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Homes Under the Hammer - Season 29 Episode 17 -Living in a Box! engsub fullepisode🌸 Secret Engagement
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00:00Hello and welcome to the show. Now if you're looking for your next property investment or possibly a home, then
00:07why not pop down to your local auction house where you can find your home under the hammer.
00:39Well, the goalposts keep moving all the time when it comes to property. So what kind of game did the
00:46property buyers on today's show have? Did they score or not?
00:53Well, my first shot's in Wiltshire and it's not looking good.
00:57But you've really got to see through what it's like at the moment. But hopefully you can do that because
01:01it's amazing.
01:04In East Sussex, Jackie's worried about the playing surface.
01:08Feels a bit springy underfoot. That's the only negative so far.
01:14While in Greater Manchester, Dion thinks getting a result on this pitch is going to be an uphill struggle.
01:19There's your back garden. Good luck sorting that out.
01:25All these properties have been sold at auction and we'll find out who bought them and what they paid for
01:29them when they went under the hammer.
01:32Well done.
01:37We're in the Cotswolds, an area of outstanding natural beauty.
01:43Oh, so beautiful.
01:46In the picturesque village of Box, said to have inspired the backdrop to Thomas the Tank Engine.
01:55It's a desirable location and when an auction lot appears here, well, all aboard for some bidding excitement.
02:04This is Box, just outside. Beautiful Bath and I'm here to see something that sounds really fantastic.
02:12It sounds fantastic not because of what it is, it's just because of where it is.
02:14This is an absolutely gorgeous part of the country and it's a two bed end of terrace, guide price £195
02:20,000.
02:22That's fantastic. But here's the big question. We're in Box. What music are we about to play?
02:30Come on!
02:39Well, I don't think this is a cardboard box. Hope you got that.
02:44But what it is, is a house that, it looks pretty pretty from the outside. The moment you walk through
02:49the front door, you get a sense that it is definitely in need of some TLC.
02:55But it's immediately charming, this front sitting room area there and then through into a kind of like a rear
03:04area here.
03:05It's not really big enough to be anything particular. Stairs up to the bedrooms and then through here.
03:11Um, this is actually the kitchen. As you can see, a right old state. It's one of those houses that
03:18just screams potential.
03:21But you've really got to see through what it's like at the moment. But hopefully you can do that because
03:25it's amazing!
03:29It's easy to be distracted by the sheer amount of work here. From the damp and mould...
03:35I guess now it's time...
03:38...to the crumbling walls.
03:39For me to give up...
03:41But don't despair, there's plenty of character ready to be uncovered and given a new lease of life.
03:46I just want you back for good.
03:49I just want you back.
03:50I want you back.
03:51I want you back for good.
03:54Let's continue and have a look upstairs.
04:00I'm just looking at the floorboards up here.
04:02I mean, they've definitely been munched by something.
04:05But I think you could probably strip them back and they would be, they'd be stunning.
04:08There's so much to unearth in this house.
04:11But you've got front bedroom there with a lovely old fireplace.
04:14And then lots of sort of random stairs.
04:17Um, room, sort of another one, sort of strange anti-room here and then through to the other bedroom.
04:23Uh, which looks like it's been relatively recently refurbished.
04:28You've got a different kind of floor in here.
04:30But one thing I haven't found there is the bathroom or toilet.
04:35Hmm.
04:38A simple thing.
04:41Where have you gone?
04:43I'm getting old and I did something to rely on.
04:49Could it be outside?
04:51Somewhere only.
04:56You've got to be kidding me.
04:59Oh no.
05:00That is the bathroom.
05:01Wow.
05:03Not very convenient.
05:05Ho ho.
05:06But actually, what is this building?
05:08It's actually atta...
05:10What?
05:10It's actually atta...
05:13To the property.
05:14Ye old blacksmiths.
05:17You are kidding me.
05:24Wow, wow, wow, wow, wow, wow.
05:29This is amazing.
05:32Obviously, it's in a bit of a state, but what a fantastic building.
05:36I love the little mezzanine floor there.
05:39Obviously, you're going to need a new roof and you're going to have to rake out all this original stonework.
05:44But as an additional part of this house, I mean, you can imagine this is a holiday let.
05:50The old blacksmiths.
05:51You can just see the markings straight away, can't you?
05:53Come and stay in the old blacksmiths.
05:55In box.
05:56Wow.
06:00Whatever you're looking to forge here will need the planner's stamp of approval.
06:05But the silver lining is it's not listed.
06:09That could make them more willing to shape your vision, be it a charming holiday let or a stand-alone
06:16home.
06:16And the fire's not out yet.
06:19Believe it or not, there's still more that comes with this lot.
06:24So, this is the property that keeps on just giving and giving and giving.
06:32Because if you're thinking there wasn't a garden, you'd be wrong.
06:34Because somewhere in that undergrowth, there's a quarter of an acre.
06:38It's separated from the property and the blacksmiths, but you still own it.
