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00:00Hello and welcome to the show.
00:03Well, from the stunning highlands of Scotland to the charming south coast and everywhere in between.
00:09Up for grabs at auctions across the UK, there are thousands of properties.
00:13So, no matter where you live, you can find your perfect home under the hammer.
00:43Whether you're searching locally for your new home or searching for opportunities for investment,
00:49there are plenty of auction properties up for grabs and it's all online.
00:53That makes it even easier for you to grab yourself a property.
00:58So, where did our three bidders decide to buy? Let's take a look.
01:03In Dover, I think the outlook for this flat is going to be good.
01:07Yeah, I was right. You do get great views from the balcony.
01:13Whereas in Lincolnshire, Tommy's less happy with his view.
01:16Sometimes people do the most unfathomable things. I really can't get my head around that.
01:22And in Wales, Dion's puzzled about where we've hidden his presents and cake.
01:27I don't want a party or anything fancy, but it's been ten years.
01:33All these properties have been sold at auction and we'll find out who bought them
01:37and what they paid for them when they went under the hammer.
01:41Sold.
01:49Off to Kent now and the port town of Dover, famous for its striking white cliffs and its close proximity
01:56to France.
02:01In fact, the distance between Dover and Calais across the English Channel is only around 21 miles.
02:07The question is, will the property I'm here to see go the distance?
02:17Well, I'm on the outskirts of Dover and I'm told on a clear day you can see France and I
02:22can just about make it out.
02:25But we've got something else to see today.
02:27It's a first floor flat.
02:28It has two bedrooms and went to auction for a guide price of £115,000 to £120,000.
02:35And I know it has a long lease, plus it has a balcony.
02:39So I bet we're still going to get those great views.
02:43So, je tourne les dors.
02:46That means let's take a look around.
03:10Actually, the communal hallway is very well kept and lovely and bright.
03:16And talking of bright, so is this flat.
03:19And it's all decorated in really neutral colour tone, so it still keeps that light.
03:24So you've got your principal bedroom here.
03:27Again, the decor, neutral, double glazed, a bank of storage to one side of the wall.
03:34And then carrying on through the hallway, your second bedroom.
03:37It is smaller, but you can certainly fit in a decent sized bed.
03:42Again, lots of light coming through and great views.
03:45There is central heating I've spotted, which is always good, but get it checked out.
03:50And so the hallway goes into sort of like an L shape.
03:52But right in front of me, there's a bathroom.
03:55Again, there's nothing really wrong with it.
03:58Yes, it could do with a new suite, but you could use it as it is.
04:01There's a space for everything, and it is a lovely size as well.
04:05Let's go this way.
04:08The nautical toilet seat may not be to everyone's taste.
04:15But the kitchen is a fair size, though it could do with a more modern refit.
04:21It's also home to the boiler, which should be checked by a gas-safe engineer.
04:26However, the space in here might be to the expense of the room next door.
04:36Whoa!
04:37I thought all the other rooms had great views, but this is spectacular.
04:41You've got window, window, balcony, fantastic.
04:45But you know what?
04:46As lovely as the views are, it actually makes this living room feel smaller,
04:51because it's such an expanse.
04:53So I'm thinking, this is a stud wall.
04:58Could you take that down, and then you can imagine
05:01you would create a lovely, spacious, kitchen, living, dining space.
05:08And I think that would make the most of this flat.
05:11And in fact, that's going to give it that wow factor.
05:16Yes, with the flat already in good shape
05:18and boasting a solid EPC, or Energy Performance Rating of C,
05:23thanks to features like double glazing and a modern boiler,
05:26the focus here should be on rethinking the layout
05:29to make the most of the space.
05:31But when it comes to the view,
05:32there's already an ideal place to enjoy it.
05:36Yeah, I was right.
05:38You do get great views from the balcony.
05:41And it is, you know, quite a long balcony.
05:44There's enough space to put a little table, chairs,
05:46and just taking those views.
05:49And obviously, when it's a very, very clear day,
05:52you can see France, which is great.
05:55The other thing is, this flat does come with allocated parking
05:58for two cars, which is a bonus.
06:01And the other thing is, remember I mentioned that long lease?
06:04Well, it is very long.
06:06In fact, the lease remaining here is 975 years thereabouts.
06:11So that is 3, 3, 4.
06:18Yes, already it's very, very good indeed.
06:21But with a bit of TLC,
06:23the new owner has carte blanche to take it to the next level.
06:28So what does a local estate agent make of it?
06:30We asked one along for his thoughts and valuations
06:33on this two-bed flat, guided at 115 to 120,000 pounds.
06:39The apartment is in good condition,
06:41but it could benefit from a new bathroom and a new kitchen.
06:44But I would really knock the wall down
06:47between the kitchen and the lounge,
06:48and it would really enhance it.
06:51So we're all on the same page here.
06:53But what does the agent think the flat could be worth
06:55on the sales and rental markets?
06:57This property, fully renovated,
06:59would be fetched around about £180,000.
07:03It would be rented for, say, £1,000 per calendar month.
07:09Well, what a great flat in a sensational location.
07:13Just look at those views.
07:14You've got everything right on your doorstep.
07:17Now, for me, the flat doesn't need too much doing to it.
07:20Perhaps you could reconfigure the space
07:22and make the best of those views.
07:24But all in all, c'est un partement, c'est très bien.
07:28So who wants to get their hands on it?
07:30Let's find out when it went under the hammer.
07:35This lot was part of a remote auction
07:38with bids taking place online.
07:39If you're all done, it will be sold.
07:42Sold.
07:49In the end, the property was sold for £145,000
07:53to local business owner Kyle.
07:57And I was excited to hear his thoughts.
08:03Kyle, lovely to meet you.
08:04Nice to meet you.
08:05And wow, what a flat and what a set of views.
08:11It's a stunning view.
08:12So, obviously, the next question I'm going to ask you
08:14sounds silly.
08:14Why did you buy this place?
08:16Oh, yeah, the view.
08:17It's pretty amazing.
08:18Yeah.
08:19It's what sold me it, really.
08:21And were you happy with the price that you paid for it?
08:24Yeah, I am, but it was at the top end
08:26of where I wanted to spend on it.
08:29Right, OK.
08:30So, on my cap.
08:32Yeah, OK, so it was right up there.
08:33Yeah, it was right up there.
08:35And did you read the legal pack?
08:36Yeah, so I read all the documents.
08:37I've got a friend that's a conveyancer
08:39and she double-checked it all for me
08:41just to make sure nothing jumped out.
08:42Exactly, so there were no surprises.
08:44Yeah, exactly that, yeah.
08:45But what a great long lease, though.
08:46Yeah, considering I was...
08:48Yeah, you don't normally get many flats
08:50that are initial from 999 years.
08:53Yeah, and then, you know, the parking for two cars.
08:55Yeah, two cars parking,
08:56which you don't normally get allocated with flats.
