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00:01Hello and welcome to the show.
00:03Now, buying at auction can seem like a daunting prospect,
00:07but as we've seen countless times before,
00:09it can offer fantastic opportunity for first-time buyers
00:12or seasoned property developers alike.
00:15And you might just find that it's a great opportunity
00:18to buy your next home under the hammer.
00:30So, buying a property at auction can be such an adrenaline rush,
00:50but it's also very easy to get carried away and get auction fever.
00:55So, it's important to stick to your budget.
00:58Do today's buyers do that?
00:59Did they hold their nerve? Let's find out.
01:03Coming up, I'm in County Durham,
01:06where it's what's on the inside that counts.
01:08Oh, hello. Here's today's property.
01:11It's the boarded-up one.
01:13Then Martin finds a lot that looks great on paper in Dorset.
01:17OK. That's why it's £125,000.
01:21It's a bit of a mistake.
01:24And finally, Dion's in Merseyside,
01:27where the layout's lacking a little logic.
01:30There's a lot of space, but it needs to be used better.
01:34All these properties have been sold at auction,
01:37and we'll find out who bought them and what they paid for them
01:40when they went under the hammer.
01:42Hammer down.
01:43We're off to Easington in County Durham,
01:52a former mining village on the North Sea coast.
01:55Back in 1899, it drew thousands of miners from across the country to work here,
02:01until the pit eventually closed in 1993.
02:04With strong transport links to Sunderland and Durham,
02:08and a new affordable housing scheme on the horizon,
02:11I'm in the right place to check out an auction lot.
02:14I'm on a street that's fairly typical of this area,
02:18with a row of colliery houses.
02:21So originally, they would have been built for miners and their families.
02:25Oh, hello.
02:26Here's today's property.
02:27It's the boarded-up one.
02:29This is a two-bed mid-terrace,
02:32which came with a guide price of £29,000.
02:34Now, if you got it anywhere close to that guide price,
02:37it could be a good investment,
02:39because I happen to know the last property on the street
02:42sold for over £70,000 around nine months ago.
02:46But the auction catalogue does say it requires a refurbishment.
02:51What does that mean?
02:52Let's find out.
02:52Inside, straight into a reception room
02:59with the stairs leading up.
03:01The room's quite small, but quite nice proportions.
03:04You've got a few things in it.
03:07Often, and usually, you inherit whatever comes with an auction property.
03:12Then, I like these double doors.
03:14They're a bit dated themselves,
03:15but I like the feeling that you could close them,
03:18or you could walk into a bigger reception room.
03:22So, this is another living space.
03:25It's a really great size.
03:26The proportions are fantastic.
03:28And as I think that the auction catalogue said
03:31this requires some work,
03:32so far, I'm pleasantly surprised.
03:35It's not riddled with damp.
03:36There's not the smell of damp.
03:37I can't see it.
03:39There are no big cracks.
03:39It's not falling down.
03:41Obviously, there are some issues.
03:43Here's another missing window.
03:45But when you reinstate that window,
03:47you're going to have more lights coming into this middle room.
03:50Then, into a smaller room,
03:54which there's not much to tell you it has been a kitchen.
03:58There's a few pipes.
04:00It's quite small, but you could be clever with your space
04:03and get all your appliances in here.
04:06Then, you have a smaller room.
04:08I'd say this once housed the bathroom.
04:12I'd imagine the bathroom's upstairs, fingers crossed.
04:15You could think about taking this down
04:18and opening up your kitchen, making it bigger,
04:21or you could keep that as a handy utility room.
04:24But for me, the layout's quite free-flowing downstairs,
04:28and I'm pleasantly surprised
04:30that the place is in pretty good condition.
04:32Upstairs, straight ahead, into a bedroom,
04:44which is an L-shaped bedroom.
04:46It's quite an awkward size and shape
04:49because could you get a single bed in here?
04:52No, I don't think so.
04:53Could you get a double bed here?
04:55I don't think so.
04:55So you'd have to put a single bed here.
04:57So it's a bit awkward.
04:59It's a single bedroom.
04:59That said, I have seen smaller.
05:02This is a stud wall.
05:04I wonder what's on the other side.
05:07Across the hallway.
05:08Wow, that's great.
05:10That's a great size off-bedroom.
05:12There's nothing about that that's a compromise.
05:14You could get a huge bed in there.
05:15It could roll over and over and over
05:17till your heart's content.
05:19Then along the corridor, you come to a bathroom.
05:22So that's great news.
05:24You've got a bathroom upstairs with your bedrooms.
05:26But once upon a time, this would have been two great-sized bedrooms.
05:32Somebody's installed this.
05:33Dare I say it's quite a big bathroom.
05:34And it really has compromised the size of the bedroom on the other side.
05:38Reworking the layout here could achieve a more balanced first floor,
05:44especially with one out of the two bedrooms compromised in its current state.
05:49And it might just be the kind of change that adds real value.
05:53But before we get too carried away, let's look around the back.
05:57Outside, oh, it's full of debris and glass and everything's crunching.
06:05But that's okay because it could be really nice.
06:09Now, it looks at its worst just now.
06:12But think about it.
06:13If this was repainted, it's just all flaking away as it is.
06:16If you had windows reinstalled, if you got everything cleared out,
06:21you had a bit of decking or hanging baskets, table and chairs,
06:26it could be a lovely secluded area.
06:29You've got your nice brick wall.
06:30It could be a good feature.
06:33Picturing this two-bed terrace as a perfect home is one thing,
06:45but turning that vision into reality is quite another.
06:50Will a local estate agent have just the tonic to bring it back to life?
06:55We asked one along to share his thoughts on how to revive this auction lot,
07:00which went to market with a guide price of just £29,000.
07:04I think the property needs quite a bit of work, but there is potential there.
07:10So from that point of view, you'd need to go through,
07:13put new kitchens in, bathrooms, skim walls, electrics.
07:17Even down at the backyard needs clearing
07:19and the roof will need an inspection as well just to see what that's like.
07:25Once this place was updated throughout,
07:27what sort of returns could a buyer expect to see?