06:45Wow!
06:50I am head over heels for this one and no wonder.
06:54It's a charming cottage in a sought-after spot with a historic outbuilding and land all guided at 195,000.
07:04But will a property expert from the auction house who sold it be just as excited about this opportunity?
07:10And what kind of returns could a buyer expect?
07:13We asked one along to find out.
07:16Certainly an interesting property.
07:18It's like walking back into time.
07:20It needs a huge amount of work.
07:22So, at the moment, the bathroom is an outhouse at the rear of the property.
07:26I would look at bringing it inside.
07:28It's the perfect place, really.
07:29You've got two bedrooms upstairs, but a really big landing.
07:32And I think I'd put it in the landing and make some space in there for it.
07:36Starting with just the cottage, if it was modernised to a good standard,
07:40the expert believes it could attract a rental income of around £1,000 per calendar month.
07:45But what about its resale value?
07:50If you were just going to sell the cottage itself with a parcel of land across the lane,
07:54then I think renovated, you'd be looking at something in the region of £300,000 to maybe £325,000.
08:01A solid return.
08:02And when it comes to ye olde blacksmiths,
08:06the expert thinks obtaining separate residential planning permission could be tricky,
08:11but believes there's potential to convert it into short-let accommodation.
08:17I think if you got a separate holiday letting consent for the blacksmiths' cottage,
08:22I think the demand in this area would be huge.
08:24Bath is only a ten-minute drive down the road,
08:27so location-wise, yeah, there's always going to be a demand there.
08:31If the demand is strong, the expert believes it could bring in around £700 per week.
08:36So, with a good occupancy rate, that could be a very profitable return.
08:43Well, if you can't see the potential of this place,
08:47and I've taught you nothing over the years of watching Holmes under the hammer,
08:51this is incredible.
08:53So, who spotted the opportunity here in Box?
08:58This is what happened when it went under the hammer.
09:03This lot was part of a remote auction with bids taking place online.
09:09Sold.
09:12The hammer fell at £212,000, snapped up by John on the left,
09:17a property developer who also runs an engineering firm,
09:21pioneering new ways to turn waste into energy.
09:24He's teamed up with his builder, Jeremy, to take on this exciting project.
09:31John, Jeremy, great to meet you both.
09:33Nice to meet you. Congratulations.
09:34Good to meet you.
09:35I can't believe you got this place for £212,000.
09:38Bit of a bargain.
09:39What was it that attracted you to it?
09:42I think probably the multiple opportunities that we've got here.
09:44It's a great little house, it's got some lovely features,
09:47and then, of course, in the garden out the back there,
09:49there's a whole outbuilding that is just crying out for something to be done with it.
09:53For sure. So, Jeremy, tell me how it sort of works between you and John.
09:57Well, I do the main build and everything, and John does the paperwork behind the scenes
10:02and also finds the properties, really, then we both go out and look at them.
10:07So, what did you think of it when you first saw it, Jeremy?
10:09I loved it. I did love it.
10:11I thought it was...
10:12We got it for a good price for the whole project with the amount that's here, yeah.
10:17What's the plans?
10:18It's a full refurb for this building.
10:20It needs everything done, electrics, new gas boilers, absolutely everything.
10:26Are you going to be back to brick?
10:27Yes, I think definitely on the ground floor,
10:29because of the damp proof and everything everywhere, so, yeah.
10:33And one of the quirks you may have noticed is there is no bathroom.
10:35Ah, yes.
10:36So, the bathroom will be coming into the house.
10:38How are you going to do that?
10:39Quite a big landing, so we think we can squeeze it in there.
10:42Put it in there.
10:42So it still stays two bedrooms.
10:44And then the existing bathroom?
10:46That will become part of the barn.
10:48And what about the outbuilding, then?
10:50What's the plan for that?
10:52That is crying out to be another house, I think.
10:54Yeah.
10:55We've done similar projects in the past that looked like that.
10:59Oh, really?
10:59And I think there's a two-bed cottage in there somewhere.
11:03What, that you would sell separately or rent out separately or what?
11:06At the moment, the whole project idea is renovate and sell this property,
11:11then move on to that one, create a home and sell it.
11:13But break it up and put a separate title on it?
11:16Yes, yeah, yeah.
11:17Oh, wow.
11:17And then split the land for two gardens for each house, then.
11:20OK.
11:21So what kind of costings have you put together for this part?
11:25Let's do it.
11:26What's the renovation cost for this?
11:27About 70,000.
11:29OK.
11:29Reasonable, but not...
11:31You know, that doesn't give you a lot to play with, does it?
11:33No.
11:33Depending on what you're going to find.
11:35Well, that's the name of the game, isn't it?
11:37Renovation.
11:37So it does depend.
11:39But, you know, I think we should do it for that.
11:41And the timescale for that?
11:42Well, I will say about four months.
11:45I'll say slightly shorter, but...
11:47Right.
11:47If I stay out of the way...
