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00:00Hello and welcome to Homes Under the Hammer.
00:03Now, many might say that being in the property game requires you to be really tough.
00:08Well, I'm delighted to say in today's show I am joined by a true icon of speed and strength.
00:15It's Harry Aikens Ariti, a.k.a. Nitro from Gladiators.
00:20Thanks for having me, Martel. I love the show and even more so, I love a challenge.
00:25So I'm excited to be joining you today.
00:26Brilliant. I just hope that today's property isn't as tough to handle as being in the Gladiators arena.
00:32As well as putting our own property skills to the test, we'll be looking back over the archives to find
00:38you a brilliant story from days gone by.
00:40So the question is, are you up for it?
00:42Oh, I am. But the real question is, are you?
01:11So, important question. Have you been in training for today?
01:15Yes, I have. Now, I'm not quite the property expert, but I've renovated a few properties in my own time.
01:20Now, I've brushed up on the golden rules, which are to view the property and read the legal pack.
01:26Absolutely. Harry Stroke Nitro, that is fantastic. The golden rules.
01:30And also, as you know, as a sportsman, discipline's a really good thing too.
01:33So to set your budget and to stick to it.
01:36Of course. So will today's buyers reap the rewards of their hard work and dedication? Let's find out.
01:42Well, we both travel to Earl's Court, where Harry gets off to a flying start.
01:49Two flights of stairs.
01:51I made it!
01:53In Somerset, Martin quickly sorts out the layout of his auction offering.
01:57That's another bedroom. We've got three bedrooms, family bathroom, en suite. Job done.
02:03And a spin in the time machine takes us back to Victorian times.
02:08Well, seriously impressive front door.
02:10Oh, that's what you call a grand entrance.
02:14All these properties have been sold at auction, and we'll find out who bought them and what they paid for
02:19them when they went under the hammer.
02:22Well done.
02:28We're in London's upmarket, Earl's Court, where properties can easily fetch north of a million pounds.
02:35So finding one at auction is a rare opportunity.
02:38And with a gladiator at my side, I'm confident we can knock it into shape and make it a real
02:44winner.
02:45Well, Harry, I thought you might be a man who appreciates the finer things in life.
02:49Can you tell?
02:50Yes, I can so tell.
02:52So, I brought you to West London and Earl's Court, which is super close to Chelsea, Kensington, so lovely neighbourhoods.
03:00What do you think?
03:01Do you know what? I'm so impressed.
03:02I believe we're five minutes away from a tube station.
03:05I love the area and I love the street.
03:07And do you know what? The houses here are so grand.
03:09Oh, they're so grand.
03:11And the one we're here to see, well, it's over here.
03:15This one up here.
03:16It looks rather handsome, doesn't it?
03:18Wow, it looks lovely.
03:18The guide price was £250,000.
03:21It's a studio flat and it's up a few flights of stairs, but I don't think you'll have a problem
03:25with that.
03:26Martell, I'm good to go. I'm ready for it. Martell, are you ready?
03:29Nitro, I was born ready.
03:30Of course you were. Are you ready?
03:31Three, two, one.
03:33Let's go.
03:42Well, first impressions?
03:44First impressions, nice big door.
03:46Yeah.
03:47Big enough for a gladiator, might I add.
03:48Yes, yes, yes.
03:49And nice ceilings, you know?
03:51Yeah, good feeling of space.
03:52And I was just thinking, though, as a former GB sprint champ, I wouldn't mind finding out how long it
03:58takes you to go up the stairs.
04:00I mean, it just so happens that I carry a stopwatch.
04:04You don't.
04:05And a whistle everywhere I go.
04:08On nitro.
04:08I'm always ready to train.
04:09I'm always ready to go.
04:10So, you know, obviously, let me get prepped and ready.
04:14And, uh, are you ready?
04:16On my first whistle.
04:18Three, two, one.
04:25Two flights of stairs.
04:29I made it.
04:36So, how did I do?
04:37Not bad.
04:38I mean, really, not bad.
04:40I'll take that.
04:41Should we go in?
04:41I think we should go in.
04:43After you.
04:46Oh, so here we have it.
04:48Straight in to, well, what do we have?
04:51First up, Harry, we've got the bathroom.
04:55What do you think?
04:55The bathroom's quite spacious, but in all fairness, I think the majority of this is going to come out, right?
04:59Give the place a little bit of pizzazz.
05:01Yes, pizzazz!
05:03Okay, next up we have, well, this is kind of your reception room or your sitting room, but it would
05:09also be the place that you sleep.
05:11This is it, Harry.
05:12Your living lounge, as you would call it, but to be fair, the high ceilings continue in, which I'm a
05:18big fan of.
05:19Well, if we come over here, we've got the kitchen, okay, which also has high ceilings.
05:24I think what's awesome is having the opportunity to put shelves all the way up.
05:28You could have your pots, your pans.
05:30In most circumstances, the kitchen's the heart of the home.
05:33It's obviously where I'm fuelling myself and where I'm fuelling others, and I like to do it with a smile
05:38on my face, so I think it's got a good essence of promise around it.
05:42Yeah, a good essence of promise.
05:43I like it.
05:44I wouldn't mind taking a real look at what's out there, okay?
05:48Well, do you know what?
05:48I'm going to check out the storage because I'm a stickler for storage.
05:51I've got a lot of kit that I need to store in certain places.
05:53So, let me go see if I can find some.
05:55See you in a minute.
06:00Ooh, well, this is really good news.
06:03Yes, it's outside and very small.
06:05It's a small area, but anything in London that's outside, especially for a studio flat like this, well, it's a
06:11bonus.
06:11And it just gives you a little bit of breathing space.
06:15Maybe we need space.
06:21Space.
06:23Space is tight in this leasehold flat, but there is room for good news.
06:29125 years left on the lease means no extension headaches.
06:34Just bear in mind, any alterations will need the freeholder's permission.
06:39And Harry, a.k.a. Nitro, is checking out how to make the most of the haul.
06:45Right over here, we have a very squeaky door, might I add.
06:50A touch of storage in here.
06:51Now, you can put some coats and some jackets and some shoes, but it's not the biggest of spaces.
06:56This is probably something you'd take out.
06:58You've got some above head as well.
07:00There you go.
07:01Just a touch there.
07:03And, uh, shall we see what's in here?
07:05Now, look at that.
07:07That is a decent amount of storage.
07:09Now, this is a gladiator-type space that I could get used to.
07:13Whether you put a shower in here or something else, I'm not too sure.
07:16But I think you'd have to pick between the two.
07:19Now, uh, let me close this up.
07:22Because I found my storage, so I'm happy.
07:34I've looked at the balcony.
07:35And I've checked out the storage.
07:37So now we know the layout pretty well.
07:39Is there anything we can do here to make it a bit more desirable?
07:42I think you could.
07:43I think, personally, you could turn it into a one-bedroom apartment.
07:45I would put a pocket door in down this end.
07:47So, obviously, a little bit of stud work on the walls.
07:49I'd have a bed over here and move the kitchen into that corner over there.
07:53I like your idea a lot.
07:55Are you competitive?
07:57Slightly.
07:58You can't be a gladiator and Olympic sprinter without being competitive.
08:01No, I'm neither of these things, but I'm still quite competitive.
