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Homes Under The Hammer S28E78
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00:00Hello, hello and welcome to the show. Now more and more people would like to have a property portfolio
00:06And that does sound uber fancy doesn't it?
00:08But it really doesn't have to be start small and work your way up
00:12But the big question is how do you actually start? Well one very good place can be at auction
00:43A property auction can be a truly fabulous place to find value for money
00:48If you do your homework and you know what you're looking for
00:51So did today's buyers make savvy investments? Let's find out
00:57I start in Herefordshire where a kitchen's seen better days as far as the worktops and the units go all
01:05of this will have to go I think
01:07Then it's off to Southampton where Martin finds a nasty surprise. I'm staring at so many types of mold
01:17And Jackie's in West London where the price of progress could be sky high
01:22Now that could be costly and I'm talking about tens of thousands of pounds
01:28All these properties have been sold at auction and we'll find out who bought them and what they paid for
01:34them when they went under the hammer
01:36And go
01:42We're off now to Herefordshire and the charming market town of Ross-on-Wye
01:46Found in the West Midlands bordering Wales
01:52As its name implies the town is right nearby the River Wye
01:57Now let's find out why I brought us here
02:01I've got to be honest I love these kind of 1970s estates
02:05We've got these quite wide roads, big pavements, loads of parking as well
02:10And where we are now there's a nice view
02:12We can see some trees over the hill there
02:14The house we're looking at is down this little secluded cul-de-sac and actually not giving much away at
02:19the moment
02:20Because he looks a little bit overgrown
02:22What I do know is it's detached and there's a guide price of £150,000
02:27That sounds like a bargain to tempt people in
02:29Let's go and have a look
02:38Yes this three bed house is a tempting prospect but will inside match up to its promise
02:46I knew I'd like it and j'adore it quite frankly
02:50We've got quite a big open hallway vestibule welcoming area here
02:54Immediately I'm drawn to this original feature
02:57Look at this 1970s staircase
02:59You know this is giving me a touch of the Tracy Island vibe about it
03:03We've got textured ceiling
03:05Probably want to get rid of that don't you
03:07And then through here to
03:09Quite interestingly at the front of a property like this
03:12We have the kitchen
03:13Now we're kind of used to them being at the back really aren't we
03:16But the kitchen as far as the worktops and the units and the overheads go
03:21All of this will have to go I think
03:23I can see there is a gas point there so we have gas here in the property
03:27What I'm seeing through here though is a bigger room
03:30So let's go and investigate
03:34Now this is a great room
03:36It almost looks like it would have been two rooms
03:40But no I think this has always been one space
03:42Now this is quirky
03:44Through here we've got this kind of wooden original door to the outside
03:49But on the back of it
03:51It's not a conservatory
03:52It's not a lean two
03:53It's a kind of bolted on aluminium glass house
03:57You know we can do anything we want to this
04:00We can put a proper conservatory onto it
04:02Or if you're a keen gardener
04:04Just keep it as a greenhouse
04:05It's on this little hard standing thing
04:07Now we have central heating throughout
04:09Look at this on the floor
04:10This is what I thought originally meant that this was two rooms
04:14But this is actually a duct
04:17For the pipes for the central heating
04:19Because it links the both radiators up
04:22Some things need to be changed in here
04:24But we've got the double glazing
04:25We've got the central heating
04:27And the bones of this place are great
04:29Well we've done a whole lap of the downstairs
04:32Let's go up there
04:36But before we do that
04:38Let's check out the back garden
04:40Though it's a decent space
04:42It will need a good bit of landscaping
04:45Much the same as the front garden
04:46Where even the garage is pretty obscured
04:52Perhaps things will be a little clearer back inside
04:56Let's head upstairs
04:57Now through here you can see
04:59Oh a very highly moss covered roof
05:03That is the flat roof of our garage
05:05Now interestingly the garage is quite big
05:07It's the length of the house
05:09But there's no access from inside
05:10So you could always put a door in there
05:12It would cost a bit
05:13Because you'd have to put a beam in
05:15To support the rest of the wall
05:16But hey it's an option
05:17And we're upstairs now
05:19Lots of doors
05:20Lots of rooms
05:21This is quite a generous sized single room actually
05:25That could be an office or a child's bedroom
05:27And then through here
05:29This is I imagine the larger of the three bedrooms
05:34Lovely banister
05:35Look at that original
05:37Please please please can we keep it
05:38I hope so
05:39And now we're moving towards the front of the house
05:42Here we have a bathroom
05:44With a sink and a bath in it
05:45And on the other side of the wall
05:47A separate toilet
05:48And actually this wall I imagine
05:51Yeah
05:53Could be taken down
05:54Only thing is
05:55There is a radiator on this side
05:57And on that side of the wall
05:59So a bit of moving that around I think
06:01Oh look the loft is open
06:03Which is very handy
06:04Let's investigate with the torch
06:06It looks alright up there doesn't it
06:08It's not very big
06:09Not a lot of headroom
06:10So probably storage only I would say
06:12We can't really go up into the attic
06:14But it's good that it looks decent
06:16And then through into this room
06:18Which is the front double bedroom
06:21Not quite as big as the back room
06:23But a pretty good space
06:25Really all we'd need to do in here
06:27Is cosmetic
06:28Which is great news
06:32It seems like most of the problems with the property
06:35Are surface level
06:36Though the front facing kitchen
06:38And lack of WC on the ground floor
06:40Could be a cause for concern
06:42But what's the opinion of a local estate agent
06:46Well we invited one along
06:48For their thoughts and valuations
06:50On this three bed detached property
06:53With a guide price of £150,000
06:56I think basically this property is in pretty good order
07:03Does need some refurbishment
07:06We'll need a new kitchen
07:07New bathroom
07:08And some landscaping in the garden
07:11And following that light renovation
07:14What could it fetch on the resale market
07:18Refurbished to a good standard
07:20We would expect this property
07:22To achieve a figure in the region of
07:25£325,000 to £335,000
07:30And for rental
07:33We are looking at a figure of
07:35£1,250 to £1,300
07:40Per calendar month
07:41For rental
07:44Well when you look at this house first
07:46You think gosh there's a lot of work to be done
07:48But I would say most of it is cosmetic
07:50This place has got great bones
07:53And whether you want to keep the original stuff
07:55And really go with that 1970s style
07:57Or modernise it around some of the original features
08:00I think this home could be sensational
08:03Well let's find out who agrees
08:06When it went under the hammer
08:10This lot was part of a remote auction
08:13With bids taking place online
08:14One, two, three
08:16And gone
08:20For £247,500
08:22The lot was bought by business management consultant
08:25And part-time property developer
08:27Jason
08:29We've seen him before
08:30When he turned a townhouse nearby
08:32Into a modern family home
08:34This time he's calling on local trades
08:36To help him with the work
08:37And I'm meeting him
08:38To hear the plans
08:41Jason, great to see you again
08:42Nice to see you again, Owen
08:44Now Jason, I know that you
08:46You love a project
08:47And you love taking something
08:48And transforming it
08:50Yeah, I do
08:50That's the plan here, I'm guessing
08:51Definitely
08:52Definitely
08:52Gonna change it round
08:54Make it nice again
08:55Makes it a family home for somebody
08:57Hopefully
08:57This type of house
08:59I love
09:00What are you going to do with it?
