
41:15Let's start at the front of the property
41:18Downstairs you've got some floor missing and stuff
41:21What's the plan to get all that sorted?
41:22We want to turn it to a bedroom and suite
41:26We're going to create an extra toilet and shower
41:30Okay
41:31And then get everything all fixed and be table
41:34Okay, so bedroom there
41:36This?
41:37This would be the living room
41:38Living room?
41:39Yeah
41:40The kitchen
41:41That would be the kitchen
41:42Kitchen stays kitchen?
41:43Yeah
41:44Okay, so is the bathroom staying there?
41:45Yeah, it's still staying there
41:46Bathroom stays there and toilet?
41:47And the toilet, yeah
41:48Okay, so what's the plan upstairs?
41:50Going to change anything?
41:51We're only at the bathroom there
41:54There's a space nearer we can create a shower and then...
41:57Toilet
41:58The shower and toilet upstairs?
41:59Yeah
42:00I have also spotted some leaks as well in the back bedroom
42:05Which I think is just above us here
42:07Have you had all that checked out?
42:08Have you had the roof checked out yet?
42:09Yes
42:10Yeah, so I've had everything checked out
42:11Yeah
42:12Okay, is it the roof or is it the guttering?
42:14I think both
42:15Both of them are?
42:16Yeah
42:17Not in good condition
42:18Yeah
42:19So the whole of this house really needs to be kind of stripped back, doesn't it?
42:22Yes
42:23To the very beginning
42:24Yeah
42:25And how much do you think it's going to cost? Big question
42:28No
42:29We are looking at the range of £35,000 to £40,000
42:32£35,000 to £40,000
42:34Yeah
42:35How long will it take you, do you think, to get it finished?
42:37Maybe within the next two or three months
42:39Next two or three months?
42:40Yeah
42:41We've also got a bit of outside space
42:43Yeah, massive space outside
42:44Yeah, I was surprised at the outside space
42:46Yeah
42:47Any plans for the outside space?
42:49Well, at the moment we'll be focusing on renovating the main house
42:53But there is a future plan to turn that garage there to a mini flat as well
43:00Oh wow, that's cool
43:01Yeah
43:02So a separate?
43:03A separate mini flat, yeah
43:04A separate dwelling
43:05A separate dwelling
43:06Which is not a bad idea because it is brick built, isn't it?
43:08Yeah, massive built
43:09And it looks an okay size for maybe, what, a bedroom?
43:12Just a bedroom, yeah, a bedroom self-contained
43:15Wow
43:16Good idea
43:17You've got a big job on your hands
43:18Yes
43:19But you've got a good amount of space to play with as well
43:22Yeah
43:23But I think, I think you're on the right lines
43:25Thank you
43:26I really do
43:27For your first one, I want to wish you good luck
43:29Thank you very much
43:30Hope it works out
43:31It will
43:32Yeah, it will
43:33See the confidence there
43:34Confidence by name
43:35Confidence by nature
43:37Listen, I wish you both all the best
43:39And I can't wait to see how you get on
43:41Good luck
43:42Thank you very much
43:43Thank you
43:44So Bami and Confidence have got their work cut out
43:49While they're living down south in Kent
43:52It's a good job they've got a contact up here who knows what he's doing
43:57And he'll hopefully be spending that 35 to 40 grand budget wisely
44:02It's going to be a tough job
44:04You can find out how they get on
44:06Back to the show
44:07Time now to return to Norwich where Jackie checked out an auction lot
44:14Guided at 130 to 150,000 that included a ground floor commercial space and the one bed flat above
44:22I love the fact that all of the windows from the flat to the shop all look sound
44:29They both needed a bit of love but perhaps most interestingly the lower property had previously been granted planning to turn it residential
44:38And that is what piqued the interest of Peter when he bought it for 205,000 pounds
44:44We've got experience in turning a shop into a flat
44:49Yeah
44:50So this was the next step where even though it was lapsed planning permission
44:52I think it would be quite easy to get some new planning permission
44:54Or I hope so anyway
44:55Yeah, I think so
44:56Yeah
44:57There's nothing doing
44:59Step back inside
45:01Yes, it was that plan from the past that suited Peter best
45:05He hoped to get planning permission and using his budget of 30 grand and a timescale of two months
45:12Developed two new flats that he could add to his rental portfolio
45:20And now just one month later we're back
45:23The top floor is sparkling every room has been freshly painted with new carpets or flooring fitted
45:40Peter's installed an entirely new kitchen
45:45And behind the scenes there's been a complete rewire with all the plumbing checked and serviced
45:50With a bit of elbow grease the bathroom has also scrubbed up very well
45:57But while the first floor flat is looking fresh and modern throughout
46:00Downstairs is still very much a work in progress
46:05We caught up with Peter to find out how he's getting on
46:09Yeah, so we're still waiting for the change of use to come from the planning department
46:13We've plotted out where we want things such as here
46:15We've put the stood wall up for where we want the bathroom area to be
46:18We put a lot of the water pipes in for the heating system and sort of the gas out
46:24And also rewired it completely