08:59No.
08:59So, that is a bonus as well.
09:01So, is this what you do?
09:03Do you buy properties and renovate them?
09:06This is my second property,
09:08but my first auction purchase.
09:09So, what do you do?
09:10So, I own a construction company.
09:12Oh, thank you.
09:13That's local, so it makes life a lot easier for what we do.
09:17Really, really good.
09:18So, you've got a construction company,
09:19that means you've got trades in place.
09:21Yeah.
09:21Well, probably we've got 80% under in-house.
09:24So, yeah, it makes life a lot easier.
09:26Boom, boom.
09:27That's amazing.
09:28So, what is the plan?
09:30Looking at taking this wall out,
09:31making this an open-plan kitchen diner,
09:34just to make use of these views.
09:36Yes.
09:36If you're cooking,
09:37you'll actually be able to look out a window
09:38and see a lovely view.
09:40Bathroom, also getting a refit.
09:41Yeah, that would be completely taken out and refitted.
09:44And the rest of it would be all new skirtings,
09:47all new internal doors,
09:49getting all the ceilings all smooth.
09:51Yeah.
09:51Yeah, and then full decoration,
09:53but with some interesting colour schemes.
09:55I was going to come to that.
09:57So, yeah, talk me through sort of the colour schemes.
10:01Let's start from our open-plan kitchen living diner.
10:05Yeah, what's the colour...
10:06Talk me through the colour scheme.
10:07So, the kitchen is a green colour.
10:10Pistachio-y.
10:12Oh, I don't know what it's called, actually.
10:13Green is very, very, very...
10:15It's in at the moment.
10:16Yeah.
10:16And then there's going to be, behind it,
10:18painted blush colour,
10:19cos it kind of works really well with the design I've had.
10:22Yeah.
10:22I know what I'm doing in the hallway.
10:24That is a peachy-orange colour
10:26that I've already tried and tested,
10:28and it's worked really well.
10:29And then, of course, you've got that balcony there,
10:30and, you know, obviously the railing's got a lot of rust on there
10:33and things like that.
10:33That's a question mark at the moment.
10:36I think it just needs a wire brush,
10:38get rid of all that rust,
10:39rust paint, get that metal...
10:41And I'm piling out there as well,
10:42with some nice funky tiles.
10:43There you go.
10:44So, that'll make it feel a lot nicer.
10:46Absolutely.
10:46Little chair, table.
10:47Yeah, exactly.
10:48And the sun here,
10:49and it comes out...
10:50Yeah.
10:51...a little bit today.
10:52And if you wanted to nip over to France...
10:54Oh, very quick and easy.
10:56You know, I mean, literally,
10:57the ferry's about, like, ten minutes away.
10:59They go in and out all the time.
11:01Yeah.
11:01Exactly that.
11:01You've got great links, put it that way,
11:03to anywhere in the UK and Europe.
11:06Yeah, absolutely, which is fantastic.
11:08And so, you've got your team,
11:10you've got a plan.
11:12How much are you going to spend on the renovations?
11:14So, I've budgeted it out at £14,770.
11:18What?
11:19Yeah.
11:19£14,770.
11:22Wow.
11:22That's with me being keen as well.
11:24This is down to the...
11:25I've done it down to the £10, not to the penny.
11:27Very good, Kyle.
11:29That's very good.
11:29My business, so...
11:30And then, what about timescale?
11:32How soon do you want to see this?
11:34I'd like it done in four to six weeks.
11:36And the plan is then to sell it on or to rent?
11:39No, it's a buy to let.
11:40I wish you the very, very best of luck.
11:42I think it's a great flat in a lovely elevated position.
11:45So, good luck.
11:46Congratulations.
11:47Appreciate it.
11:47Thank you very much.
11:50Well, this might be Kyle's very first auction property, but it's not his first property renovation.
11:57He has the trades.
11:59He has the plans.
12:01He has the vision.
12:02He has that view.
12:03My thing is, can you really get it all done for that very precise budget of £14,770?
12:10You can find out later in the show.
12:19Next up, Tommy's in Lincolnshire and Billinghay, a village half an hour's drive south of Lincoln.
12:26According to research, the settlement was mentioned in the Doomsday Book, and in ancient times would have been a small
12:33community on a gravel mound surrounded by marsh.
12:45Fingers crossed, the lot Tommy's here to see will be up to the mark and rise above the rest.
12:52I'm only five minutes' walk from the centre of the village, and along this road, there's quite an array of
12:58different styles of properties.
12:59So, what am I here to look at today?
13:02Well, it had a guide price of £90,000.
13:06There's two bedrooms, and this is it, a bungalow.
13:10Let's see what we've got.
13:12One thing to know before we go in is that this particular bungalow is of non-standard construction,
13:17which means it's not built in the usual way with bricks or stone.
13:21Obtaining a mortgage can be trickier on this type of property, which can negatively affect their value.
13:28But let's see what we're working with.
13:30As if that door's stuck, you have to persuade it.
13:35Open the shut.
13:36That must be the living room.
13:37Come back to that.
13:39Nice big corridor.
13:42More and every thin in them walls.
13:44But this is the bedroom number one.
13:47Nice spacious room.
13:49And this one, mirror image of that one, so they're exactly the same size, same windows.
13:54Fitted wardrobes, well ahead of its time in the 50s.
13:57Now, these walls, this is a non-standard construction, this property.
14:01And these walls are brick-built on the outside, and they have asbestos panels on the inside.
14:08So you'd have to have specialist companies in to do asbestos removal.
14:12And quite expensive to do.
14:14Health and safety is very important, especially with something like this.
14:19Yes, and that puts a whole new slant on doing renovation work here.
14:24For example, taking out that stud wall to knock together the separate WCM bathroom would normally be fairly easy.
14:31But in this property, the asbestos means it'll have to be carried out by specialists at a far higher cost.
14:40Nice lounge.
14:42It is compact.
14:44Oh, a very 50s, 60s fireplace.
14:46And actually, this is the only heat source throughout the whole property.
14:50And that's an unusual design feature, to have the two windows meeting together in the corner like that.
14:57It reminds me a bit of a caravan, that's what it's got.
15:01The kitchen is a decent size, but it needs to be entirely replaced.
15:06So, what to make of this bungalow?
15:08I'm so sick of feeling tired.
15:11Won't somebody give me a kick?
15:14Including its construction, everything here really needs to be brought up to date.
15:21Well, so much for the bungalow.
15:24And this lovely big garden that it said it had on the catalogue.
15:28Who thought it was a good idea to stick a great big black garage blocking all the views from the
15:36house?
15:36Why would you do that?
15:38Sometimes people do the most unfathomable things.
15:42I really can't get my head around that.
15:46Wow, well, I can get my head around there.
15:49God, that is a garden and a half, isn't it?
15:52Are you thinking what I'm thinking?