08:05So, if you didn't want to go through the paperwork and budget
08:09of putting your plumbing through here for the kitchen,
08:12I've seen it work very well in small properties
08:15where you can put a mezzanine level.
08:16Oh, I like the idea of that.
08:18Or you could have that pull-down bed here.
08:21They're three good options to have.
08:22Very good options.
08:23Yeah.
08:23We're kind of like all winners.
08:25Yeah, I think we're all winners, but I think I might win.
08:30Same, but different dreams.
08:32Same, but different dreams.
08:35Studios usually need a little imagination when it comes to making the space work.
08:41But this place has a little something extra, character and a great location.
08:47So, what does a local estate agent make of it?
08:50We asked one to pop by and give us their take on this lot, guided at £250,000.
08:59So, my first impression is that it's flat.
09:01It's got so much potential.
09:02It would have been one huge room originally, showing you how grand these houses were.
09:06So, they're mainly stud partition walls, which could all be moved or taken out.
09:10So, the flexibility you've got here is immense, actually, of thinking how can we re-employ the space
09:15to actually make it work better for a modern buyer.
09:19So, if this flat was renovated in its current configuration and modernised to a good standard,
09:26what sort of figures could it see on both the sales and rental markets?
09:32As a renovated studio, we're probably looking at renting it for about £2,000 or just over £2,000 a
09:39month.
09:39And on the sales figure, you'd be looking at between £460,000 and £480,000.
09:46The agent also believes that there is space to create a one-bed flat
09:50if you were able to obtain permission from the freeholder.
09:55So, what sort of returns could a buyer expect if they went down this route?
10:01If this flat was refurbished as a one-bed, from the Lessing's perspective,
10:05you should be looking at £2,500 per month.
10:08And on the sales side, you should be looking at something between £525,000 and £550,000.
10:15Harry, what have you made of your first Holmes Under the Hammer property?
10:18You know what? It's been a great experience so far.
10:20First things first, it's a great property, great location.
10:24This could be stunning. Harry, do you want to say the next line?
10:27I've been dying to say this.
10:28Let's see what happened when this flat went under the hammer.
10:31Boom.
10:34This lot was part of a remote auction with bids taking place online.
10:38Third and final time, you're done.
10:41So, it's the internet.
10:45The hammer came down at £356,000 with the winning bid from chartered surveyor Brandon.
10:53We first met him in Bushy Heath, a leafy suburb on London's edge,
10:58where he renovated a two-bed flat to kick off his rental portfolio.
11:04Now, Harry and I are catching up with him to find out what he's got planned for his latest project.
11:12Brandon, hello.
11:13Hi.
11:13I thought I would bring along a gladiator today.
11:17Well, thank you so much.
11:18Welcome to the mansion.
11:19Thank you so much.
11:20To be far from it, we're twinning right now.
11:21I know, we're twins.
11:22Are you a gladiator or am I the gladiator?
11:24I'm not quite, no.
11:26While we haven't met you before, you look very familiar because you've been on Homes Underworld.
11:30I have indeed, yes.
11:31Yes.
11:32That was your first?
11:32That was my first.
11:33This is my second.
11:34I just snatched it up, grabbed it with both hands, and here we are.
11:37You got it for £356,000.
11:41Yes.
11:41How did you feel about that?
11:42I was delighted.
11:43I was prepared to spend up to £375,000.
11:45So, the fact that I got it for £356,000, I was absolutely delighted.
11:48That's amazing.
11:48So, with that in mind, does that mean you've got a little bit extra for your renovation costs?
11:52It does.
11:53I need to keep it down.
11:54I'm aiming to spend no more than about £20,000, unlike the bushy one where each and every room was
12:00absolutely dilapidated.
12:02This, I want to keep it in the kind of style that it is in now.
12:05It's very grand.
12:06I'm going to have dark wooden flooring throughout the whole thing.
12:09Nice.
12:09I'm going to have 30mm granite in the kitchen.
12:12The windows all need sanding down and repainting.
12:15The balcony needs to freshen up, a repaint, jet wash, etc.
12:19And in the bathroom, I'm going to retire a little and give it a sort of new, fresh look.
12:24Oh, yes.
12:25Great.
12:25So, new bathroom, flooring, cleaning up the windows.
12:29Kitchen?
12:29So, plans for the kitchen.
12:31My first idea was to turn the kitchen into a bedroom, make it a one-bedroom flat.
12:36However, the jury is still out on that.
12:39The more time I spend in this flat, the more I realise how valuable this room is.
12:43And by taking up half of it with the kitchen and leaving just that strip, I think I'm turning what
12:48is currently a really good studio into perhaps not a very good one-bed.
12:51In my opinion, with a studio, if I was living here, I would rather keep the cooking smells separate.
12:57And I just think leaving it in its current setup is probably the best course of action to take.
13:01And so, where are you going to put the bed and things?
13:04How is this room going to look if that's the kitchen?
13:07Well, I also don't know if I'm going to need to furnish this one.
13:10I had to furnish the last one because that was a requirement of the tenancy.
13:13On this one, it will be a sofa bed so that if they want to put it away during the
13:17day and just use it as a sofa, then they can.
13:19TV, etc. I imagined it to be sort of in that corner with a small dining room table here, kitchen
13:25here, and then obviously the bathroom where it is now.
13:27Is this one to sell on?
13:28This is also to rent out, but, well, hopefully the tenant will come with their own furniture.
13:35Sorry to go back to the bed again, but would you consider a fold-down bed if you are furnishing
13:39or a mezzanine up here?
13:41I did consider a mezzanine. That is a possibility and that wouldn't encroach in the space too much.
13:45So, I'm going to have to wait and see what I decided.
13:48As you're building up your portfolio, which is such an impressive thing to do, is £20,000 a realistic budget
13:53for a London doer-upper?
13:55I'm very ambitious and I'd like to think yes.
13:59So, I've got a great team of builders. I've got a great vision for it.
14:03And if it pushes over £20,000, it pushes over £20,000, but I've got to be ambitious in this
14:08life.
14:08You do, but those finishes are pretty high, like granites in the kitchen and dark wood floors.
14:14So, the dark wooden flooring will be a high-quality wood effect.
14:19I love that.
14:20So, that's the first cost saving.
14:22The second cost saving is I'm blessed with the timing of all of this that I happen to have some
14:27very nice 30mm granite lying around.
14:29Oh, yes.
14:30So, that won't cost me too much either.
14:33I need to spend some money on having the holes cut in it for the sink, etc.
14:37But, yeah, it's who you know, not what you know.
14:40I love that.
14:41Absolutely. And how long is this going to take?
14:44I'd like to think that it would be done in the next two months.
14:46Two months? That's quite a short time, which is good because we're impatient to see.
14:49I can't wait to see it.
14:51I can't either.
14:53Best of luck, Brandon.
14:55So much luck.
14:59Love, Brandon.
15:00Love, Brandon. Fresh face to the property suit.
15:02Absolutely, but so much drive, charisma, and I liked his honesty too.
15:07Yeah, on that topic of honesty, granite work tops, 20k budget, can he do it?
15:12I think he possibly can, but he wants this place to be high-end.
15:17Very high-end.
15:17You're right, that £20,000 budget, will he do it?
15:20Well, you can find out how Brandon gets on later on in the show.
15:23Get yourself a cup of tea.
15:31We're heading to Somerset now and the seaside town of Clevedon.