11:49I think four months is going.
11:50You've got a big team.
11:51Yeah.
11:51Yes, we have.
11:52Wow, because there's quite a lot to do from my experience in this kind of place.
11:56Yeah.
11:56What about renovating the outbuilder then?
11:59What's the timescale on that?
12:01Well...
12:01Well, that depends on planners, really.
12:03Yeah, you're going to have to put in planning for...
12:05Yeah, we'll do a pre-application around now, once we get going, and then we'll look to
12:11see what they say.
12:12OK.
12:12And then start that process while this is either on the market or being sold.
12:16OK.
12:16So whoever buys this property will know that that's going to happen.
12:20Really hard at this point.
12:22Budgets for that, though, roughly?
12:24I think about 150, something like that.
12:27OK.
12:27So, you know, this whole project was...
12:29That's what we were leading to, really.
12:32Wow.
12:32And the timescales on that, you can't really tell at the moment.
12:36Not at the moment.
12:36Once we get through planning, we'll know more, then.
12:39Well, listen, congratulations.
12:40Thanks.
12:41Well done.
12:41I'm a bit jealous, but good luck with it.
12:45I look forward to seeing how you get on.
12:46Lovely.
12:47Thank you very much.
12:49So, John and Jeremy definitely recognising the opportunity here.
12:55And some really interesting ideas on how to make the most of it.
13:00How will they get on?
13:01You can find out later in the show.
13:07We're heading to East Sussex and the charming coastal town of St Leonard's-on-Sea.
13:13Known for its elegant Regency buildings, sweeping sea views and a vibrant mix of independent shops and galleries,
13:20it's no wonder this seaside spot has become a favourite for those seeking a relaxed escape.
13:26And it's just two hours from London by train, so Jackie's made the journey to check out our next auction
13:31lot.
13:33Well, I'm close to the East Sussex coast, so close, I can literally smell the sea air.
13:39Now, I'm also close to all the shops, bars, restaurants and the railway station.
13:44The property I'm here to see is a top floor, one bedroom flat within this very neat block.
13:51And it is very neat, actually. I'm intrigued.
13:55Downside, double yellow lines running all the way down the road, so difficult for parking.
14:01But there is parking round the corner. Let's take a look.
14:03Yes, you might have to walk to your car and with this leasehold flat guided at £90,000 located on
14:10the top floor,
14:11getting in means getting your steps in.
14:29A lot of stairs. Common parts are quite nice actually, nice and bright.
14:35So you're straight into your very neat hallway, all the rooms run off it.
14:42And it's not too bad at all. Everything looks quite new in here actually, but still get things checked out.
14:47So to my left, wow, that's a decent sized bathroom.
14:52And you've got lots of light flooding in because you've got those roof windows there.
14:58Really, really good. So far so good. Let's continue.
15:06So we've got an intercom system, which is good because that means you don't have to keep running down the
15:10stairs to let people in.
15:12Into your bedroom and the floors straight away, I can see there's a bit of damage there.
15:16It feels a bit springy underfoot. That's the only negative so far.
15:21Well, it looks like someone's already moved in, but it goes to show that there is space for a double
15:25bed, massive TV.
15:27You've got lots of light coming through, double glazed windows. Everything looks really neat.
15:32The lights are all working. You know, you could literally move straight in.
15:39I'm loving this flat. Let's go across the hall.
15:46Wow. Look at this. This looks new. The work tops, the units, everything's integrated. Even the dishwasher looks new.
15:55This is really, really neat. You've got a space for everything.
16:00And someone's definitely moved in. All the boxes, cases, the lot.
16:05But you've got two sets of windows, double glazed, letting in lots of light.
16:09It's just a shame about the views. You'd love to see the sea views, but it's just the roof of
16:14your neighbours.
16:15But never mind. You can't have it all, can you?
16:18I really, really like this space. You just need to add your own touches.
16:22But there's another plus point.
16:24Whoever buys this property has the opportunity for a new lease of 999 years upon completion.
16:33And currently, the lease stands at around 107 years.
16:37So it's all pretty good.
16:40I'm feeling good. I'm feeling good about it, about it.
16:45A 107-year lease is more than sufficient and not cause for concern.
16:50But moving to a 999-year lease, the longest term available, does come with some great perks.
16:58There's no need to worry about future extensions.
17:00You gain long-term peace of mind, and it could even give the property's value a healthy boost.
17:06Of course, even with a super long lease, there are still the usual things to keep in mind, like ground
17:12rent,
17:13communal maintenance costs, and getting the freeholders' approval for any major changes.
17:18But with this property proving to be in great condition as well as energy efficient, with an energy performance certificate
17:25rating of C, is there much more value to be added here?
17:29It's time to hear from a local estate agent to get his thoughts and valuations on this one-bed flat
17:35guided at £90,000.
17:37I think it's a really nice property. It's got everything you need.
17:40In terms of modernising the property, I think it doesn't need an awful lot doing to it.
