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00:00Hello hello and welcome to the show now if you're thinking of buying your first
00:04home renovation project or development property auction could be the place to
00:09buy you can find some real gems there and today we'll follow three buyers who
00:14bought their homes under the hammer
00:43now you wouldn't buy a lovely new suit or a stunning pair of shoes without trying
00:47them on for size first and you shouldn't do that with a property either it's
00:51important to view before you bid let's hope today's buyers did just that here's
00:56what they went for in London I see a big project but it does come at a cost
01:02whoever's gonna buy this place will have to have deep pockets whereas Jackie has a
01:11big problem with her Norfolk house what is that blocking my view and in Cheshire
01:19Dion sees a house with a big list of jobs there's so much to do before you can do
01:25what you want to do with this property all of these properties have been sold at
01:30auction and we'll find out who bought them and what they paid for them when they
01:35went under the hammer so it's a soggy start for me in Shepherd's Bush
01:52we are right in the heart of bustling west London Shepherd's Bush Market tube station is just there
01:58you can see we're on a really busy road and the property we're here to see is gargantuan so we
02:05have
02:05two commercial units we have a shop and a restaurant in this building above that we have not one not
02:12two keep
02:13going eleven residential units this is a massive building guide price of two point four million
02:21sounds like a lot what you get for that money let's have a look the shop and restaurant are tenanted
02:30and
02:31already providing an income but you do need to comply with all of the rates and responsibilities in the
02:37current lease they agreed with the previous owner until it's up so that's below sorted but what about
02:44above okay so now we're starting to see a bit more of the geography of what's going on here as
02:50far as the
02:51residential aspect of this is concerned you can see lots of windows here behind me we have a mix of
02:58flats bed sets most of these are tenanted now actually we can only have access to one of them which
03:04is a
03:04flat and it's through here so I think we should go and have a nose the self-contained flat we
03:10can look
03:11in is just off to the right of the entrance we step into a well it could be whatever you
03:21want at the
03:21moment it's set up as a sort of lounge type thing but it's a decent sized room and it's just
03:26all very
03:27plain at the moment we move through to this space which is a kitchen I'm seeing electric heaters in there
03:34and
03:35we have an electric hob here so there's no gas in this property and therefore I imagine in the rest
03:41of the
03:41upstairs of the building perhaps probably is downstairs in the restaurant and then through there there's a small
03:46toilet you think what could you do with this space well there are many more units like this one within
03:53this property and they all differ in size and shape but you could keep it the way it is it's
03:58a one bed
03:59flat although that bedroom is a very strange shape so I think whoever's gonna buy this place will have to
04:07have some pretty creative ideas on what they want to do with it and potentially deep pockets as well
04:15and with a guide price of 2.4 million those pockets might already have to be emptied before you can
04:20even look at
04:21the work needed here
04:23you know I want to but I'm in too deep
04:28well that bedroom certainly not deep
04:30I can feel your eyes go through 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 we can't see the condition of the other 10 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 you know we have lots
05:10of
05:10flats here different configurations do you just keep it the way it is and then let them out or do
05:15you reconfigure
05:16the place somehow now what I'm not quite sure about is whether this would be classed as a HMO or
05:23not
05:23a house in multiple occupancy if that's the case you'd have to apply for planning from the local council
05:29downstairs we have a restaurant and a shop hey they're sorted they're let out the decisions are to be made
05:34up here
05:35with the residential spaces
05:38without 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 that went to auction with a
06:04guide
06:04price of 2.4 million pounds
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 modernization
06:20I'd definitely bring it up to the fire regulations
06:23I 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 to 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 so they are a good company to have down
06:45there in terms of a tenant
06:47both combined units downstairs are renting for around 80,000 pounds 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 pounds per calendar month
07:27the studio apartment should achieve anything from 1,450 pounds 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
07:48or reconfigure it somehow
07:50this place needs quite a bit of work I think
07:53we'll find out who went for it
07:54when it went under the hammer
07:59this lot was part of a remote auction
08:01with bids taking place online
08:03we're done
08:05sold
08:07this giant collection of properties was bought for 2.745 million pounds 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
08:26James works for Malik's company
08:28helping 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?
08:43it 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 commercial can't really do much
08:52we leave that as is because they're on a long lease
08:53but with the flats as they come
08:56they're a bit tired
08:57so we're looking to give them a bit of a facelift
08:59minor renovations here and there
09:01and then internal communal areas
09:02any work that needs doing to those bits?
09:05yes, yes
09:05I mean you can probably see
09:06the carpets and the stairs are a bit tired
09:08the walls need some painting
09:10new lights
09:11ideally LED lights
09:12and 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?
