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00:00Hello, hello and welcome to the show.
00:02Now, if you're thinking of buying your first home, a renovation project or development property, auction could be the place
00:09to buy.
00:09You can find some real gems there.
00:11And today, we'll follow three buyers who bought their homes under the hammer.
00:43Now, you wouldn't buy a lovely new suit or a stunning pair of shoes without trying them on for size
00:48first.
00:48And you shouldn't do that with a property either.
00:51It's important to view before you bid.
00:53Let's hope today's buyers did just that.
00:55Here's what they went for.
00:58In London, I see a big project, but it does come at a cost.
01:02Whoever's going to buy this place will have to have deep pockets.
01:09Whereas Jackie has a big problem with her Norfolk house.
01:13What is that?
01:15Blocking my view.
01:18And in Cheshire, Dion sees a house with a big list of jobs.
01:22There's so much to do before you can do what you want to do with this property.
01:28All of these properties have been sold at auction.
01:31And we'll find out who bought them and what they paid for them when they went under the hammer.
01:37Sold.
01:41It's a soggy start for me in Shepherds Bush.
01:45Down with the rain cloud, down with the thunder, we're coming over, we're coming under.
01:53We are right in the heart of bustling West London.
01:56Shepherds Bush Market tube station is just there.
01:59You can see we're on a really busy road.
02:01And the property we're here to see is gargantuan.
02:04So we have two commercial units.
02:06We have a shop and a restaurant in this building.
02:09Above that, we have, not one, not two, keep going, 11 residential units.
02:16This is a massive building.
02:18Guide price of £2.4 million.
02:21Sounds like a lot.
02:23What do you get for that money?
02:24Let's have a look.
02:28The shop and restaurant are tenanted and already providing an income.
02:33But you do need to comply with all of the rates and responsibilities in the current lease they agreed with
02:39the previous owner until it's up.
02:42So that's below sorted, but what about above?
02:45OK, so now we're starting to see a bit more of the geography of what's going on here as far
02:50as the residential aspect of this is concerned.
02:54You can see lots of windows here behind me.
02:56We have a mix of flats, bedsits.
02:59Most of these are tenanted now.
03:01Actually, we can only have access to one of them, which is a flat, and it's through here.
03:06So I think we should go and have a nose.
03:09The self-contained flat we can look in is just off to the right of the entrance.
03:17We step into a, well, it could be whatever you want.
03:21At the moment, it's set up as a sort of lounge type thing.
03:24But it's a decent-sized room, and it's just all very plain at the moment.
03:28We move through to this space, which is a kitchen.
03:32I'm seeing electric heaters in there, and we have an electric hob here, so there's no gas in this property.
03:38And therefore, I imagine, in the rest of the upstairs of the building, perhaps, probably is downstairs in the restaurant.
03:45And then through there, there's a small toilet.
03:47You think, what could you do with this space?
03:50Well, there are many more units like this one within this property, and they all differ in size and shape.
03:56But you could keep it the way it is.
03:58It's a one-bed flat, although that bedroom is a very strange shape.
04:03So I think whoever's going to buy this place will have to have some pretty creative ideas on what they
04:10want to do with it,
04:11and potentially deep pockets as well.
04:15And with a guide price of £2.4 million, those pockets might already have to be emptied
04:20before you can even look at the work needed here.
04:23You know I want to, but I'm in too deep
04:27Well, that bedroom's certainly not deep.
04:30So listen, listen to me
04:34I can feel your eyes close to me
04:39Not only is it relatively small, its condition isn't great, and it looks a little tired, to say the least.
04:47And that's just this flat.
04:49We can't see the condition of the other ten residential units.
04:53But if this communal area is anything to go by, I'm guessing they could all do with a bit of
05:00sprucing up.
05:03The big question is, what would you do with the residential side of this building?
05:09You know, we have lots of flats here, different configurations.
05:12Do you just keep it the way it is, and then let them out?
05:15Or do you reconfigure the place somehow?
05:18Now, what I'm not quite sure about is whether this would be classed as a HMO or not.
05:23A house in multiple occupancy.
05:25If that's the case, you'd have to apply for planning from the local council.
05:29Downstairs, we have a restaurant and a shop.
05:31Hey, they're sorted, they're let out.
05:33The decisions are to be made up here, with the residential spaces.
05:37Without being able to explore it all at the moment, most of this giant property really is.
05:52Yep, it's one of those, I'm afraid, but we've asked along a local estate agent for his advice
05:57on what to do with the residential side of this large, mixed-use building
06:02that went to auction with a guide price of £2.4 million.
06:08Being in this area, with the demand that you will have from Imperial University and the local students,
06:13I think I would keep it as one-bedroom and studio apartments.
06:17So, the building itself definitely needs modernisation.
06:21I'd definitely bring it up to the fire regulations.
06:24I can see the windows, there's a bit of damp around that would need to be looked into,
06:28and as well as gas safety, if applicable, into some of the units I've seen.
06:33And being a local agent, what does he know about the two commercial units downstairs?
06:40Both of the premises have been there for a long time,
06:43so they are a good company to have down there in terms of a tenant.
06:47Both combined units downstairs are renting for around £80,000 per year,
06:53which in today's market is about the right money.
06:56Oh, that's good news, but the bad news is that without seeing all of the rooms on offer,
07:02the agent can't give an accurate total sales figure for the property once renovated,
07:07which is fair enough.
07:09But in reality, this whole unit is likely to attract long-term investors.
07:14So, what rental figures could the mix of eight bedsits and three self-contained flats bring in?
07:20The bedsits would rent for anything between £1,000 to £1,100 per calendar month.
07:27The studio apartment should achieve anything from £1,450 per calendar month.
07:34You know, there are so many positives about this place.
07:36It's in a fabulous location.
07:39You have those two commercial units downstairs.
07:41You have a plethora of residential units upstairs.
07:45But whether you want to keep this the way it is or reconfigure it somehow,
07:50this place needs quite a bit of work, I think.
07:53We'll find out who went for it when it went under the hammer.
07:59This lot was part of a remote auction, with bids taking place online.
08:03We're done.
08:05Sold.
08:07This giant collection of properties was bought for £2.745 million by Malik,
08:15an estate agent and property developer.
08:18Sadly, he couldn't make it along today,
08:20but he did send his business partner and friend of many years, James.
08:25James works for Malik's company, helping him source and manage properties.
08:31And I was keen to know what they had planned here.
08:36James, so nice to see you.
08:38Likewise, likewise. Thank you for having me.
08:40Well, I mean, this place, it's just huge, isn't it?
08:42It is.
08:43Are you planning a complete overhaul of the place?
08:46What we're going to do is do a refurb to the residential units.
08:50The commercials, we can't really do much.
08:52We'll leave that as is, because they're on a long lease.
08:53But with the flats as they come, they're a bit tired,
08:57so we're looking to give them a bit of a facelift,
09:00minor renovations here and there.
09:01And then internal communal areas, any work that needs doing to those bits?