07:32Once this property is being fully renovated,
07:35I believe a rental value of around £500 per calendar month would be achieved.
07:41And from a sales perspective, once the property is up to standard,
07:45we would expect a value of between £55,000 and £60,000.
07:49This two-bed mid-terrace is far from perfect.
07:55The backyard needs to be cleared.
07:56You need some new windows, you need a new kitchen,
07:59you need a bit of a budget.
08:01But let's go back to that guide price of £29,000.
08:04It could be lovely, it's in a great area.
08:07Let's find out who fancied the chances when it went to auction.
08:10This property was sold prior to auction, after an offer was accepted.
08:18Yes, we are. That's yours.
08:21It was Bridget who paid £30,000 for the property.
08:25She's an assistant teacher and property developer,
08:28following in her parents' footsteps for the last seven years with a growing portfolio.
08:33She's travelled quite a way to get here,
08:35and I'm meeting up with her to find out why this place caught her eye.
08:39Bridget, very pleased to meet you.
08:41Pleased to meet you.
08:42Congratulations.
08:43I want to know all about this, what this is for.
08:46Is this for you? Is it to rent out?
08:48What's this property for, Bridget?
08:49It's for me to live in.
08:51For you to live in?
08:52Yeah.
08:52And where do you live just now?
08:54Yeah, Birmingham.
08:55Birmingham.
08:56So, four hours away, that's a bit of a change.
08:59Yeah, a bit of a change, yeah.
09:00Yeah, just a change of scene, or is it job?
09:03No, it's more quiet.
09:05You know, like they say, as you grow older,
09:07you like to be more calm.
09:11I love Birmingham, don't get me wrong.
09:13So, I just want a different place, just for a change, you know.
09:17I'm with you.
09:18Yeah.
09:18I write from London to fields.
09:20I know.
09:20I'm just surrounded by fields, and you do.
09:22That's me, yeah.
09:23You change what you want.
09:24Yeah, change is constant, though.
09:26I like to move and change sometimes.
09:29What was it about this property that you liked?
09:33You know, the access to transportation, the quietness, serene, yeah.
09:40Yeah, it is a good location, because Durham's maybe half an hour, if that, in the car.
09:47Yeah.
09:47And yet you feel a wee bit, again, you're in a quieter spot.
09:50Yeah.
09:51Now, had you been to see this property, had you viewed it before you bid for it at auction?
09:56Yeah, immediately I came in here.
09:58I love it.
09:59Yeah.
10:00Immediately.
10:00In terms of refurbishment, I knew what it was going to take me.
10:04I knew what I need to do.
10:06Well, it's funny you say that, because the auction catalogue says it requires renovation.
10:10And you go in thinking, what does that mean?
10:11What does that mean?
10:12Yeah.
10:12But it's better than you think it's going to be, isn't it?
10:14Yes, I've got experience of renovation before.
10:17When you get into property, you never know what you're going into.
10:21So with this, I think it's to be easier for me to manage.
10:26What are your plans here?
10:28Talk me through what your plans are.
10:30OK, my plans are the roofing is a bit poor.
10:35I would like to fix the roof, the wall, the flooring, new kitchen.
10:40Quite a lot of big jobs.
10:41You say the roof.
10:42Are you replacing the roof?
10:42Not all, not all, just a few leaking.
10:46There's any leaking spots.
10:47I need to check what's going on there.
10:49If there's anything to do, I would prefer to do it as soon as possible.
10:53You have a little bit of space at the back.
10:55It's really sort of cluttered just now.
10:57What are you going to do with the backyard?
10:59I'm going to clear the rubbish there and just refurbish it and make it more nice and more beautiful.
11:06Yeah.
11:06Yeah.
11:07A few hanging baskets.
11:08Hanging baskets.
11:08If it's all cleared, there will be a table and chairs.
11:13To watch it, to watch it, an umbrella for someone.
11:18Bridget's vision is coming together.
11:20New windows will finish off the exterior and inside.
11:24The upstairs layouts will be kept the same.
11:26The second L-shaped bedroom will stay as a single, although she is toying with the idea of adding an en-suite shower room using some of the existing cupboard space.
11:39Whatever she decides, a builder will do the work and, as she lives in Birmingham, she'll be relying on them to bring it all together.
11:46So, how long is this going to take, Bridget?
11:50Probably between two to four weeks.
11:53Weeks?
11:54Yeah.
11:54Two to four weeks?
11:55Yeah.
11:56Sometimes I hear four weeks.
11:58Two weeks?
11:59My goodness, do you mean that might not start tomorrow because you're still at the stage where you've got to get quotes and things?
12:04Yeah.
12:05So, hopefully it can start soon?
12:07Yeah, as soon as possible.
12:09I guess you'd like it to start tomorrow.
12:11More, yes, soon, I suppose.
12:13And how, what's your budget here, Bridget?
12:16Yeah, exactly.
12:16My own budget was between 10 to 15 grand.
12:19Yeah.
12:19I think you could make a huge difference for that.
12:22Yeah.
12:22Bridget, I can't wait to see the results.
12:24Two weeks would be quite something.
12:26Very best of luck.
12:30Bridget fell in love with this two-bed mid-terrace as soon as she saw it because she could see past all of the problems.
12:37Now, with a budget of 10 to 15,000 pounds, I think she could make a huge transformation here and just make it a lovely home.
12:47You can find out how she gets on later in the show.
12:56We're heading to Dorset and the quaint village of East Morden.
13:00There's a pub, a village hall and more country walks than you can shake a walking stick at.
13:09And if you fancy a paddle, then the coast is just a short drive away.
13:14It's familiar territory for Martin and he's glad to be back.
13:21I absolutely love this part of the world.
13:24In fact, I've been coming on camping holidays to Caravan Park just about three miles away from here for the last 15 years.
13:32So, to me, this is glorious, glorious Dorset.
13:35So, the idea of owning a property here, wow, fantastic.
13:40And what would you hope for?
13:42Well, actually, something like this.
13:46Two-bed bungalow.
13:48Needs a bit of work.
13:51But who cares? It's wonderful.
13:52So, the guide price was £125,000, which doesn't really buy you a lot round here.