09:25was anything flagged up?
09:27the only surprise I would say when we did pick it up
09:29was the tenancies 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
09:37you know, they were all fully compliant
09:39yeah, okay
09:40and I'm sure there'll be more of that sort of work to do
09:43along 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, you have to
09:55for every borough it's different
09:57so we're in Hammersmith and Fulham borough
09:59we did have to get a HMO licence
10:01that's valid under the new ownership
10:04right
10:04so you plan on keeping it as a home in multiple occupancy?
10:08absolutely
10:08but there are different kind of configurations of units here as well
10:11because this is a self-contained flat
10:13yes, yes
10:15so I mean they're different
10:16there's a bedsit
10:17the difference between the bedsit and the self-contained flat is
10:19the bedsit will be
10:20we'll have a kitchenette in it per se
10:22and there'll be a communal bathroom
10:25with another bedsit in the building
10:26but this is self-contained
10:28you've got your own kitchen
10:29and you have your own WC
10:30so no need for you to share
10:32yeah, okay
10:33what is your budget on the refurb
10:36and what's your time frame?
10:37once you get vacant possession
10:39we're looking at a timescale between two to three months
10:42the reason it for being so quick is 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, if I'm honest with you
10:52the landlord has given us a budget between 20 to about 35,000 pounds to do all flats
10:58wow, okay
10:59so that's
11:00that seems like a small budget for the amount of kind of properties you have here
11:07yes
11:07is that going to be tight, do you think?
11:09it will be tight
11:09look, we've made them aware
11:11you never know what you could unravel
11:14so if we do need to go over
11:17we have made them aware that we might need some extra key for the bank
11:21so 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
11:27so this purchase was initially just for investment purposes
11:31so we aim to have them occupied as soon as we're done
11:34and 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
11:45thank you
11:47well it sounds to me like James has got a good idea of what he wants to do with this
11:51place
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
12:00with quite a small budget for all of that
12:02we find out how he gets on later on in the show
12:10we're off to Loddon
12:12a 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 with a strong close-knit community and access to nature
12:25then 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
12:41that means it's going to be nice and quiet
12:43no through traffic
12:45perfect
12:45but 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 of 170 to 190,000 pounds
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
13:21yeah
13:22this is filled with possibilities
13:25let's take a look inside
13:29ooh
13:30this is nice
13:31all very neutral
13:33so 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
13:48it's like a focal point
13:50you know
13:51a fireplace
13:52I think that will make it feel a bit more cosy
13:56and add a bit of character
13:57but the space itself
13:59neat
14:00square
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
14:08maybe change the handles
14:09and then into the kitchen
14:11it feels a bit dark in here
14:12but it's a decent size
14:14lots of work surface
14:16lots of cupboards and drawers
14:17and I think you could keep these actually
14:21all you'd have to do
14:22if you don't like
14:23you know this sort of pine effect
14:24if you like
14:25sand it
14:26paint 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
14:33and through the double pine doors
14:36downstairs alone
14:37and you've got storage in there
14:39that's under the stairs
14:40that's all been plastered as well
14:42as well as this
14:43I can see there's electrics hanging down
14:45maybe ready for lighting
14:47lighting's all important in the kitchen
14:48but yeah
14:50not too bad
14:50but then you go into the very light conservatory
14:54really light
14:56all the windows around
14:58looking at those gorgeous views
15:01but I'm thinking
15:03this is so dark
15:05would it be
15:07an idea to think about
15:09actually knocking through
15:11and then maybe making this conservatory
15:14a brick build
15:15okay
15:16and then you'd have your proper roof
15:18everything's opened out
15:19kitchen
15:20dining
15:21entertaining space
15:22doors leading out
15:23to your garden
15:25and then I think you'd have lots and lots of light
15:27coming through
15:28I really do
15:29my thing is
15:30even if you did that
15:33what is that?