09:01I'm just going to do the basics to it
09:03I want you to be fair
09:03New kitchen
09:04New bathroom
09:05Sort out the garden
09:06Because you can see
09:07You can't get in very well at the minute
09:09Perfect
09:09Well that's great to hear
09:10We'll get into a bit more detail
09:11In just a second
09:12How about the auction?
09:13You know
09:14How did you find this place?
09:15Are you familiar with this area at all?
09:17Yeah
09:18I've been around this area for more than 20 years
09:20I know the area really well
09:21Are you happy with what you paid for it
09:23At the end though?
09:24Yeah
09:24It came in under budget
09:25I'd slightly pay slightly more
09:27Not much more
09:27Yes
09:28You've got that
09:29That's perfect
09:29Yeah
09:30It's good
09:30So did you read the legal pack?
09:32Yeah
09:33Was there anything of concern?
09:34No
09:35I read the legal pack
09:36And I actually came to look at this property
09:37Yeah
09:38So I came round
09:39Someone was in here
09:40They let me round to have a look
09:41All of the important stuff
09:42The golden rules of homes under the hammer
09:44Come and have a look at it
09:45Read the legal pack
09:46You know all of that stuff
09:47Yeah
09:47So you know
09:48One thing that strikes me about this home is
09:51It's a kind of
09:51I would say 1970s build is it?
09:54Yeah
09:54And it's detached
09:55So great
09:56Yeah
09:56I love that staircase in the barnes are upstairs
09:59Are you going to keep those?
10:00I'm not sure you know
10:01Oh you've got to keep it Jason
10:03Honestly once you get into these projects
10:05You realise whether you're going to keep it or not
10:06It depends whether I'm going to sell it or rent it out
10:09Now behind me here
10:10We've got what I'm calling the winter garden
10:12Yes
10:13A garden for all seasons
10:14Yes
10:14What's going to happen with that?
10:16Oh I'm going to try and sell that to someone
10:18Or they can take it away for free
10:19I'm certainly not going to try and bin it if I can help it
10:21But that's definitely going to go
10:23I'm going to change the back door for a slide
10:25Nice plastic slide
10:26Because this house has got all new windows
10:28Except the back door and the front door
10:30So they'll have to go
10:31And then get rid of all the greenery
10:33So I'm organised
10:34I've already organised someone to come in
10:36First job is to clear all this overgrown greenery
10:40That's surrounding the house really
10:42Yeah
10:42Yeah I know that's fair enough
10:43It does sort of take a lot of the light out of the place
10:45Doesn't it?
10:46Yeah
10:46And also I love that you said
10:47That you're going to sell that aluminium
10:49Yeah I mean it's a cost to get rid of it
10:51If someone come and take it down
10:52Well they can have it can't they?
10:54Yeah it's lovely
10:54Let's talk about those numbers
10:56So what's your budget for renovation
10:58And how long do you think this will take?
11:00I think it's going to take 12, 14 weeks
11:03Only because I'm going to take my time with it
11:05I've got to get the greenery started first
11:07Then figure it out from there
11:09But budget wise
11:10I'm going to probably spend the third T35 brand on it
11:13Right
11:14Put a decent kitchen in
11:16Put decent bathrooms in
11:18Knock through the bathroom
11:19Just get it looking nice to be honest
11:20And let's quickly talk about the kind of finish
11:23That you're thinking here
11:24What are you thinking on the floors?
11:25Are they going to be kind of wooden floors?
11:27Are you going to carpet it?
11:28Or what are you thinking?
11:29Like upstairs definitely carpet
11:30It gives a nice warm feel to it
11:32Down here
11:33Properties I've done in the past
11:35I've done wooden floor front to back
11:36Could do something with this fireplace
11:40Yeah that's
11:40If you want to definitely keep the 70s looking
11:42Definitely keep that wouldn't you?
11:44But I've got to do some
11:45I want
11:45There's always nice to have a bit of a focal point in a room
11:47So I don't know what I'm going to do with that
11:49But that's definitely going
11:50I'm not just going to leave
11:51I don't think I'm going to just leave a blank wall
11:53I'm going to put something back there
11:54What that is
11:55I'm not sure at the minute
11:56So your plan is to renovate it
11:58And then rent it out to sell it on?
12:01Ideally I'd like to rent this one out
12:03But again I won't know until I get into the job
12:05But I'd say 75-80% rent it out
12:08Nice
12:09Is this what you do Jason?
12:11Is this your full time thing?
12:12Not full time
12:13Just do it part time
12:14I set up a company to do
12:17To renovate a few properties
12:18I've got a few commercial properties as well
12:20I do a bit of commercial
12:21A bit of residential
12:22Well Jason
12:23Whether you decide to
12:24Do this up and then sell it on
12:26Or keep it and rent it out to a family
12:28I think this is going to be a gorgeous home
12:30All the best with it
12:31Thanks very much Alwine
12:32Thanks Jason
12:32See you again
12:33Yeah you too
12:35Well he's got some great plans for the place
12:37Hasn't he?
12:38And whether Jason decides to keep this place
12:39And rent it out
12:40Or sell it on
12:41I think it's going to make for a gorgeous family home
12:44I'm really really hoping
12:46He keeps that 1970s style staircase
12:49Because I love it
12:51We'll find out how he gets on
12:52Later on in the show
12:58We're in Southampton
13:00A vibrant port city
13:02Where history meets the hustle of modern life
13:04Famous for its maritime past
13:06This city saw the Titanic set sail
13:09And today welcomes cruise liners from around the world
13:13But it's not all ships and sea breeze
13:16With a thriving cultural scene
13:19And easy links to London
13:20It's a magnet for students
13:22Families and investors alike
13:25So let's see what today's auction lot has to offer
13:29Well ten minutes from the city centre
13:32In this really nice residential area
13:33Is the property I'm here to see
13:35It's a semi-detached house
13:38Currently arranged as two flats
13:41£95,000 was the guard price
13:43Let's have a look
13:47OK
13:48That's interesting
13:49I've got three doors
13:51Reminds me of play school from years ago
13:54Showing my age here
13:55Do you remember that?
13:56The round window
13:57The square window
13:58What was the other one?