09:04Yes, yes.
09:05I mean, you can probably see the carpets and the stairs are a bit tired.
09:09The walls need some painting.
09:10New lights, ideally LED lights and some mirror frames,
09:14just to give it that homely feel.
09:15So then, as a managing agent,
09:17do you look after the whole renovation, the whole project?
09:20Of course, from start to finish.
09:22What about the legal pack and those sorts of things?
09:24Did you read those? Was anything flagged up?
09:27The only surprise I would say when we did pick it up
09:29was the tendencies of some of the properties.
09:32Some of them were not up to date and stuff like that,
09:35so that's where we stepped in and made sure, you know,
09:38they were all fully compliant.
09:39Yeah, OK.
09:40And I'm sure there'll be more of that sort of work to do along the lines,
09:44because are you going to be changing any configuration here?
09:48Is this classed as a HMO?
09:50Yes.
09:51Right, so do you need to get a permit for that now?
09:54You have to.
09:55You have to.
09:56For every borough, it's different.
09:57So we're in Hammersfield and Fulham borough.
09:58We did have to get a HMO licence that's valid under the new ownership.
10:04Right.
10:05So you plan on keeping it as a home in multiple occupancy?
10:08Absolutely.
10:09But there are different kind of configurations of units here, is that?
10:11Because this is a self-contained flat.
10:14Yes, yes.
10:15So, I mean, they're different.
10:16There's a bed-sit.
10:17The difference between a bed-sit and a self-contained flat
10:19is the bed-sit will have a kitchenette in it, per se,
10:22and there'll be a communal bathroom
10:25with another bed-sit in the building.
10:27But this is self-contained.
10:28You've got your own kitchen and you have your own WC,
10:30so no need for you to share.
10:32Yeah, OK.
10:33What is your budget on the refurb and what's your time frame?
10:37Once we get vacant possession,
10:39we're looking at a time scale between two to three months.
10:42The reason it for being so quick
10:43is because we already have the team in place.
10:45So, yeah, it shouldn't take us that long.
10:47And what's your budget for that work, then?
10:50It's still something we're playing around with,
10:51if I'm honest with you.
10:52The landlord has given us a budget between 20
10:55to about £35,000 to do all flats.
10:59Wow. OK, so that seems like a small budget
11:03for the amount of, kind of, properties you have here.
11:07Yes.
11:07Is that going to be tight, do you think?
11:08It will be tight.
11:10Look, we've made him aware.
11:11You never know what you could unravel.
11:15So, if we do need to go over,
11:18we have made him aware that we might need
11:19some extra key for the bank, so let's see.
11:23Of course.
11:24And then after that,
11:25are you going to just keep them and lease them out?
11:27Absolutely.
11:28So, this purchase was initially just for investment purposes,
11:31so we aim to have them occupied as soon as we're done.
11:35And, of course, increase the value in terms of the rental achieved.
11:38Well, James, it's been lovely meeting you.
11:40Really looking forward to seeing what you do with the place.
11:42All the best.
11:43Really appreciate it. It's my pleasure. Thank you.
11:47Well, it sounds to me like James has got a good idea
11:49of what he wants to do with this place,
11:51but, you know, the one thing I can't stop thinking about
11:54is how many properties there are up there
11:57and how much work potentially is needed to renovate them
11:59with quite a small budget for all of that.
12:03We'll find out how he gets on later on in the show.
12:10We're off to Loddon, a charming market town in South Norfolk,
12:14known for its tranquil setting within the Broads National Park.
12:19If you're seeking a picturesque area
12:21with a strong, close-knit community and access to nature,
12:26then this is the place for you.
12:28And Jackie's here to see our next auction lot.
12:33Well, there are lots of positives about this location.
12:36We're just a few minutes' walk away from the lovely town centre.
12:39On this cul-de-sac, that means it's going to be nice and quiet,
12:43no through traffic, perfect.
12:46But, best of all, look at this.
12:48You have got amazing countryside views.
12:52I absolutely love it.
12:54Tick, tick and tick.
12:56Now, the property I'm here to see is this.
12:59It's a three-bed semi that went to auction for a guide price
13:02of £170,000 to £190,000.
13:06Not bad at all.
13:08It looks really sound.
13:10Brickwork looks good.
13:11Windows look new.
13:12And then you've got to the side
13:14this sort of covered sort of area.
13:18You could make this into a carport
13:20or take it down altogether.
13:22Yeah, this is filled with possibilities.
13:25Let's take a look inside.
13:29Ooh, this is nice.
13:31All very neutral, so you've got sort of vinyl on the floor,
13:35so a little area there.
13:37And then you're into your reception room.
13:41It looks like work has actually started
13:43because the ceiling's been freshly plastered.
13:46But I think what this square room is missing
13:48is like a focal point, you know, a fireplace.
13:52I think that will make it feel a bit more cosy
13:56and add a bit of character.
13:58But the space itself, neat, square.
14:01It just needs a bit of personality added into it.
14:04And I rather like the pine doors, actually.
14:07They could be kept, maybe change the handles.
14:09And then into the kitchen.
14:10It feels a bit dark in here, but it's a decent size.
14:14Lots of work surface, lots of cupboards and drawers.
14:18And I think you could keep these, actually.
14:21All you'd have to do, if you don't like, you know,
14:23this sort of pine effect, if you like, sand it, paint it.
14:27Jobs are good.
14:28And I rather like the handles,
14:29these sort of cutlery handles.
14:31And very nice.
14:32But a space for everything.
14:34And through the double pine doors, downstairs alone.
14:37And you've got storage in there that's under the stairs.
14:40That's all been plastered as well, as well as this.
14:43I can see there's electrics hanging down,
14:45maybe ready for lighting.
14:46Lighting's all important in the kitchen.
14:49But, yeah, not too bad.
14:50But then you go into the very light conservatory.
14:55Really light.
14:56All the windows around,
14:59looking at those gorgeous views.
15:01But I'm thinking,
15:03this is so dark.
15:05Would it be an idea to think about
15:09actually knocking through
15:11and then maybe making this conservatory a brick build, okay?
15:16And then you'd have your proper roof,
15:18everything's opened out,
15:19kitchen, dining, entertaining space,
15:22doors leading out to your garden.
15:25And then I think you'd have lots and lots of light coming through.
15:28I really do.
15:29My thing is, even if you did that,
15:33what is that?
15:35Blocking my view.
15:37I've got to take a look.
15:41Right.
15:42So I have got a bit of a bee
15:45in my bonnet.
15:46And it's that.
15:48The gravel sort of continues into your garden.
15:51Not a massive garden,
15:53but the reason why it's not massive
15:55and the reason why it disturbs me
15:56when I see this
15:57and I see this
15:58is because they're clashing.
16:00They're fighting with each other.
16:02This is making my view nothing.
16:07Because all I can see from there
16:08is this.
16:10It was obviously someone's workshop.
16:13Number one, this has to go.
16:14Number two, that might have to go.