15:54Now, this is a non-staylor construction building here, which you're going to get problems financing.
16:00Won't get a mortgage on it, necessarily.
16:02And this is a derelict estate.
16:04Why not demolish that?
16:06Demolish the garage.
16:08And then you've got this huge site.
16:10Then you could easily get two, three, four, or even more houses on this site.
16:16You know what this needs?
16:18This needs a much closer butcher's hook.
16:21Well, from where I come from, that's a much closer look.
16:24Yeah, this has got to be investigated properly.
16:28Well, the building might have been underwhelming, but now Tommy's in his element.
16:41Yes, it looks like there's real potential for development.
16:44And if there's one person that can give you advice about new builds, it's our Tommy.
16:50It's not a straightforward, simple thing to do a new build.
16:53You've got to get the planning in place, court the planners, get a few alternative sets of drawings made.
16:58You've got to remember, as well, of course, is the utilities.
17:01Probably no gas connection, so you have to do that.
17:03You have to work with the building inspector, as well, who will make sure that everything is up to scratch.
17:10But I think this could turn out to be a magnificent development if you did it right.
17:17That seems like a pretty good plan to me, but it's time to get the thoughts of a local estate
17:22agent.
17:23What does he think of this bungalow and plot with a guide of £90,000?
17:30We're in a two-bedroom detached bungalow.
17:33The interesting point for the bungalow is it's of non-standard construction.
17:36So actually modernisation is quite hard on this type of property.
17:41Looking at the size of the plot, I would expect that this would really suit a new build development with
17:48clearance of the existing property.
17:51So if the site was to be entirely redeveloped based on the locale, what would he recommend building?
17:59On this plot, given its location, two-bed or three-bed semi-detached houses would sell exceptionally well.
18:06Sales values for two- or three-bed semi-detached houses would be somewhere between £150,000 and £190,000.
18:17That certainly sounds like it could turn a profit, but what if the new owner decided to keep the bungalow
18:23and it was fully modernised?
18:26I think to get the full value out of the plot, you would actually have to extend the property as
18:31well as renovate the existing dwelling.
18:33If the property was extended, possibly with the addition of a garage, the resale value on the open market would
18:39be in the region of £230,000 to £260,000.
18:44At first glance, this just looks like a sad little derelict bungalow with a huge unkept garden.
18:52Now, as we know, appearances can be deceptive, and this particular auction lot could be a whole lot more.
19:00Let's see who bought it when it went under the hammer.
19:06This lot was part of a remote auction with bids taking place online.
19:11Sold.
19:15When the hammer fell, the bungalow had been bought by local lorry driver Colin here on the right for £144
19:22,000.
19:24Colin took time out from his trailer, along with son-in-law Chris, to tell Tommy about their road map
19:29to a successful renovation.
19:34First off, guys, I want to say well done, congratulations on your purchase of this property and this big site.
19:42So how was the auction for you? How did you find it?
19:44Not too bad, really. I was just at work, waiting to work, finished, and then to where the bidding was
19:49up to, and I was like,
19:50oh, wow, that's a bit more than I thought it was going to be, and then in the end it
19:55went to £140,000, and I was like,
19:56well, that was my limit. And I was like, well, if someone's going to pay more, I'm going to make
19:59them pay a little bit more.
20:01And then it went for £144,000, and I was like, oh, we've won it. Oh, no. What are we
20:06going to do?
20:06And I think that's it, because obviously, sort of, you look at the building and you go, well, it's a
20:11building on here,
20:12but the site obviously has a lot of potential.
20:14OK. And what do you plan to do? I know there's basically a couple of alternatives. One is to do
20:20up the bungalow.
20:22Yeah, so there's the option to obviously do up the bungalow. There's the option to knock the bungalow down
20:29and seek permission for putting in additional dwellings on this site.
20:34If you had the choice, what do you think you'll put on the site? How many properties?
20:40I mean, ideally, you look at this site, it's always got the potential for, sort of, maximum five properties.
20:45So if you're looking at this frontage here, it's wide enough, sort of, to get, sort of, two semi-attached
20:51properties on here, side by side.
20:52Side by side, looking out onto the road.
20:54Exactly. Very similar to the street scene, which is currently here as well, say it's a wide mix.
20:59That would help you with the planners if you're not changing the street scene too much.
21:02That's it, exactly.
21:03And then down at the bottom end.
21:05Looking at two semis facing onto the road, which runs down the side of the property.
21:11And then, sort of, in between it, looking at putting a bungalow, sort of, within that location.
21:17And you've got five properties on the site?
21:19That's it, yeah.
21:20And Chris, you're an architect, I believe.
21:22I am indeed, yes.
21:23And you're going to do the drawings and everything for this?
21:26I'm looking at doing the drawings for this, yes.
21:28And how did you actually get together to form the team that you are now?
21:34Whose idea, or was it?
21:35We've done a couple of projects, sort of, in the past.
21:38He said, I found another plot.
21:41Here you go.
21:42He said he wanted one in it.
21:43I said, well, I think you can get two.
21:45Then it went to three.
21:45Then it went to four.
21:46And then it went to five.
21:48And that's where we are.
21:49So, if planning permits, Colin hopes to build...
21:58Yep, five properties.
22:01Two semi-detached at the front, two semis at the back, and a bungalow in the middle.
22:07And not only does architect Chris have the skills to draft the designs,
22:11he also has the contacts for the builders and tradespeople needed to do the work,
22:16including those crucial asbestos specialists
22:19that will be required when clearing the site of the old bungalow.
22:24All that work is going to cost, though, but luckily, Colin has a plan.
22:30We're going to live in this temporarily
22:33while we're building the bungalow on the two bottom houses.
22:36And then once they're finished, then we will move into the bungalow
22:39and demolish this one.
22:41Oh, of course.
22:41And you'll have the money as well to do that.
22:43That's correct, and the sale of our property we're living in now,
22:46which funds the first part of the build.
22:48And what sort of money do you think you'll be having to budget for the build?
22:52We're thinking around 110 to 115 per plot.
22:56And how long do you foresee that?
22:58What's the time scale from sort of start to finish?
23:0112 to 18 months.
23:02Well, I'm really looking forward to seeing how this is going to turn out.
23:07I wish you luck for the project.
23:09Thank you very much.
23:12Well, Colin, a lorry driver, has a long road ahead of him.
23:16But he's got his son-in-law, Chris, who's an architect.
23:19He's doing the drawings and applying for the planning permission.
23:23And I think with everyone pulling in the right direction
23:27and the fact that Colin has a plan how he's going to fund this
23:30and build this project, will he steer it to his success?
23:33You can find that later in the show.
23:38Coming up in Wales, Dion's setting out a plan of action for this house.
23:42Get it watertight and then you can start the real hard work
23:46of sorting out the inside.
23:50And we return to Lincolnshire
23:52to find out whether there's new builds or just a bungalow.