15:35blocking my view
15:36I'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 when I see this
15:57and I see this
15:58is because they're clashing
16:00they're fighting with each other
16:01this
16:03is making my view
16:06nothing
16:06because all I can see from there
16:08is this
16:10it was obviously someone's workshop
16:12number one this has to go
16:14number two that might have to go
16:16number three you might consider opening out the kitchen
16:19so far
16:20a couple of options to be had
16:23yes nothing will stand between Jackie and a beautiful view
16:27you really really get to go now
16:29getting up this miracle round
16:31you really really really really really really get to go
16:34and she's right
16:35it really has to go
16:36making the most of this property's idyllic setting
16:39is bound to boost its appeal
16:41let's hope the upstairs lives up to the promise
16:45oh nice solid staircase
16:48love that you've got this window to the side letting in lots of light
16:52up into the landing
16:53once again all of the ceilings have 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 the bathroom
17:05well in fact it's more of a wet room
17:07but actually it's alright
17:09get it all cleaned up
17:10it's done
17:11it's good to go
17:13then you've got your largest of the bedrooms actually
17:17but you know
17:18like the rest of the property
17:20it needs some personality added into it
17:22so a bit of redecoration
17:24new flooring
17:25jobs are good
17:26and then you've got your very square
17:28and sort of middle bedroom
17:30but it's still nice and bright
17:32it really is
17:34you've got a space for everything
17:38and look at those views
17:39to say every window
17:41you get a glorious view
17:45but that
17:46you can see now
17:47why I mean that has to go
17:49because that is spoiling it
17:50you know I don't even live here
17:52and already
17:53that's getting on my nerves
18:01the outbuilding is getting under Jackie's skin
18:03but there's plenty of other work needed to get this property looking its best
18:07but with the changes required to your mostly cosmetic
18:11does it have the potential to add value and deliver a solid return on investment
18:16we asked an expert from the auction house who sold a lot for her thoughts and valuations
18:21on this three bed semi guided at 170 to 190,000 pounds
18:27my first impressions of this property is that it's a good standard house
18:32the property would benefit from an updated bathroom
18:35an updated kitchen
18:36obviously new carpets throughout
18:38we do also have that structure in the garden
18:40it depends who you are
18:42you might choose to knock it down
18:43you might choose to work with it and try and rebuild it
18:46it would benefit some people out there
18:49an owner occupier may choose to open up the downstairs a little bit
18:52just to bring a bit more of that light into the property
18:57there's certainly potential to create a more open plan layout downstairs
19:01and the expert feels that would improve the saleability of the property
19:06but what does she think the returns could be once this place was renovated
19:12I think that when the property is completed
19:14depending on who buys it and what they do with it
19:17in the current market you could look to achieve a range of 230 to 250,000 pounds
19:23and a rental income of 850 to 900 pounds per calendar month
19:30well this three bed semi is in a great location with gorgeous countryside views
19:37internally there isn't much that needs doing to it actually
19:41you could extend the kitchen into that conservatory
19:45maybe add some ceiling windows and really make it modern
19:49and it just needs a good refresh
19:51and of course my friend the outhouse has to go
19:54but overall I think it's a good one to go for
19:57who agreed?
19:59let's find out when it went under the hammer
20:05this lot was part of a remote auction with bids taking place online
20:10congratulations well done
20:14the winning bid of 217,000 pounds came from Andrew here on the left
20:20he's brought along his friend and fellow tradesman Robert
20:23we met Andrew over ten years ago
20:27when he was in the process of renovating a three bed mid terrace in Wales
20:34since then he's flipped several auction properties
20:37but is he following the same formula this time around?
20:41Jackie caught up with him and Robert to find out
20:44Andrew, Robert lovely to meet you both
20:46Andrew
20:47hi
20:48and obviously you're no stranger to the show Andrew how's it going?
20:51yes no it's fine it's a while since I've been on to be fair
20:55and so what is this property number?
20:57this is the eighth one
20:59wow
20:59yes
21:00and so obviously now Robert's joined you on this one
21:03and so Robert what's your role?
21:06as painter and decorator
21:07well needed here
21:08indeed
21:09yeah because that's what it really needs
21:11we'll run through the whole place
21:12yeah
21:13brighten it up
21:14yeah
21:15very good
21:15because you obviously started you did this
21:17because all of the ceilings seem to have been plastered
21:19almost freshly plastered
21:21we came in and we prepped them
21:23and we had a plasterer come in last weekend
21:26and he plastered all of the ceilings in one go
21:29did he just like that?
21:31all of them
21:31I know it's magic
21:32we've come in today and seen them all drying
21:35and it's fantastic they're amazing
21:37is he one of your regulars that you use on your other renovations?
21:40oh yeah absolutely
21:41yes
21:42because I instill kitchens and bathrooms for a living
21:45and there's lots of plastering
21:47so it's frequent
21:49so what about you Robert?
21:50is this your locality?
21:52no so we do travel a few hours to get to Norfolk
21:55but we tend to just stay over
21:56get everything done
21:57so where are you then?