16:16Number three, you might consider
16:17opening out the kitchen.
16:19So far,
16:20a couple of options to be had.
16:23Yes, nothing will stand
16:25between Jackie and a beautiful view.
16:27You really, really get to go now.
16:29Getting up this merry-go-round.
16:31You really, really, really, really,
16:32really, really get to go.
16:34And she's right.
16:35It really has to go.
16:36Making the most of this property's
16:38idyllic setting
16:39is bound to boost its appeal.
16:41Let's hope the upstairs
16:42lives up to the promise.
16:45Oh, nice, solid staircase.
16:48Love that you've got
16:49this window to the side
16:50letting in lots of light
16:51up into the landing.
16:53Once again,
16:54all of the ceilings
16:55have been freshly plastered
16:57throughout the property.
16:59You've got a small box room here
17:01to this side of the hallway.
17:04You've got a bathroom.
17:05Well, in fact,
17:05it's more of a wet room.
17:07But actually,
17:08it's all right.
17:09Get it all cleaned up.
17:11It's done.
17:11It's good to go.
17:12Then you've got
17:13your largest
17:15of the bedrooms, actually.
17:18But, you know,
17:19like the rest of the property,
17:20it needs some personality
17:22added into it.
17:22So a bit of redecoration,
17:24new flooring,
17:26jobs are good.
17:26And then you've got
17:27your very square
17:28and sort of middle bedroom.
17:31But it's still nice and bright.
17:32It really is.
17:34You've got a space
17:35for everything.
17:38And look at those views.
17:40To say,
17:40every window,
17:41you get a glorious view.
17:45But that,
17:46you can see now
17:47why I mean
17:48that has to go.
17:49Because that is spoiling it.
17:51You know,
17:51I don't even live here.
17:52And already,
17:53that's getting on my nerves.
18:01The outbuilding is getting
18:02under Jackie's skin,
18:04but there's plenty
18:04of other work needed
18:05to get this property
18:06looking its best.
18:08But with the changes
18:09required to your
18:10mostly cosmetic,
18:11does it have the potential
18:12to add value
18:13and deliver a solid
18:14return on investment?
18:16We asked an expert
18:17from the auction house
18:19who sold a lot
18:19for her thoughts
18:20and valuations
18:21on this three-bed semi
18:23guided at £170,000
18:25to £190,000.
18:27My first impression
18:29of this property
18:29is that it's a good
18:31standard house.
18:32The property would benefit
18:33from an updated bathroom,
18:35an updated kitchen,
18:37obviously new carpets
18:38throughout.
18:38We do also have
18:39that structure
18:40in the garden.
18:40It depends who you are.
18:42You might choose
18:43to knock it down.
18:44You might choose
18:44to work with it
18:45and try and rebuild it.
18:47It would benefit
18:47some people out there.
18:49An owner-occupier
18:50may choose to open
18:51up the downstairs
18:52a little bit
18:52just to bring
18:53a bit more of that light
18:54into the property.
18:57There's certainly potential
18:58to create a more
18:59open plan layout
19:00downstairs
19:01and the expert feels
19:03that would improve
19:03the saleability
19:04of the property.
19:06But what does she think
19:07the returns could be
19:08once this place
19:09was renovated?
19:12I think that when
19:13the property is completed,
19:15depending on who buys it
19:16and what they do with it,
19:17in the current market
19:18you could look to achieve
19:19a range of £230,000
19:22to £250,000
19:24and a rental income
19:25of £850,000
19:27to £900,000
19:28per calendar month.
19:31Well, this three-bed semi
19:32is in a great location
19:34with gorgeous
19:35countryside views.
19:37Internally,
19:38there isn't much
19:39that needs doing to it,
19:40actually.
19:41You could extend
19:42the kitchen
19:43into that conservatory,
19:45maybe add some
19:46ceiling windows
19:47and really make it modern
19:49and it just needs
19:50a good refresh
19:51and, of course,
19:52my friend,
19:53the outhouse
19:53has to go.
19:55But overall,
19:56I think it's a good one
19:57to go for.
19:58Who agreed?
19:58Let's find out
19:59when it went
20:00under the hammer.
20:05This lot was part
20:07of a remote auction
20:08with bids taking place
20:09online.
20:10Congratulations.
20:11Well done.
20:14The winning bid
20:15of £217,000
20:17came from Andrew,
20:18here on the left.
20:20He's brought along
20:21his friend
20:22and fellow tradesman,
20:23Robert.
20:24We met Andrew
20:25over ten years ago
20:27when he was
20:27in the process
20:28of renovating
20:29a three-bed
20:30mid-terrace
20:30in Wales.
20:34Since then,
20:35he's flipped
20:35several auction properties,
20:37but is he following
20:38the same formula
20:39this time around?
20:40Jackie caught up
20:41with him
20:42and Robert
20:42to find out.
20:44Andrew,
20:45Robert,
20:45lovely to meet you both.
20:46Andrew.
20:47Hi.
20:47Yep.
20:47And obviously,
20:48you're no stranger
20:49to the show,
20:50Andrew.
20:51How's it going?
20:51Yes,
20:52no,
20:52it's fine.
20:52It's a while
20:54since I've been on,
20:55to be fair.
20:55And so what is this?
20:56Property number?
20:57This is the eighth one.
20:59Wow.
21:00Yes.
21:00And so obviously,
21:01now Robert's joined you
21:02on this one.
21:04And so Robert,
21:04what's your role?
21:05As painter and decorator.
21:07Well needed here.
21:08Yes,
21:09indeed.
21:09Yeah,
21:10because that's
21:10what it really needs.
21:11We'll run through
21:11the whole place.
21:12Yeah.
21:13Brighten it up.
21:14Yeah.
21:15Very good.
21:15Because you obviously
21:16started,
21:16you did this,
21:17because all of the
21:18ceilings seem to have
21:19been plastered,
21:20almost freshly plastered.
21:21We came in
21:22and we prepped them
21:23and we had a plasterer
21:25come in last weekend
21:26and he plastered
21:28all the ceilings
21:28in one go.
21:29Did he just like that?
21:30All of them.
21:31I know it's magic.
21:32We've come in today
21:33and seen them all drying
21:35and it's fantastic.
21:36They're amazing.
21:37Is he one of your regulars
21:38that you use
21:39on your other renovations?
21:40Oh yeah,
21:40absolutely.
21:41Yes,
21:42because I install
21:43kitchens and bathrooms
21:44for a living
21:45and there's lots of
21:46plastering.
21:47So it's frequent.
21:49So what about you,
21:50Robert?
21:50Is this your locality?
21:52No,
21:52so we do travel
21:53a few hours
21:53to get to Norfolk
21:55but we tend to just
21:55stay over,
21:56get everything done.
21:57So where are you then?
21:59Letchworth in Hertfordshire.
22:00Oh,
22:00you're Hertfordshire.
22:01Oh gosh.
22:01Yeah, absolutely.