24:01Back to the white cliffs of Dover now,
24:04where I saw a two-bed first-floor flat
24:06that came with a guide price of £115,000 to £120,000.
24:12The property was in good condition,
24:14but the star of the show was undoubtedly the breathtaking views,
24:18which also shed some light on the flat's main issue.
24:23As lovely as the views are,
24:25it actually makes this living room feel smaller.
24:29Could you take that down
24:30and then you would create a lovely kitchen, living, dining space?
24:37That's going to give it that wow factor.
24:40The successful bid of £145,000 was made by Kyle.
24:45This might have only been his second property project for himself,
24:49but as a construction company owner,
24:51he was ready to hit the ground running.
24:55But you've got a construction company,
24:56that means you've got trades in place.
24:58Yeah, well, probably we've got 80% under in-house.
25:01Boom, boom. That's amazing.
25:04He had a very specific budget of £14,770
25:09to complete the renovation.
25:10And hoped to have the work finished within four to six weeks.
25:15Now we're back, four months later,
25:17to see how Kyle got on.
25:26We opened the living, diner and kitchen all in one.
25:33It was something that was anticipated in the beginning
25:35when I very first saw the project.
25:36I thought it makes the best use of the space
25:38and it looks absolutely amazing, I think.
25:40It's come out really well.
25:42Great spacious area.
25:44Highlights the views, lovely.
25:47I've done a lot more than anticipated.
25:49It's been a new flooring, new bathroom, new doors,
25:53but effectively everything has been renewed
25:55just to cover everything for long haul.
26:00We used some very funky colours in this.
26:02It's something that I've tried and tested elsewhere.
26:06I like to make projects look a little bit different.
26:08It gets a nicer clientele that comes to rent
26:10and it makes me feel a little bit nicer
26:12of doing something a bit different.
26:17The view is amazing.
26:19We upgraded all the windows and doors.
26:21We changed the layout of the windows slightly
26:23by removing the top openers
26:24to create a better viewing perspective.
26:27I think it's come out really nice.
26:29The balcony, I believe,
26:31is a bit of a highlight of the apartment,
26:32so we've tiled the floor,
26:34fitted glass balustrade to highlight the view.
26:37I really think it's making a massive difference.
26:40Yes, it's hard not to be bowled over
26:42by the balcony's one-of-a-kind view of Dover.
26:45Coupled with the stylish finish throughout,
26:47he really has created a unique living space
26:50for his future tenants.
26:52But just how involved was Kyle with the renovation work?
26:56I've had a small involvement in doing the works here,
26:59basically towards the end,
27:00just finishing little touches and so on from there,
27:03but most of it's been taken on by my team
27:06and we've just done it as and when we can
27:08around other clients' projects.
27:10With a busy construction company,
27:12Kyle and his team didn't have the luxury
27:14of focusing solely on the flat renovation.
27:17And although they didn't encounter
27:19any major challenges,
27:20doing more work than planned
27:22contributed to a longer timescale,
27:24with the project taking four months to complete
27:26instead of the original six weeks.
27:29So when it came to the budget,
27:30was Kyle able to keep control
27:32of the $14,770 he'd set aside.
27:37Our budget was quite specific last time.
27:40That was purely just running the numbers
27:42and going off of what we originally planned to do.
27:45But we decided to do quite a lot of other things
27:47like all new windows, doors.
27:48We put new radiators on where we got rid of all the pipe
27:51that was running down the surface,
27:52just to get a better feeling.
27:54So our total spend is around $22,000 now,
27:56but I still think that's within budget
27:59and within what we've done with a property.
28:04Kyle's intention is to keep this property
28:06as a long-term investment.
28:08So with a total spend of £167,000,
28:11including the purchase price,
28:13he's happy to have gone above and beyond
28:14with the transformation.
28:16But will a local estate agent be impressed
28:18with the changes he's made?
28:19We asked back the agent who saw it last time
28:21for his thoughts and valuations.
28:23Now the work is complete.
28:25Well, it's always a good surprise
28:27when you come to a place
28:28and they've actually done a good job of it.
28:30They've taken the wall down,
28:31they've opened it up,
28:32opened up the balcony with glass baladracks.
28:34It really has made the place
28:36a delightful little apartment.
28:38The standard finish is very good.
28:40They've obviously spent time on it
28:42and it is a professional job.
28:44Their demand for this property will be huge
28:46because of the location
28:48and the finish of it,
28:51they won't have any problems finding.
28:54It's set to be popular.
28:56But is there a profit in it for Kyle
28:58if he was to put it on the sales market?
29:02This flat was sold for £190,000.
29:06£190 is a little bit lower
29:07than what I've been told elsewhere
29:08given the spec of the property
29:10and looking around the current market,
29:11which I've done my own research.
29:14The agent's figure could see Kyle
29:16with a decent pre-tax profit of £23,000.
29:19But as he's still set on renting the property,
29:22I'm sure he'll be more concerned
29:24with the rental figures.
29:26The rental value for this flat
29:28would be £1,100 per calendar month.
29:31£1,100 a month is a little bit lower
29:32than what I've been told elsewhere so far.
29:34I'm looking to achieve about £1,200.
29:38Kyle's desired rental figures
29:40would equate to an impressive yield of 8.5%.
29:43With his second project done and dusted,
29:46just like the view from the balcony,
29:48the future's looking bright for Kyle.
29:52Yeah, we're definitely looking at other projects,
29:54we're looking at other auction sites
29:55and hopefully looking to do some bids
29:58on the colourful properties next month.
30:07Now we're in the north-west of Wales
30:09in the cathedral city of Bangor.
30:11But Bangor has more than just a cathedral.
30:14There's the famous Garth Pier,
30:16a thriving university
30:18and it was the birthplace of pop star Duffy.
30:23But will our next lot be top of the pops
30:25or just Duff?
30:30The sun is out in Wales.
30:33I am here to see a Grade 2 listed property.
30:37Eight bedrooms went to auction
30:39with a guide price of £60,000.
30:42That's less than £10,000 a bedroom.
30:46Wow.
30:47And it's in here somewhere.
30:49Wish me luck.
30:53If Dion can navigate his way
30:55past this towering hedge,
30:57he'll uncover an imposing property
30:59spread across three floors.
31:01Yep, that's the one.
31:03Let's take a look inside.
31:11Nice.
31:13Nice.
31:17Yeah, I thought I heard a beep.
31:19That must be the smoke alarm.
31:21Hopefully that's not going to go...
31:22Oh, it is going to go off while we are here.
31:24Anyway, that's going to beep away.
31:26As I come in here,
31:28I'm expecting period features
31:30because this is a Grade 2 listed building,
31:32but I can't see any.
31:34Maybe this was one of the eight bedrooms
31:38because this was previously a HMO.