15:38Its pier is considered to be the best preserved example of its architectural type, popular with tourists and anglers alike.
15:47But will Martin fall hook, line and sinker for our next auction lot?
15:55Clevedon on the Bristol Channel.
15:58Quite an affluent and well-respected Victorian seaside haunt.
16:04But today, I'm here to see this.
16:08It is a two-bedroom, although looking from the outside, you'd think it's going to be bigger than that.
16:13A two-bedroom house.
16:16It's mid-terrace.
16:17£200,000 for the guard price.
16:20Let's have a look.
16:27I'm going to get the impression from the outside that in its heyday, this would have actually been a pretty
16:33nice house.
16:34Some lovely actual features, like look at that.
16:38Wow.
16:39Amazing.
16:41Lots of trouble of putting beautiful glass in there.
16:43Now, you can actually get this kind of Victorian, what do they call it, embossed or etched glass.
16:51You have to visit an architectural salvage.
16:53But if you take a little piece in, like that, and take that and show them, they'd probably be able
16:58to match it.
16:59Because you definitely would want to put something that was of the same kind as that.
17:04And you'll only actually get that if it's come out of a Victorian house, unless somebody's done a very good
17:09job of creating a repro version.
17:11But, little entrance.
17:13There was a lot of talking about little entrance, wasn't it?
17:16Blimey.
17:16Anyway, yeah, a little entrance area there, through into your big sitting room.
17:22And, again, there's that feeling, this was a grand house.
17:25Corni's being really, really lovely, or it could be a big fireplace, you'd want to open that up.
17:30And I like the fact that this has already been opened up.
17:34I mean, I suppose, well, I've got to do this, the grand, oh, I can't actually, can I?
17:40No?
17:41Does that move?
17:42OK, you can't actually.
17:43But anyway, I was about to do a grand thing, look at that, ha, here I am.
17:47A bit of drama.
17:49But no, it's really nice, and it's really opened up.
17:51This is a brilliant house!
17:55Through to the kitchen, and it's in a bit of a state.
17:58The units are very outdated, and the whole thing likely needs to be redone.
18:05On the plus side, there's ample storage space, and lots of light coming through the back door.
18:14Outside, the back garden is in desperate need of a trim, and contains a dilapidated shed.
18:21There's actually an option for rear access, so a garage or simply off-street parking would be a welcome addition.
18:28Now, let's catch up with Martin on the first floor.
18:35So, upstairs, an intriguingly small number of bedrooms, just two, but straight away, I'm seeing this, which is an absolutely
18:43massive bathroom.
18:45Looks like it's got a brand new board as well, that's good news.
18:48What are you thinking?
18:49Right, yeah, bedroom.
18:51That's your third bedroom, for sure.
18:53But then you need to have a bathroom somewhere, but the rooms are absolutely huge.
18:58First bedroom there, and then through to the front of the property, where you've got this absolutely enormous room as
19:05well.
19:05So, I'm thinking, right, lose some space off that bedroom there, in the middle, to create a bathroom in the
19:14middle there.
19:15You could even have an ensuite in this room, in that corner, so an ensuite there, gap in the middle,
19:23that's going to be your bathroom.
19:24That's another bedroom, you've got three bedrooms, family bathroom, ensuite, job done.
19:33That's transformation into a three-bed house, along with some simple renovations downstairs, could add a lot of value.
19:43But what's the professional opinion?
19:46We invited a property expert from the auction house that sold this lot, to get their thoughts and valuations on
19:52this two-bed mid-terrace, guided at £200,000.
20:00So, we're in a Victorian terrace property, quite dated, everything needs doing, but it's a classic layout.
20:06You've got two floors, small extension at the rear, two bedrooms upstairs, big bathroom, a couple of receptions downstairs.
20:15Probably easier to start with what doesn't need doing, and that's pretty much nothing.
20:19So, as you work your way through the house, it needs decor throughout, everything in terms of kitchens, bathrooms, electrics,
20:26windows.
20:26The roof and the general structure of the property looks to be okay, or certainly appears to be, but no
20:31doubt, as you dig into it, you'll find little horrors as you go on.
20:36If it were renovated, with Martin's idea of adding a third bedroom, what could it achieve on the sales market?
20:45So, historically, along the terrace, prices have achieved just below the £400,000 mark.
20:51I'd assume if you can do a decent job, you should be able to hit that kind of level.
20:56And for rental?
20:59Converted into a three-bedroom family home, you'd expect to get a rental income of about £1,200 to £1
21:05,400 per calendar month.
21:09Well, obviously, in need of a major refurb, but definitely one you could add value to, especially if you think
21:15about jiggling with the layout.
21:17Let's see who bought it when it went under the hammer.
21:24This lot was snapped up when a pre-auction offer was accepted.
21:28Up to your soul.
21:35And it was property developer Ben, who paid £220,000 for it.
21:40Based in Somerset, he already has a rental portfolio in the South West, and today he's here to tell Martin
21:47his plans for his latest venture.
21:50Ben, good to meet you.
21:51And you.
21:52Congratulations.
21:53Tell me why you wanted to buy this house.
21:55Basically, scoped to convert into two flats.
21:58Flats?
21:58Yeah.
21:58Is that what you're looking for?
22:00Yeah, I think so.
22:02Ideally, good way to add value.
22:04So, ground floor, one bed flat, and then upstairs, two bed flat if I can.
22:07Oh, wow.
22:10Obviously, that requires planning permission.
22:11Yeah.
22:12Is there an enthusiastic response from the council about that kind of thing?
22:18I think so, and there's also precedent as well down the street.
22:21Is there?
22:21There's a couple on the street that have already been turned into two bed flats.
22:24Can you talk me through the economics of that?
22:27Why the first thing you thought about was doing flats?
22:30Because I generally do buy and hold, and two flats makes a lot more sense than one house in terms
22:35of rent yield.
22:36Right, so you're going to rent them out separately.
22:38Okay, so how would you split the entrances then?
22:41Where will the entrances to flats be?
22:42Stay into your entrance, and then I'll probably have entrance to flat one here, basically where you're stood.
22:48Right.
22:48And then corridor through, this will be a bedroom, open up there, and try and create a nice living room
22:55come kitchen.
22:55Probably knock out a bit of that opening to widen up the kitchen, and then do a small extension on
23:00the back to form a bathroom.
23:02Oh, wow.
23:03So, the small extension is only probably about two metres by two metres, not really big, but it just adds
23:07that bathroom space and brings it up to about 40 square metres,
23:10which is kind of what you want for a one bed flat.
23:12Okay.
23:12Then upstairs, loft conversion, yeah, nice flat roof dormer off the back.
23:17It's going to be a maize net, effectively.
23:19Okay.
23:19Yeah, so two bed flat with a bedroom on it on the top.
23:23Wow.
23:24What about the back?
23:25Because you've got an interesting opportunity there, I think.
23:28What are you thinking about doing there?
23:29Parking.
23:30Yeah.
23:31Parking in the garden, really.
23:32Probably only get one parking space in there.
23:34If I can get two, I'll be very happy, but I don't think that's going to happen.
23:38I don't think, in terms of width, I'm going to be quite there.
23:40What about the original features?
23:41I like the little porch way, and the glass there, and no?
23:45They're going.
23:46Are they?
23:47Sorry.
23:48I mean, we're going to drop the ceiling in here.
23:49Drop it?