22:02So walk me through
22:04what's going to happen
22:05with the rest of the property.
22:06Upstairs is going to be
22:07mainly painting
22:09and a new bathroom.
22:11Wait, wait,
22:12but the bathroom's good.
22:13I like that wet room.
22:14It's superficially good.
22:17It's not actually good.
22:19The taps don't work.
22:21The basin's twice the size
22:22of a normal one.
22:23The toilet's on the wrong side
22:25of the room
22:25for the drainage.
22:28Everything is a little bit
22:29of a problem in there.
22:30So it's going to be
22:31a nice new bathroom
22:32and I think you'll agree
22:33when it's done.
22:34Yeah.
22:34And then what about,
22:35so the kitchen's
22:36a decent size
22:38and I love that there's
22:39a downstairs loo.
22:40You keep in the downstairs loo?
22:41The only thing I see
22:42with that downstairs loo,
22:43there's no sink.
22:43I have sink
22:44in the back of the van.
22:45Oh.
22:46Ready and waiting to go.
22:48Oh, very good.
22:49But there's only
22:50a cold supply going to it
22:51and the plumbing is all bad.
22:53So if we can save it,
22:55we'll save it.
22:56We may have to
22:57jiggle it around a bit
22:58to get it to go.
22:59And what's the kitchen
23:00going to look like?
23:01I think the cupboards
23:02are sound.
23:03This is going to be
23:04his domain.
23:05They are going to be
23:07in turtle dove grey.
23:09Love it.
23:10So they're all going to be
23:11painted and
23:12look good.
23:13So you're going to
23:14sand them?
23:15Sand it,
23:15give it a couple of coats
23:16and then maybe
23:17new handles maybe.
23:18Yeah, yeah.
23:20Hold on,
23:20I've got to ask you
23:21about that.
23:23That?
23:25You know what I'm
23:26going to say.
23:27The elephant in the garden.
23:28The elephant in the garden.
23:30Tell me you're
23:31going to get rid of it.
23:32Absolutely, yeah.
23:33It's such an eyesore
23:35compared to what's
23:37beyond it.
23:38Yes, there's an
23:39open field full of
23:41ancient oaks
23:42with tree preservation
23:43orders on them.
23:44So, yeah, it's going to
23:45be a fabulous look.
23:46Thank goodness.
23:47I am so happy about that.
23:50Well, that's a relief.
23:52Thumbs up all round.
23:53The outbuilding goes.
23:57And inside,
23:58Andrew plans to keep
23:59the layout as it is,
24:00but lighten and
24:02brighten the place
24:02by painting and
24:03decorating.
24:04all with a modest budget
24:06of £10,000
24:08and within a six-month
24:09timescale.
24:10But once the work
24:11is complete,
24:12what does he plan
24:13to do with it?
24:14I've got a family.
24:15We'll probably come up
24:16for the odd weekend.
24:17And this is a fantastic area
24:20and I think it would make
24:21quite a good holiday let.
24:23So, as yet undecided on
24:25whether it's let out
24:26in the summer or not.
24:27Oh, interesting.
24:29Yeah.
24:29So, this could be the first
24:30one that you haven't
24:31flipped straight away.
24:33Yes.
24:33I fully intend to sell it.
24:35Yeah.
24:36But not for now.
24:37However, it might be
24:38after the summer.
24:39Yeah.
24:40Right.
24:40Look, I wish you
24:42the very, very best.
24:42I really do.
24:43And I can't wait to see
24:44what you do to this place.
24:45I'm looking forward
24:46to it myself.
24:47Very good.
24:48Well, congratulations.
24:49Thank you so much.
24:53Well, it sounds like
24:54it's all been going
24:55really well since we last
24:56saw Andrew.
24:57Now, this is his
24:58eighth property
24:59and he's joined
25:00by his painter, Robert.
25:02He's got his budget.
25:03He's got the trades lined up.
25:05My thing is,
25:06will it be sold?
25:07Will it become a holiday let?
25:09Or will it become
25:09a holiday home for Andrew?
25:11Who knows?
25:12You can find out
25:13how it all goes
25:14and if this does
25:15become his holiday home
25:17later in the show.
25:20Coming up,
25:21in Cheshire,
25:22Dion gives us
25:22a step-by-step guide
25:24to tackling this house.
25:25It's taking everything
25:26out, assessing
25:27what you've got
25:28to work with
25:28and start your programme.
25:32And back in Norfolk,
25:34has Andrew taken
25:35the right steps
25:36to make his house
25:37a home from home?
25:44Back now to West London
25:46and Shepherd's Bush
25:47where I had
25:48a lot to consider.
25:52So we have two commercial units.
25:54We have a shop
25:55and a restaurant
25:56in this building.
25:58Above that,
25:59we have,
26:00not one,
26:00not two,
26:01keep going,
26:0211 residential units.
26:10A monster building
26:11at a monster cost.
26:13But with the commercial spaces
26:15already leased
26:16and most of the flats
26:17and bedsits occupied,
26:19the building was already
26:20generating a fairly
26:22healthy return.
26:23It was bought at auction
26:25for £2.745 million
26:27by Malik.
26:29But it was his property manager
26:30and business partner,
26:32James,
26:32who I caught up with.
26:34And surely,
26:35a monster project like this
26:37required a monster budget,
26:39didn't it?
26:40The landlord has given us
26:41a budget between 20
26:42to about £35,000
26:44to do all flats.
26:45That seems like
26:46a small budget
26:48for the amount of
26:49kind of properties
26:50you have here.
26:51Yes.
26:52This big project
26:53with a small budget
26:54was going to be given
26:55a mild spruce up
26:57and James hoped the work
26:59would take no more
27:00than two to three months.
27:02And now,
27:03four months on,
27:04we're back.
27:10The previous flat
27:11I had a nose around
27:12is now let out.
27:14So it's some of the
27:15other flats
27:16we're looking at
27:17to get a feel
27:17for the place.
27:20And you can see
27:21they're clean
27:22and functional
27:24but mostly
27:25a tad dated.
27:27So Malik,
27:28what's changed
27:29in the last four months?
27:31Haven't changed anything
27:32in terms of layout.
27:33We did add
27:34some appliances,
27:35some of the units
27:36were missing.
27:37So, for example,
27:38washing machine,
27:39dryers and so on.
27:41But pretty much
27:41we kept everything
27:42the same.
27:53Yes, it's basically
27:54the same
27:55whether it's
27:55one of the eight
27:56bedsits
27:57or the three flats.
28:05So, have there been
28:06any cosmetic changes
28:07at all?
28:10We've done some
28:11light cosmetic work
28:12all through,
28:13even in community areas
28:14as well.
28:14So, refitting the carpets,
28:17re-flooring,
28:18repainting,
28:19re-grouting of the
28:19bathroom towels
28:20and stuff like that
28:21and also some new
28:22appliances as well
28:23in their self-contained
28:23bedrooms.
28:24With a high student
28:26population in the area,
28:27these rooms are aimed
28:28at that market.