21:59Letchworth in Hertfordshire
22:00oh you're Hertfordshire oh gosh
22:01yeah yeah absolutely
22:02so walk me through what's going to happen with the rest of the property
22:06upstairs is going to be mainly painting and a new bathroom
22:11wait wait but the bathroom's good
22:13I like that wet room
22:14it looks fairly new
22:16it's superficially good
22:17it's not actually good
22:19the taps don't work
22:21the basin's twice the size of a normal one
22:23the toilet's on the wrong side of the room for the drainage
22:27everything is a little bit of a problem in there
22:30so it's going to be a nice new bathroom
22:32and I think you'll agree when it's done
22:34yeah and then what about
22:35the kitchen's a decent size
22:38and I love that there's a downstairs loo
22:40you're keeping the downstairs loo
22:41the only thing I see with that downstairs loo
22:43there's no sink
22:43I have sink in the back of the van
22:46ready and waiting to go
22:48oh very good
22:49but there's only a cold supply going to it
22:52and the plumbing is all bad
22:53so if we can save it
22:55we'll save it
22:56we may have to jiggle it around a bit
22:58to get it to go
22:59and what's the kitchen going to look like?
23:01I think the cupboards are sound
23:03this is going to be his domain
23:05they are going to be in turtle dove grey
23:09love it
23:10so they are all going to be painted
23:11and they look good
23:13so you're going to sand them?
23:15sand it, give it a couple of coats
23:16and then maybe new handles maybe
23:18yeah, yeah
23:20hold on, I've got to ask you about that
23:23that?
23:25you know what I'm going to say
23:27the elephant in the garden
23:28the elephant in the garden
23:30tell me you're going to get rid of it
23:32absolutely, yep
23:33it's such an eyesore
23:35yeah
23:36compared to what's beyond it
23:38yes, there's an open field
23:40open field
23:40full of ancient oaks
23:42with tree preservation orders on them
23:43so yeah, it's going to be 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 the layout as it is
24:00but lighten and brighten the place
24:03by painting and decorating
24:04all with a modest budget of £10,000
24:07and within a six month time scale
24:10but once the work is complete
24:12what does he plan to do with it?
24:14I've got a family
24:15we'll probably come up for the odd weekend
24:17and this is a fantastic area
24:20and I think it would make quite a good holiday let
24:22so as yet undecided on
24:25whether it's let out in the summer or not
24:27oh, interesting
24:29yeah
24:29so this could be the first one that you haven't flipped straight away
24:32yes
24:33I fully intend to sell it
24:35yeah
24:36but not for now
24:37however it might be after the summer
24:39yeah
24:39right
24:40look
24:41I wish you the very very best
24:43I really do
24:43and I can't wait to see what you do to this place
24:45I'm looking forward to it myself
24:47yes
24:47very good
24:48well congratulations
24:49thank you so much
24:49thank you
24:53well it sounds like it's all been going really well
24:56since we last saw Andrew
24:57now this is his eighth property
24:59and he's joined by 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 a holiday home for Andrew
25:11who knows
25:12you can find out how it all goes
25:14and if this does become his holiday home
25:17later in the show
25:20coming up in Cheshire
25:21Dion gives us a step-by-step guide to tackling this house
25:25it's taking everything out
25:27assessing what you've got to work with
25:28and start your program
25:32and back in Norfolk
25:34has Andrew taken the right steps to make his house a home from home
25:44back now to West London and Shepherd's Bush
25:47where I had a 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 we have
26:00not one
26:00not two
26:01keep going
26:02eleven residential units
26:09a monster building at a monster cost
26:13but with the commercial spaces already leased
26:16and most of the flats and bedsits occupied
26:19the building was already generating a fairly healthy return
26:23it was bought at auction for 2.745 million pounds by Malik
26:29but it was his property manager and business partner James
26:32who I caught up with
26:33and surely a monster project like this required a monster budget
26:39didn't it?
26:40the landlord has given us a budget between 20 to about 35,000 pounds to do all flats
26:45that seems like a small budget for the amount of kind of properties you have here
26:51yes
26:52this big project with a small budget was going to be given a mild spruce up
26:57and James hoped the work would take no more than two to three months
27:02and now, four months on, we're back
27:10the previous flat I had a nose around is now let out
27:14so it's some of the other flats we're looking at to get a feel for the place
27:20and you can see they're clean and functional
27:24but mostly a tad dated
27:26so Malik, what's changed in the last four months?
27:31haven't changed anything in terms of layout
27:33we did add some appliances
27:35some of the units were missing
27:37so for example washing machine, dryers and so on
27:40but pretty much we kept everything the same
27:53yes, it's basically the same whether it's one of the eight bedsits
27:57or the three flats
28:05so have there been any cosmetic changes at all?