31:41Judging by the sink and the mirror in the corner,
31:43this probably was one of the bedrooms
31:45right at the front of the house
31:46with a lovely bay window,
31:49original sash windows in there as well.
31:51They're a lovely feature
31:52and can look beautiful.
31:54Can't see any damp,
31:55can't see any mould,
31:56not a bad start.
31:59Beep!
32:03Moving towards the back of this house
32:05of multiple occupancy,
32:06there's what would be the communal area.
32:09It's a decent size,
32:10but it badly needs your decorating.
32:13Behind this is a kitchen with two hobs,
32:16and that isn't the only doubler back here.
32:20Another kitchen.
32:21We've got another kitchen here.
32:22That's three hobs in this building.
32:25Don't forget, you've got eight bedrooms.
32:27Loads of people are going to want to be cooking food and stuff.
32:29So, yeah, good work.
32:31Now, this is a first for me,
32:33two kitchens on Homes Under the Hammer.
32:36And this is just for my bosses,
32:38you know, in case you forgot,
32:39this is now 10 years for me on Homes Under the Hammer.
32:41And this is a first,
32:42so it's kind of an anniversary, 10 years.
32:44Two kitchens, first time for me for 10 years
32:46I've been working on the show.
32:48I don't want to party or anything fancy,
32:50but it's been 10 years.
32:54Don't worry, Dionne.
32:56I'm sure the producers of the show will sort something out.
33:00You have a look around the house
33:01while they give you a clue about your anniversary present.
33:05And in classic Hammer style,
33:07they'll probably use music to tell you.
33:19Oh, right.
33:20Well, um, back to Dionne on the first floor.
33:25Well, I made it.
33:26I've had a proper wander around this place.
33:28It's a big old unit, let me tell you.
33:30Let's start at this end of the property.
33:33Up those stairs, those very narrow stairs is a bathroom.
33:38So the back of the property, you've got one bedroom.
33:41It needs to be decorated.
33:43I think the walls need to be skimmed.
33:45It needs to be sorted to make it nice, pretty, livable.
33:49Same with the bedroom behind me.
33:51You've got some double doors there going out to the back of the property.
33:55So that is one, two, and a bathroom at that end of the house.
34:03Right.
34:05At the front of the property, we've got this staircase here.
34:08Up this staircase, there's two more bedrooms.
34:11They all need to be decorated.
34:13They all need new sinks and new vanity units.
34:16And then you've got bedroom there, bedroom there, and there.
34:20So that's eight bedrooms in a very big building
34:23that needs a lot of work doing to it, let me tell you.
34:26Oh, yes.
34:27And you've got a water issue on the top floor,
34:30which needs to be sorted as well.
34:32So what I would do is I'd start at the very top,
34:36get the roof sorted, get it weatherproof, get it watertight,
34:40and then you can start the real hard work of sorting out the inside.
34:47With eight bedrooms over three floors,
34:50this is classed as a sui generis,
34:52a category for large HMOs with seven or more tenants.
34:58This classification means it falls outside the typical planning use classes,
35:03often requiring specific permission.
35:07Space isn't the issue, but with just two shower rooms,
35:11one on the ground floor off the kitchen,
35:13and another on the top floor,
35:15plus a separate WC on the first floor,
35:18the bathroom-to-bedroom ratio could be.
35:22And as a grade two listed property,
35:25any exterior changes will need listed building consent.
35:30Still, there's a back garden.
35:32It's overgrown, but a useful spot to enjoy a bit of Welsh sunshine.
35:40OK, yeah, I know what you're thinking.
35:42Could be a beautiful house, could be amazing flats.
35:45Of course it could be.
35:46It was a HMO, and I think it lends itself better as a HMO,
35:52especially in this area where there's students everywhere.
35:55So, a HMO it will be.
35:58A lot of money needs to be spent on it,
36:00lots of red tape to get through.
36:02Remember, when you take a HMO on,
36:04you've got to think about communal areas,
36:06like the kitchen they'll be sharing,
36:08the seating area, watching the TV they're going to be sharing,
36:11bathrooms as well.
36:13So, there's a lot of things to think about,
36:14but financially, a HMO done right in a building like this,
36:20in this location,
36:23could really see you with a big smile on your face
36:26at the end of the moment.
36:29Dion sees the potential,
36:31but what will a local estate agent think?
36:33We asked one along for his thoughts and valuations
36:36on this eight-bedroom property,
36:38guided at £60,000.
36:42The property in its current condition isn't habitable,
36:44and it does need some renovation work
36:46to get it to that condition,
36:47where you can have occupants move in.
36:49I would recommend, initially,
36:52new flooring throughout,
36:53redecorate throughout,
36:54new bathrooms, new kitchens,
36:56so, basically, it needs a full overhaul.
36:58Going forward, I would suggest keeping it as a HMO,
37:01given the strong local demand from student occupants.
37:04I would recommend a layout change for this property.
37:07Configured as an eight-bedroom property,
37:09there's three bathrooms.
37:10However, it's always advantageous
37:12to get in as many bathrooms as possible,
37:14as this is typically a strong demand from occupants.
37:17As a six-bedroom configuration,
37:19you would be able to put six en-suites in the property.
37:22Now, that would be subject to planning consent
37:24due to the Grade 2 listed status.
37:27That's an interesting thought,
37:28but let's assume, for now,
37:30it stays as an eight-bed HMO.
37:32What could it be worth were it to be let?
37:35I would recommend a price per week
37:37of £110 per bedroom,
37:39inclusive of all the utilities.
37:43Fully let,
37:44that would be £3,520 per calendar month.
37:49And when it comes to sales as an updated HMO,
37:53how much could it be worth?
37:56I'd put a valuation in the region of around £325,000.
38:01So we have got a huge Grade 2 listed building
38:05in an area with students everywhere,
38:08so keep it as a HMO.
38:12If it's done properly,
38:13you'll get it rented out,
38:14no problem at all,
38:15and I'm pretty sure
38:16you'll get a good return on your money.
38:19Let's see who was lucky enough
38:21to get hold of this place
38:22when he went under the hammer.
38:28This lot was part of a remote auction
38:30with bids taking place online.
38:33You're so well done.
38:36And when the hammer fell,
38:38it was bought for £115,000 by Tim.
38:44He's been on the show before.
38:46The last time we saw him,
38:48he renovated a flat nearby
38:49to add to his growing portfolio
38:51of student rentals in the area.
38:55He met up with Dion
38:56to tell him his plans
38:57for his latest purchase.
38:59Tim, it's good to see you again.
39:01Good to see you as well, Dion.
39:02You're still going strong.
39:03You're still enjoying it?
39:05Yeah, I'm still enjoying my time in Banger.
39:06I consider myself
39:07to be a bit of a subject matter expert
39:10about student HMOs in Banger.
39:12Big old unit, this one is.
39:14That's what appealed to me, really.
39:16And yeah, I wasn't expecting
39:17to buy the auction.