14:03So, okay.
14:07That's why it's £125,000.
14:10It's a bit of a state.
14:11Yeah.
14:12You can see me now because there should be a wall between where you are and I am, but there isn't.
14:17This is a lounge.
14:23The floor here looks like it's all over the place.
14:26It's literally rising up.
14:28And if you just look down here, there's not even a damp roof course.
14:31So, this is definitely a strip it back to brick and start again.
14:36That said, it's got such lovely little features.
14:39And you can imagine this just remaining vaulted with these beams and everything like that.
14:46I love it.
14:47I mean, even in this state.
14:49I love it.
14:56It is rough around the edges, but the potential here has reeled Martin in.
15:03The entrance might have once housed a kitchen, but that's long gone.
15:07And so is the bathroom next door.
15:10But there's plenty of room to reimagine things your way.
15:14Well, down here, and you've got loads of space, that's for sure.
15:23There's one really nice size room.
15:25But here you also get an idea of the kind of work that's going to be involved in sorting this place out.
15:29For a start, the floor is going to be completely taken out.
15:32You're going to have to do it to building regulations.
15:34So, you're going to have to have all sorts of things screed down and aggregate with stones.
15:40And then the right kind of damp proof coursing and all sorts of stuff.
15:43And you're going to have to decide what kind of heating you're going to put in there.
15:45Maybe underfloor heating or whatever.
15:47Lots to think about.
15:48So, you know, a lot of effort involved is just in the floor.
15:51And then the roof.
15:52Well, you'd want to take all that off.
15:53You want to keep the tiles because they're beautiful.
15:56But rebuild it and clean off these amazing A-frames.
16:00Keep those and just, I guess, keep the essence of the building and this really nice vaulted space.
16:10But, you know, probably replace the windows.
16:12It's a big job.
16:13I mean, there's no doubt about it, but you would end up with something beautiful.
16:16And it's got the shell that you need to just create that wonderful, wonderful individual home.
16:29What was once two bedrooms looks to have been knocked through, creating this open space.
16:36The bungalow's footprint is pretty good as it stands.
16:40And outside, there is a large storage room, which could be incorporated to increase it further.
16:47That said, we are in a conservation area, so any external changes would take planning.
16:54That could be another thing for the growing to-do list, which might become even longer once we step outside.
17:00Well, we've established that inside, structurally, it's in a bit of a state.
17:07But, I mean, intrinsically, the building is sound and it's charming.
17:11I mean, I think it's made by the roof tiles and, well, obviously, the location.
17:16And actually, while we're here, just look at this.
17:19You're surrounded by open fields.
17:21What more could you possibly want?
17:24The building itself, I think, could lend itself to being extended.
17:28Certainly, if you were to go that way, make the most of the view that's on that side.
17:34You just have so much fun sorting this place out.
17:36Yes, if rebuilding an old bungalow from the ground up is your idea of fun, then this could be the place for you.
17:53But what will a local estate agent make of it?
17:56We invited one along to get their valuations and thoughts on this exciting lot, guided at £125,000.
18:07The property was built back in the 1920s and it's clearly been used as a residence and evidence of fireplaces and so forth.
18:15And now it just has the opportunity to make it your own.
18:19And it just has a charm.
18:21When you look at it, you know, it just has something about it.
18:24It's just about making the interior match the exterior.
18:28If a buyer was able to breathe new life into this old bungalow, what sort of returns could they expect to see?
18:36I think once this is all refurbished to a high standard, you'd be looking at somewhere in the region of £450,000 for the freehold, not less than that.
18:45And I guess if you were to rent it on an insured, short-hold tenancy basis, somewhere around £1,200 per calendar month would be about the mark.
18:54Well, there are some properties that you would just forgive absolutely anything.
19:01And for me, this is one of those.
19:03The location is amazing, the area I love.
19:07And the house itself is just absolutely charming.
19:10So, let's see who bought it when it went under the hammer.
19:13This lot was part of an auction with bids taking place in the room and online.
19:22Sold.
19:23For £208,000, the bungalow was bought by business partners Conrad, here on the right, and Dan.
19:34This marks their first project as a team and Dan's first ever renovation.
19:39Martin met the pair to learn what inspired them to take the plunge.
19:43Dan, Conrad, great to meet you both.
19:46And you.
19:47Congratulations.
19:48Thanks very much.
19:48Yeah, I mean, it don't need work, but I really like this place.
19:51Yeah, no, we like it ourselves.
19:53Tell me why you wanted to buy it.
19:54Well, we've been looking together for a property for a couple of months, wasn't it, really?
19:59And looking around this area, this was an affordable option.
20:04Great.
20:04And we decided to do it.
20:05So, explain the relationship between you two, Conrad.
20:08I'm the one who's going to do the work most of it.
20:11Okay.
20:11In and out.
20:12And Daniel.
20:14Is it a joint venture between the two?
20:15Yeah, a joint venture, yeah.
20:16And it's great.
20:17So, you're more of a builder, are you?
20:19Yeah, I've got our own building construction in London.
20:22Oh, great.
20:22So, at least it's going to come down here.
20:24And will you stay in the property, or will you find some digs nearby?
20:28I'll probably stay here in the meantime, and then, yeah, try to get this as soon as possible.
20:33Right, okay.
20:34Fantastic.
20:34And what do you do?
20:36Farmworker.
20:36Okay, great.
20:37Where, around here?
20:38Yeah, not too far away.
20:39Okay.
20:39About half an hour away.
20:41And are you going to be involved at all in the actual building?
20:44I'll help out when I can.
20:46Nothing too skilful, but, yeah, he'll boss me around and tell me what to do a bit.
20:50And what did you think about it when you first saw it?
20:52Daniel was a bit scared when he saw me, but I said to him, for me, I'll do this as a daily job, so nothing surprised me.
20:58Nothing at all?
20:59Yeah, okay.
20:59So, for me, it's basic things to do.
21:01We have to lift everything up and just loosely strip everything back to brick.
21:05Okay.
21:05So, tell me what the plan is, then.
21:07What are you going to do?
21:08How will it work?
21:08Yeah, so, basically, we're going to lift everything up.