28:10we've done some light cosmetic work all through
28:13even in community areas as well
28:14so refitting the carpets, reflooring, repainting
28:18re-grouting of the bathroom towels and stuff like that
28:21and also some new appliances as well
28:23in their self-contained bedrooms
28:24with a high student population in the area
28:27these rooms are aimed at that market
28:29so perhaps the work they've done is
28:32all I really need
28:35all I really need
28:38is for you to be
28:41but in order to let any of them out
28:43there was the all-important
28:45house of multiple occupation licence to obtain
28:49I was able to get a new H1 licence
28:52it took a while
28:53but the council was quite easy going
28:55so the process was not too bad
28:59so all boxes ticked
29:01and money-wise
29:02where did that come in at?
29:05I guess as usual with refurbishments
29:09you can never guess the right price
29:11but we wasn't far off from the initial estimate we had
29:16the total cost cost us around £52,000
29:23that spend takes Malik's investment to around the 2.8 million mark
29:28but with two commercial properties generating a rental income
29:32and potentially 11 separate dwellings also adding to the coffers
29:37this big outlay is a huge rental vehicle for Malik
29:43so what does a local estate agent make of it all?
29:47Have they done enough to get the most out of this building?
29:53It's been freshly painted
29:54and I can see that there is good living space
29:57it reminds me of when I was in university
29:58and kind of dorm living
30:00so you have everything you need
30:03together, communal living
30:04it's empty at the moment
30:05so it's hard to feel what the vibe would be
30:07when the community comes together
30:09but I like the fact that you've got a nice roof terrace
30:11it's quite cool
30:17I think the standard of finish is very functional
30:20I think that you would have everything you need
30:22and that you would come to expect from an HMO bed-sit studio property
30:29Yes, I guess in many ways this building is fit for purpose
30:34but what combined annual rental return could all the units make?
30:40So this residential unit and the commercial as a whole
30:45currently is £121,500
30:48and I think it would move to about £250,000 to £260,000 per year
30:54Whoa!
30:55If they can achieve a total rental return of £260,000 a year
31:01that would equate to a yield of around 9%
31:04and with its value very much tied up with how much revenue it generates
31:10if that return can be achieved
31:12what value would the whole kit and caboodle be worth?
31:16This residential and commercial unit combined
31:19would sell for between £3.3 and £3.6 million
31:24Well, I think it's great
31:26it's pretty much, to be honest with you, what we expected
31:28obviously we picked up with this on the auction
31:32so we were looking around the same figures
31:37So, eye-watering numbers of half a million pounds upwards in profit
31:42could be achieved if Malik was to sell this all on
31:47This monster of a project turned out to be more of a BFG
31:51Big Friendly Giant than an Incredible Hulk
31:54So, what's up next?
31:56Country Cottage in Suffolk?
31:59Or more of the same?
32:01What's that coming over the hill?
32:04Is it a monster? Is it a monster?
32:07We are in the process of purchasing another similar unit
32:12it's not far from here
32:13so we're in early stages
32:15but this is where we're planning to be
32:19Clearly, it seems, as far as Malik's concerned, big is beautiful
32:28We're heading to Cheshire now
32:30and the industrial town of Widness
32:33Historically, it was home to large soap factories
32:35Sweet smell of success
32:38That ironically made the town smell not very pleasant
32:42but today the area has been reclaimed and returned to green spaces
32:47and it's here that Dion is hoping to sniff out a property bargain
32:54Down this quiet private road is the property I'm here to see
32:58We have got a three-bed mid-terrace property
33:01Look, some of the work's been done for you already
33:04a nice bit of garden
33:06You've also got a parking space there as well
33:09Two positives
33:10Will there be three?