13:59Err
14:00The arch window
14:01OK
14:01What shall we do?
14:03Oh you're happier for the round window
14:06Oh
14:06Such happy memories
14:08Oh
14:09Back to reality
14:12With a bump
14:13Oh my word
14:16What a mess
14:18Wow
14:19Um
14:20Err
14:21Wow
14:21Err
14:22Covered with downstairs
14:23Tavern here
14:23Err
14:24Sorry I'm just stunned
14:27I'm staring
14:28At just
14:29So
14:30Many
14:31Types
14:32Of mould
14:33I don't think I've ever seen anything like it
14:37It's like a
14:37Museum
14:38To mould
14:39And this is on a nice
14:41Sunny day
14:42Can you imagine what this is like in winter
14:44Or when it's damp
14:45So
14:46So
14:47So
14:48So
14:48Wow
14:49I mean just wow
14:51So
14:52So we've got this variety
14:55Auto
14:55I like that
14:56Auto strip wallpaper
14:58Fantastic
14:59Erm
15:00But this is one variety of mould
15:01So let's call that
15:02Exhibit A
15:03Erm
15:05Don't know
15:05Whatever
15:06Erm
15:07And then over here there's more of Exhibit A
15:08Err
15:09Underneath the window
15:09There's damp
15:10Which you might expect
15:11Which is causing all sorts of problems with the floorboards
15:13But this is possibly my favourite
15:15This is
15:16This is
15:17A combination of the green mould
15:19With the effect it's having on whatever was on the wall
15:21So it's coming out
15:22This pattern
15:22Is really rather beautiful
15:25Wow
15:25Maybe we could just leave it like this and open it
15:27Charge people
15:28To come and see
15:30The before
15:31Of houses
15:32How do you reckon you could do that?
15:34Mould museum
15:34I don't know
15:35It's got a ring to it
15:37I'm not normally what I do
15:38But I mean it's not a bad idea
15:39I think it's better
15:40The worst ideas I've come up with
15:41It's not really
15:42It's different really
15:45Anyway
15:46Err
15:46Carrying on our exploration of Southampton Mould museum
15:52Err
15:52Carpet
15:53In need of replacement
15:54Everything in need of replacement
15:55And it gets a bit weird here
15:57Oh like it isn't weird already
15:58But er
15:59Even weirder
15:59This is the entrance to the other flat
16:02But you've also got this door here
16:04So you know
16:05If you want to go and pay your
16:22Err
16:22There's no facilities
16:24That you'd really need down here
16:26Oh
16:26What a surprise
16:29Yes
16:30It's an unusual set up
16:32As you can access the downstairs flat
16:34From all three doors outside
16:36As the last one leads into the kitchen
16:39There's the damp issue
16:41That needs professional attention
16:42ASAP
16:43And there's nowhere to wash
16:45So surely things can only get better
16:47Upstairs
16:51Okay
16:52So upstairs into the second flat
16:54Err
16:55And er
16:56It's already just not feeling like
16:58Like
16:58That flat scenario
17:00Is as official
17:02As you would quite like it to be
17:03Err
17:04And I'll explain that in a minute
17:05But
17:05You've got a bathroom here
17:06At least
17:07Err
17:07A bedroom towards the front of the property
17:09There
17:10Err
17:10No loo there
17:11But there is a loo here
17:13Which is
17:14Err
17:14I mean
17:14At least you have got
17:15A bathroom and a loo
17:16Unlike downstairs
17:17Erm
17:18Kitchen area at the end
17:19And then through into
17:20The rear bedroom
17:22So
17:22The description was
17:23It was arranged as two flats
17:25Did it have planning permission
17:26Does it have separate electricity
17:28And utility supplies
17:29Is the
17:30Is the title deed split
17:32You have got
17:33To
17:33Think very carefully about
17:34What you're going to do with this place
17:35And if you are going to convert it
17:37Into flats
17:38Then you're probably going to have to
17:39Start from scratch
17:40But it would probably work really well
17:42Just being
17:43Reconverted back
17:44Into one family house
17:46Which is probably
17:47What it should be
17:49That feels like the most
17:51Straightforward option
17:52As to change this property
17:53From a house
17:54Arranged as two flats
17:55To officially two separate flats
17:57Will need planning permission
18:00But
18:00Remaining positive
18:02There is a good sized back garden
18:04With scope to extend downstairs
18:06And
18:07That extra space
18:08Could help to sort out
18:09The current layout issues
18:12What will a property expert
18:14From the auction house
18:15Who sold it
18:16Make of this lot
18:17That came with a guide price
18:19Of £95,000
18:21It's an interesting property
18:23It's loosely arranged as
18:25Two flats
18:26The condition
18:27Is very poor
18:29It certainly needs
18:30Absolutely everything
18:31Doing to it
18:32You've certainly got potential
18:34To extend as well
18:35And a lot of that
18:37Could probably be done
18:38Under what's called
18:39Permitted development
18:42Under permitted development
18:43Homeowners can sometimes
18:45Add a small extension
18:47Without going through
18:48The full planning process
18:49But there are limitations
18:51So always check
18:52Before you start
18:53Now looking at the options here
18:56If a buyer wanted to keep it
18:58As a two flat set up
19:00Long term
19:01With the correct permissions in place
19:02What sort of returns
19:04Could they expect?
19:06A one bedroom flat
19:08I would suggest
19:09Would achieve
19:10In the region of
19:12£800 to £850
19:14Per calendar month
19:15A two bedroom flat
19:17Should achieve
19:19In the region
19:20Of £1,100
19:22Per calendar month
19:25If it was renovated
19:26And converted
19:27Back into a single home
19:29And rented out
19:30The property expert
19:31Believes it could rent
19:32For around
19:33£1,700
19:35Per calendar month
19:36But what sort of figures
19:38Could you go for
19:39As a single home
19:40On the resale market?
19:43I would suggest
19:45That it would be worth
19:46In the region
19:47Of £290,000
19:51Well auction properties
19:52Are sometimes
19:53In a bit of a state
19:54But this one
19:54I think
19:56Yeah
19:57It's up there
19:59But before you get
20:00On to even sorting out
20:01The state inside
20:02You've got to sort out
20:03The issue of
20:04The whole two flat thing
20:06Make sure you've got that
20:07Sorted before you go
20:07Any further
20:08Still possibly an opportunity
20:10To add some value
20:11Let's see who bought it
20:12When it went under the hammer
20:16This lot was part of
20:17A remote auction
20:18With bids taking place
20:19Online
20:20Third and final time
20:22Sold
20:26The winning bid
20:27Of £206,000
20:29Came from Rob
20:30Who runs a construction business
20:32And handily
20:33Lives next door
20:34So he doesn't have far
20:35To meet Martin
20:36And share his plans
20:37For his latest purchase
20:42Rob, great to meet you
20:43Hi, great to meet you also
20:45Congratulations
20:46I think
20:46Thank you
20:47Tell me
20:48Why you wanted to buy this place
20:50Well, we're living next door
20:51So that's why
20:52We was hoping
20:53We can get hold of
20:54Hands on it
20:54Right
20:55Why?