21:11We're going to have new flooring.
21:12We're going to have new under-floor heating.
21:13We're going to have heat pump for the heating.
21:16Nice.
21:16We're going to have high ceilings.
21:18Yeah, we'll just strip everything up and try to the high end house after this.
21:23Nice.
21:24Nice.
21:25What about the layout?
21:26We have got some plans drawn up for a new layout.
21:29Okay.
21:30We've actually got an application for a side extension as well.
21:33Okay.
21:34At the moment.
21:35Two to three bedrooms with one en suite bedroom, a main bathroom and then open plan kitchen living
21:42area.
21:43And how will you create that extra bedroom?
21:45We're going to put our bedroom here.
21:47Okay.
21:47So, we're going to have bedroom here and then ensuite here and then we're going to have
21:51a corridor down there and then going into the kitchen and to the extension pod.
21:57Right.
21:58So, yeah, it's going to end up a long, thin building, basically, but with your corridor,
22:03three bedrooms in a row and then your living area up one end.
22:06So, what about the storeroom?
22:08Are you going to incorporate that into the rest of the building?
22:09Yeah, we'd like to incorporate that and that will give us an extra ten metres squared.
22:13Wow.
22:14And obviously the size of the property, every bit of space we can get will help add value,
22:20hopefully.
22:21What are you going to do with the outside?
22:22Yeah, we're looking to level it off slightly and have a patio area out the back.
22:30Right.
22:31We want to put some bifold doors in to give an open view out onto the fields behind.
22:36Okay.
22:37And yeah, just keep a good sized driveway like there is, as it is on the property.
22:42Obviously, we're in a conservation area here, how's that going to affect here?
22:46Yeah, so planning regulations are tight and we've tried to put all our plans in under permitted
22:52development and keep it as basic as possible and so we're not changing anything on the
22:59exterior of the building too much and just look to enhance the building rather than change
23:04too much.
23:05What's the end use of it then?
23:07We are thinking we'll most likely sell it on at the end of the renovation work.
23:12Okay.
23:13It could be family home, it could be second home, holiday home for someone.
23:17This area is open to a lot of different markets, basically.
23:21Let's talk about costs.
23:23What's the budget?
23:24We're thinking around £40,000 to £50,000 to do everything.
23:27£40,000 to £50,000?
23:28Yeah.
23:29Really?
23:30Yeah.
23:31You're good.
23:32Yeah.
23:33I've got good experience and we've got already most of the stuff that we needed so it's just,
23:38most of it is just bit of labour and then getting cardamom and just little stuff, you know.
23:43Have you had this done for £50,000?
23:44That would be amazing.
23:45I hope so.
23:46We do, yeah.
23:47We'll do our best every day.
23:48And what's the time scale?
23:49Yeah, so we're looking at sort of six to ten months, aren't we?
23:54Try and buy and sell within a year is our aim.
23:57Brilliant.
23:58Well, congratulations.
23:59Good luck with it and we look forward to seeing how you get on.
24:02Well, Dan and Conrad seem completely unfazed by the amount of work that's required to sort
24:11this place out, but can they really do it for £40,000 to £50,000?
24:18You can find out later in the show.
24:21Still to come, Dion remains upbeat in Merseyside.
24:24A bit of mess at the front needs to be sorted, a bit of mess down the side that needs to be
24:29good, but we have got off-street parking.
24:32And we return to Dorset to see how the guys got on converting their bungalow.
24:37First project together in all, we were a bit ambitious with a budget perhaps.
24:44For now, it's time to head back to Easington in County Durham, where I saw this two-bed
24:50terrace guided at only £29,000.
24:53It didn't have much curb appeal, but it did have space.
24:57Aside from an awkward second bedroom, the rest of this property felt surprisingly generous.
25:03You could get a huge bed in there.
25:05It could roll over and over and over till your heart's content.
25:12It was snapped up pre-auction for £30,000.
25:15The buyer was Bridget, an assistant teacher and property developer who planned to leave Birmingham
25:21and make this her new home.
25:24What was it about this property that you liked?
25:27You know, the access to transportation, the quietness, serene.
25:34She had an ambitious timescale of two to four weeks and a budget of £10,000 to £15,000.
25:41Did it all work out for Bridget?
25:43We're back six months later to find out.
25:49The old windows have been replaced.
25:51There's a brand new roof and new guttering, a solid start to this revamp.
25:57But the exterior paintwork is on hold while Bridget waits for a stretch of better weather to get it done.
26:07Inside, the house has been redecorated with new flooring, updated electrics and a brand new central heating system.
26:14I decided to go for normal and natural colour.
26:19I go for off-white paint for the wall.
26:24The carpet, I go for grey.
26:27And it comes out so good.
26:30The kitchen makes Smart's use of a small space.
26:33The small utility room is now plumbed and ready for a washing machine.
26:49Upstairs has had the same treatment, so the house has been modernised from top to toe.
26:55And as for that second L-shaped bedroom, there is no en-suite shower room, but it is looking a little bigger.
27:03So I decided to shift the wall and make the bath a little bit smaller,
27:08so that the room can have a bit of space to make it fully two-bedroom.
27:12So the room looks bigger and the bathroom is still very at the right size.
27:16Everything looks good now.
27:18Great minds think alike, Bridget.
27:20And although there is only one family bathroom in this two-bed terrace,
27:24everything now feels well-proportioned.
27:27And outside has had a tidy-up too.
27:29We clear the rubbish outside, clean it, and we do the gutter.
27:35It's quite fine and neat at the moment.
27:38So when the weather is a bit better and greater, we're going to do the painting.
27:44A fresh coat of exterior paint will really lift the look off the place
27:49and make it more attractive to potential tenants.
27:54Bridget originally planned to move in herself,
27:56but she's since had a change of heart about relocating up north.
28:00Instead, the property will join her growing rental portfolio.
28:05Although she lives over 190 miles away in Birmingham,
28:08with a strong team behind her, she's been able to take a hands-off approach with this renovation.
28:14I find a local builder who did the work.
28:18He's a great guy.
28:19He will work hand-to-hand to make sure everything goes well and great and perfect.