33:11Let's have a look
33:13Well, a third could be that this property comes with a guide price of just £30,000
33:18Let's be greedy and hope there's more positives inside
33:22Come on, give me
33:23Come on, give me
33:25Give me, give me
33:27Give me some more, yeah
33:28Right, we've got a bit of clutter in here
33:33There's been quite a bit that's been left
33:35My eye is drawn to the polystyrene tiles
33:39They have to come down
33:40Huge fire hazard
33:42The stairs as well
33:44There's no banister
33:45These are never going to pass
33:47Building legs
33:48Unsafe
33:49What I would say is
33:50There's loads to clear out
33:52But take your time with it
33:53And sift through it gently
33:55This room is an okay size room
33:57You've got a bit of a porch way there as well
33:59So this is okay, this is good
34:01Just needs to be cleared out
34:03And those polystyrene tiles
34:04I've got to go
34:07Okay, around the corner then
34:09From the front room
34:10Into this area
34:11And it feels like I've kind of
34:13Gone back in time into sort of late 70s, 80s
34:16This is kind of a void area here
34:18But it's been used as a utility kind of pantry area
34:22And there's your bathroom
34:24Your downstairs bathroom and toilet
34:26Everything's been left in there
34:29That needs to be cleared out of the bathroom
34:30So you need new bathroom, suite, tiling, everything
34:33This area surely could be used better as well
34:36So not quite working, these two
34:40Right, we're into a very, very cluttered kitchen
34:45I think this is the most cluttered room so far that I've seen
34:49Yeah, it's not in great condition at the moment
34:53However, depending on what I find upstairs
34:56Could you knock this through to create a nice big kitchen
35:00Loungey sort of dining 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 before you can do what you want to do with this property
35:18First things first, this 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 depends on what you have upstairs
35:33So Dion's gone ahead to have a look around to see what's on offer
35:38Right, I'm upstairs then
35:39And in this bedroom there is a lot of stuff that needs to be cleared out
35:44The bedroom size is good
35:45We've got polystyrene tiles everywhere
35:48It was something that you did back in the day, late 70s, 80s
35:52Everybody had polystyrene tiles in it
35:54It was quick, it was easy
35:55And it wasn't too expensive either
35:57Good size bedroom, needs to be sorted, needs to be cleared out
36:00Bit of a duck down here
36:03Okay, so the other bedroom is pretty much the same as that bedroom
36:09It's completely cluttered with lots of stuff that's been left
36:12Sieve through it carefully, make 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 is completely the same as well
36:21Slightly bigger than these two
36:23Right, if you need three bedrooms, keep them as three bedrooms
36:28If you need two bedrooms, then get the bathroom from downstairs up here
36:32That would be something that I would want to do
36:35Then you can use that downstairs bathroom space incorporated into your kitchen
36:39Maybe a kitchen diner, maybe even a utility room
36:42The configuration of the house is okay
36:45It's just started at the very beginning
36:48Taking everything out, assessing 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
37:04But with a bit of graft I'm sure you'll be left with a decent sized garden
37:09There's also a lean too
37:11Which has seen better days and 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
37:21Does seem on the low side
37:26Okay
37:29Bit of information for you
37:30This house is a non-standard construction
37:33It's a, in the main, a timber framed house
37:37You have got a bit of brick here
37:39But that's been put on at a later date
37:41What it means is that this house may be difficult to get a mortgage on
37:46That said, you've got a nice piece of garden here
37:49You could use it as space for the kids or table and chairs
37:52Or you might want to try and squeeze another car on the back here as well
37:56Which would give you two spaces for cars or 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 there could be scope to add value
38:10Let's see what a local estate agent makes of this three-bed mid-terrace
38:15We invited one along to get their thoughts and valuations
38:18The property hasn't been worked on for many years
38:20So it's going to need full refurbishment both inside and out
38:23It's going to need heating, electrical rewires, kitchens and bathrooms
38:28And externally, gardens front and rear to be cleared
38:33So once this place was brought up to a decent standard
38:36What sort of figures could a potential buyer expect?
38:40Once renovated, I'd expect the property to achieve £800 per calendar month
38:45And between £120,000 and £125,000 for sale
38:50This is a total clear out and start from the very beginning
38:54Few decisions to be made
38:56Do you keep the bathroom downstairs or do you move it upstairs?
38:59Do you try and create a nice large kitchen diner?
39:03If you get it for anywhere near the guide price of £30,000
39:06I do believe you could be on to a winner
39:09Let's see what happened when it went under the hammer
39:15This lot was part of a remote auction with bids taking place online
39:19One, two, three, and go online
39:24With a successful bid of £89,000
39:27This three-bed mid-terrace was bought by Fiona and her husband Paul
39:32They run a property development business together
39:34And Paul is also a builder by trade
39:37The perfect combination
39:40Dion met up with them back at the house
39:41To see what they have planned for their new purchase
39:44Fiona and Paul, nice to meet you
39:45Nice to meet you
39:46Are you happy?
39:48Yeah
39:48Oh yes
39:49Happy with what you've got?
39:50Yeah, very happy
39:51Okay, why was it that you wanted this place then?
39:54Paul's from Witness originally
39:56So...
39:57We've got a few properties here already
39:58Okay
39:59Yeah, so just had to build a portfolio really
40:01So are you guys local to here then?
40:04No, no
40:04We live in London, yeah, in Twickenham
40:06Yeah
40:07Okay
40:08Now that changes things slightly, doesn't it?
40:10So how's it gonna work then?
40:12Yeah, well I'm gonna stay mostly in London
40:13Yeah
40:14Okay
40:15I'll be commuting up with the lads
40:16Up and down, yeah
40:17And then stay a couple of nights and back
40:19I've got family here so they keep an eye on things as well for me
40:22Yeah
40:22Okay, and the plan for this is to live in it, sell it, rent it?