28:30So, perhaps the work
28:31they've done is...
28:32All I really need
28:35All I really need
28:38is for you to believe
28:41But in order to let
28:42any of them out,
28:43there was the
28:44all-important
28:45House of Multiple
28:46Occupation licence
28:47to obtain.
28:49I was able to get
28:50a new H1 licence.
28:52It took a while
28:53but the council
28:54was quite easy going
28:55so the process
28:57was not too bad.
28:59So, all boxes ticked
29:01and money-wise,
29:02where did that
29:03come in at?
29:05I guess,
29:06as usual with
29:08refurbishments,
29:09you can never guess
29:10the right price.
29:12We wasn't far off
29:13from the initial
29:14estimate we had.
29:16The total cost
29:18cost us
29:19around £52,000.
29:23That spend
29:24takes Malik's
29:25investment
29:26to around
29:26the £2.8 million mark.
29:29But with two
29:30commercial properties
29:31generating a rental income
29:32and potentially
29:3411 separate dwellings
29:36also adding to the coffers,
29:37this big outlay
29:39is a huge rental vehicle
29:41for Malik.
29:43So, what does
29:44a local estate agent
29:45make of it all?
29:46Have they done enough
29:48to get the most
29:49out of this building?
29:52It's been freshly painted
29:54and I can see
29:55that there is
29:56good living space.
29:56It reminds me
29:57of when I was
29:58in university
29:58and kind of dorm living.
30:00So, you have
30:00everything you need
30:02together,
30:03communal living.
30:04It's empty
30:05at the moment
30:05so it's hard
30:05to feel
30:06what the vibe
30:07would be
30:07when the community
30:08comes together.
30:09But I like the fact
30:10that you've got
30:10a nice roof terrace.
30:11It's quite cool.
30:17I think the standard
30:18of finish
30:19is very functional.
30:20I think that you
30:21would have everything
30:22you need
30:22and that you would
30:23come to expect
30:24from an HMO
30:26bed-sit
30:27studio property.
30:29Yes, I guess
30:30in many ways
30:31this building
30:32is fit for purpose.
30:34But what combined
30:36annual rental return
30:37could all the units
30:39make?
30:40So, this
30:41residential unit
30:42and the commercial
30:43as a whole
30:45currently is
30:46£121,500
30:48and I think
30:49it would move
30:49to about
30:50£250,000
30:51to £260,000
30:52per year.
30:54Whoa!
30:56If they can achieve
30:56a total rental return
30:58of £260,000
31:00a year
31:01that would equate
31:02to a yield
31:02of around 9%
31:04and with its value
31:06very much tied up
31:07with how much
31:08revenue it generates
31:09if that return
31:11can be achieved
31:12what value
31:13would the whole
31:14kit and caboodle
31:15be worth?
31:16This residential
31:17and commercial
31:18unit combined
31:19would sell for
31:20between £3.3
31:22and £3.6 million.
31:24Well, I think
31:25it's great
31:25it's pretty much
31:26to be honest
31:27with you
31:28what we expected.
31:29Obviously
31:29we picked up
31:30at this in the auction
31:32so we were looking
31:33around the same figures.
31:36So,
31:37eye-watering numbers
31:39of half a million
31:40pounds upwards
31:41in profit
31:42could be achieved
31:43if Malik
31:44was to sell
31:44this all on.
31:47This monster
31:48of a project
31:48turned out
31:49to be more
31:49of a BFG
31:51big friendly giant
31:52than an incredible hulk.
31:54So,
31:55what's up next?
31:56Country cottage
31:57in Suffolk
31:58or more
31:59of the same?
32:07We are in the process
32:08of purchasing
32:10another similar unit
32:12not far from here
32:13so we're in
32:14early stages
32:15but this is
32:16what we're planning
32:17to do.
32:18Clearly
32:19it seems
32:20as far as Malik's
32:21concerned
32:21big
32:22is beautiful.
32:28We're heading
32:29to Cheshire now
32:30and the industrial
32:31town of Widness.
32:33Historically
32:33it was home
32:34to large soap factories.
32:36Sweet smell
32:36of success.
32:38That ironically
32:39made the town
32:40smell
32:40not very pleasant
32:42but today
32:43the area
32:43has been reclaimed
32:44and returned
32:45to green spaces
32:46and it's here
32:48that Dion
32:49is hoping
32:49to sniff out
32:50a property bargain.
32:51Smell of success.
32:54Down this quiet
32:55private road
32:56is the property
32:56I'm here to see.
32:58We have got
32:58a three bed
32:59mid terrace property.
33:01Look
33:01some of the work
33:03has been done
33:03for you already.
33:05A nice bit of garden.
33:06You've also got
33:07a parking space
33:08there as well.
33:09Two positives.
33:10Will there be three?
33:11Let's have a look.
33:13Well
33:13a third could be
33:15that this property
33:15comes with a guide price
33:17of just £30,000.
33:19Let's be greedy
33:19and hope there's
33:20more positives
33:21inside.