20:56So you could do it up
20:57Or what?
20:58Yeah, we would like to
20:58Yeah, do it up
20:59Like investment
21:00Well, your commute to work
21:01Is pretty short, isn't it?
21:03Yeah, great
21:03So how long have you lived next door?
21:06Ten years
21:06Ten years
21:06So what do you know
21:08About the history of the house?
21:09This house was empty
21:10For like six, seven years
21:12Oh, wow
21:12And that's why
21:13It's got into the state
21:14It's here
21:14Yeah, exactly
21:15Yeah
21:15What are your plans
21:16For the property?
21:17What are you aiming to do?
21:19It's kind of
21:20It's one property
21:21But we're going to
21:22Make it into two flats
21:24You are?
21:25Okay
21:25So you're going to
21:26Carry on with that theme
21:27Yeah, yeah, yeah
21:28I think it's going to
21:29Be a good value
21:31Better value
21:32Two flats than one
21:33And what do you know
21:34About the legalities of it?
21:35Was it ever split properly?
21:37Was the title split?
21:38Has it got separate
21:38Electricity and gas?
21:40Don't know much about that
21:41Okay
21:42Not done enough research
21:43Okay
21:44So you're going to
21:45Have to look into that
21:45I imagine then
21:46Yeah
21:47What about the renovation work?
21:49I mean
21:49Is this something
21:50You can take on?
21:51My main work
21:52Is the commercial
21:54Renovations
21:55And shopper thing
21:56Oh, do you?
21:56Okay
21:56So I got a little bit
21:58Of experience
21:58Okay
21:59So tell me the process
22:00What are you going to do?
22:02Well, we're going to
22:02Strip everything back
22:03To the brick
22:04Take the chimney breasts out
22:06Try to
22:08Do extension at the back
22:09What kind of extension
22:10For the kitchen?
22:12Yeah, for the
22:12Yeah
22:12Extend it in the back
22:14Because obviously
22:15The downstairs doesn't have
22:16A bathroom, does it?
22:18So what are you going to do
22:19No
22:19The bathroom is going to be
22:21Downstairs
22:21Where is the door
22:23Okay
22:23So you'll get a bathroom here
22:25And then you'll keep the bathroom
22:26Where it is upstairs
22:27Yeah
22:27And is the idea then
22:29To sell on
22:30Or to rent it out?
22:32Yeah, we're planning
22:32To short let
22:34And holiday let
22:35Oh, okay
22:36At the moment
22:37Okay, holiday let's
22:38For people who are
22:39Visiting the area
22:40Yeah
22:40Southampton
22:41Yeah
22:41Oh, great
22:42So what's the time scale?
22:44Yeah, planning to
22:44Take this
22:45Six to nine months
22:47Six to nine months
22:48Okay
22:48And what about the budget?
22:49Hopefully
22:5085,000
22:5185,000?
22:52Okay
22:53Quite a healthy budget then
22:54How's that made up?
22:5620, 30 grand
22:57At the back
22:58For the extension
22:58Do the nice
23:00Front garden
23:02Another
23:0210,000
23:0315,000
23:04Couple of kitchens
23:05Yeah
23:06Couple of bathrooms
23:08A little pile of staircase
23:10In the loft
23:11Oh, you're going to go
23:12To the loft as well?
23:13Oh, great
23:14Yeah
23:14Okay
23:15Well, you're certainly close by
23:16To do all the maintenance
23:17And the check-ins
23:19And the cleaning
23:20Aren't you?
23:21Yeah
23:21Low maintenance
23:22And you can keep eye on it
23:24Great
23:24Definitely
23:24Well, congratulations
23:26Good luck with it
23:28Thank you
23:28And we certainly look forward
23:29To seeing how you go on
23:31Yeah, thanks
23:31Thanks for having me
23:32And yeah, great
23:36Well, the property certainly
23:37Couldn't be any better
23:38Located for Rob
23:40As he has to go from there
23:41To here
23:42To go to work
23:43Fantastic
23:44He's also under no illusion
23:46About the state of the property
23:47And he's got a healthy budget
23:49So it should all turn out okay
23:52But it doesn't look
23:53Like the Southampton Mole Museum
23:56Is going to be opening
23:57Anytime soon
23:59Another idea
24:01Gone to the
24:03Ideas
24:04Braveyard
24:05Wherever they go
24:06Anyway
24:06You can find out
24:07How it all
24:08Turns out
24:09Later in the show
24:12Still to come
24:14Jackie's in London
24:15Where size
24:15Really does matter
24:17Then
24:17I go into
24:18What is
24:19The second bedroom
24:21But look at the size of it
24:25Then we return
24:26To see how Rob tackled that mould
24:28And find out
24:29If he was able to split the house
24:30Into flats
24:37I return to Ross-on-Wye now
24:39Where we saw a three bed detached house
24:41That came with a guide price
24:43Of £150,000
24:45And the 70s deco
24:47Took me right back to my childhood
24:50Immediately I'm drawn to this
24:51Original feature
24:53Look at this 1970s staircase
24:55You know this is giving me
24:56A touch of the Tracy Island
24:57Vibe about it
25:00And to the rescue
25:01With a successful bid
25:02Of £247,500
25:05The property was snapped up
25:07By part-time developer
25:08Jason
25:09With a top-to-bottom
25:11Transformation in the pipeline
25:12There was still
25:13One burning question
25:14On my mind
25:17I love that staircase
25:19In the barnister upstairs
25:20Are you going to keep those?
25:21I'm not sure you know
25:22Oh you've got to keep it Jason
25:24Honestly
25:25Once you get into these projects
25:26You realise whether you're going to keep it or not
25:27It depends whether I'm going to sell it
25:29Or rent it out
25:30I'd say 75-80% rent it out
25:33He had a budget of £30,000 to £35,000
25:36And would use his regular team of trades
25:39To complete the work
25:40All within 12-14 weeks
25:42Now we return five months after our first visit
25:46To see the final results
25:55Well with all the greenery cut back or removed
25:58We can actually see the house
26:00And this time we've been able to access the garage
26:03Which has a new automatic door
26:05And has been cleared out inside
26:08But how's the rest of the inside looking?