40:27Rent it
40:27To rent it out?
40:28Yeah
40:28Okay
40:29We've got a non-standard construction house
40:32Er...
40:33What's the plan?
40:35Yeah, I'm gonna give an external skin
40:36Brick skin?
40:38Yeah, block, render
40:39Okay, render
40:40Extension on the back
40:42External... external skin on... above... above the extension
40:45Knock it all through
40:47Mm-hmm
40:47Okay, hold it, hold it, hold it, there's a lot there
40:49There's a lot there
40:50I need to know exactly what you're doing here
40:51You are
40:52Knocking through
40:53Everything, yeah
40:54Everything
40:54Yeah, single storey extension?
40:56Yeah
40:57Three metres out
40:58And the four width across
40:59In that area there's gonna 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, yeah
41:10Nice
41:10Bathroom above us, right 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
41:20Yes, yeah
41:21So you're pinching a little bit of space
41:22Yeah
41:22And we're gonna...
41:23We're still gonna have a toilet downstairs as well
41:25Okay, perfect
41:26Yeah
41:26Which is definitely handy
41:28Mm-hmm, yes
41:28So this is gonna be a big open plan
41:31Yeah, all up from the window all the way through to the extension
41:34Wow
41:35Yeah
41:35That is gonna be so bright and...
41:38Mm-hmm
41:39And airy
41:40What kind of finishes are we going for here?
41:43Colours or...?
41:44I might be consulted on that
41:46You might be
41:47Yeah
41:47I might not be
41:49Yeah
41:49Yeah
41:50Like a neutral colour because it's...
41:51It's clean, it's sidey
41:53Yeah
41:53I suppose it gives the tenant the option to...
41:55Yeah
41:56Splash a bit of colour
41:57If you wanted to, yeah
41:58The extension then, is that...
42:00Who's gonna 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, you know
42:06We'll get all the groundwork done ready for him
42:08Get everything first fixed for the electricians
42:10Local electricians, local plumber, local plasterers
42:13But the rest is down to us and my lads
42:15What are you giving them to spend then?
42:17Between 40, 45
42:18Oh, okay
42:19Okay
42:19Yeah, I've got...
42:20It's gone up since we spoke
42:21It's got to be...
42:21If I'm gonna do it, I'm gonna do it
42:23That's it, you know
42:24Yeah
42:24Right, right
42:26There's a lot of work to go, innit?
42:28Fearne, you're keeping hold of the purse strings?
42:30Is that right?
42:30Yes, I 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, working with the agents
42:36Yeah
42:37Happy 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 travelling, you know
42:46It sounds the complete opposite to what I see right now
42:51Sure
42:51Your plans, and I can't wait to see how you get on
42:55Yeah, me too
42:56Excited?
42:57Yeah
42:57Yeah, now that we're up and running
42:59Tomorrow morning, the machine's coming in
43:01And that's getting...
43:02We're gonna work on it then
43:03Good on you
43:04Yeah
43:05Listen, I wish you two all the best
43:07Thank you
43:07I hope it works out
43:08Thanks 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
43:24Extension as well is just gonna 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 programme
43:43We're heading back to Laudan in Norfolk where Jackie saw this three-bed semi guided at £170,000 to £190
43:51,000
43:53Inside 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
44:03This is making my view nothing because all I can see from there is this
44:11Get out of my way
44:14Get out of my way
44:15But having bought the house for £217,000
44:20Did experienced property developer Andrew, here on the left, have the same vision?
44:27I've got to ask you about that
44:29That?