33:22Come on
33:23give me
33:23Come on
33:24give me
33:25Give me
33:26Give me
33:27Give me
33:27some more
33:28Yeah
33:29Right
33:29we've got
33:30a bit of clutter
33:32in here
33:32there's been quite
33:34a bit
33:34that's been left
33:35my eye is drawn
33:37to the polystyrene tiles
33:39they have to come down
33:40huge fire hazard
33:42the stairs
33:43as well
33:44there's no banister
33:45these are never
33:46going to pass
33:47building legs
33:48unsafe
33:49what I would say
33:50is
33:50there's loads to clear out
33:52but take your time
33:53time with it
33:53and
33:54sift through it
33:55gently
33:55this room
33:56is an okay size room
33:57you've got a bit of a porch way
33:58there as well
33:59so
33:59this is okay
34:00this is good
34:01just needs to be cleared out
34:02and those polystyrene tiles
34:04have got to go
34:07okay
34:07around the corner
34:08then
34:08from the front
34:10room
34:10into this area
34:11and it feels like
34:12I've kind of
34:13gone back in time
34:14into sort of
34:14late 70s
34:1580s
34:16this is kind of
34:17a void area
34:18here
34:18but it's been
34:18used as a
34:19utility
34:20kind of
34:20pantry area
34:21and there's
34:23your bathroom
34:24your downstairs
34:24bathroom
34:25and toilet
34:26everything's
34:27been left in there
34:29that needs to be
34:29cleared out
34:30the bathroom
34:30so you need
34:31new bathroom
34:31suite
34:31tiling
34:32everything
34:33this area
34:34surely could be used
34:35better
34:35as well
34:36so
34:36not quite working
34:38these two
34:40right
34:41we're into
34:41a very
34:43very
34:44cluttered
34:45kitchen
34:45I think this is the most
34:46cluttered room
34:47so far
34:48that I've seen
34:49and
34:49yeah
34:50it's
34:50it's not in great condition
34:52at the moment
34:53however
34:54depending on what I find
34:55upstairs
34:56could you knock this through
34:57to create a nice
34:58big kitchen
35:00loungey
35:00sort of
35:01dining space
35:02I'm pretty sure you could
35:04but yes again everything needs to be taken out
35:06then you'll have a bit more floor space to play with
35:09especially if you knocked it through
35:10there's so much to do
35:12before you can do
35:14what you want to do
35:15with this property
35:18first things first
35:19this place needs to be cleared
35:21there does seem to be a good amount of floor space downstairs
35:24although the layout does feel somewhat disjointed
35:28but how you use the downstairs space
35:31this depends on what you have upstairs
35:33so Dion's gone ahead to have a look around
35:35to see what's on offer
35:37right I'm upstairs then
35:39and in this bedroom there is a lot of stuff that needs to be cleared out
35:43but the bedroom size is good
35:45we've got polystyrene tiles everywhere
35:48it was something that you did back in the day
35:50late 70s 80s
35:51everybody had polystyrene tiles in
35:54it was quick it was easy
35:55and it wasn't too expensive either
35:57good size bedroom
35:58needs to be sorted
35:59needs to be cleared out
36:00bit of a duck down here
36:03ok so the other bedroom
36:06is pretty much the same
36:08as that bedroom
36:09it's completely cluttered
36:10with lots of stuff that's been left
36:12sieve through it carefully
36:13make sure you keep what you want
36:15and get rid of the stuff that you don't need
36:17and the big bedroom at the front of the house
36:20is completely the same as well
36:21slightly bigger than these two
36:23right
36:24if you need three bedrooms
36:26keep them as three bedrooms
36:28if you need two bedrooms
36:29then get the bathroom from downstairs
36:31up here
36:32that would be something that I would want to do
36:34then you can use that downstairs bathroom space
36:37incorporated into your kitchen
36:39maybe a kitchen diner
36:40maybe even a utility room
36:42the configuration of a house is ok
36:45it's just started at the very beginning
36:48taking everything out
36:49assessing what you've got to work with
36:51and start your programme there
36:56there is a lot to tackle inside
36:58and sadly the outside needs some attention too
37:01as round the back it's totally overgrown
37:03but with a bit of graft
37:05I'm sure you'll be left with a decent sized garden
37:09there's also a lean too
37:11which has seen better days
37:13and should probably go
37:14but this place has left me thinking
37:16it needs work yes
37:18but the guide price of only £30,000
37:20does seem on the low side
37:25ok
37:28bit of information for you
37:30this house is a non-standard construction
37:33it's a in the main
37:35a timber framed house
37:37you have got a bit of brick here
37:39but that's been put on
37:40at a later date
37:41what it means is that
37:42this house may be difficult
37:44to get a mortgage on
37:46that said
37:47you've got a nice piece of garden here
37:49you could use it as space for the kids
37:51or table and chairs
37:52or you might want to try and squeeze
37:54another car on the back here as well
37:56which would give you
37:57two spaces for cars
37:58or even three
38:00that's a positive
38:03this lot is not for the faint of heart
38:05a lot of work is required
38:07but that does mean
38:08there could be scope to add value
38:10let's see what a local estate agent
38:13makes of this three bed mid terrace
38:15we invited one along
38:16to get their thoughts
38:17and valuations
38:18the property hasn't been worked on
38:19for many years
38:20so it's going to need full refurbishment
38:22both inside and out
38:23it's going to need
38:24heating
38:25electrical rewires
38:26kitchens
38:27and bathrooms
38:28and externally
38:29get front gardens
38:31front and rear
38:31to be cleared
38:33so once this place
38:34was brought up
38:35to a decent standard
38:36what sort of figures
38:38could a potential buyer expect
38:39once renovated
38:41I'd expect the property
38:42to achieve
38:43£800 per calendar month
38:45and between £120,000
38:47and £125,000
38:48for sale
38:50this is a total clear out
38:52and start
38:53from the very beginning
38:54few decisions to be made
38:56do you keep the bathroom downstairs
38:58or do you move it upstairs
38:59do you try and create
39:00a nice
39:01large
39:01kitchen
39:02diner
39:03if you get it for anywhere
39:04near the guide price
39:05of £30,000
39:06I do believe
39:07you could be on
39:09to a winner
39:09let's see what happened
39:11when it went under the hammer
39:15this lot was part
39:16of a remote auction
39:17with bids taking place online
39:19one, two, three
39:20and go
39:21online
39:24with a successful bid
39:26of £89,000
39:27this three bed mid terrace
39:29was bought by Fiona
39:31and her husband Paul
39:32they run a property
39:33development business together
39:34and Paul is also
39:36a builder by trade
39:37the perfect combination
39:39Dion met up with them
39:41back at the house
39:41to see what they have planned
39:43for their new purchase
39:44Fiona with Paul
39:45nice to meet you
39:45nice to meet you
39:46are you happy?
39:48oh yes
39:48happy with what you got?
39:50yeah very happy
39:50okay why was it
39:52that you wanted this place then?
39:54Paul's from Witness
39:54originally
39:56so
39:56we've got a few properties
39:57here already
39:58okay
39:58yeah so
39:59just had to build a portfolio
40:01really
40:01so are you guys
40:02local to here then?
40:04no I'm not
40:04we live in London
40:05yeah
40:05in Twickenham
40:07yeah
40:07okay
40:08now that changes things
40:09slightly doesn't it?
40:10so how's it going to work then?
40:12yeah well I'm going to stay
40:13mostly in London
40:13yeah
40:14okay
40:14I'll be commuting up with the lads
40:16up and down
40:16yeah
40:17stay a couple of nights
40:18and back
40:19a lot of family here so
40:20they keep an eye on things
40:22as well for me
40:22okay
40:23and the plan for this is
40:25to live in it
40:26sell it rent it
40:26rent it
40:27to rent it out
40:28okay
40:29we've got a non-standard
40:30construction house
40:33what's the plan
40:34yeah we're going to give it an external skin
40:36brick skin?