23:50Yeah, so just completely take it out.
23:52Why?
23:53Well, sound and fire, if it's being two flats.
23:56We'll keep the nice flooring as you come in.
23:59Okay.
23:59That will stay.
24:01Porch's going to go, and unfortunately, that corbels, that's going to go as well.
24:04Corbels being the things around the arch.
24:07The ornate arch.
24:07So, unfortunately, quite a lot of the Victorian features are going to go,
24:10but we're going to have a really nice, modern, Victorian-style property instead.
24:17Right.
24:17Well, fair enough.
24:18So, what's the budget for all this?
24:20£100,000.
24:21Under, hopefully, under £100,000.
24:23But that includes all professional fees.
24:24Okay.
24:24That's everything.
24:25And what's the timescale?
24:26£12,000.
24:27Okay.
24:28But are you going to sell them, or are you going to rent them out?
24:30Rent them both out.
24:30Okay.
24:31Now, tell me about you, because is this what you do?
24:33You're talking with great authority?
24:35Yeah.
24:35Well, I used to be a building surveyor.
24:36Oh, did you?
24:37Oh, wow.
24:38There we go.
24:38So, it was built formally before that an estate agent.
24:41Oh, right.
24:41But I realised being an estate agent and not really knowing anything about houses wasn't
24:45very good.
24:45Oh.
24:46And this probably definitely appealed to me a lot more than being a building surveyor.
24:50So, yeah, I went for this.
24:52And how long have you been doing it for now?
24:54Full-time.
24:54This is year three.
24:56Right.
24:56But I was doing it, I've been doing it for, well, since I was 21, so we're on number 11.
25:01Oh, wow.
25:01So, lots of evenings, lots of weekends, yeah, for 10 years.
25:05Have you done flat converters before?
25:07This is my first one.
25:08I've always previously done full refurbs.
25:11So, this is the first time that I'm doing something that is breaking something up.
25:14Wow.
25:15Not daunted, though?
25:16No, not really.
25:17Right.
25:17It's, yeah, seems all right.
25:19So, what do you get up to when you're not doing this?
25:21Um, all sorts, really.
25:23Keep very busy outside of work, sailing, got into that quite recently and I'm really enjoying it.
25:30Um, rugby, you name it.
25:32Right.
25:33And family?
25:33Family.
25:34My partner's expecting our first boy.
25:38Oh, congratulations.
25:40So, when's that?
25:41Four months' time.
25:42Oh, wow.
25:43Yeah, the project might stall a little bit as a result, but we'll see.
25:47So, when we come back, you might even be with your small person?
25:51On his, uh, first property, uh, investment as well.
25:54Well, listen, congratulations.
25:55Good luck with it.
25:57Look forward to seeing how you get on.
25:58Cheers.
26:01So, Ben's first flat conversion, but he certainly seems to know what he's doing.
26:05Although, there is a lot going on in his life at the moment with his first child on the way.
26:11How will it all turn out?
26:12You can find out later in the show.
26:16Coming up, we return to 2009 and a property that might have been big on charm, but came
26:23with...
26:23The smallest bathroom I've seen in a very long time.
26:28And back in Somerset, has one become two at the Clevedon House?
26:40We're back in Earl's Court, West London, where I was joined by a man who's fast on his feet
26:46and fierce in the arena, world-class sprinter and gladiator, Harry Aikens Arete, better known
26:52as Nitro.
26:54I'm good to go.
26:55I'm ready for it.
26:56Martel, are you ready?
26:57Nitro, I was born ready.
26:58Oh, of course you were.
26:59Let's go!
27:05And together, we checked out this studio flat with a guide price of £250,000, and Harry
27:12wasted no time making himself at home.
27:15Now, this is a gladiator-type space I could get used to.
27:20This one caught the eye of chartered surveyor Brandon, who we'd met before.
27:25Property was a side business for him, and he picked this up for £356,000 and had a £20,000
27:33budget to get the place rental ready.
27:40Is £20,000 a realistic budget for a London doer-upper?
27:44I've got a great vision for it, and if it pushes over £20,000, it pushes over £20,000,
27:47but I've got to be ambitious in this life.
27:51Give me just a chance and let me win with you.
27:54Brandon was considering converting it into a one-bed or even adding a mezzanine, but
28:01whatever the plan, he hoped a team of trades could get it done in around two months.
28:06Now, nearly four months on, we're back.
28:09You inspire me, said the face, the leader of the pack.
28:13I made my way aboard so I could win with you.
28:18It certainly looks like Brandon has won with this renovation.
28:23The flat is now clean, modern, and the layout has remained unchanged.
28:27So if I stay with you, I'll be a winner too.
28:32The more time I spent in this flat, the more I realised that the sort of downside of a studio
28:37is not sleeping in the lounge, it's cooking in the lounge because of the cooking smells.
28:41And the fact that we have the benefit in this flat of keeping the kitchen separate,
28:44I wanted to stick with it.
28:46So I've stuck with the original layout, and now that I've seen it finished,
28:49I'm delighted with my decision.
28:53The main living and sleeping space still has plenty of charm,
28:58and those lovely period windows are now restored and painted, along with the balcony.
29:05The kitchen's been cleaned and updated with new appliances,
29:09and for now, the old worktop has stayed put.
29:13There is granite on its way.
29:15This is coming from one of my other jobs.
29:17Unfortunately, there's been a bit of delay with the builders on that one,
29:20so the granite is not in currently, but it will soon be in there,
29:23and the sink that's currently in there is going to come out as well.
29:25We're going to replace it with an under-mounted sink and a completely new kitchen tap,
29:29which will just finish off the look of it.
29:32And the bathroom has had a similar refresh,
29:35leaving the flat looking smart and ready to rent.
29:40We've got new tiles for the splash back.
29:43I've put a new towel roll in there,
29:45and we've got new panelling all around the shower itself.
29:48The whole bathroom's been painted,
29:50and all the shelving in there is given a refresh,
29:52and it's now white and fresh and nice.
29:59Balancing his day job as a chartered surveyor,
30:01Brandon managed this project in his spare time.
30:06And once the builders were on site,
30:08the work ran relatively smoothly,
30:10thanks to his trusted team.
30:13Yeah, the same team of builders that did my last property.
30:15They're very loyal, and I'm loyal to them.
30:18They're absolutely brilliant,
30:19did it in the timeframe that I wanted,
30:20and for an excellent price.
30:23So, yeah, really can't complain.
30:24I'm very grateful to them.
30:26High praise indeed.
30:28But did the builder's excellent price
30:31mean he was able to stick to his £20,000 budget?
30:34We've spent just shy of £10,000.
30:38Part of that was due to the fact
30:41that I haven't actually paid for the templating,
30:43cutting and installing of the granite,
30:45which is due to happen,
30:45which will be another couple of thousand.
30:47Also, because really nothing actually went wrong,
30:49I sort of left a provision in the budget this time
30:52in case anything had gone wrong,
30:54and thankfully it wasn't needed.
30:56Brandon's budget also benefited
30:58from keeping the original layout,
31:00leaving him with around £8,000 to spare,
31:04which is a solid result.
31:09And it brings Brandon's total spend,
31:12including the original purchase price,
31:14to around £368,000.
31:18So, hopefully, this flat has been
31:20and will continue to be a solid investment.