46:26And then behind me would be where the new kitchen will be as well
46:30Well, he's certainly made a good start down here
46:33But Peter has plenty more planned to make this flat feel really homely
46:36We'll have to put some soundproofing in to make sure there's soundproofing between the two flats
46:43We'll block off the front door to make the entrance at the back
46:46And then it's a matter of plastering the walls and putting the kitchen in, bathroom in
46:51And the backyard, we're going to put flags down and make it a nice serviceable area
46:55But we've basically got to a stage where we can't do much more else until we get a change of use
47:01It's stuck is like you
47:04Stuck is like you
47:07It's stuck is like you
47:08Here's hoping he gets a positive outcome on his planning application and quickly
47:15Then Peter can get back to it or at least get the ever-reliable Daniel back on the case
47:24Yeah, so Daniel's done a lot of the work, pretty much the bulk of it
47:27I can't claim too much of the work
47:28I did my usual kitchen fitting
47:31He tied up all the bits that I did wrong in the kitchen
47:34Yeah, he's done pretty much everything else throughout and will be doing downstairs
47:38He's already made a good start on things
47:40And will continue to finish stuff for me
47:42And again, correct any mistakes that I make
47:46Teamwork makes the dream work, eh?
47:48And so far all Daniel's, sorry, I mean all their hard work has come to under £10,000
47:53With Peter predicting a further £15,000 to finish the job
47:58So he's on course to stay under his £30,000 budget
48:04How's that two-month timescale looking?
48:08We're currently just over four weeks into the project
48:12This was completed a couple of days ago
48:14So sub-four weeks really for upstairs
48:16I think, with hopefully no delays with the change of use for downstairs
48:20I would suggest another four weeks from the time that we get the change of use
48:26So with the upstairs flat complete and Peter poised to push on with the work downstairs
48:35It's time to see what the property expert who viewed it on our first visit makes of the progress
48:40A good turnaround, a good change
48:44Everything's been repainted, re-carpeted
48:46In fact, as you stand in this room you can smell the fresh paint
48:51I would like to have seen a change in the bathroom
48:54He's kept one or two elements there that could have been replaced
48:57But generally, I think it's certainly a very good standard
49:01And is going to be very rentable
49:03But what about the ground floor space?
49:06Was the change of use from commercial to residential a good idea?
49:08I think that is the right thing to do
49:12There is a demand in this part of North Norwich for one bedroom flats
49:16So I think positive moves from him there
49:19With everything hinging on permission for change of use being granted
49:24If it does all fall into place, Peter expects his total spend, including the purchase price, to be 230,000
49:30Although he plans to hold onto the properties, the expert thought he could expect the total sales figure of 260,000 pounds for both flats once the work is complete
49:42This would see him take home a decent pre-tax profit of 30,000
49:47But as a long-term investment, what could the flats be worth on the rental market?
49:52I think you're looking at around about 750 pounds per calendar month
50:00Yeah, originally that was where I thought it would be at
50:02But I'm supposed to do the work and doing a bit more research on the locality
50:06We've actually advertised at 895
50:09And has some really good interest already from that
50:12The expert actually thought that the ground floor flat could let for a little more than the upstairs as it comes with a parking space
50:19But if we take Peter's advertised rental figure of 895 pounds for both flats, that would represent a yield of around 9%
50:29It's a really good result
50:31So all in, how has Peter found dealing with a change of use property?
50:40There's a few little extra hoops to jump through in terms of surveyors when we first bought it
50:42And also just like the delays in terms of, you don't get a decision overnight in terms of the change of use
50:49It takes a few weeks for that
50:51Even with plans in place very quickly, you're sort of playing a bit of a waiting game
50:55So having to sit on it is interesting for someone who's so fidgety and wants to get on with things
51:00It's time to head back to Stoke-on-Trent and this two-bed-end terrace that went to auction with a guide price of £63,000
51:13The windows and floor were the main issues of concern
51:17But let's face it, there wasn't a lot going for this rundown property
51:21The ground floor needs a decent budget
51:26And upstairs a worrying patch of damp hinted that all was not right with the roof and gutters
51:32Hoping to nurse the house back to health were confidence and bammy
51:38Based in far away Kent, the couple were taking their first steps into property development
51:43To run alongside their nursing careers
51:46The aim was to turn this into a long-term rental business
51:50With their budget of £35,000 to £40,000 and timescale of 2-3 months
51:55And they had a secret weapon
51:58Do you have like a manager, site manager?