26:17Inside basically took everything out
26:19Just generally tidy up
26:21Made the place look nice
26:22Fresh coat paint
26:23New appliances
26:24Electrics
26:25Ripped the floors up
26:26Went for wood floors downstairs
26:28It's clean, it's tidy
26:29Keeps the lines right
26:30Quite like wooden floors
26:31Matches in with the doors
26:33Changed all the doors
26:35Ripped the kitchen out
26:36Went for a nice quality kitchen
26:39Fit appliances except the washing machine
26:40Just enough so anybody could move in
26:42Put the washing machine in
26:43Everything seems to work fine
26:46At the rear of the property
26:47We had like a lean-to
26:49Sort of greenhouse
26:50Come conservatory effect
26:51I didn't want to smash it up
26:53So I put it on an online platform
26:55Someone came and took it away for free
26:58Outside the back
26:59Essentially just tidied it up
27:01Leveled it
27:02Cut the grass
27:03Got rid of everything we needed
27:04And put a decking down
27:06When we got here
27:07The stairs were
27:08Although they looked nice
27:10And they had a bit of a feature
27:11They were quite noisy
27:12It's nice to keep the old features
27:15Don't get me wrong
27:15But they just needed to be
27:17Boxed in
27:18Ready for carpet basically
27:19And that was definitely a noise issue
27:21And just to make it look fresh
27:23Well all is forgiven Jason
27:25Especially with a contemporary style
27:28Continuing upstairs
27:29All three bedrooms
27:31Have been given a fresh look
27:32Complete with new carpets
27:34Updated paintwork
27:35And new radiators
27:37Which feature throughout the home
27:38But the biggest task of stairs
27:40Came with combining the separate toilet
27:43And bathroom
27:44Yeah that looked pretty straightforward
27:46To begin with
27:47Just a partition wall
27:48Take that down
27:48Great
27:49But it was two separate windows
27:50Not one
27:51So I had the cost of buying a new window
27:54And they're not cheap
27:55And the door was slightly in the wrong place
27:58So I had to take both doors out
28:00And move it across slightly
28:02It's not the biggest bathroom in the world
28:03But it's well set out
28:04I'm really pleased the way it's turned out
28:06The bathroom may have taken a little more work
28:09Than expected for Jason and his team of trades
28:12But unfortunately
28:13This wasn't the only unexpected work
28:15That was required on the house
28:17When I got here
28:19I thought the chimney wasn't leaking
28:20But no
28:21The chimney was definitely needed
28:22Repointing
28:23New lead work
28:24There were some broken tiles around it
28:26So I had to get that sorted out
28:28Same goes with the flat roof outside
28:31The garage roof was leaking
28:33I could have had it fixed
28:34Just repaired
28:35But I don't do repairs generally
28:37I do a really good fix
28:39That lasts
28:40You know
28:41Certainly as long as I'm probably likely to own this property
28:45With the additional work
28:47And rising material costs
28:49Jason ended up spending £51,000 on the project
28:53Opposed to his intended max spend of £35,000
28:57But did the extra work incur a longer timescale?
29:01Yeah, I was hoping to get it done in like 10 to 12 weeks
29:05But I didn't start the project for almost 10 to 12 weeks
29:08I had other projects going on
29:09And I used the same trades
29:10So therefore you can't do two jobs at once
29:14So yeah, it took me three and a half months
29:16To even get started on the property
29:18The actual time between people coming on site
29:21And the job being completed
29:23Was about nine weeks
29:24Maybe ten
29:26So in terms of
29:27Did I stick to my timeline?
29:28Yes
29:29But I wasn't anticipating
29:30Like a four month wait
29:31To start the project
29:34Jason is sticking to his plan
29:36And is now ready to put the property
29:38Onto the rental market
29:39But with a total investment
29:41Of just under £300,000
29:44Will the returns meet his targets?
29:47We asked along the estate agent
29:48Who viewed the property
29:49Last time
29:50To find out
29:52Since I was last here
29:54The owner has completely renovated
29:56The internal space of the property
29:58The finish has been done
29:59To an exceptionally high standard
30:01As you can see
30:01With the oak doors
30:03Oak flooring downstairs
30:04And the lovely carpets
30:06Throughout the first floor
30:07I think this property
30:09Would appeal greatly to a young family
30:11It's a beautiful area to live
30:13The agent believes that the property
30:15Could achieve up to £330,000
30:18On the sales market
30:20Which would equate to
30:21A pre-tax profit
30:22Of around £31,000
30:24If Jason chose to sell
30:26But with him set on renting the property
30:28What sort of returns can he expect?
30:30For the rental market
30:32This property would achieve
30:33In the region of £1,250
30:36Per calendar month
30:37That's exactly the sort of number
30:39That I was pitching for
30:40I think any less
30:41Has been disappointed
30:42So Jason was bang on
30:44With his expectation for rent
30:45Which equates to a yield of 5%
30:48So with this project now wrapping up
30:50The big question is
30:52What's next on the cards?