40:37yeah block
40:38render
40:39okay render
40:40extension on the back
40:42external skin above the extension
40:45knock it all through
40:46okay hold it hold it
40:48there's a lot there
40:49there's a lot there
40:49I need to know exactly what you're doing here
40:51you are knocking through
40:53everything
40:53yeah
40:54everything
40:54single storey extension
40:56yeah
40:56three metres out
40:57and a four width across
40:59in that area
40:59there's going to be the kitchen
41:01the stairs where they are now
41:02they go where the kitchen is now
41:04against the
41:05okay so these are going
41:07round that way yeah
41:08against the wall there
41:09against the wall there
41:09nice
41:10bathroom above us
41:11right here
41:12yeah right in the corner
41:13yeah yeah
41:13okay
41:14with a skylight coming in for that
41:15for light for the bathroom
41:16you're keeping your three beds upstairs
41:18yeah
41:18but you're moving the bathroom from downstairs to upstairs
41:20yeah
41:21so you're pinching a little bit of space
41:22yeah
41:22and we're going to
41:23we're still going to have a toilet downstairs as well
41:25okay perfect
41:26which is which is
41:27definitely handy
41:28yeah
41:28so this is going to be a
41:29this is going to be a big open plan
41:31yeah all up from
41:32from the window
41:33all the way through
41:33to the extension
41:34wow
41:35yeah
41:35that is going to be so bright and
41:38oh yeah
41:39and airy
41:40what kind of finishes are we going for
41:42here
41:42colours or
41:44I might be consulted on that
41:45you might be
41:47I might not be
41:49yeah
41:49like a neutral colour
41:51because it's
41:51it's clean
41:52it's tidy
41:53I suppose it gives the tenant the option to
41:55yeah
41:55splash a bit of colour
41:57if he wanted to yeah
41:58the extension then
41:59is that
41:59who's going to do that
42:01is that you or your pals or
42:02yeah yeah
42:03I've got a bit later who works for me
42:04so he'll be coming up
42:05you know
42:06we'll get all the groundwork done ready for him
42:08get everything first fixed
42:09for the electricians
42:10local electricians
42:11local plumber
42:12local plasters
42:13but the rest is down to us
42:15and my lads
42:15what are you giving them to spend then
42:17between 40 and 45
42:18okay
42:18okay
42:19yeah
42:19it's gone up since we spoke
42:21it's got me
42:22if I'm going to do it
42:22I'm going to do it
42:23that's it
42:24you know
42:24yeah
42:24right
42:25do it right
42:25there's a lot of work to go in it
42:27you're keeping hold of the purse strings
42:29is that right
42:30yes
42:30I do with the admin
42:31I'm second in command
42:32and then obviously when we're ready to rent
42:34then it's you know
42:35working with the agents
42:36and happy tenants
42:37how long will it take the boys and yourself to get this house turned around
42:40I've given myself four months to be honest
42:43because of the distance where we are
42:45traveling you know
42:46it sounds
42:47the complete opposite to where
42:49to what I see right now
42:51sure
42:52your plans
42:53and I can't wait to see how you get on
42:55yeah
42:55me too
42:56excited
42:56yeah
42:57yeah
42:57now that we're up and running
42:59tomorrow morning
42:59the machine's coming in
43:01and that's getting
43:02we're getting to work on it then
43:03good aren't you
43:04yeah
43:04listen I wish you two all the best
43:07thank you
43:07I hope it works out
43:08thank you very much
43:09take care
43:09thank you
43:11Paul and Fiona know exactly what they want to achieve
43:15Paul knows exactly how to do it
43:19creating this open plan downstairs is a fantastic idea
43:23extension as well is just going to enhance this whole area
43:27taking the bathroom from downstairs to upstairs is a great idea as well
43:32brilliant ideas but can they execute that plan
43:36well we will find out later in the program
43:43we're heading back to Laudan in Norfolk where Jackie saw this three bed semi guided at
43:49170 to 190,000 pounds inside the house appear to only need a light touch to make it sparkle again
43:57but outside those breathtaking views were being left in the shade
44:02this is making my view nothing because all I can see from there is this
44:10get out of my way
44:15but having bought the house for 217,000 pounds
44:19did experienced property developer Andrew here on the left have the same vision
44:26I've got to ask you about that
44:29that
44:31you know what I'm going to say
44:33the elephant in the garden
44:34the elephant in the garden
44:36tell me you're going to get rid of it
44:38absolutely
44:39yep
44:40he and decorator Robert planned to carry out a full renovation in six months
44:45with a budget of 10,000 pounds
44:48now we've returned just three months later to see the end result
44:56the front of the property has been tidied up creating additional space for parking
45:04inside the property has been fully redecorated
45:10and new much more energy efficient radiators have been installed throughout
45:19the kitchen has been partly removed
45:25and the remaining cupboards have been refurbished as planned with new worktops installed too
45:32and it's not just the kitchen that's had a revamp
45:35a few small tweaks from Andrew were enough to give the downstairs loo a serious glow up
45:41there was no hot water to the downstairs toilet last time there was only a toilet in there
45:47no basin
45:48so I had to get all the floors up throughout the house and run in a hot and cold feed
45:54and then we had to put a basin waste in down there as well to make it a legitimate usable
46:00room
46:06the design and the decor is effectively just modernized just trying to make it nice and comfortable
46:13but a bit more modern than it was before
46:19if the goal was bright and modern then Andrew and Robert have certainly delivered
46:25and with the property fully furnished it now feels every bit a family home
46:30so the bathroom when we bought the place was a wet room but it wasn't very nice
46:36and it wasn't appropriate for the market for this sort of house
46:40so turned it back into a nice family bathroom
46:43the interior of the house looks great
46:46but it's time for that all-important question
46:50has the outbuilding to the rear been removed?
46:54yes and whoa what a difference
46:58the bulky old work shed is gone and in its place breathtaking views
47:03and a brand new decked area that's perfect for taking them in
47:07well the whole place is now comfortable
47:10there's three bits that really stand out for me as being nice
47:14and that's the bathroom, the kitchen and the decking area
47:18sat out there a couple of times with a beer at night
47:20and just it's very pleasant
47:25that sounds lovely
47:26it's safe to say Andrew and Robert have done a fantastic job here
47:30but who's responsible for the work that turned this house into a home?
47:35I have done the majority of the bathroom and the kitchen work
47:40I haven't painted anything
47:42I think I've painted one little piece behind a radiator
47:45I've left all that to Rob fortunately
47:47yeah so the hard work goes down to Andy and a labourer that we got locally as well
47:53and then I made everything look pretty as it were
47:56living in the city
47:58yeah we look so pretty
48:03the plan was to use the property as a holiday let before putting it on the sales market
48:08so is that still the case?
48:12I'm going to come here in a few weeks time with my wife
48:14and we're just going to have a nice chilled out relaxed time
48:17and Rob is actually getting married pretty soon
48:21so he's going to come down with his new wife
48:26yeah a few weeks after that
48:28I'm sure it will be lovely to come down and check it out
48:31as a new married man
48:37well what a lovely little honeymoon stopover for the newlyweds
48:42before the serious business of selling begins
48:46once they've had their use out of it
48:47they want to sell it on as soon as possible
48:50the pair hoped to complete the project in under six months
48:54and they've truly smashed that out of the park
48:57as the work only took two
48:59but how did the £10,000 budget fare?
49:03I think I'm going to come in at around 14
49:06I haven't done the final figures yet
49:08I have spent a bit more on things like the garden building removal
49:12and furnishing
49:16After spending a total of £231,000 including the purchase price
49:22Andrew has created the perfect place to unwind
49:25but will he be content with the return on his investment?
49:29We asked back the auction expert who saw it last time
49:33for her thoughts and valuations
49:34When I first walked through the front door of the property
49:37I thought wow this has been freshened up
49:40it only really needed cosmetic work done anyway
49:42but the property has been finished to quite a high standard
49:49I think getting rid of the structure in the garden has added to the property
49:54it's added to the views
49:55it really has made the garden a useful space
50:00It sounds like he's done all the right things
50:02but does that mean Andrew's added value to a property he's invested £231,000 into?