39:19So hold it a minute, hold it.
39:20You weren't expecting.
39:21Did you not go to the auction
39:23to try and get this one?
39:25I did register,
39:26and I was prepared to pay
39:27up to £140,000 for the property,
39:30but I thought it would go
39:31for £150,000 or more.
39:34OK.
39:34So when I secured it
39:35for £115,000,
39:36I was very pleased and surprised.
39:40Oh, wow.
39:40Yeah, it's a nice problem to solve.
39:43How's it going to work?
39:44Any walls coming down?
39:45I want to keep it
39:46as a sui generis HMO.
39:47So I think I might make some changes
39:50to the 1990 stud work,
39:52which is prevalent on this floor.
39:54Yeah.
39:55And then I think it might change it
39:56from eight bedrooms
39:58to seven bedrooms
39:59and add another bathroom in.
40:01So that just makes it a bit more,
40:02a better bathroom to bedroom ratio
40:04and a bit more competitive
40:06and attractive to future tenants.
40:08Absolutely.
40:09And you've done it so many times.
40:10You know the ins and outs.
40:11You know the red tape
40:12you have to get through
40:13in order to make sure
40:14this is safe
40:16for the students that come in here.
40:17And it's attractive as well.
40:19Are there any other bits of red tape
40:22with it being a bit too listed?
40:23I've got a local planning consultant
40:25who's going to help me with that.
40:26And we don't think
40:27a full planning application is needed
40:29just to remove a little bit
40:30of 1990s stud work.
40:32So it should be relatively straightforward.
40:35Brilliant.
40:35That's the last word.
40:36Yeah, exactly.
40:37But still, you've got the experience
40:38of doing it,
40:38especially in this area as well.
40:40You have got a bit of water stainage,
40:42a water issue,
40:43top of the building.
40:44Do you know what it is?
40:45I had a quick look
40:46when I viewed the property.
40:48In the valley,
40:49the gully,
40:50the felt's been perforated
40:52when they did some render
40:53upstairs.
40:54It just needs to be replaced, really.
40:56And a little bit of stud work
40:57done on the roof
40:58and retiled.
40:59It's a priority to get done ASAP
41:01to make the building watertight.
41:03Having other properties in Bangor,
41:05Tim's built up a reliable group
41:07of builders and tradespeople,
41:09which is good news
41:10as he actually lives
41:11over five hours away
41:13in Portsmouth.
41:15So it's a fair old distance,
41:17you know.
41:17It is.
41:18It's about five hours
41:19plus breaks.
41:20But I think
41:20there's lots more opportunity
41:22away from the south coast.
41:24You know,
41:24your starting price,
41:25the amount of capital
41:26you need to get going
41:27is much less.
41:27OK.
41:28So, yeah,
41:29if you want cash flow,
41:30I think you need to go away
41:31from the south coast, really.
41:33So,
41:34how long will it take you then
41:35to turn this place around,
41:37to get it ready?
41:37I'm going to allow myself
41:38six months
41:39because I'm hoping to get it
41:40let for the next academic year.
41:42It's on a budget,
41:43I suppose,
41:43of around £75,000.
41:46OK.
41:46Brilliant.
41:47Well, listen,
41:48nothing's phasing you,
41:50just judging by the way
41:51you're chatting
41:51and you're quite relaxed about it.
41:52You've done it before.
41:53You know the area.
41:54The only twist is
41:55it's a grade two listed this time
41:57but I don't think
41:58that's going to hinder you at all.
41:59So,
42:00I wish you all the best
42:01and I can't wait
42:01to see how you get on.
42:02Thank you, Dion.
42:03Cheers.
42:04So, Tim,
42:05he's at it again.
42:06He's back in Bangorondi.
42:07It's kind of his second home.
42:09What he does well,
42:10he finds properties like these
42:12in good areas
42:14for the students.
42:15A lot of work to be done,
42:17especially with that water leak
42:18at the top.
42:19Once he's got all that done
42:20and finished,
42:21this will be a beautiful place
42:22to live.
42:23You can find out
42:24how Tim gets on
42:25later in the show.
42:30Back now to Lincolnshire
42:32and the village of Billinghay.
42:33And though the lot up for auction
42:35was a two-bed bungalow
42:37guided at £90,000,
42:39it was the land it sat on
42:41that got Tommy thinking.
42:43Why not demolish that
42:44and then you've got
42:45this huge site
42:46that you could easily get
42:48two, three, four
42:49or even more houses
42:51on this site?
42:52And with the bungalow
42:54being of non-standard construction
42:56and generally in a sorry state,
42:59starting again
42:59looked like the most
43:00sensible way to go.
43:06That was also the thoughts
43:07of lorry driver Colin
43:08and his architect
43:09son-in-law Chris.
43:11They hoped that Colin's
43:12£144,000 auction purchase
43:15could yield five properties,
43:17which would be four
43:18semi-detached houses
43:20and a bungalow.
43:21And with a potential
43:22total build budget
43:23in excess of
43:24half a million pounds,
43:25Colin had come up
43:26with a clever plan
43:27to fund it all.
43:28We're going to live in this
43:29while we're building
43:31the bungalow
43:31and the two bottom houses
43:32and then once they're finished
43:33then we will move
43:34into the bungalow
43:35and demolish this one
43:37and sell all of our property
43:38we're living in now
43:39which funds the first part
43:40of the build.
43:41Colin hoped building
43:43a new bungalow
43:44and the first
43:45of the pair of semis
43:46would, planning permitted,
43:47take around 18 months.
43:49But now,
43:50four years have slipped by
43:51and finally,
43:52we're back.
43:55Well, that's certainly different.
43:57A big single house
43:59replaces the bungalow
44:00and with solar panels
44:02and an air source heat pump
44:04it looks ready
44:05for modern living.
44:06But why did two
44:07become one?
44:09Me and my wife Jackie
44:10we had a discussion
44:11we thought, well,
44:12we couldn't get
44:13the pair of semis
44:14on the front
44:14so we decided
44:15to just go for one big house
44:17so it was as big
44:18as we could get
44:18within the planning
44:19that we always allowed.
44:22OK, so what have we got
44:24once we step inside
44:25this one big house?
44:28So we have a nice hallway
44:29we have two rooms
44:31either side
44:32very spacious
44:33one a kitchen diner.
44:35It's definitely spacious
44:37and fully equipped
44:38you've even got
44:39three ovens to choose from.
44:46While the living room
44:47is just enormous
44:49and all the ground floor
44:50has underfloor heating
44:53and then upstairs
44:54was six bedrooms
44:56but we decided
44:57to make the master bedroom
44:58one big bedroom
45:00because we thought
45:01well, we can.
45:02And part of that reasoning
45:03is because Colin
45:05and Jackie
45:05have decided
45:06this is going to be
45:07their new home.