30:55I'm going to be taking
30:56A little bit of time off
30:57At the minute
30:59I've done a couple of properties
31:01In the last six months
31:02One back to back
31:03So I am likely to
31:06If something comes up
31:07I'll go for it
31:08But I'm not actively
31:08Going out there looking for it
31:10But then
31:10I'm always looking
31:16We're heading to West London now
31:18An area known for its
31:19Grand Victorian
31:21And Edwardian mansion blocks
31:22Leafy streets
31:24And elegant garden squares
31:26It's also rich in cultural history
31:28With over 170 blue plaques
31:31Scattered across the royal borough
31:33Of Kensington and Chelsea
31:41Among them are tributes
31:43To legendary names like
31:44Alfred Hitchcock
31:45Benjamin Britten
31:47And Beatrix Potter
31:48A reminder that this part of London
31:50Has long attracted
31:52Some of the country's
31:53Most iconic figures
31:54And today it's drawn another familiar face
31:57As Jackie's here
31:58To check out an auction lot
32:01Well this is a great location
32:04Earls Court Station
32:05Is literally round the corner
32:06You've got plenty of amenities
32:08Really close by
32:10And on this lovely street
32:12Lined with period properties
32:13It's absolutely stunning
32:14But it is a designated conservation area
32:18So be warned
32:19If you're planning any exterior works
32:20You need to get the relevant permissions
32:22Now the property I'm here to see
32:24Is in this rather grand
32:26And imposing building
32:27It's on the first floor
32:28It has two bedrooms
32:30And went to auction
32:31For a guide price
32:31Of £375,000 plus
32:34Now for this part of London
32:35That sounds relatively cheap to me
32:38So let's head on in
32:39And see exactly what you get
32:41With the average property price
32:43In this borough of London
32:44Topping £1.3 million
32:47A guide price of £375,000
32:50Might sound like a steal
32:52Or it could be a sign
32:54That there's plenty of work waiting
32:56Behind that front door
32:59Wow
33:00It's a wonder
33:02There's carpet protection
33:04Out there in the common parts
33:05Because clearly
33:06Works are started
33:07You've got wires hanging out
33:09Stripped floors
33:10Stripped walls
33:12The lot
33:13Now according to the auction catalogue
33:15This is your first bedroom
33:17And actually
33:18High ceilings
33:20Lots of character there
33:21You've got coving
33:22You've got your picture rails there
33:25Very, very nice
33:27The floors actually look really good
33:28I can see signs of central heating
33:30Being taken off the wall as well
33:32And then
33:33I go into
33:35What is
33:36The second bedroom
33:37But look at the size of it
33:39It's absolutely
33:41Massive
33:42Again
33:43High ceilings
33:44Again
33:44You've got that coving
33:45I love the sash windows
33:47But these are single glazed
33:49And remember
33:49This is a conservation area
33:51So
33:51You will have to replace
33:53Like for like
33:54But I love that
33:55I'd love to see a ceiling rose
33:57Here as well
33:57I'm loving this fireplace
33:59Look at the size of it
34:01Very grand
34:01It almost feels like
34:03It's a waste
34:04For a bedroom
34:05And in fact
34:07A random oven
34:09I wonder what the plan is there
34:10Let's carry on
34:14Wow
34:15Now according to the auction catalogue
34:17This is your living space
34:19You've got your fireplace there
34:20Again nice high ceilings
34:22And on this side by the window
34:24Is what would have been the kitchen
34:25You can see there's the old boiler there
34:27Obviously that needs to be taken away
34:29You've got a bathroom there
34:31But I'm thinking
34:33Could you switch things around a bit
34:36That so-called second bedroom to the front
34:39Is big enough that you could incorporate the kitchen in there
34:41Kitchen
34:42Living
34:43Diner
34:44And then this would be the bedroom
34:46You're at the back
34:47It's less road noise
34:49It'd be really nice and quiet
34:50And the bathroom
34:52You could have two entrances
34:54One from the hallway
34:54One from the bedroom
34:55Almost creating like a Jack and Jill
34:58And en suite
34:59I think that would make this flat flow so much better
35:03So definitely worth considering
35:07Yes reconfiguring the layout could make much better use of the space
35:11But moving the kitchen means factoring in the cost and complexity of new drainage and plumbing
35:18And since this is a leasehold property
35:20Any major structural changes would need approval from the freeholder
35:24And on that note
35:26There's something else to bear in mind
35:28Now you'll remember me mentioning the guy price I thought was relatively low
35:34Well the reason for that is that this flat only has 59 years remaining on the lease
35:40Now less than 80 years makes mortgage lenders a little bit nervous
35:45I think it's worth extending it
35:47Now that could be costly
35:49And I'm talking about tens of thousands of pounds
35:51But would it be worth it?
35:53Definitely
35:57Yes a short lease can significantly affect a property's value
36:01Mortgageability and saleability
36:03But overall there's great potential with this lot
36:08I wonder if a local estate agent would agree
36:11We've asked one along to hear their thoughts and figures
36:15What I love about this flat
36:17First and foremost is it has a significant footprint of 645 square foot
36:24Definitely I would say there is potential here to reconfigure the layout
36:28Without involving significant structural work
36:32Personally I think there is a wonderful opportunity here
36:36To retain some of the features of this Victorian property
36:40So that as people walk in there is a feeling of wow
36:43This retains its character
36:45But it's made for contemporary living
36:49So once this place was updated
36:51What sort of returns could it make on the rental market?
36:54This property has the capacity to command a rental price
36:58Of at least £2,500 per calendar month
37:02But I feel I'm being conservative
37:04I would like to see it push a little bit more up towards £3,000
37:09A strong return
37:11And with a new lease extension
37:13The agent believes it could sell for around £650,000
37:18But how would this compare if the lease wasn't extended?
37:22If this renovation is done to a high standard
37:25That this property would command a price of in today's market
37:30Somewhere between £550,000 to £600,000
37:35Well this is a great flat in a fantastic location
37:39Yes it looks a little bit worse for wear at the moment
37:41But with the right changes made
37:44And if it's renovated to a really high standard
37:47It could make a fantastic home for someone
37:50My only concern is that very short lease
37:54It is definitely worth extending
37:56Yes it could be costly
37:57But definitely worth doing
37:59So who fancied this one?
38:01Let's find out when it went under the hammer
38:06At auction this lot failed to sell
38:09But a post auction offer was later accepted
38:19And it was Christina seen here on the right
38:21Who bought it for £339,000
38:24More than £35,000 under the guide price
38:29She's joined by her friend Julia
38:31Who will be lending a hand on the project
38:33And they met up with Jackie
38:34To tell her their plans
38:37Christina, Julia
38:38Lovely to meet you both
38:39Lovely to meet you too
38:40And can I just say what a spectacular flat this is
38:44In a great location
38:46But why did you go for it?
38:48I think it was kind of a lucky phone by my dad
38:51He just saw it online on Monday evening
38:54And on Tuesday we made online bet
38:56And then we just kept waiting for our offer to be accepted
39:00So did you get to visit the property before bidding?
39:04No we didn't
39:05So all the viewings has been done already
39:08And yeah I just had to believe in a postcode
39:12Yeah
39:13Location basically
39:14And the pictures
39:15And how do you girls know each other?
39:18We're both members of London Business Club
39:20So we met there a few months ago
39:23And then we started to think about cooperation
39:25And this project came up
39:27And Julia kindly agreed to help me
39:30Right so what do you do Julia?
39:34So I'm an interior designer
39:36And it's a good good opportunity to work with
39:41Have you done property renovations before?
39:43No never
39:44I have done
39:45I have done actually a close buy
39:47But so far this is a risky and the biggest project
39:50Okay
39:51But at least you've got experience behind you
39:53Yeah but you know with every project
39:55You know that you don't know that much
39:56And you learn a lot
39:57And also obviously we are in a nice neighbourhood
40:00So we have to make sure that design
40:03Delivers quality for the future buyer
40:05Future tenant
40:06That's why we needed professionals like Julia
40:08Like Julia
40:09There's where the professionals come in
40:11And what about the legal pack
40:12Obviously there is that sort of short lease
40:15What are you doing about that?
40:17I called Lease Surveyor
40:18And I said that I need to roughly understand the number
40:22To put in my financial model
40:23So I know what's coming in the end of this project
40:26And the number was okay
40:28Obviously we have to negotiate around that
40:30But at the moment we're just hoping that the premium achieved
40:34Between me and freeholder is going to be good for both
40:37Yeah so that's all happening
40:39That's all in hand
40:40We're working on that yes
40:41Very good
40:42That's all
40:43Because it's worth doing
40:44It is absolutely worth doing
40:46Do you only do renovations or do you have another job?