28:26And he's into details, so everything is complete and we're working hand-to-hand.
28:31Everything goes well and great.
28:32Despite a good working relationship with the local builders,
28:37there have been a few unexpected challenges,
28:40which means the work has taken five months longer than planned.
28:45Some damp issues were found to be lurking behind the walls,
28:48but that wasn't all.
28:49Some bad weather played its part too.
28:53There was a storm and all the roof went off,
28:56so we had to put a new roof and repair the roof.
28:59Finding the right people and fixing the issues took time,
29:05but Bridget saw it as an investment for the future.
29:08The question is, though, with a modest budget of £10,000 to £15,000,
29:12did the finances stay on track?
29:15We ended up spending also about £22,000.
29:18It might be £7,000 over budget, but with the renovation almost complete,
29:26how does Bridget reflect on this transformation?
29:30Overall, I'm happy.
29:32Whatever I've done here so far, everything is completed and good, great.
29:35So the painting is what is left to do soon when the weather is good.
29:39With a total spend of £52,000, including the original purchase price,
29:46and a new plan to keep the property as a long-term investment,
29:50what returns can Bridget expect when it hits the market?
29:54We've asked along a local estate agent for his thoughts and valuations
29:58on this much-improved two-bed terrace.
30:01You come in and it's all nice and well-lit.
30:04You can see that they've remodelled the kitchen,
30:06you've got a lovely utility room,
30:08they've painted throughout, fantastic flooring.
30:11When you go upstairs, you can see that they've moved a wall in the bedroom,
30:14which has completely opened it up,
30:16and they've done a nice modern bathroom too.
30:20Although Bridget plans to rent, with the work pretty much complete,
30:24how much could it be worth in terms of sales?
30:28On the open market, this property can achieve
30:30somewhere between £55,000 to £60,000.
30:35So there could potentially be a small pre-tax profit
30:38of around £8,000 for Bridget if she decided to sell.
30:42But for now, rental is the plan.
30:45On the rental market, this property can achieve
30:47£500 to £550 per calendar month.
30:51I think that's great. That's fine.
30:55That would give Bridget a healthy yield of over 12%.
30:58So despite going over budget, running past her timescale,
31:02and contending with storm damage,
31:04this challenging project looks set to pay off in the long run.
31:09But what has she taken away from the whole experience?
31:12The biggest thing I've learned in this project is to just keep moving.
31:18Trust your dream and keep moving.
31:21I return now to the seaside town of Southport in Merseyside.
31:30It was here in August 2023 that Dion looked at a property
31:35that sounded rather exotic.
31:37The lot I'm here to see is described in the auction catalogue
31:42as a Victorian villa.
31:45From what I can see, it doesn't look very Spanish to me.
31:50It looks like a semi-detached house, which is what it is to me.
31:55Three beds went to auction with a guide price of £125,000.
32:00Bit of mess at the front needs to be sorted,
32:03bit of mess down the side that needs to be sorted,
32:06but we have got off-street parking.
32:08That's a good start.
32:11We like a good start, but when Dion stepped inside,
32:14would it continue?
32:16Oh, nice.
32:22It is kind of dark when you come in,
32:24but that ceiling height is absolutely fantastic.
32:28And as you come into here as well, it's the same.
32:31Really tall.
32:32Big bay window, loads of light coming in.
32:35Lovely, lovely coving as well.
32:37Some nice period features that you'd look to try and keep.
32:40Good solid floor.
32:41Lots of... I'm getting excited.
32:43Nice high ceilings.
32:44What else can I find?
32:45The high ceilings continue into the second reception room.
32:51It's a nice, spacious room.
32:53You've got some built-in cupboards
32:55that have been there a long time,
32:57either side of the fireplace.
32:59It's a gas fire for me.
33:00That needs to come out.
33:01And then you've got, like, a sort of room
33:04that would have been put on a later date,
33:06an extended room there.
33:07I'm not sure that works at all,
33:08because the kitchen is here.
33:10If you follow me into the kitchen,
33:12it feels kind of dark in here as well.
33:14Again, the ceiling height's good, but it does feel kind of dark.
33:17And then you've got that room there off the kitchen.
33:20It doesn't kind of work for me.
33:22It seems like it's a waste of space, and it could be bigger.
33:26You've got more down here.
33:28And I'm taking a guess that this was the end of the property down here.
33:33You've got an outside sink.
33:35You've got outside steps and floor in here as well.
33:38This would have been your back door to the back garden.
33:42And this would have been the end of the house.
33:45An extension has been built.
33:47You've got a downstairs toilet, which is always a bonus for me.
33:51But the whole of this area, there's a lot of space,
33:54but it needs to be used better.
33:57Could you extend?
33:58I don't know, but it's something that I would look into.
34:01Listen, there's a lot of space on this ground floor,
34:04and a lot of ways to use it.
34:07This isn't the way.
34:09The hodgepodge of extensions really wasn't working,
34:26and it seemed like the best option was to tear the old one down
34:30and start again from scratch.
34:33The downstairs bathroom rang alarm bells too.
34:36Was that really the only one in the house?
34:39Dion needed to investigate further.
34:47OK, so we have got a toilet on the landing here.
34:51I think that's quite a good place to have a toilet, to be honest with you.
34:54Out of the way and quite private.
34:57This is quite dark, this area here.
35:00When you get here, the doors are open, you get a bit of light,
35:03but it's quite dark just there.
35:05Right, we have got bathroom, master bedroom, middle bedroom,
35:10and down the hallway you've got the smaller of the three bedrooms.
35:13You still get a double bed in there,
35:15so that's a good size with double-glazed windows.
35:18Middle bedroom is double bedroom, and the master's huge.
35:22But the bathroom isn't huge.
35:25All we've got in there at the moment is a bath and a sink,
35:28and it's not working.
35:29Very slim and slender, needs a bit more space to work.
35:33It's magic, I think.
35:34Do you create an ensuite for the master
35:37and try and pinch a bit of this bedroom
35:40to create a bathroom for these two?
35:43I'd look into it, because I think it needs a bit more space up here.
35:47So there was a bathroom and toilet on all floors.