45:08So why not take
45:10what was planned
45:10to be two bedrooms
45:12and make them
45:12one terrific master
45:14complete with en suite?
45:17And then we've ended up
45:18with two bedrooms
45:19with one with en suite.
45:29These two are pretty smart
45:31as well
45:31and this floor
45:32is finished off
45:33with a plush
45:34modern bathroom.
45:40And then two attic rooms
45:42that are very good size
45:43very usable.
45:45They are indeed
45:46and while everything
45:48inside is finished
45:49there are a few jobs
45:50to complete outside
45:51such as the patio
45:53laying the lawn
45:54completing the garage
45:56and generally tidying up
45:57the external areas.
45:59But overall
46:00the house is nearly
46:01ready to go.
46:04But why has it taken
46:06four years
46:06to get to this stage?
46:09Planning was a pain.
46:11We put in
46:12three applications
46:14wasted
46:14say nearly a year
46:16with different applications.
46:18They all sort of
46:19got rejected.
46:20In the end
46:21we just had a meeting
46:22with the planning
46:22and this is
46:23basically
46:24they said
46:25this is what we could
46:25get on the back
46:26this is what we could
46:27have on the front.
46:28So we worked
46:28to their
46:29sort of remit
46:30and this is what
46:31that's what we ended up with
46:32which was two bungalows
46:33in the back garden
46:34and the house
46:35on the front.
46:36But having finally
46:38got planning
46:38for the site
46:39Colin had a rethink
46:41about what he was
46:42going to do with it.
46:43We decided
46:44well
46:45if we sell the back
46:46we can afford
46:47to build the front
46:48without sort of
46:48borrowing any money
46:49and anything else
46:50more of a case
46:51of finances really.
46:53So
46:53we decided
46:54well we'll sell the back
46:55to subsidise
46:56building the front.
47:01Colin walked away
47:02from the rear development
47:03with planning granted
47:05for two bungalows
47:05with £130,000
47:07in his pocket
47:08which covered
47:09most of his initial
47:11£144,000
47:12purchase price.
47:18It then allowed him
47:19to concentrate
47:20his efforts
47:21solely on the
47:21five bed house
47:22which has actually
47:23been built
47:24in nine months.
47:25So
47:26who did all the work?
47:27My wife Jackie
47:28she did project managing
47:30we had a good builder
47:32called Sammy
47:33he came and did
47:33all the brick work
47:34they overlooked
47:34a few other jobs
47:35for us
47:36and then we've just
47:37found our own
47:37local tradesmen
47:38we've used before
47:40and they've all come in
47:41and pretty much
47:41done good jobs.
47:44Initially
47:44son-in-law Chris
47:45worked with the couple
47:46on the first round
47:47of planning applications
47:48but the time
47:50commitment
47:50with going back
47:51to the drawing board
47:52meant they ended up
47:53using a local architect
47:54to get the project
47:55over the line
47:57but how much
47:57has it cost them
47:58to get their new home?
48:02Well I think
48:03we budgeted
48:04that the house
48:04would be about
48:06£275,000
48:08but in the end
48:09it's cost about
48:10£320,000
48:11with the planning
48:12and everything else
48:13and because I acquired
48:14the bit of land
48:15at the side
48:16to build the garage
48:17which added on
48:18to the budget
48:18that wasn't budgeted
48:19when we first started
48:20so yeah
48:22in total
48:22it's cost about
48:23between £310,000
48:25maybe £320,000
48:27when it's all paid out
48:28so
48:31That £320,000
48:32is the all-in cost
48:34as the majority
48:35of the purchase price
48:36was covered
48:36by the sale
48:37of the land
48:37at the rear
48:38it sounds pretty good value
48:40for a large
48:40five-bed house
48:41but what does the agent
48:42who saw the lot
48:43four years ago
48:44think about the end result?
48:45So it's the second time
48:47here at this address
48:48of course
48:49the original property
48:50is no longer
48:51that's all moved
48:52and taken away
48:53and we've now
48:54been left with
48:55this lovely
48:56five-bedroom
48:56detached property
49:01Very, very nice
49:02spick and span
49:03very, very spacious
49:05that's the biggest
49:06thing that hit me
49:07huge 23-foot long
49:09living room
49:10nice big kitchen
49:11with dining area
49:13yeah
49:13ticks a lot of boxes
49:17Colin is planning
49:18to make this
49:18his new home
49:19for him
49:20and his wife
49:20Jackie
49:21but if they did
49:22end up selling
49:22their £320,000
49:24investment
49:25what kind of values
49:26could they expect
49:26to see?
49:28So assuming the property
49:28is finished
49:29to a good standard
49:30I would expect
49:31the asking price
49:31on this particular
49:32property
49:33to be in the region
49:33of £475,000
49:36That's broadly
49:37where I thought
49:37it would be
49:38I thought it was
49:38£450,000 to £500,000
49:40something around
49:40that sort of figure
49:41so yeah
49:41it's within
49:43what I thought
49:43so yeah
49:44that's okay
49:46So a pre-tax profit
49:48in excess of £150,000
49:50could be up for grabs
49:52and as a rental
49:53the agent thought
49:53£1,500 per calendar month
49:56might be possible
49:57which is a yield
49:58above 5%
50:00So having undertaken
50:01this big new build project
50:03has it whetted
50:04his appetite
50:05to do more?