17:45Probably a little bit of flooring needs adjusting and taking care of.
17:49But all in all, it's just for someone to put their own stamp on it.
17:53So give the flat a quick spruce up, and what kind of returns might you see?
17:58I think if you were going to sell the property, it would achieve in the region of £140,000.
18:02If you were looking to rent the property, I think it would achieve in the region of £800 per calendar
18:07month.
18:12Wow. Let's face it. There's not much to do in this one-bed flat.
18:18Yes, it could do with a bit of a refresh, but you could move straight in.
18:22And it's in such a fantastic location.
18:25It would make a really lovely home once you've done the refresh, or perhaps a great holiday let.
18:31Brilliant investment. Who agreed? Let's find out when it went under the hammer.
18:39This lot was sold prior to auction, when a pre-auction offer was accepted.
18:47And getting in quick was Caroline, who sealed the deal for bang on the guy price of £90,000.
18:53She's a solicitor from London, and she met Jackie to tell her exactly what drew her to the flat.
18:59Caroline, it's lovely to meet you, and wow, what a flat.
19:05I absolutely love it, I must say. And so what made you buy it?
19:09Well, I guess I was kind of after a seaside retreat.
19:13I'd been living in the city for quite a number of years, and busy, busy, and all the hustle bustle.
19:19And I was just ready to kind of move on with my life, move somewhere quieter, more peaceful.
19:25And I have a sister that lives locally, and she's actually an interior designer.
19:30And so she said, oh, well, why don't you come and have a look at flats around here?
19:34This one grabbed my attention.
19:36They told me it was an auction property, which terrified me to start with, to be honest.
19:42But then the auctioneers talked me through, and I put a bid in.
19:47Wow.
19:48And then I won!
19:49Yay!
19:51You did it.
19:52And I love the fact, so you live in...
19:53Are you living here?
19:55Because this is all your things.
19:58You've moved in now.
19:59I've moved in, but I haven't done any work yet.
20:02Right.
20:02Because I had a storage unit that I had to empty out.
20:06I'm travelling to London two days a week.
20:08Right.
20:09And I stay in London one night.
20:11And so you're in the legal, in the legal business.
20:15I am, I'm a legal eagle.
20:17Yeah.
20:18Obviously you're in the throes of moving in, you have moved in, and you want to do the works.
20:23What exactly are you going to do?
20:25Because, Caroline, I'm not going to lie, I look around.
20:27Everything's really lovely.
20:28Maybe the floors might need to...
20:30But actually, you don't have to do anything.
20:32What is the plan for this place?
20:34So I want to kind of turn it into a coastal retreat.
20:37Oh.
20:37So I want to make it very nautical chic.
20:41Lots of nice blue and white throes.
20:44Lots of interesting design work.
20:47So I want to make the bathroom probably a little bit more modern.
20:51Maybe a shower with a deeper bathtub.
20:55Wow.
20:56Yes.
20:57Luckily, my brother is a carpenter and he's going to do some built-in cupboards in the bedroom.
21:03Yes.
21:03I'm thinking.
21:04Also in the kitchen, some nice flush kind of cupboards and, you know, shelving units.
21:10Yes.
21:10Where I can put a TV in as well.
21:13Okay.
21:13And then, you know, obviously the floors.
21:16I'd like him to do some works on the floors and any woodwork that he can help me with.
21:21Yeah.
21:22So it's great.
21:23He's Henry VIII, the eighth child in the family.
21:26Oh, right.
21:26So he's...
21:27Is he named Henry?
21:27Yes, Henry.
21:29I love it.
21:30So Henry's going to come over and then I'm going to get a local plumber.
21:34Very good.
21:35I've already had some guys come in and have a look.
21:38But I need ones that are able to do all the works.
21:41While Caroline will be relying on trades and brother Henry to complete the work, she'll
21:47also be leaning on her interior design sister Yvonne to help with the design and furnishings.
21:53It may be a modest renovation, but because this will be Caroline's new home, she plans
21:58to stay hands-on throughout the project.
22:00All this while juggling two days a week working in London.
22:04She's aiming to deliver her nautical vision within a £10,000 budget and a three to four
22:11month timescale.
22:12I noticed in the auction catalogue there's an opportunity for the buyer coming in to get
22:18a new lease of 999 years.
22:21Exactly.
22:21Is that something that is happening?
22:23Well, I haven't pursued it yet.
22:25Yeah.
22:25But it's there.
22:26But the opportunity is there, yes.
22:29That's extraordinary.
22:29And I think also there might be an option to self-manage at some point.
22:34Oh, wow.
22:35Because we have, like, a management company.
22:38But I think, you know, if all leaseholders agree, there are different options.
22:44Right.
22:44But, you know, I'm really at the beginning of all these kind of things.
22:48Yeah.
22:49Well, look, congratulations once again.
22:51Honestly, I think this is, you know, a lovely property, lovely one-bedroom flat in a great
22:57location.