36:00It was just the configuration and dimensions that weren't working
36:03in this three bed house.
36:05But with some rejigging and space at the back and side
36:09of the house for extending,
36:11this seemed like a property with loads of possibilities.
36:14And when it was sold at an online auction,
36:17this Victorian property guided at £125,000
36:21attracted a lot of interest.
36:23Sold, congratulations.
36:26It was sold for £200,000 to Charlotte.
36:30She works in sales, but at just 22,
36:33already had a string of properties under her belt.
36:39Dion was keen to find out what she had planned for this one.
36:44Charlotte, nice to meet you.
36:45Oh, really nice to meet you too, Dion.
36:47Right, you've got a monster here.
36:49Yeah.
36:50It's huge, isn't it?
36:51It is.
36:52What were you attracted to when you first seen it then?
36:54I just thought the area, it was on for a good price.
36:58And it's also got that bit of extra space
37:00like some of the other houses on this street don't have.
37:03It's got that little bit extra.
37:05I'm actually planning on doing an extension over there
37:07and like a built-in garage
37:09and then an extension over the top as well.
37:12Wow.
37:13And then have like a Jack and Jill bathroom
37:15and two bedrooms outside.
37:17Nice.
37:18Yeah.
37:19OK, so anything on the back of the garage?
37:21Yeah.
37:22Yeah, so there'll be like...
37:24This will all be knocked into one
37:27and then bifolds at the back
37:29and yeah, this will all...
37:31and then extended right to the back
37:33so it's all the same kind of level at the back.
37:35Wow. So that'll be huge.
37:36Lots of work to do, yeah.
37:37Yeah, it'll be massive.
37:38So all this is going, all that is just...
37:41Yeah. Yeah, there'll be like a step down all on one,
37:43all the way across.
37:44Yeah.
37:45Just kind of separate like kitchen and living area.
37:48Yeah.
37:49So the front room stays as is?
37:50Staying the same, yeah.
37:51OK.
37:52We might do a little bathroom here.
37:53I'm glad you're doing that because the bathroom upstairs
37:55is a little bit slender and a little bit tight for three beds.
37:59Yeah.
38:00What's happening with the existing three bedrooms
38:02and that bathroom then?
38:03So there's a corridor, kind of a pointless corridor at the back,
38:07that's being knocked down.
38:08So then it's going to be two bedrooms with en suites
38:11and then the two new bedrooms with the Jack and Jill bathroom
38:14on the half landing.
38:15Yes.
38:16What's your budget for the work?
38:17About 150,000.
38:19Erm, time scale, how long?
38:2112 months.
38:22I mean, obviously we'd like to get it done as soon as possible.
38:25I've got a great team of builders and they're really fast
38:27but 12 months is realistic.
38:29And you're going to just leave them to crack on.
38:31Will you just project manage?
38:32Project manage, yeah.
38:33I've done projects with them before,
38:34so I know they know what they're doing.
38:36It's amazing I'm talking to somebody so young
38:39that's talking in such an experienced way
38:42and you've done things like this before.
38:44Yeah, I started when I was 20, had some savings
38:47and yeah, that started me off.
38:49What was or who was the turning point?
38:52Who sort of...?
38:53My dad.
38:54Was he your dad?
38:55He taught me everything.
38:56He did property development himself,
38:57so he taught me everything,
38:59put me in touch with like the right people
39:01and gave me really good advice.
39:03This isn't your first, is it?
39:05No, probably about number eight.
39:07Is he only?
39:08Yeah, yeah.
39:09Like I said, I've had really good support,
39:11good advice.
39:12I've luckily not really probably made the mistakes
39:15most people would usually so young
39:17because I've had that advice and support system.
39:19From your dad?
39:20From my dad.
39:21So he's been the one that sort of guided you?
39:22Yeah, definitely.
39:23And like told me like what projects are good
39:25and like just give me some advice and things, so yeah.
39:28Yeah.
39:29I'll tip my hat to you, that's amazing.
39:30At 22, to have the confidence to do what you're doing
39:33is unheard of.
39:34Yeah.
39:35So well done to you.
39:36Congratulations.
39:37And I hope you keep smashing it out of the park.
39:39Charlotte was waiting until the work was complete
39:42to decide whether to rent or sell the property
39:45and when we first went back eight months later,
39:49work was well underway on this mammoth renovation
39:53with a side extension added,
39:55which would house a new garage below.
40:00And above this would be two new bedrooms
40:03and a Jack and Jill bathroom.
40:08At the back, the old additions had all gone
40:11to make way for a single storey extension,
40:14which would be the hub of the new home.
40:19So the back of the house, it will be all open plan
40:22with the kitchen, dining room, living area, space,
40:26and it'll just all be open plan.
40:32There was also going to be a downstairs toilet
40:34and large bi-fold doors that would lead on to the garden.
40:38But the actual house itself was still in the early stages
40:42of its renovation journey.
40:45We stripped that back to brick.
40:47Not too many structural changes yet.
40:49A couple of walls we've taken down upstairs,
40:51but really we're going to be doing that
40:53in the next couple of weeks.
40:56The layout was changing to make it a four bed house
40:58with two of the bedrooms being made en suite
41:01and the other two in the new side extension
41:03sharing the Jack and Jill bathroom.
41:05There was a fair amount to go,
41:08but Charlotte was still confident
41:09that the project could be completed
41:11close to her one-year time scale,
41:13though she was less sure if it could be done
41:15for her original budget.
41:17So far, I've spent about £50,000,
41:19but obviously there's a long way to go.
41:21I think probably need about £100,000 to £150,000 more
41:26spent on it, so slightly over budget.
41:28With the total spend heading towards £400,000,
41:30including the original purchase,
41:32were things heading in the right direction?
41:34What did a local estate agent think?
41:36So the developer's currently about halfway through the development.
41:38A lot of the structural changes have been made to the property,
41:40adding the physical base for extensions.
41:42It looks like they're trying to get four to five bedrooms
41:44out of the property from a three-bedroom,
41:45and I think that if they continue with the way they're going
41:46and get a high-quality finish,
41:47this will then eventually become a very nice family home
41:48with plenty of living space,
41:49a large garden to the back still,
41:50but also a lot of living space downstairs
41:51and plenty of bedrooms.