52:01Yes
52:03What's his name?
52:05Handing their trust and budget to Ernest was a huge leap of faith
52:09How did it turn out?
52:11Seven months later, we're back to find out
52:15Well, I think it's clear that everyone could benefit from having an Ernest in their life
52:39This place has been completely transformed
52:41There's a smart new kitchen and the bathroom has been given a facelift
52:47The rotting flooring, joists and broken windows have been replaced
52:53And both reception rooms are now freshly decorated
52:57Upstairs, the damp issue has been rectified with repairs to the roof
53:03And with a bit of rejigging of internal walls, Ernest has managed to create a shower room
53:09All of which is a bit overwhelming for confidence and Bami
53:14This is the first time we are seeing this anyway
53:17We haven't made any contact since the last time we came viewing
53:21So this is the first time after the renovation
53:25Yes, the commute to and from Kent never became an issue
53:31Because they literally gave Ernest the keys and left him to it
53:34Yeah, so Ernest was the one who oversaw everything from the start
53:41You know, from the viewing to advising us to go for this house
53:47To getting the people that we do the work, getting the materials
53:51The only thing we did was to just get the money
53:54The house has been fully rewired and there's a new central heating system
54:02All part of Ernest's drive to improve the energy performance certificate rating
54:07So the house can be used as a rental property
54:10When the EPC, at the time we bought this property was E
54:15So good insulation was put in place by Ernest
54:20Which brought the EPC to see
54:22But it's the standard of finish that Confidence reckons will make this a good rental property
54:29We love good quality, good standard of everything
54:33And if I'm going into property business
54:37I want all my houses to be of the highest standard
54:41It's brilliant, it's fantastic, it gives us joy
54:45We are really happy, we want to remortgage the property
54:48To go into another one
54:51Another one
54:53And then rent this house
54:55We've got a couple of people who have come to view
54:59And they are interested in, you know, renting
55:02Confidence and Bami had given Ernest a budget of £35,000 to £40,000 for the renovation
55:08So what was the final figure?
55:11We ended up spending about £48,000
55:14And the reason for the overspending was because of the lake
55:18Because at the end of the day when the roof was about to be fixed
55:22We realised that there were a lot of extensive damage to the roof
55:25So we've been advised to, you know, do it properly to avoid future damages
55:34Confidence and Bami are obviously delighted with how everything has worked out
55:38But this project also has to deliver some equity
55:42In order for them to be able to remortgage and try another renovation
55:46A good time then to hear from a property expert from the auctioneers
55:49That handle the sale of the house
55:52What we have now is re-plastered walls
55:56Excellent flooring
55:58New kitchen, new bathroom
56:00New shower room up on the first floor with new carpets
56:03Really nice job
56:05Majority of people in this area do expect a ground floor bathroom
56:09So this one would be a nice surprise
56:11And in fact, actually, it has added value
56:14Both for rental and for sales
56:16And that brings us nicely to valuations
56:19Confidence and Bami have spent a total of £117,000 on this project
56:24So how much does he reckon the house could be worth on the local resale market?
56:29I would offer this property to the market, offers in excess of £100,000
56:34We think it's worth more than that
56:37Considering the amount of the purchase
56:40I mean the purchase price and the amount of spent renovating it
56:43Hmm, that valuation would leave the couple with a loss of £17,000
56:49Not good news if they're aiming to refinance
56:53But how much could they rent it for?
56:55If I was to offer this property on the rental market
56:58I would be looking at £700 to £725 per calendar month
57:03Okay, so yeah, I think we're getting more at the moment
57:09That would give confidence and Bami a reasonable rental return on investment of 7 to 7.5%
57:17But the expert has an alternative suggestion
57:19This property lends itself well to becoming shared accommodation
57:24Should the vendor do that, you're looking at over £2,500 per calendar month
57:30That is amazing
57:32I think that's even better
57:35We should think of that
57:36While they chew over that option
57:39They still have the final part of this project to complete
57:43Hopefully in the near future
57:46We are looking into converting that garage to a mini flat
57:52Don't go anywhere Ernest
57:54I think your services are needed once more
57:56Well that's it for today's programme
58:05But fret not, we'll be back with lots more stories from the auction rooms for you next time
58:11Here on Homes Under The Hammer
58:13Goodbye
58:26You
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