22:58And I'm so happy that you're going to make it your home.
23:01And thank you.
23:02Thanks very much.
23:04Well, how exciting for Caroline.
23:06This is her first auction property.
23:09And what an auction property it is.
23:11She's got her plans.
23:12She's got her family involved.
23:14She's got her brother Henry, her sister Yvonne, and she's got the trade ready to go.
23:19I'm so happy that this is going to be her home with her own style.
23:23Well, you can find out how it all goes for her later in the show.
23:28Coming up in Greater Manchester, Dion sees a back-to-basics building.
23:33You are starting from the very beginning.
23:34So you can put your own little spin on your bathroom and on your kitchen.
23:40And back in East Sussex, we find out if Caroline got the nautical nods she wanted in her flat
23:46near the sea.
23:51Time to head back to the beautiful Cotswolds and the village of Box, where I fell head over
23:56heels for a traditional two-bed end terrace with a relatively low guy price of 195,000.
24:03The tired, damp interior and even the outside bathroom wasn't too much of a shock.
24:08Kidding me.
24:09But the unexpected bonus in the garden certainly was.
24:13Wow, wow, wow, wow, wow.
24:19This is amazing.
24:25Also amazing was the quarter of an acre of land that the property came with.
24:28It was a deal too tempting to resist for developer John, who snapped it up for £212,000.
24:37Along with help from builder Jeremy, he had plans to completely transform both buildings.
24:42It's a full refurb for this building. It needs everything done.
24:47And what about the outbuilding then?
24:49There's a two-bed cottage in there somewhere.
24:51Oh, wow.
24:51And then split the land for two gardens for each house.
24:55For the first stage, they had a £70,000 budget to renovate the main house, which included bringing the bathroom
25:02inside.
25:03And they hoped to have it ready to sell within four months.
25:06Now, five months have passed and we're back.
25:12Outside, we've cleared most of the shrubbery.
25:15It just made it look neutral and open space.
25:17We've also replaced all of the external doors because they were not in great condition.
25:22The whole cottage needed a complete refurbishment, top to bottom.
25:26So we've had new electrics, we've had new heating, we've had new flooring everywhere.
25:31And then we've had to take out some of the old features that were in a poor state of repair
25:36in order to replace things.
25:38So we've replaced all of the doors in the end.
25:40We've used what we can, but we've done everything on every surface.
25:44Most of the finishes here are new and we're trying to go for something very neutral.
25:49Trying to give it a modern feel, but inside an old building.
25:53John and Jeremy have certainly delivered.
25:56Although the downstairs layout remains unchanged, the once unused room beside the lounge is now a bright, inviting dining space.
26:04And the gloomy, damp kitchen has been transformed into a clean, modern area with no signs of its former issues.
26:10They achieve this by damp proofing most of the house and replacing the rotten floors with new flooring throughout.
26:17So how did the pair get on upstairs?
26:20The front bedroom, we raised the ceiling, which changes it completely.
26:25It was in such a state.
26:27So we changed them, raised them up and gave a lot more room.
26:31The whole property has been fully decorated and John and Jeremy have achieved a modern yet homely feel.
26:38But of course, no home is complete without a proper indoor bathroom, is it?
26:43The bathroom was originally outside.
26:45So we've brought that into the building, which is on the landing.
26:50Fantastic. Nobody wants to go outside to use the loo.
26:55But speaking of outside...
26:57At the back of the building, some of the brickwork was not as good as we were hoping.
27:02So we've actually re-rendered probably the last sort of third of the building and given it a new coat
27:07of paint.
27:08And there's a new roof on the rear porch as well, which just gives it that better feel.
27:14This experienced builder and developer duo know exactly what they're doing.
27:18And on this project, it's the thoughtful details inside and out that set it apart.
27:23But with phase one now wrapped up, their focus is already shifting to the even bigger challenge ahead.
27:30In regards to the barn, we've gone into planning.
27:33Should have here back from now, but we haven't. Not yet.
27:36But that is going to be a two bed, we hope.
27:39I think the barn will look very similar to this building in terms of what we'll create.
27:42We'll get it light and spacious.
27:45We'll try and get some roof lights in if we can.
27:46Create a nice kitchen as we have done here and just make it a really nice home.
27:50They're striking while the iron's hot.
27:52With plans to start work on the blacksmiths as soon as they get the green light from the planners.
27:58But have they made any progress on the overgrown quarter acre of land?
28:02So we worked with a contractor.
28:04He came over and we asked him to try and find the boundaries of the piece of land, which he
28:09did, which was excellent.
28:10So we've now created a single garden for this building with new steps, new entrance way, and it's fenced off
28:16ready for somebody to make use.
28:18While Jeremy Project managed the build and oversaw the team of trades who were brought in to do the work,
28:24John has taken on the paperwork and the all-important finances, managing to keep their spend to £78,000, just
28:32£8,000 over the original budget.