41:52The agent believed that once complete,
41:53it could see a rental of around £2,000 per calendar month,
41:56but how is it looking in terms of the resale volume?
41:58We'd be expecting a valuation of over £400,000
42:00and offers being in excess of that.
42:02Depending upon the finish,
42:03this would go a lot higher than the rest of the day.
42:05It's a very nice family home,
42:06but it's a very nice family home.
42:07It's a very nice family home.
42:08It's a very nice family home.
42:09It's a very nice family home,
42:10with plenty of living space,
42:11a large garden to the back still,
42:12but also a lot of living space downstairs
42:14and plenty of bedrooms.
42:15The agent believed that once complete,
42:17it could see a rental of around £2,000 per calendar month.
42:19But how is it looking in terms of the resale volume?
42:21It could go a lot higher too.
42:23Yeah, that's obviously under what I was hoping for,
42:26but I can appreciate it's not a completed state at the moment.
42:31With Charlotte aiming for a top-end finish,
42:34she felt she would exceed that valuation
42:36and turn a profit.
42:38And with eight property projects previously completed,
42:4122-year-old Charlotte was still upbeat
42:44about her biggest project to date.
42:48It's been more of a challenge for sure.
42:50I've obviously had to part with more money to fund it,
42:54but it's exciting and it'll take me to the next level.
42:58And you can find out what level she gets this house to
43:01later on in the show.
43:07Back now to the village of East Morden in Dorset,
43:10where this tired two-bed bungalow guided at £125,000
43:15had Martin totally smitten.
43:18I love it.
43:19I mean, even in this state, I love it.
43:22It was going to be a big job, but builder Conrad and property
43:35newcomer Dan were ready to dream big.
43:39Joining forces for their first project,
43:41they paid £208,000 for the place and plan to strip it right back,
43:47rebuild and extend to add a third bedroom.
43:51What's the budget?
43:52We're thinking around £40,000 to £50,000.
43:54Really?
43:55You're good.
43:56I agree, yeah.
43:58I've got a lot.
43:59I've got a good experience.
44:00They thought the work would take six to ten months.
44:05Now, nine months on, we're back.
44:20What was once a tired bungalow is now a stylish,
44:23much larger, modern home.
44:26The garden has been landscaped and a new entrance at the side
44:29leads into a light-filled kitchen, dining and living space,
44:33complete with vaulted ceilings and beautifully restored beams.
44:40The extra space came from combining the old outdoor store
44:43with the brand-new extension.
44:48Compared to last time, it would be big changes,
44:50completely stripped out the existing building
44:54and remodelled and refurbished the entire thing.
44:59By removing the old bathroom, Dan and Conrad have carved out
45:03a welcoming hallway.
45:07What was once the living room is now a cosy bedroom
45:10with an en suite, cleverly created by using the space
45:13from the old kitchen entrance.
45:16They've even squeezed in a luxurious main bathroom next door.
45:20At the far end, the once open space has been divided into two bedrooms,
45:29each with more exposed beams, which Martin will love,
45:32oak doors and traditional-style triple-glazed windows.
45:38The old rear door has been bricked up to make room for built-in storage.
45:42And with smart finishing touches throughout, the whole place now feels polished and ready for the sales market.
45:52It's always a compromise between how you want to finish it
45:55and being realistic with a budget and a time scale,
45:58because there's a million things you could do to a place like this,
46:01but you've got to draw a line somewhere.
46:03So, yeah, overall pretty happy.
46:08The bungalow had to have a new concrete floor throughout,
46:11but this gave the pair the opportunity to install underfloor heating,
46:15powered by a new air source heat pump, giving the home some green credentials.
46:20But this first project wasn't without its surprises.
46:25An early structural report flagged some issues with the old building that needed addressing.
46:32There was one side of the building falling,
46:35but probably it was quite straightforward,
46:36just adding a few still beams to it just to support it and things like this
46:41was quite easy to do, you know.
46:44The other hurdle to overcome was planning,
46:46as the bungalow sits in a conservation area.
46:50Although the size of the extension would usually fall under permitted development,
46:55they had to get approval from the planners.
46:58It threw up a few issues in terms of what materials we could use
47:02and what we could do externally to the property
47:05as everything's got to be in keeping with the surroundings in the village.
47:09Probably the most difficult thing was finding roof tiles to match the existing,
47:13but otherwise not too bad.
47:16It's all new territory for Dan, but Conrad knows the ropes.
47:21The London-based builder moved down to East Morden,
47:24over three hours away from his home,
47:26to live in a caravan while carrying out the work.
47:31I was the main guy doing most of the things here,
47:34but I had teamwork coming down from London,
47:36so a big thank you to all the teamwork.
47:38And we had Daniel helping us as well in the meantime,
47:41so we had a good teamwork, you know.
47:43The hard work has paid off.
47:45And with the project finishing on time, the big question is,
47:49did they manage to stick to their £40,000 to £50,000 budget
47:53Martin was so sceptical about?
47:55Yeah, we've blown that and probably up around £80,000.
48:02It has been a struggle at times, but, yeah, first project together and all,
48:07we were a bit ambitious with a budget perhaps, but we know for next time.
48:10It may be a £30,000 overspend, but the pair have delivered an impressive transformation with a high-end finish.
48:21They still plan to sell, so we've brought back the agent who saw it last time
48:26to find out what she thinks of Conrad and Dan's first renovation.
48:31I actually can't believe I'm in the same property.
48:35The change is nothing short of dramatic. It's amazing.
48:39I think what I really love about it is when you walk in, you still get that sense of history
48:44and having the beams, it still evokes, you know, it's charming, it's cosy.
48:49So I think it'll appeal to so many people because of that.
48:51It's top marks from the agent who thinks the bungalow could now fetch around £1,250 per calendar month,
49:02which is a yield of about 5%.
49:05But sales has always been the plan, so after spending a grand total of £288,000,
49:11how much could it now be worth?