50:10I think you could try to achieve in the region of £275,000
50:15and a rental figure of £950 per Canada month
50:20I've had two valuations from local agents
50:23and they were both £275,000 to £285,000
50:27it's nice to know that it can be rented out
50:30however the plan isn't to do it
50:33Andrew hopes to achieve a bit more than that pre-tax profit of £44,000
50:38and the rental yield of nearly 5% hasn't changed his plans
50:42Andrew and Robert have really come up trumps with this project
50:46so what does Andrew think is the secret of their successful partnership?
50:52I think the secret of a good working relationship
50:55has got to be the amount of tea drunk really
50:59There's been quite a few tea breaks
51:02and that certainly seems to work
51:04because this place is the perfect blend of old and new
51:07There is no compromising
51:09You always make sure you finish your tea
51:13and after all who wouldn't want to stop and drink in those views?
51:17You fill me up, my little tea cup
51:26Time for a trip back to Widness
51:28where Dion saw a dated and cluttered three bed
51:31with a low guide price of £30,000
51:35That was in need of a complete rethink of the layout
51:38This is kind of a void area here
51:40but it's been used as a utility kind of pantry area
51:44and there's your bathroom, your downstairs bathroom
51:47This area surely could be used better
51:51The kitchen off it needed an overhaul
51:53and up the stairs that wouldn't pass today's building regs
51:56were three bedrooms and no bathroom
51:59Not ideal
52:00Oh, and to top it all off
52:02the house was of non-standard construction
52:07This didn't deter London-based builder Paul
52:10and his wife Fiona from buying the house for £89,000
52:14Paul grew up in the area
52:16and wanted to add it to their rental portfolio
52:20What's the plan?
52:22Yeah, we're going to give an external skin
52:24Brick skin?
52:25Yeah, block, render
52:26extension on the back, knock it all through
52:29They had set aside £45,000
52:32and wanted to turn this cramped and cluttered property
52:35into a modern open plan house in just four months
52:39Now we're back almost two years later
52:43But it looks like it's been worth the wait
52:48Taking over here
52:52This is the new revolution
52:58The new revolution
53:03This is the new revolution
53:05Moving the stairs 90 degrees
53:07and knocking through all the walls here
53:09has created one large open plan living space
53:12and a brand new single storey extension
53:15now houses the kitchen
53:17and a small downstairs loo
53:19Removing supporting walls between rooms
53:22meant Paul had to install two steel joists above
53:24so that down here
53:26There is nothing in between
53:33Where we stood now, this was the original kitchen
53:35Where the stairs was, that was the kitchen
53:38The stairs went across the middle of the living room
53:41Where were the downstairs toilets
53:43That was the original bathroom but bigger
53:46And the edge of the carpet line, the kitchen line
53:48That was the end of the house
53:51Moving the stairs means that one bedroom at the back
53:53had to lose some space
53:58Down the new hallway, the other bedroom has a new neighbour
54:02As across from it is an upstairs bathroom
54:05Which has been created by nicking some space where a cupboard was
54:08in the large front bedroom
54:16Outside is totally transformed with new windows
54:19The garden has been dug out and re-turfed
54:22and block work put down for extra parking
54:26But it's the stuff you can't see under the new render
54:29that's been crucial with this project
54:31as builder Paul and his team
54:33have given this house a new brick skin
54:37This is the new revolution
54:41We put new footings on the front
54:43Did half a dozen courses of brick work
54:46and then block work
54:47All you could see was bricks on the sides
54:50Floor joists and roof
54:53And the rest, you could see literally right through the house
54:55It was just a shell
54:56It started to put it back together
54:57I said six months, it took nearly two years
55:00But there you go
55:01But you are pleased, it has turned out really well
55:05Yeah, I'm happy with it now
55:06Yeah
55:07Paul should be pleased
55:09as the work he's done here means this once run-down property
55:12is no longer classed as non-standard construction
55:15And he's created a modern home
55:18that's also energy efficient
55:20with new wall insulation, boiler and a full rewire
55:24Although issues with the power supplier
55:26as well as delays with installing the new gas and water mains
55:30added extra time to the project
55:31it shows how much work Paul and Fiona have put in
55:35to get this rental property just how they wanted it
55:38Better to do it well for the first time, isn't it?
55:41And then it'll last longer
55:42And then we haven't got to come back to it for ten years or more
55:47You know what I mean?
55:47It's all done
55:48It's a brand new house internal
55:50You know?
55:50Yeah
55:51Very true
55:52But has going the extra mile meant that they've struggled
55:55to keep to their £45,000 max budget?
55:59Deep breath
56:00It's gone well over
56:02It's £76,150
56:08That's my figure
56:09Because I had different trades doing different jobs for me externally
56:13I wasn't satisfied with that
56:15So I had to get it redone again
56:17The kitchen, you know?
56:19That was £3,000 more than I normally spend on a kitchen
56:22Trying to get it right
56:23I'd like to live in it
56:24I would too
56:25You know?
56:26That's the way we do it
56:29Yeah
56:29That's the way we do our houses
56:30If I've been put to live in it
56:32I think anybody else could be like
56:33Yeah
56:34It's a solid strategy
56:36But it has taken their total spend here to £165,150
56:42Have they gone overboard for the area?
56:45We asked along the agent who saw it last time
56:48for his opinion on the changes they've made here
56:50First impressions from coming back
56:52You've got that wow feeling when you come in
56:54It's the open plan finish that everybody wants
56:56Straight through to the kitchen
56:58Lovely island
56:59Modern kitchen
57:00Backdrop to the bifold doors
57:02That sells the property
57:04The agent's happy with the house
57:06But will Paul and Fiona be as chuffed with his valuations?
57:10For rental purposes
57:11I expect it to achieve between £1,000 and £1,100 per calendar month
57:17For sale £160,000 to £165,000
57:21That's fair enough isn't it?
57:22Job done though
57:23Doesn't feel so bad now
57:24No
57:25I'm just trying to add it up the budget and what I bought
57:28So yeah broke even
57:31Yeah we'll not quibble about the extra 150 quid Paul
57:35And if they can achieve that top rental figure the agent suggested
57:38They would be making an 8% yield off this long term rental
57:43So it's been a success all round really
57:45Any tips for anyone looking to follow in their property footsteps?
57:49Go for it
57:50Have a go
57:52Life's a challenge anyway
57:54So this is a challenge
57:56Just have a go
57:57You'll enjoy it
57:59You'll have your ups and downs
58:00But it's worthwhile in the end
58:06Well that's all we have time for today
58:09But I hope you picked up some top tips and tricks from our buyers
58:12And there's more where that came from
58:14We'll see you next time on Homes Under The Hammer
58:16Stay safe
58:17See you soon
58:43See you soon
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