40:50This is actually my hobby
40:51I think it's a great way to preserve value
40:54Build wealth
40:55And I just have passion for that
40:58But for my day job
41:00Which I have a bigger passion probably
41:02Is financial services
41:04Which also gave me knowledge
41:05To be able to support and understand this type of business
41:09This is great
41:10This is a great duo
41:12So what is the plan then Julia?
41:14I'm all ears
41:15So we are in the main area
41:17Where we'll have kitchen and living room
41:20And dining in front of the big big window
41:23So then that space then becomes the bedroom
41:26And then the bedroom next door
41:27Yeah
41:28I think that's great
41:28And then what about the bathroom obviously where it is?
41:32So we had kitchen previously at the end of that bedroom
41:36Yes where the boiler is
41:38Yeah
41:38Yeah it would be utility space
41:41And closer to us would be our shower room
41:45With all the sink stuff
41:47And toilet of course
41:48That's going to be great
41:49What's the thought of the features?
41:52Yeah so it's a privilege to have this height
41:55Yeah
41:55So we'll emphasise it with co-ings
41:58With ceiling rows
42:00Right
42:00So who stripped this down?
42:01Did you already have contractors come in
42:03And strip everything?
42:04Yes there's a big big renovation
42:06Hopefully going to stop in the next few days
42:09Oh very good
42:09What about sort of time scale?
42:12How soon do you want to see this flat ready
42:16To you know make someone's home or rent?
42:20Okay let's be honest
42:21Okay
42:22It would take us from two till three months
42:25But it would be already decorated
42:28So is this for rental or to sell?
42:31Yes for rental
42:32Very good
42:33So two to three months
42:35For the rental market
42:36How much are you going to spend?
42:38We are budgeting around $50,000-$60,000
42:41Obviously quality of the flooring, tiles, kitchen
42:45We would try to make sure it is a very good quality
42:49I'm keeping my fingers crossed
42:50That it all works out
42:51And I'm really excited to see what you do with this place
42:54I really am
42:55So congratulations
42:56Thank you
42:57Thank you very much
42:58Thank you
42:59Well Christina has a few property renovations behind her now
43:04But this is the first one with her friend Julia
43:06So will it prove to be a match made in heaven?
43:10And will Julia's interior design skills give this two bed flat the wow factor?
43:14I for one cannot wait to see the end results
43:17And you can find out how it all goes later in the show
43:25Time to head back to Southampton
43:27Where Martin saw a semi-detached property that was loosely arranged as two flats
43:33And guided at $95,000
43:35He was speechless
43:37Oh my word
43:40What a mess
43:42There was damp everywhere
43:50And the layout as two flats didn't stack up
43:53But Rob, who happened to live next door, saw potential
43:56Snapping it up for £206,000
44:01We're going to make it into two flats
44:04You are?
44:04OK
44:05We're going to strip everything back to the brick
44:08Try to do extension at the back
44:10A little pile of staircase in the loft
44:13Oh, you're going to go to the loft as well?
44:15Yeah
44:15Oh, great
44:17His plan was to turn it into short-term lets
44:20Though first he needed to explore how to make two proper flats
44:24A process that would likely involve the planners
44:28With £85,000 to spend and a six to nine month timescale
44:32We left Rob to it
44:34And now, a year on, we're back
44:40The outside certainly looks smarter
44:43But the property is still a single dwelling
44:46Once Rob did his research
44:48He found making them separate was a costly and complex process
44:52So he changed tack
44:55We're probably going to move in towards the end of the year
44:58When it's all finished
45:01And that's it
45:04With four children, he's now considering it as a family home
45:08Which will give his two older kids independence upstairs
45:13And because of this, Rob has gone for a high-end finish
45:17We split the garden in two
45:21To create more room for an office and a gym at the back
45:26For adults to escape the kids
45:30Then in the house, as planned, Rob has increased the downstairs space
45:35We've done extension at the back
45:38And we, little conservatory as well
45:41We took down and extended
45:46It's created a smart, open-plan kitchen diner
45:49With a living space next door that is currently set up as a bedroom
45:57All the chimney stacks have been removed to create more space
46:00And at the front of the house, there's another bedroom
46:03Which is thankfully mould-free
46:07We took off all the plaster
46:09We bonded all
46:11And then re-plastered everything
46:13So to stop mould come through ever again
46:18Well, that's good to hear
46:20As is the fact that downstairs now has a new shower room
46:24Created using space from what was a small bedroom
46:30Then one of the entrances has been bricked up
46:33To create some handy storage
46:40Moving upstairs, the bathroom is now a shower room
46:44With its own toilet
46:47Then what was a bedroom has become a spacious kitchen
46:52We're going to keep as one dwelling
46:54It's going to be much easier for us
46:56And we put two kitchens in just in case
46:59The kids want to stay separately upstairs
47:03And do their cooking themselves
47:07There are two more bedrooms on this floor
47:09And by using some of the space from these bedrooms
47:12Rob was able to carry out his loft conversion
47:16We've done extension on the top floor
47:20With the extra bathroom
47:23Then there's the fourth and final bedroom up here
47:27Rob called in his own construction team to tackle the job
47:30Rewiring the electrics and giving the place a top-to-bottom refurb
47:37With supply issues slowing things down, the project ran to a year
47:41But that's still good going for a house this size
47:43But how did things fare for Rob when it came to his budget of £85,000?
47:50We ended up spending close to £200,000
47:54We didn't expect to spend as much at the beginning
48:00That's a hefty overspend
48:02Partly down to rising material costs and the new outbuilding
48:06Bringing Rob's total outlay, including the purchase
48:09To around £406,000
48:13With a possible move here in mind
48:15He's gone for a high-end finish
48:17But as they've not sold their current home
48:19Renting remains an option
48:25So, it's time to hear from a local estate agent
48:28What do they make of this four-bed semi?
48:30And how much could it be worth?
48:32It's my first time seeing the property
48:34And they've done a really good job of the redecoration
48:37Full refurbishment throughout
48:39It's just been finished to a really lovely standard all the way throughout
48:45A strong start
48:46But has this reflected in the property's new resale valuation?
48:50As a four-bedroom family home
48:52I think it could achieve something in the region of £400,000 on the open market
48:57That's a fair valuation, I would say
49:02So, there wouldn't be a profit in selling just yet
49:05But Rob's plans are either to live here or rent
49:08So, what sort of income could it generate?
49:12On the rental market, as a four-bedroom family house
49:15I think it would achieve in the region of £1,700 per kind of month
49:20That would see Rob with a healthy annual pre-tax income of £20,400
49:26But currently the most likely option is that this will become their home
49:31But they're going to take their time before making a final decision
49:38Thinking far off into the future
49:40Now knowing what it takes to create two separate flats
49:44Does Rob think he will ever be tempted to give it a go?