49:14I think this property could sell for approximately £450,000,
49:18taking into account, it's a bit more of a buyer-sensitive market
49:22and also comparable properties in the area, but I think that would be a sensible level for them.
49:27Probably around what we expect and what we'd hoped for.
49:33So, yeah, there would be some profit left in it for us at that, which is great,
49:38and, yeah, I hope we can get somewhere near that.
49:42So despite going £30,000 over budget,
49:44they are still on track for a healthy pre-tax profit of £162,000,
49:51a strong result for a first-time partnership.
49:54So, as the dust settles, have they enjoyed working together?
49:58And what's been the highlight?
50:01Well, I think the most rewarding part is going to be when we sell it.
50:04Hopefully make some money, but, yeah, I mean, for me it's been a big learning curve.
50:10And good to see, like, the work that Comrade does and learn a bit as we go along,
50:16enjoy the practical side of it, and, yeah, it's been good fun.
50:23Time to head back to the seaside town of Southport in Merseyside,
50:28where Dion saw what was described as a three-bed villa.
50:31It doesn't look very Spanish to me. It looks like a semi-detached house.
50:38OK, so it wasn't a holiday villa, but this old Victorian property had bags of charm
50:44and a guide price of £125,000.
50:47I'm getting excited. Nice high ceilings. What else can I find?
50:50The downside, though, it was a bit of a hodgepodge of old extensions,
50:56but the villa still had potential and the hammer fell for £200,000,
51:01with a bid that was made by 22-year-old Charlotte,
51:05who had learned about the property world from her dad.
51:07This isn't your first, is it? No. No. Probably about number eight.
51:13Is it only? Yes. I've had a really good support system and...
51:16From your dad? Definitely.
51:17And, like, told me, like, what projects are good
51:20and, like, just giving me some advice and things, so, yeah.
51:23Charlotte had big plans for a rear and side extension
51:27that would create a four-bed home with a modern open plan layout downstairs.
51:32Her budget was £150,000,
51:34and she had a timescale of a year.
51:38And when we first went back eight months into the build,
51:42it was starting to take shape, but it was far from finished.
51:46We've been a bit more patient this time
51:49and now, 18 months since our first visit, we're back.
51:52It looks good so far. So, give us an update, Charlotte.
52:05We knocked completely through all of the downstairs.
52:09Then we've extended out to the back, where you see the bi-folds now.
52:24The big rear extension and knocking through
52:28has created a fabulous open plan kitchen, diner and living space.
52:32And also, what I've got on the side, the garage and upstairs,
52:49downstairs, Jack and Jill extension.
52:50The side extension on the ground floor has allowed space for a garage, utility room and downstairs loo.
53:01This floor is finished off with a separate front reception room.
53:08And upstairs.
53:09Well, there are four bedrooms, two of which are en suite.
53:22While the other two are in the back meeting,
53:26we're at the Brett's house,
53:28you can see what it is thatulate's making,
53:30on the back and the window.
53:32But even if it's just a little bit more,
53:34here on the back,
53:37it is that it needs to be wasted with the mess.
53:40And here we have the beginning here.
53:43The other two are in the back of the building,
53:45as we use the mill to get a little bit & error.
53:47It can be right now that we're at the back of the building.
53:49And this is just the end of the building.
53:51To our own suite.
53:52the new side extension and they share a Jack and Jill shower room and as you can
53:57see Charlotte's already got a tenant in
54:03externally it's been completely flattened and sort of landscaped got the borders
54:11with the trees and the lights and then the driveway is block paving and we've
54:19got like Indian brick on the front on the side as well
54:27Wow this house is something special but getting it to this impressive point can't have been easy
54:34compared to everything I've done before it's a much much much bigger scale I've only really done
54:41small flips on flats and stuff so it's obviously been incredibly more costly and it's taken a lot
54:48longer so it's taken a lot longer for me to sort of reap any benefits and get sort of the
54:52cost back in again so that's definitely been the main challenge the other challenge for Charlotte
54:59is that she has a full-time sales job in Manchester so juggling such a large property renovation
55:05alongside this hasn't been easy but being the daughter of a property developer has meant she
55:11was always going to be involved with properties at some point in her life plus on this project she
55:22had plenty of help I've had various builders and also people I've known and for many years and my
55:31family's known have helped out my role has sort of just been project managing just making sure and
55:38everything sort of kept to an okay time scale obviously budgeting with costs and things of
55:45supplies and appliances and things like that but just sort of mainly project managing
55:51despite everyone's input Charlotte's time scale has slipped from a year to 18 months and that was
56:00partly due to changing builders during the renovation and deciding to go for a higher spec so how did this
56:07affect her original budget of 150,000 pounds yeah we have gone over budget it's probably cost about
56:18300,000 in total and obviously bought it for 200,000 so total of 500,000 Charlotte has a cool half a
56:27million riding on this now four bed semi so money well spent what does the agent who saw it last time
56:3510 months ago think of the finished product this is my second time being a property and last time it
56:41was a building site we knew that they were gonna put a lot of work into it and they clearly have
56:45with finished being immaculate throughout the change that made the property really good they've gone
56:51through a very modern design but also keeping it quite neutral so that way whoever comes in here can
56:55still put their own personal touches and make it their home Charlotte has already rented the house out but
57:01even so would she see a return on her half a million pound investment if she did put it on the resale market
57:08for resale I think the property would be around about 550,000 pounds with the potential to go up to around
57:14about 600,000 pounds for the right buyer so if she chose to sell it at a later date there could be as much as
57:21100,000 pounds pre-tax profits in this for Charlotte but for now rental is the name of the game for
57:29rental income of a property I'd expect the rental income around about 3,000 pounds per calendar month
57:33I've now got a tenant in it paying 3,500 per calendar month the house is already generating an 8%
57:41yield so the numbers are pretty positive but how does Charlotte reflect on her biggest property project to date
57:49but it's definitely been the most rewarding I'm so happy with the finished product and it yeah it makes
57:57me proud that's another trio of property transformations all wrapped up and we hope
58:06you've enjoyed watching the tales unfold as much as we have you can join us for far more to right here
58:13next time on homes under the hammer bye-bye
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