28:34And it seems they were even more disciplined with their four-month timescale.
28:39We completed the works in just over four months, which is brilliant, really.
28:44I'm always trying to get in the way and speed things up, which generally don't work.
28:48So I'm very happy with four months.
28:51If planning permission comes through to convert the barn into a two-bed home, they're budgeting around £150,000 and
28:58roughly seven months to get it done.
29:00But because the plan has always been to sell the cottage before moving on to phase two, the big question
29:06is, will there be a profit to carry forward?
29:12After spending a total of £290,000 so far, including the purchase price, it's time to hear what a local
29:19estate agent thinks.
29:20We asked one along for his thoughts and valuations.
29:23I think they've done a really good job of the property. It's in really good order. They've managed to keep
29:28some of the character features.
29:31I think the standard finish is really good. They've gone through it with a fine tooth comb.
29:35The layout of the property is really quite smart. They've moved the bathroom upstairs.
29:39So they've kept two really good bedrooms, but made it more family friendly with an upstairs bathroom.
29:45So it's a thumbs up from the agent. But will his sales figure have John and Jeremy smiling?
29:50I think this cottage could be worth in the region of £350,000.
29:54Yeah, that's really good. Yeah, very pleased with that.
29:58The pair are happy with that potential pre-tax profit of £60,000.
30:02But looking ahead, what are the agent's thoughts on the additional building?
30:06I think if the barn is completed to a really high standard, it could be worth in the region of
30:11£325,000.
30:13That's really good. Very happy with that. We'll test the market, but yeah, very happy with £325,000.
30:19With the proposed conversion cost of the barn being £150,000, this could increase their total pre-tax profit for
30:26the whole project to a whopping £235,000.
30:30For this charming property in an idyllic village location, thinking outside the box, certainly looks like it's paid off for
30:38John.
30:38So will he be back at the auction any time soon?
30:42Yeah, definitely buy auction again. I think you can find some really interesting projects, really interesting properties with some great
30:49scope for development.
30:50So yeah, definitely look to keep an eye on the auctions going forward.
30:57We're off to Diggle, a village in Greater Manchester known for its picturesque location, right beside the Pennine Hills.
31:05As well as its industrial heritage, particularly its association with Britain's longest, deepest and highest canal tunnel.
31:12Built between 1794 and 1811, the Stand Edge Tunnel is a major feat of engineering.
31:19Built to last, yeah, yeah. She's built to last, yeah, yeah.
31:27But will the property Dion's here to see be built to last?
31:31I am in Diggle. I'm not too far away from Oldham and I'm here to see an end of terrace
31:36property that has three bedrooms.
31:38It's over four floors and it went to auction with a guide price of £105,000.
31:45It's this chunk of building here. It looks incredibly well built, but the views are outstanding and I'm here on
31:54the ground floor.
31:55Can you imagine what they're like from up there? I'm going to have a look.
31:59This former weaver's cottage built around the late 18th century stands proud. Let's hope it's as impressive on the inside.
32:07Need a new front door handle. Can you believe it? Right, get that sorted.
32:14OK, I can see that work has started in here. We've got bits of floor missing. I can see the
32:20strips of wood as well.
32:22And this room was two rooms. Yeah, I can see where the stood wall was, so this was definitely two
32:29rooms.
32:29But I think this, as it's kind of the ground floor, I don't know, is it going to be a
32:34lounge? Is it going to be a bedroom?
32:35I'm not sure how you're going to configure this one. However, I think one room would work better.
32:40Now, where are the bedrooms? Do I go downstairs to the bedrooms? Do I go upstairs to the bedrooms?
32:46If I'm honest, I don't know where the bedrooms are, so let's explore downstairs first.
32:54OK, so this is the lower ground then, and I would imagine this is one of the bedrooms.
32:59You've got three windows in here, so it's not dark, it's not dingy, it's quite bright, which is good.
33:04You can see some of the electrics have been done as well, and you can see the wiring for the
33:08lights, for the spots.
33:11Decorate, skirting boards, put your furniture in, and you ready to go? Easy.
33:15We've come so far, so far, so good, so good, so good, so good, so good.
33:23Right then, we are on the first floor, and we've got bathroom here, and I think that's going to be
33:29your kitchen right there as well.
33:31So, kitchen, bathroom, on the first floor, that's a decent sized bathroom, that's an okay kitchen as well.
33:36You're not going to get loads in them, however, you are starting from the very beginning,
33:41so you can put your own little spin on your bathroom and on your kitchen as well.
33:46But yes, a lot of work that needs to be done in here. You've got a bit of void space
33:49there as well.
33:50You could put some cupboards or maybe where your towels and all your laundry could go, so that's a good
33:56use of space.
33:57But yeah, I don't mind the size of those at all, and we've got some more stairs to get up.
34:01You're going to need a banister here for safety as well.
34:05Let's have a look at what we've got up here.
34:09Right, to the top floor.
34:10Oh, by the way, get this sorted as well.