49:50Maybe not at the moment
49:51Because it's going to take a long time to do it
49:56And it's going to be creating more cost
49:58So, it's going to stay at the moment as a one willing for many years
50:07Back now to Chelsea in south-west London
50:10And a two-bed first-floor flat guided at £375,000
50:15Which, for this part of London, sounded like a reasonable price
50:19But it soon became obvious to Jackie
50:22That this was already a back-to-basics refurb project
50:26Wow
50:27Clearly, works are started
50:29You've got wires hanging out
50:30Stripped floors
50:32Stripped walls
50:34The lot
50:35And the other downside to the flat
50:37Was it came with a lease of just 59 years
50:40Which severely affects its appeal and value
50:42But for finance director Kristina, on the right here
50:46This £339,000 auction purchase
50:50Gave her an opportunity to work for the first time
50:52With her friend and interior designer, Julia
50:55Did you get to visit the property before bidding?
50:59No, we didn't
51:00So, all the viewings have been done already
51:03And, yeah, I just had to believe in the postcode and the pictures
51:15Christina also believed £50,000 to £60,000
51:18And two to three months' work
51:21Would have the flat turned round and ready for the rental market
51:24And now, four months later, way back
51:29So, what do we now find in this former shell of a flat?
51:32So, all the way out, we were thinking
51:34That people spend most of the time in living rooms
51:36So, living rooms should be the biggest space
51:44And then, new kitchen here
51:49Also, very convenient
51:51Because you have a cooking area
51:52And then, you can chill, watch TV and eat here
51:58And that switch of rooms
51:59Now means the old living room
52:01Is the master bedroom
52:04What was important also
52:06So, we wanted to have space to store things in every room
52:11So, we've decided to have big wardrobes floor to ceiling
52:16So, the second bedroom also has plenty of storage
52:22Then, we change the bathroom layout
52:24We have a shower there
52:28Because, obviously, it looks more stylish
52:30Gives you more space
52:32Yes, it's certainly stylish with a bit of bling
52:37And for the extra space, they've created a utility room
52:40The flat's got underfloor heating in the hallway and bathroom
52:44The ceiling and walls have extra insulation
52:47And the windows have had double glazing installed
52:49But outwardly remain the same in appearance
52:52As the flats in a conservation area
52:54So, it's warm, cosy and energy efficient
52:58And it all looks good
52:59But how did Christina go about tackling this property project?
53:05When we had the contractor, we handled him a project book
53:08Which was 50 pages
53:09And there was everything written for them
53:12Where every single socket has to be lighting system
53:15So, in this way, you spend a little bit of time
53:18And probably money at the beginning of the project
53:20But then, you don't have to be here every day
53:22So, the building team had clear guidance on what was required here
53:32But were Christina and Julia on the same page
53:36For all parts of the design process?
53:39To confirm the design and location of the kitchen
53:42It took us two weeks
53:43We were arguing so much
53:45Have an island here, do not have island
53:48Have an L-shaped kitchen, do not have
53:50So, probably I should say a big thank you to Julia
53:52Because I wanted L-shaped kitchen
53:54And she said, please, don't do it
53:56And now I'm happy I didn't do it
53:57You know?
53:58So, yeah, she, like, was really begging me
54:02So, Julia managed to convince Christina about the kitchen
54:05And they were both singing from the same hymn sheet
54:08When it came to the overall feel
54:09They wanted to achieve in the flat
54:13Decided to keep this wonderful fireplace
54:16It's a focal point in this room
54:18And, of course, all these, like, historical things
54:22And I think it was a good idea
54:26To start with the designing
54:30And then to jump into a building process
54:45The period features certainly add a lot to this flat
54:48With its high ceilings
54:49It is, after all, in a Victorian building
54:52Built between 1867 and 1871
54:56But if design guru Julia learnt
54:59It was a good idea to get the design phase sorted
55:01Before the build
55:02What did Christina learn
55:04About the practical side of refurbishment work?
55:08I think we learned
55:09You have to have a project manager
55:10If there is mistakes
55:11You have one person to ask from
55:13Because you can't run after plumber
55:15After electrician
55:15After carpenter
55:16Hey, why my door is not closing
55:18It has to be one person
55:19And also budget always more
55:22So you have to have contingency
55:24At least, like, 30%
55:27In fact, the proposed maximum £60,000 budget
55:32Did get away from Christina
55:33And she thinks the total spent year
55:36Will be nearer the £100,000 mark
55:40She's also in the process
55:41Of getting the much-needed lease extension
55:43Which will also have additional costs
55:48So this two-bed first-floor flat
55:50Has come at a cost
55:51But what does the agent
55:53That saw it last time
55:54Think of what's been achieved here?
55:58The standard finish is brilliant
55:59So what they've managed to do
56:02Is to retain the period features
56:03Which makes this such an attractive property
56:07In terms of its lineage and heritage
56:09But they've modernised it in a way
56:12That makes the feel of a Victorian-era property
56:15Restored to its prime
56:17Christina bought the flat for £339,000
56:21And with a spend of around the £100,000 mark
56:25This property is now a £439,000 investment for her
56:29So, is it money well spent?
56:31With the lease not extended
56:33My opinion is that the sale price of this property
56:37Is likely to settle somewhere around
56:40About the £500,000 mark
56:42So, currently this flat
56:44Could yield a £61,000 pre-tax profit
56:47But if the lease was extended
56:49How much extra value could that add?
56:51With the lease extended
56:53I'm confident that this property
56:55Is going to be somewhere in the vicinity
56:58Of £575,000 to £585,000
57:03So, depending on the exact cost
57:06Of the lease extension
57:07There could be a significant increase
57:09In profit for Christina
57:11But for now, this is a rental property
57:15This property would rent for a figure
57:18Of approximately £2,700 to £2,800
57:23Per calendar month
57:25I think it would be very negative
57:29Because we are renting a one-bedroom flat
57:31For £2,600, which is in West Kensington
57:34This is Chelsea
57:35So, we are looking at £3,500
57:37This is the minimum
57:39If Christina does get her hopeful
57:41£3,500 per calendar month
57:44That would equate to a yield of around 9%
57:47Which is a healthy return
57:49But is it good enough
57:50To encourage her and Julia
57:52To go again?
57:55Hopefully, hopefully, yes
57:56No, not hopefully
57:57Definitely
57:58Definitely, yeah
58:03Well, that's it for today
58:04I hope you've enjoyed the programme
58:06And perhaps you've been inspired
58:07By some of our buyers
58:08We'll have more stories
58:10From the auction rooms
58:11Next time
58:11On Homes Under The Hammer
58:12Stay safe
58:13See you soon
58:40We'll see you soon
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