31:23We invited a local estate agent
31:25to take a look around
31:26and hear their thoughts on the work
31:29and find out how much the studio
31:31could now be worth.
31:33So, this is my first time in the property.
31:36I think this layout for a studio apartment works well.
31:40We have a really good-sized living area here,
31:43so it's going to be adaptable
31:45in terms of how you configure it.
31:47I think had we moved toward
31:49trying to reconfigure this
31:51as a distinct one-bedroom apartment,
31:54it would have compromised the layout.
31:58It sounds like Brandon has made a smart decision.
32:02So, how do things look
32:03when it comes down to the numbers?
32:05How much could the flat now be worth
32:07on the open market?
32:09I think this property in the current market
32:12would sell for something approaching £400,000.
32:17OK, I mean, it's slightly less
32:19than what I anticipated it to be worth,
32:21but equally, I'm not selling it.
32:23I'm going to hold on to it,
32:24so hopefully, the price will only go up.
32:29Even if Brandon thinks the figure is conservative,
32:32it would see him with a pre-tax profit
32:34of £32,000.
32:36But rental is the plan,
32:39so what sort of income could it generate?
32:42I think the property has the capacity
32:44to rent for £2,000 per calendar month.
32:49I don't see it going past that.
32:53Again, Brandon thinks this rental estimate
32:56is a little on the low side,
32:58but it would still bring in
33:00around £24,000 a year,
33:03a yield of roughly 6.5%.
33:06Property number two
33:07looks to have been a success
33:09and he now has his sights set
33:11on more properties in the future.
33:13But with this one drawing to a close,
33:16how does he feel it's gone?
33:19I'm delighted.
33:21I mean, this one definitely wasn't
33:22in as poor of a condition
33:23as my first one was,
33:25so perhaps slightly less
33:27of a transformation,
33:28but at the same time,
33:29I'm delighted to have given it
33:30a new lease of life
33:31and I think it's an absolutely
33:32brilliant property.
33:36Time now to delve into the archives
33:39and we've pulled out a property
33:40we first saw in October 2009.
33:43Well, today I'm in glorious Devon
33:46and I thought we'd start
33:47with a bit of grandeur.
33:48That is Powderham Castle,
33:50home to the Courtney family
33:51and seats of the Earl of Devon.
33:54Well, after that,
33:55I bet you can't wait to see
33:57what was up for auction.
33:59And close to the Powderham Estate
34:01was the pretty village of Kenton
34:03and in this rather idyllic location,
34:06there was a grade two property
34:07up for auction.
34:09Well, right in the heart
34:11of the village of Kenton,
34:12just opposite the beautiful local church,
34:14is a row of terraced houses.
34:16So, give them the game away then
34:18because I'm not here to see a castle,
34:20but something which I think
34:22has potential to be
34:23very, very interesting indeed.
34:25Two-bedroomed house
34:26had a guide price of 100,000 quid.
34:28Let's go inside.
34:30Whoa, seriously impressive front door.
34:33That's what you call a grand entrance.
34:36Through into...
34:37I guess this is the living room.
34:38It's nice to have it's open fire there.
34:40Some very strange stuff going on.
34:42All this glass up the side
34:44of the staircase there.
34:46Unusual.
34:48Through into a rear
34:50kind of sitting room area.
34:53No natural light in here
34:54other than stuff that's coming through
34:55from both the living room
34:56and the extension to the kitchen there.
34:57And all this stone on the walls.
34:59It makes it feel dark
35:00and fairly dingy.
35:02And then, wow, look at that.
35:05It's, um...
35:06Well, it's a range cooker
35:07for small people.
35:07It's almost like
35:07one of those children's ones, isn't it?
35:10Not very practical, I have to say.
35:12So, all in all,
35:14it's kind of quirky.
35:17At the back,
35:18the kitchen was small
35:19and definitely in need
35:21of modernisation.
35:21But with the second living room
35:23adjacent to it,
35:24there was the possibility
35:25of opening it up
35:27into a kitchen diner
35:28to make a more impressive space.
35:31Upstairs, the two bedrooms
35:33were in need of a full refurb.
35:35And even though
35:36they weren't the biggest bedrooms
35:37we've ever come across,
35:38that was nothing
35:39compared to the bathroom.
35:41Well, upstairs, two bedrooms
35:43and the smallest bathroom
35:44I've seen in a very long time.
35:47Including a very, very odd
35:50Japanese-style mosaic bath.
35:52Now, quite why that's there,
35:53I don't know
35:53because it has to be very small
35:55to make the most of that.
35:56Probably take that out,
35:57put a shower cubicle in its place.
36:00In terms of moving the bathroom,
36:01I think your options
36:02are fairly limited.
36:03But, you know,
36:04as I said,
36:05shower cubicle,
36:05that would at least improve things
36:07from what is
36:08very, very, very, very odd.
36:13If the bath was a little odd,
36:15there was also something
36:16a little strange outside
36:18that needed to be investigated further.
36:27Well, out at the rear of the property here,
36:29it just keeps getting quirkier
36:30and quirkier.
36:31There's this little courtyard,
36:32fair enough.
36:33But then here's something
36:34you don't see every day.
36:36This is actually
36:37a Victorian piggery.
36:39Now, in the days before
36:41refuge collections
36:42and wheelie bins,
36:43you'd actually have
36:44a pig out here
36:45and you'd feed it
36:46scraps from the kitchen,
36:47even ash from the fire.
36:49And then, of course,
36:50when the time came,
36:51a bit of bacon
36:52for your sandwiches.
36:54What would you do with it now?
36:55I don't know.
36:56Maybe it could be
36:56an additional room,
36:57maybe a workshop.
36:58Or how about this?
36:59A teenager's bedroom.
37:01Well,
37:01they're usually a pig style,
37:03aren't they?
37:05Before it was going to be
37:06anyone's living space,
37:07it would need to be
37:08made more solid.
37:10But through a sliding door,
37:12there was another room
37:13that had got running water.
37:14So perhaps combined,
37:16they could have been
37:17converted into something useful.
37:19Another quirk of the house
37:21was that to access the garden,
37:23you had to go down
37:24a communal path.
37:25But once there,
37:26it was a good size.
37:27And at the bottom
37:29of this wildlife oasis,
37:30there was a garage
37:31that could be reached
37:32through a car park.
37:34But to find out more
37:35about the local market,
37:36we asked the auctioneer
37:38who sold the house
37:38in the first place
37:39to come and tell us more.
37:42Kenton is a really
37:43pretty little village.
37:45Most of the houses
37:45in Kenton are going to be
37:46a little bit on the older side.
37:48It's kind of the village
37:50that served
37:51Paradigm Castle estate,
37:53just about three quarters
37:54of a mile along the road.
37:56You can get not as much
37:57for your money here
37:58as pretty well anyway.
37:59It's quite a hot spot.
38:01Clearly,
38:01the area was a highly
38:02desirable place to live,
38:04which would mean
38:05demand for the property
38:06was high.
38:07Guided at £100,000,
38:09was that demand
38:10likely to generate
38:11good returns
38:11on the resale
38:12and rental markets
38:14once the property
38:15had been fully renovated.
38:16If done up to
38:17a reasonable
38:18letting standard,
38:20you could be looking
38:21as much as £675
38:23a calendar month.