34:13Need some spindles in here.
34:14And we are now on the top floor where the views are now.
34:19We've got a window, window, window, window.
34:22Four windows, and as I look out of all of them, I can see beautiful views.
34:28Absolutely outstanding.
34:29This is the lounge, top of the building.
34:32You've got a big fireplace there, real fireplace.
34:35Can you imagine in the winter, real fireplace?
34:38And this, your sofa, looking out onto those views.
34:41You've got the eaves, you've got a really good-sized lounge.
34:45Again, a bit of work to be done, but I like that the lounge is on the top floor.
34:51The upside-down layout certainly makes the most in its surroundings,
34:54but if we're counting this top floor as the living room,
34:57the ground floor as one bedroom, and the basement as another,
35:01that makes this end terrace a two-bed and not a three-bed house.
35:06It's likely the ground floor was once divided into two smaller bedrooms,
35:09but the previous owner clearly thought one would be better down here,
35:13and they could be right.
35:16And we can ponder the pros and cons of larger but fewer bedrooms
35:20as we head into the garden.
35:23OK, let's check out the outside space.
35:29That view's amazing.
35:31Right, have a look at this.
35:32We have got a little parking bay here, which is good.
35:38And, ta-da!
35:40There's your back garden space on different levels.
35:44So good luck sorting that out.
35:47That's going to take some sorting.
35:49And you've got that massive tree as well that has a TPO on it.
35:53So that has to stay.
35:55Over here, though, just have a look.
35:57Please have a look at this.
35:58Have a look at this.
36:02That's going nowhere.
36:11A TPO, or tree preservation order, is a legal order made by a local council
36:16to protect specific trees, groups of trees or woodlands.
36:20So this giant tree comes as part of the package.
36:23Stay here, stay here.
36:26But with this lot that was guarded at 105,000, what will an expert from the auction house
36:36that sold it make of the potential on offer here?
36:39The property appears to be mid-renovation, so there's still quite a lot of work that needs to be done,
36:45including electrics, plumbing, new kitchen, new bathroom, decorating throughout.
36:50The layout's quite spacious. It is over four floors.
36:54I'd say definitely keep the lounge to the top floor just to make the most of the countryside views.
37:03The property's appeal could be quite versatile.
37:07It could do well as a holiday let.
37:09It could also be ideal for an owner-occupier on the open market.
37:14And likewise, it would be popular as a rental.
37:16There's a strong rental demand in the area.
37:18She thinks the property could achieve around £100 per night as a holiday rental.
37:23But what could the returns look like if rented as a family home?
37:27Once renovated, my rental valuation would be around £1,000 per calendar month.
37:33And if it was put on the sales market?
37:36My sales valuation would be in the region of £280,000 to £300,000.
37:43Now, having had a look around, the lower ground floor is a bedroom.
37:47This floor here would have been two bedrooms, but now it's one room.
37:51And I think that works better as one bedroom.
37:54So we've got two bedrooms, first floor, kitchen, bathroom, top floor, lounge.
38:00Layout works for me.
38:01Taking on a project like this, though, you're going to need a decent team of builders,
38:05a decent budget, but you know what the selling point is?
38:09That right there. I'm enjoying it.
38:11Let's find out who else enjoyed that when it went under the hammer.
38:17This lot was part of a remote auction with bids taking place online.
38:23Sold. Congratulations.
38:25The successful bid of £149,000 was made by Jewel here on the left and business partner Tahir.
38:33We've met Jewel before when he and some friends completely transformed a four-bed end terrace in nearby Saddleworth.
38:43Jewel is a full-time property developer, while Tahir works as a solicitor.
38:47But the pair both have experience in the property world, so it'll be interesting to hear what their plans are
38:53for this one.
38:55Dion met them to find out more.
39:00Tahir, nice to meet you. Nice to see you again, by the way.
39:03Nice to see you too, Dion.
39:04Still going? Still going?
39:05Always going.
39:06Good on you.
39:07Nice to meet you, Dion.
39:07So, tell me, what's Tahir bringing to the table, cos I met you on your own last time.
39:12Tahir is my business partner now.
39:14OK.
39:14We work on all the deals together now.
39:17So, you find the properties?
39:19I find mostly, yep.
39:21OK.
39:21Tahir, what's your speciality?
39:23Well, I do the conveyancing.
39:24I've been doing that for about 17, 18 years.
39:26OK.
39:26So, we work well together.
39:28And his deals that he's previously done is usually from advice from me.
39:32OK.
39:32So, he comes to see me, uses our solicitor's practice, so we do the work together.
39:36And since then, we've built a relationship, and it seems to be going from strength to strength.
39:40OK.
39:40So, you guys are working well together.
39:42You've got yourself another property.
39:44What's the plan for this?
39:45Tell us what the plan is.
39:46Well, this is a weaver's cottage, all right?
39:48The plan for it is just to renovate it back to its glory days.
39:52OK.
39:52And we're just going to rent it out.