44:31You know what I'm gonna say
44:33The elephant in the garden
44:34The elephant in the garden
44:36Tell me you're gonna get rid of it
44:38Absolutely, yep
44:40He and decorator Robert planned to carry out a full renovation in six months
44:45With a budget of £10,000
44:48Now we've returned just three months later to see the end result
44:56The front of the property has been tidied up
44:59Creating 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
45:28With new work tops installed too
45:32And it's not just the kitchen that's had a revamp
45:36A few small tweaks from Andrew were enough to give the downstairs loo
45:39A serious glow up
45:42There was no hot water to the downstairs toilet last time
45:45There was only a toilet in there, no basin
45:48So I had to get all the floors up throughout the house
45:51And run in a hot and cold feed
45:54And then we had to put a basin waste in down there as well
45:58To make it a legitimate, usable room
46:06The design and the decor is effectively just modernised
46:10Just trying to make it nice and comfortable
46:13But a bit more modern than it was before
46:20If the goal was bright and modern then Andrew and Robert have certainly delivered
46:25And with the property fully furnished
46:27It now feels every bit a family home
46:30So the bathroom when we bought the place was a wet room
46:35But it wasn't very nice
46:36And it wasn't appropriate for the market for this sort of house
46:39So we 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
47:00And in its place, breathtaking views
47:03And a brand new decked area that's perfect for taking them in
47:07The 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
47:18Yeah, sat down 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
47:49And a labourer that we got locally as well
47:53And then, yeah, I made everything look pretty, as it were
47:57Living in the city, yeah, we look so pretty
48:03The plan was to use the property as a holiday let
48:06Before 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
48:18And Rob is actually getting married pretty soon
48:22So, 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
48:38Well, 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
48:48They 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
49:14And furnishing
49:17After spending a total of £231,000
49:21Including the purchase price
49:22Andrew has created the perfect place to unwind
49:26But 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
49:35When 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
49:43But the property has been finished to quite a high standard
49:50I think getting rid of the structure in the garden
49:52Has 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
50:06He'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 to £285
50:27It's nice to know that it can be rented out
50:31However, 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 good working relationships has got to be the amount of tea drunk
50:57Really?
51:00There's been quite a few tea breaks
51:02And that certainly seems to work because this place is the perfect blend of old and new
51:07There is no compromising
51:10You always make sure you finish your tea
51:14And after all, who wouldn't want to stop and drink in those views?
51:17You fill me up, my little tea club
51:26Time for a trip back to Widness
51:28Where Dion saw a dated and cluttered three bed with 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 but 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 and his wife Fiona from buying the house for £89,000
52:14Paul grew up in the area and wanted to add it to their rental portfolio
52:21What's the plan?
52:22Yeah, we're going to give an external skin
52:24Brick skin?
52:25Yeah, block, render, extension 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
52:48We're taking over here
52:53This is the new revolution
52:58The new revolution
53:03This is the new revolution
53:05Moving the stairs 90 degrees and 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 meant 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, that was the original bathroom but bigger
53:46And the edge of the carpet line, the kitchen line, that was the end of the house
53:51Moving the stairs means that one bedroom at the back had to lose some space
53:58Down the new hallway, the other bedroom has a new neighbour
54:01As 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
54:10This is the new revolution
54:16Outside is totally transformed with new windows
54:20The 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 that's been crucial with this project
54:31As builder Paul and his team have 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 and then block work
54:47All you could see were bricks on the sides, floor joists and roof
54:53And the rest, you could see literally right through the house, it was just a shell
54:56It's hard to put it back together
54:57I said six months, it's took nearly two years
55:00But there you go
55:01But you are pleased, but you are pleased
55:03It has turned out really well
55:05Yeah, I'm happy with it now
55:07Paul should be pleased as the work he's done here means this once run down property
55:12Is no longer classed as non-standard construction
55:16And he's created a modern home that's also energy efficient
55:20With new wall insulation, boiler and a full rewire
55:24Although issues with the power supplier as well as delays with installing the new gas and water mains added extra
55:30time to the project
55:31It shows how much work Paul and Fiona have put in to get this rental property just how they wanted
55:37it
55:38Better to do it well for the first time, isn't it? And then it'll last longer
55:42And then we haven't got to come back to it for ten years or more, you know what I mean?
55:47It's all done
55:48It's a brand new house internal, you know?
55:50Yeah
55:51Very true, but has going the extra mile meant that they've struggled to keep to their £45,000 max budget?
55:59Oh, deep breath
56:00It's gone well over
56:02It's 76,150 pounds
56:08That's my figure
56:10Because I had different trades doing different jobs for me externally
56:13I wasn't satisfied with that
56:16So I had to get it redone again
56:17The kitchen, you know, that was a £3,000 more than I normally spend on a kitchen
56:22Try to get it right
56:23I'd like to live in it, so
56:25I would too
56:26That's the way we do it
56:29That's the way we do our houses
56:30If I've been put to live in it, I 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 for his opinion on the changes they've made here
56:51First 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, modern 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, I 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?
57:23It doesn't feel so bad now
57:25I'm just trying to add it up the budget and what I bought
57:29So I've, yeah, broke even
57:31Yeah, we'll not quibble about the extra £150, 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, have a go
57:52Life's a challenge anyway
57:54So this is a challenge
57:56Just have a go, you'll enjoy it
57:59You'll have your ups and downs
58:00But it's worthwhile in the end
58:07Well, 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, see you soon
58:17We'll see you soon
58:20Yeah, we'll be right back
58:30You'll see you soon
58:31Don't go, we'll see you soon
58:33But we'll be fine
58:36We'll be right back
58:37We'll see you soon
58:44You'll see you soon
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