38:25If the new owner
38:25did an absolutely
38:27stunning job,
38:29the property might
38:30be worth a little bit
38:31over £200,000,
38:33but I just get a feel
38:35that that's about
38:36the cap whatever you do.
38:39So, the garden,
38:41the garage,
38:42even the little shed there.
38:44I mean,
38:44it's just all the icing
38:46on the cake
38:46of what is
38:47a fascinating
38:48and actually quite
38:49charming little property.
38:51You're close to Exeter,
38:52a lovely little village,
38:53and for £100,000,
38:54I'm sure it got them
38:56absolutely buzzing
38:57when it went
38:58under the hammer.
39:00£51,000.
39:01What a pretty,
39:02pretty little house.
39:03It's going to say £100,000.
39:04Straight in.
39:04Bang.
39:05£100,000 we've got.
39:05At £100,000.
39:07Well, there it is.
39:07At £100,000.
39:08£102,000.
39:08Front row.
39:09£102,000.
39:10£104,000.
39:11I'll focus on new chaps.
39:12£104,000.
39:13£106,000.
39:14This was a very popular lot
39:15and we rejoined the bidding
39:17at £153,000.
39:20£153,000's at the back.
39:22£153,000.
39:22£4,000.
39:23£154,000.
39:25£155,000, he is.
39:27£155,000.
39:27£155,000.
39:28A little one,
39:28if it'll help.
39:29Try and help you back.
39:31£155,000 and a half.
39:32£155,000 and a half.
39:33At £155,000 and a half.
39:34All done.
39:35It will be sold.
39:35Make no mistake.
39:36At £155,000 and a half.
39:38Glancing back at the phone
39:38at £155,000 and a half.
39:41Sir, yours.
39:42Congratulations, gentlemen.
39:43Well done.
39:47And that successful bid
39:49of £155,500
39:51was made by Richard
39:53and his wife, Jill.
39:56They had renovated properties
39:58in the past
40:00and Martin met them
40:01back at the two-bed,
40:02grade two-listed,
40:03Kenton Home
40:04to find out more.
40:07Richard, Jill,
40:08lovely to meet you both.
40:09Congratulations.
40:11Tell me why you wanted
40:12to buy this place.
40:13Well, basically,
40:13we've been looking for a property
40:14to buy at auction
40:15for quite a few months.
40:16We missed one
40:17at the last auction
40:18and I saw this one
40:19on a Saturday afternoon
40:20on the internet
40:21and I liked the look of it
40:22and I came down
40:23with my youngest foster child
40:24because Richard was busy,
40:26had a look at the outside
40:27and my little boy
40:28was really enthusiastic
40:29and because I'm actually
40:31buying this property
40:32with some money
40:32from my late mother
40:34who died recently,
40:35I wanted to feel right.
40:36It's very important
40:37that it was that she felt right
40:40using her money
40:41for something we'd enjoy
40:42as a family.
40:43So tell me a bit more
40:44about you two then.
40:45What do you do
40:45when you're not doing this?
40:46Well, basically,
40:47Richard and I
40:47are both long-term foster carers.
40:49We've been working
40:50for Devon County Council
40:51for around about 10 years now.
40:53We do baby placements as well.
40:55Yes, we have little ones
40:56and teenagers.
40:57Yeah, we're very lucky as well
40:58because we live on a farm
40:59and they've got lots of space
41:01to run around
41:01and scream and shout
41:02and be children,
41:03which is great, really.
41:05Animals as well?
41:06Yes, yeah.
41:07We've got sheep,
41:09dogs, cats.
41:10There's a menagerie.
41:11There's lots of stuff we have, yeah.
41:13So thanks to the money
41:15left to Jill
41:16by her mum,
41:16they had this interesting property
41:19to look after as well.
41:21So, Richard,
41:21what did you think of it
41:22when you first saw it?
41:23Well, I saw the property
41:25needed a lot of work
41:26doing to it
41:26and I think it's going to
41:28take a long time to do it
41:29but it's a lovely-looking property
41:30and a great setting
41:32and I think it's well worth a go.
41:34So have you done
41:34this kind of thing before, Richard?
41:35Yeah, it's not the first time
41:37I've done things like this before,
41:38you know,
41:39restore old buildings,
41:40sometimes do churches,
41:42barn conversions,
41:43all those sort of things.
41:44Are you a builder?
41:44I'm a builder,
41:45that's right.
41:45So it doesn't send
41:46too much of a challenge to me,
41:48you know,
41:48although I can see
41:49there's lots of pitfalls
41:50and problems on the way
41:51but nothing we can get over.
41:53So tell me what
41:54you're going to do to it.
41:55Well, we'd like to actually
41:56restore the property
41:57as much as we can
41:58back to how it would have been
42:00in, say, 1890s.
42:02We'd like to take out the modern 70s-style fireplaces
42:05and hopefully there'll be a nice Victorian brick fireplace underneath,
42:09possibly put wood burners in there.
42:11We need to put a new bathroom in,
42:13probably move the bathroom where it is now
42:16so it works more effectively.
42:17How are you going to reconfigure the bathroom and the bedrooms?
42:21Well, the end bedroom is going to become the bathroom
42:23and the bathroom become the bedroom
42:25and that's going to be done by moving walls around
42:27and then the bedroom will have double-aspect windows.
42:30And you've worked out the plans for this
42:31and it all sort of works, doesn't it?
42:32Yeah, yeah, I've measured it all up,
42:34measured the rooms up
42:34and done it all to scale
42:36and, yes, it will fit in.
42:37So what about the courtyard and the old piggery?
42:39What are you going to do with those?
42:40I just think that the piggery's going to lend itself
42:43to a really nice Victorian-style kitchen.
42:46A kitchen?
42:46Yes, kitchen, because it's south-facing,
42:48you've got lots of light
42:50and to link the piggery to the main house,
42:52we'd like to put in a passageway with a glass roof
42:55and a large, either double doors or a single door
42:59to let the light in.
43:03That sounded wonderful,
43:04getting the extra light into the house
43:07was certainly going to help.
43:08But as it was a listed building,
43:10they were going to have to liaise closely
43:12with the planning office.
43:14So any idea how much this is going to cost?
43:17Well, I think 20,000.
43:20I think we've got to allow at least 25,000
43:23because I want to do it properly.
43:24I want to have good quality materials
43:26and I want it to last, you know,
43:28so it's not just a quick do-up to sell.
43:31We want to keep this property.
43:32So what's the sort of bigger picture plan
43:34for the property then?
43:35Are you going to live in it or rent it out?
43:37Yes, we've actually got a very good friend
43:39who's going to rent it from us
43:40and she lives just up the road from here.
43:42She's with her partner.
43:43She's got a dog and two cats and no garden.
43:46Now she's going to look after this property.
43:47They're going to be involved
43:48in helping us do some of the work
43:50and be able to say that they've actually helped
43:52in creating their home.
43:53It's our house, but it's going to be their home.
43:56Well, listen, I think it's great
43:57that you found the house
43:59and the house found you
44:00and I really look forward to seeing how you get on.
44:03OK, thanks very much.
44:05So there you go, Richard and Jill
44:06falling for the obvious charms of this place
44:09and who can blame them?
44:10And great news,
44:11they've got a tenant line-up to move in already.
44:13Before that happens, though,
44:14they've got to sort the place out
44:15and that means listed buildings,
44:17approval, et cetera, et cetera.
44:19How are they going to get on in the timescale?