50:07I'm finished now
50:09with development
50:09this is it
50:10it's big enough
50:11I don't need to move again
50:12so that's it
50:14just pretty much
50:14feet up
50:15for the time being
50:21We're heading back
50:22to Bangor
50:23in North Wales
50:24where Dion found a lot
50:25that on paper
50:26had a lot
50:27to get excited about
50:28I am here to see
50:30a grade 2
50:31listed property
50:338 bedrooms
50:34went to auction
50:35with a guide price
50:37of £60,000
50:38and wow
50:39It offered a lot
50:41of bang for your buck
50:42as a former house
50:44of multiple occupancy
50:45A HMO
50:46done right
50:48could really see you
50:50with a big smile
50:51on your face
50:51at the end of the month
50:56It was bought by Tim
50:58for £115,000
51:00a seasoned HMO specialist
51:02we had met
51:03on the show before
51:04and for this project
51:06the clock was ticking
51:07to get it ready
51:08for the student market
51:12I'm going to let myself
51:13six months
51:13because I'm hoping
51:14to get it let
51:15for the next academic year
51:17and a budget
51:17I suppose
51:18of around £75,000
51:21Tim planned
51:22to make this
51:23a seven bed HMO
51:24and add another bathroom
51:25so did he manage
51:27to finish it in time
51:28and could he give
51:29this place
51:30the TLC it needed
51:32Nearly nine months on
51:33we're back
51:36Out front
51:37the hedge
51:37has been trimmed back
51:38putting the listed
51:39building's character
51:40on full display
51:41and the transformation
51:43continues inside
51:45The main thing
51:46is I've taken it
51:47from an eight bed
51:48to a seven bed
51:49and changed it
51:50from two and a half
51:50bathrooms
51:51to three and a half
51:51bathrooms
51:52spread over
51:53all three floors
51:56Despite taking
51:57longer than planned
51:58Tim has been able
51:59to complete it
52:00in time
52:01for the academic year
52:04On the ground floor
52:05the layout
52:06has stayed the same
52:07but it's had
52:08a smart
52:08modern makeover
52:11Two fully equipped
52:12kitchens remain
52:13and yesterday
52:14on
52:14that's two kitchens
52:19There's also
52:20a handy downstairs
52:22loo
52:22and a separate
52:23shower room
52:25The communal space
52:27has been closed off
52:28on the kitchen
52:30and up front
52:31there's a bedroom
52:32that still needs
52:33to be cleared
52:35I've done a complete
52:36refurbishment
52:36from the top to bottom
52:38so new flooring
52:39new painting
52:40new decoration
52:41new electrics
52:43mainly
52:43new plumbing
52:44basically a complete
52:45refurb throughout
52:46and a minor room
52:47layout change
52:48on the first floor
52:52A small single
52:53at the front
52:54has been knocked
52:54through
52:55into the neighbouring
52:56room
52:56creating one
52:57generous double
53:01Then by reducing
53:02the size of another
53:03Tim was able
53:04to create
53:04a new shower room
53:09Then he updated
53:11the old WC
53:12Because it's a greater
53:14listed building
53:14I was quite reticent
53:16or didn't want
53:16to do
53:17very much changes
53:18at all really
53:18That's why
53:19I decided
53:21not to go
53:21for an all
53:22en suite property
53:23I made some
53:24minor layout
53:24changes
53:25on the first floor
53:25I had to get
53:26listed buildings
53:27consent for that
53:28which I did
53:28and it's all
53:29been approved
53:29so it was
53:30all straightforward
53:31really
53:33Towards the front
53:34on the top floor
53:36there are two
53:36more bedrooms
53:37which have been
53:38fully refurbed
53:39and are now ready
53:40for tenants
53:40to move in
53:46Then up the stairs
53:47at the back
53:47you'll find
53:48the final
53:49seventh bedroom
53:50and the third
53:51shower room
53:53I'm trying to
53:54create a really
53:56bespoke
53:56relatively high-end
53:58property for students
53:59that will be
53:59attractive
54:00not just now
54:01but in years to come
54:02so it's like a
54:03brand new property
54:04really in many ways
54:09Externally
54:09I've done more
54:10than I originally
54:11envisaged
54:11and I put a nice
54:12undercover area
54:13for the students
54:14out the back
54:15so I've spent
54:16a lot more really
54:17and done a bit more
54:18than I first thought
54:19I would
54:23Alongside a full
54:24refurb
54:24and layout changes
54:25he tackled
54:26the roof repairs
54:27to fix the damp
54:28a job that caused
54:29a slight delay
54:32He's also made sure
54:33the property meets
54:34all local authority
54:35regulations
54:36including an upgraded
54:38fire alarm system
54:39so no more
54:40annoying beeps
54:43All this while
54:44project managing
54:45remotely
54:45from over 300 miles
54:47away
54:48in Portsmouth
54:50I've been here
54:51maybe about a quarter
54:52of the time
54:53so I have got
54:55reliable local
54:56trades people
54:57that I trust
54:57to get on the job
54:58when I'm not here
54:59but of course
54:59sometimes you've got
55:00to be here
55:00to sort of push
55:01things forward
55:02make key decisions
55:03so I probably have
55:04spent a few hundred
55:05hours here
55:06which is a bit more
55:07than I thought
55:07but I think it was
55:09worthwhile
55:09in the long run
55:13This project has not
55:14only been an investment
55:15of Tim's time
55:16but money too
55:19He spent £120,000
55:21on the work
55:22which is a £45,000
55:23overspend
55:29So hopefully
55:30the numbers still stack up
55:31after spending
55:32a total of £235,000
55:35including the original
55:37purchase price
55:39We invited back
55:40the local estate agent
55:41who saw it last time
55:42to see what they make
55:43of the transformation here
55:45and to find out
55:46how much this 7-bed HMO
55:48could now be worth
55:51The property
55:52from what I can see
55:53has had a complete
55:54renovation throughout
55:55The landlord
55:56has put in new bathrooms
55:57and new kitchen
55:59new flooring throughout
56:00In addition
56:02he's also carried out
56:03some landscaping
56:04at the rear
56:05and he's made
56:06a very nice garden area
56:08which will be highly
56:09attractive to occupants
56:13Tim's business model
56:14means that
56:14he will hold on
56:15to the property
56:16as a long-term investment
56:17but if he were to sell
56:19how much does the agent
56:20think it could be worth?
56:24On the open sales market
56:26I would expect
56:26this property
56:27to achieve
56:28in the region
56:28of £300,000
56:30Yeah I think
56:31at the moment
56:32£300,000
56:32into the current market
56:34is acceptable
56:35I think
56:36with it fully rented out
56:38maybe up towards
56:39£3,000 to £5,000
56:40and that's what I'll try
56:42and refinance it for
56:42that amount
56:43so I'm happy with it
56:46Taking Tim's estimation
56:48that would be
56:49a healthy pre-tax profit
56:50of £90,000
56:52but rental
56:53is the plan here
56:54so how much
56:55could this place
56:55now generate?
56:58As a house
56:58of multiple occupancy
56:59HMO
57:00I would expect
57:01this property
57:01to rent for
57:02an average of
57:03£120 per week
57:05per bedroom
57:06inclusive of
57:07water, gas,
57:08electricity and internet
57:09So actually
57:10I have got it
57:11rented out
57:12for the next 12 months
57:13to a group of six
57:14rather than seven
57:15at £120 per week
57:17per room
57:18so that's kind of
57:18spot on
57:20Tim's set to earn
57:21over £37,000 a year
57:23before fees and taxes
57:24which is a yield
57:26of nearly 16%
57:27a healthy return
57:29but with his experience
57:31it's no surprise
57:32he's made it work
57:34so with another
57:36successful project
57:37under his belt
57:38does he have
57:39any words of wisdom
57:40for any aspiring developers?
57:45I've bought almost
57:46all of my properties
57:47at auction
57:48I find there are
57:49some excellent deals
57:50out there to be had
57:51particularly in the
57:52current market
57:52where there's more
57:53properties coming to auction
57:55just do your numbers
57:56up front
57:56and don't exceed them
57:57and if you can
57:59definitely view the property
58:04well I hope you've taken
58:05lots of inspiration
58:06from today's show
58:07I know I certainly have
58:09and if you want to see
58:10more incredible transformations
58:12you don't have to wait long
58:13so join us next time
58:14on Homes Under The Hammer
58:15goodbye
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