44:21You can find out later in the show.
44:27A return to Somerset now
44:29at the seaside town of Clevedon
44:31where Martin saw a two-bed mid-terrace
44:34that came with an auction guide price
44:35of £200,000.
44:38And when it came to the layout downstairs,
44:40it had already ticked one of Martin's boxes.
44:43I like the fact that this has already been opened up.
44:46Yes, it's in a bit of a state,
44:48but I love it already.
44:50But upstairs,
44:51a massive bathroom wasn't the best use of space.
44:55What are you thinking?
44:56Right, yeah.
44:57Bedroom.
44:58That's your third bedroom for sure.
45:00The successful bid of £220,000
45:03was made by building surveyor
45:05turned property developer Ben
45:07and his plans were a little grander
45:10than just adding a third bedroom.
45:12Basically scoped to convert into two flats.
45:14Flats?
45:14Yeah, because I generally do buy and hold
45:17and two flats makes a lot more sense
45:19than one house in terms of rent yield.
45:20Ben had a timescale of up to a year
45:23to account for any delays with planning permission
45:26and he had a budget of £100,000
45:28to complete the project.
45:31Now, 17 months after our first visit,
45:34we're back.
45:43The renovations are complete
45:45and the house looks fantastic
45:47but the layout downstairs is the same as before
45:50apart from the addition of a toilet under the stairs.
45:54So what happened to Ben's plan
45:56to turn it into two flats?
45:58So, yeah, unfortunately in the end planning didn't go ahead.
46:02We did two applications.
46:04The first one was a straight no,
46:06the second one took a little bit longer
46:08before they said no
46:09and then ultimately we've gone down the route
46:11of a conventional family home.
46:14So, with Ben keeping it as a single dwelling,
46:17did he take on any of Martin's advice
46:19when it came to the layout upstairs?
46:24We've turned it from a two-bed
46:25into a three-bed by shifting the bathroom.
46:30I've stolen some room from bedroom two
46:33to create a bathroom
46:34and then created a small box room instead.
46:37So it's been me and Harvey, my labourer,
46:40from start to finish, just the two of us.
46:41Everything we've done here
46:42has pretty much been the two of us,
46:44barring the electrics.
46:46Not much of what was here before is left.
46:48It's pretty much been gutted.
46:52I think the only thing that left
46:53is the quarry tiles on the ground floor.
46:55Apart from that, it's back to brick,
46:57new floors, brick last throughout.
47:00This is pretty much the same
47:01as every single other one that I've done.
47:04Plain white walls, grey carpets,
47:06same thing again and again.
47:10Martin will be pleased to see
47:12some of the original features intact.
47:14The interior has come together brilliantly,
47:17but did the exterior receive the same level of love?
47:24It's just been redecorate
47:26and re-landscape out the front,
47:28trying to just smarten it up
47:29and make it really clean and easy to maintain.
47:32Out the back was quite a lot more work,
47:34lots of garden clearance
47:35and creating a parking space out the back
47:37has been quite a lot of work,
47:39but yeah, certainly got the calories in.
47:45The parking space is a clever bonus
47:47as it will likely make the property
47:49more appealing to families.
47:51And speaking of families,
47:53I believe Ben was awaiting
47:55a new addition of his own.
47:58Yeah, Max is here,
48:00all fit and well running around,
48:02so causing carnage
48:04and just being a menace,
48:06but he's absolutely great.
48:10Who knows,
48:11maybe one day we'll see Max
48:13take his first steps
48:14onto the property ladder,
48:16but when it came to this renovation,
48:18the delays waiting for the planning permission
48:20meant that the progress
48:22sometimes felt like baby steps.
48:24The original timescale was 12 months,
48:26obviously we've gone over that.
48:28We did spend pretty much 12 months in planning
48:30to not get any planning permission agreed.
48:33The actual timescale of the project
48:34was seven months,
48:35just creating this into a family home,
48:36which we've hit as well.
48:38An increased timescale
48:40can often lead to a higher spend,
48:43but with Ben pivoting away
48:45from the conversion to two flats,
48:47was he able to save
48:48on his original budget of £100,000?
48:51That kind of went out the window
48:52the moment we found out
48:54we weren't going to get planning permission.
48:55So as a result,
48:56revised budget came down to £50,000
48:58and we've hit that at 50,
49:01pretty much on the nose.
49:03This brings Ben's total investment
49:06to £270,000.
49:08But now that he'll be getting rent
49:10for one three-bed house
49:12instead of two separate flats,
49:14will the numbers add up
49:16to a fruitful return?
49:17We asked back the expert
49:19who viewed it last time to find out.
49:22Coming back to the property,
49:24really impressive.
49:25He's done some very sensible moves,
49:28made one being creating
49:29that third bedroom
49:30and the extra bathroom
49:31and the parking at the back.
49:33You've got this nice open plan
49:34set up down here as well.
49:35This is what people want.
49:37So how much value
49:39has the third bedroom added?
49:41How much does the expert
49:42think the house is currently worth?
49:44The property has a value
49:46of approximately £365,000.
49:49That's pretty much where I was at,
49:51so that's, yeah, that's good.
49:54A sale could see Ben
49:56with a return of £95,000 pre-tax profit.
49:59Lovely stuff.
50:00But will the rental returns
50:02be as positive?
50:04The property would rent
50:05for approximately £1,300
50:07per calendar month.
50:09That's quite a lot lower.
50:10But my estimates on that
50:12are about £1,500 a month
50:14so far,
50:15so we'll wait and see.
50:17The agent's figure
50:18would see Ben
50:19with a yield of 5.5%,
50:21but he's hoping
50:22to get closer to 6.5%
50:24with his higher rental goal.
50:26Ben's original plan
50:27to convert the property
50:28into two flats
50:29may not have worked out,
50:31but the stylish family home
50:33he's delivered instead
50:34has paid off.
50:35So, has this unexpected success
50:37changed the way
50:38he'll approach
50:39future renovations?
50:40Never flat conversions again.
50:42Just nice and easy
50:44houses, flats,
50:46keep them the same,
50:47refurbish them
50:48and rent them out.
50:53A return now
50:54to our archive pick,
50:56a Grade 2 Terrace Cottage
50:58in the Devon village
50:59of Kenton.
51:01It was bought
51:02for £155,500
51:04by Richard and Jill.
51:06Using money
51:07Jill had inherited
51:08from her mother.
51:09The couple,
51:10who lived on a farm,
51:11had renovated properties
51:12in the past.
51:14With this one,
51:15they planned to convert
51:16the old piggery
51:17at the back of the house,
51:19change the layout upstairs
51:20and then
51:21they were going to
51:22let it out
51:23to some friends.
51:24When we returned
51:25six months later
51:26with help
51:27from their daughter's
51:28boyfriend, Lyle,
51:29it looked like
51:30they'd really transformed it.
51:40The dark middle room
51:42was bright and light,
51:43having been knocked
51:44through into
51:45the former kitchen.
51:52Upstairs,
51:53the smallest bedroom
51:54had become
51:55the bathroom
51:56and the compact bathroom
51:58had become
51:58a second bedroom.
52:04walls had been moved
52:06and some character
52:07features added,
52:08such as a Victorian fireplace.
52:11But of all the alterations,
52:13the biggest one
52:14came in the former
52:15piggery
52:16and utility space.
52:22Well, as you can see,
52:23this used to be
52:23the piggery
52:24but now we've
52:24turned it into a kitchen.
52:26It links to the house
52:27via a glass passageway
52:28which you'll see later on.
52:30And as you can see,
52:31we've restored the beams,
52:32we've taken the roof off,
52:33put a new roof on,
52:34insulated all the walls
52:35and actually rebuilt everything.
52:37I think this is probably
52:38one of the favourite rooms
52:39that we have.
52:41They had linked
52:42this rather splendid kitchen
52:44to the rest of the cottage
52:45by building
52:46a glass roof passageway
52:47which was wide enough
52:49for a small table and chairs,
52:51an ideal space
52:52to sit and enjoy
52:53your breakfast.
52:54Although they had managed
52:55to do most of what
52:56they'd envisaged
52:57to the property,
52:58its Grade 2 listing
53:00did stop
53:00one of the proposed
53:01layout changes.
53:02Yes, our original idea
53:04was to take down
53:05the wall
53:05from the first room
53:07in the front of the house
53:08to actually join
53:10the middle room
53:10and make a large sitting room
53:12at the front of the property.
53:13The listing officer
53:15didn't actually want us
53:16to do that
53:17because that was
53:17the original wall
53:18when the house
53:19was first built in 1857
53:21but we were allowed
53:22to take out
53:23the further wall
53:24which was originally
53:26the outside wall
53:27of the property.
53:28But even without
53:29that change,
53:30they had still managed
53:31to create a stunning home
53:32over 150 years
53:34after the first brick
53:36was laid.
53:36But how hands-on
53:38had Lyle been
53:38and when did he
53:39first get involved?
53:40Well, right from the start
53:43near enough
53:43just knocking things
53:45about, rebuilding them,
53:47generally rebuilding
53:48more as well,
53:49exposing new things
53:50and just kept going
53:52on and on really.
53:53Upstairs we've taken
53:54the bathroom
53:55out of the bedroom
53:57and then swapped
53:57them all around
53:58so the footprint upstairs
53:59has totally changed
54:00as well.
54:01Basically this was
54:02the original bathroom.
54:04The wall actually
54:04came along here
54:05and finished in
54:06like a triangular shape
54:08here.
54:09So we've reconfigured
54:10all of this now.
54:11We've moved the wall
54:11back and pinched
54:13a little bit of room
54:14from the bedroom
54:15next door
54:16and actually made
54:17the second bedroom
54:18into a bathroom
54:19so that's a lot bigger
54:20and more usable.
54:23So with the internal
54:24spaces in the cottage
54:25complete,
54:26there was just the matter
54:27of tackling the garden
54:29that was reached
54:29by a path
54:30at the back of the house.
54:33It had been cleared
54:34right back
54:35and you could really
54:36appreciate how large
54:37the plot was
54:38but with everything
54:39now finished
54:40had they kept
54:41the budget under control?
54:43I think we've blown
54:45the budget really.
54:46The wife said
54:48£25,000.
54:49I think we've probably
54:50gone £28,000.
54:53OK, so a little overspend
54:54but still not bad
54:56and they already had
54:57friends ready to move
54:58in and rent it.
54:59Or did they?
55:02No, that kind of
55:03changed a little bit.
55:04They decided that
55:05they weren't going
55:06to take over the property
55:08but it's good for us
55:09in a sense
55:10because we're now
55:10going to probably
55:11holiday let it
55:12and get some enjoyment
55:13out of it.
55:14A holiday let sounded
55:15like a good idea
55:16but what would two
55:18local property experts
55:19think of this
55:20comprehensive overhaul?
55:22The changes are
55:23quite spectacular.
55:25I thought I'd walked
55:25into the wrong house.
55:26It really is special.
55:27So much light now.
55:28The property has been
55:29sympathetically renovated
55:30to a very high standard
55:31and I particularly
55:32like the linking up
55:33of the original
55:34piggery which is now
55:34the kitchen.
55:35There'd be good demand
55:36for this property
55:37in the rental sector
55:37and I would expect
55:38to achieve a rent
55:39of around £750
55:40a calendar month.
55:41On a per calendar
55:42monthly basis
55:43you could probably
55:44tiptoe towards
55:47£650,
55:48yeah, around £650
55:49per calendar month.
55:50Those figures
55:51for a long-term rental
55:53represented a yield
55:54of around 5%
55:55but Richard and Jill
55:57wanted to see
55:58how it might do
55:59as a holiday let.
56:00The property would
56:01work well as a holiday
56:02let.
56:02It's only six miles
56:03from the South Devon
56:03coast at Dawlish
56:04and I would expect
56:05to achieve in the
56:06high season
56:06something around
56:07£550 per week.
56:09For the peak
56:09holiday weeks
56:10you could be looking
56:11to achieve getting
56:13on for £650
56:15a week or maybe
56:16even £675.
56:17That's very good.
56:18Oh, we'll go for
56:18the second one.
56:19Yeah, that's very good.
56:20That'd be lovely.
56:20That's excellent.
56:23With the average
56:24occupancy rate
56:25of around 30 weeks
56:26a year
56:27that could have
56:28pushed up
56:28their rental yields
56:30to nearer 10%
56:31and they would get
56:32the benefit
56:33of using it themselves
56:34from time to time.
56:35But how much
56:36had they increased
56:36the value of the house
56:38they had invested
56:39a total of
56:40£183,500 into?
56:42If the house was mine
56:43and I was going to sell it
56:44I'd put it on the market
56:45at £250,000
56:47and I'd hope to get
56:49I'd hope to get
56:49up above £235,000.
56:52A similar property
56:52has sold recently
56:53for £245,000
56:55and I would expect
56:57to achieve a figure
56:57in that region.
56:59So there was
57:00a potential pre-tax
57:01profit in the region
57:02of £50,000 to £60,000
57:04before the usual
57:06selling expenses.
57:07Jill had made
57:08good use of her
57:09inheritance
57:10so would she have
57:11considered selling it
57:12on and taking the money?
57:16I don't think
57:17we'd ever really
57:17want to sell.
57:18I would like to be
57:19able to pass this
57:20on to my grandchildren
57:20and I think the fact
57:21that Richard's worked
57:22so hard and Lyle's
57:23worked so hard
57:24and I just think
57:25it'd be really nice
57:26to stay in the family
57:28actually.
57:29We feel really welcome
57:31we feel we belong here
57:32and we weren't expecting that.
57:34You know I may have
57:34lost my mum
57:35but I feel we've gained
57:37other friends
57:37which would be something
57:39that she'd really
57:39be happy about.
57:45So that brings us
57:46to the end of today's show.
57:47I've had an absolute blast
57:49seeing some first class
57:50property transformations.
57:52I've enjoyed having you
57:53here so, so much
57:54and actually it's been
57:55quite inspirational.
57:57So much so that
57:58I've been in a bit
57:59training myself.
58:00Really?
58:01So what are you thinking?
58:02A sprint finish
58:02to end the day?
58:03Yeah, is that okay?
58:04Let's go.
58:05Are you sure?
58:05I'm sure.
58:06Okay Harry.
58:07Three,
58:09two,
58:10one.
58:11Harry what's that?
58:11What's what?
58:13I'm coming!
58:16I'm coming!
58:17I'm coming!
58:42I'm coming!
58:42I'm coming!
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