39:53I don't sell property no more, cos I don't need the money to sell it.
39:57Yeah, yeah.
39:57We just buy it, keep it, let it appreciate, and let the cash flow come into us.
40:02OK.
40:02So, who's going to do the work for you?
40:04I have a team of builders.
40:06We've built a great relationship together.
40:09We've done other projects together.
40:10They know exactly who I am.
40:12I'm not the easiest person to work with.
40:14I can tell you that.
40:16Yeah, I can second that.
40:17I am a ruthless property developer.
40:19When I need to do something, it needs to happen, you know?
40:22OK.
40:23And that builder, that specific builder, he's taught me a lot of things.
40:27He knows how to deal with me.
40:28OK.
40:28So, I brought him in.
40:29I gave him the opportunity to come on my team and he accepted.
40:31He's taken it.
40:32Well, let's start on the ground floor then.
40:34Yeah.
40:34Lower ground floor, you've got bedroom.
40:36Correct.
40:37On the ground floor, it was two rooms.
40:40It's now one.
40:41What's happening with that?
40:41Is it staying as one or...
40:42We're going to stay with one.
40:44It's going to be the main living room.
40:46Yeah.
40:46And then we're going to go upstairs and then there's going to be a lovely bathroom there
40:51and a kitchen.
40:52OK.
40:53And then upstairs, this is going to be the main, the luxury bedroom.
40:57Oh, OK, OK.
40:58All right.
40:58So, this was the lounge and you're making it into a bedroom?
41:01Yes.
41:02OK, perfect.
41:03So, this is the main bedroom.
41:04Great idea with the views and stuff like that.
41:06Correct.
41:06To be honest with you.
41:07What kind of budget have you got to get this place finished then?
41:09We have about £20,000 to £30,000.
41:12OK.
41:13That's what we've estimated the cost will be.
41:15We're hoping to keep it as low as possible, but we're quite realistic as well.
41:18That's why we've given ourselves a £10,000 buffer.
41:20Gotcha.
41:21How long will it take you?
41:22Two months.
41:23Two months.
41:24OK, so 20 to 30, two months.
41:26What kind of finish are we going for this then?
41:28A modern, but keep the structure of the building, the features of the building, you know, the beams.
41:36Everything needs attention in this house.
41:38The radiators, it needs skimming, it needs a new kitchen, it needs a new bathroom, toilet.
41:44Yeah.
41:44You mention it, it needs it, all right?
41:46Yeah.
41:46I am very, very looking forward to this project.
41:49I can see it.
41:50I can see the answer.
41:51I think there's one more thing I need to add here.
41:52When it comes to the figures, the person behind the scenes, the main person behind the scenes, is Jewel's wife,
41:58Sharia.
41:58She effectively does all the figures.
42:00And me and Jewel have this conversation.
42:02Unless she says yes, it's not happening.
42:05She will tell us if our deal adds up.
42:08So we'll get the deal, we'll evaluate the deal, we'll believe in the deal, and then it gives it to
42:13Sharia.
42:14Between the three of you, you've taken a lot of boxes.
42:15Yeah, between the three of us, yeah.
42:16And your team will build.
42:17Yeah.
42:17So you're sorted across the board.
42:18Yeah.
42:18Which is good.
42:20Two months will come back.
42:2120, 30 grand, you'll be in budget, and I think you'll be okay, because you're so confident.
42:26So good luck to you.
42:27Thank you, Dion.
42:27Thank you, Dion.
42:29Well, we've got two confident lads that are going to turn this place around.
42:33No problem at all.
42:35Sharia is the real backbone to this.
42:37I know.
42:38And they know it as well.
42:39And I think two months is about right.
42:4220 to 30 grand is about right.
42:43It should be a walk in the park for them.
42:47Or will it be?
42:48You can find out how they get on later in the show.
42:55We're returning to St Leonard's on Sea now, where Jackie found this fairly flawless one-bedroom flat.
43:02Floors straight away.
43:03I can see there's a bit of damage there.
43:05It feels a bit springy underfoot.
43:07That's the only negative so far.
43:10That seemed to be the extent of its problems, and for a £90,000 guide price, it felt well-formed.
43:18This looks new.
43:20You could move straight in.
43:21If it's good enough for you, it's good enough for me.
43:26Getting it for bang on the guide price, it was the perfect first auction property for London-based Solicitor Caroline,
43:33who planned to turn it into her new home.
43:36So I want to kind of turn it into a coastal retreat.
43:39Oh.
43:39So I want to make it very nautical chic, lots of nice blue and white throats,
43:46lots of interesting design work.
43:51She's sought to put her stamp on the flat in three to four months with a £10,000 budget.
43:58Eight and a half months later, we're back.
44:02We sailed the ocean, we swam the sea.
44:07So it's kind of a nice spruce up, and yeah, I'm quite happy with it.
44:17Despite it being in good nick before, some light refurbishments have given the flat a layer of polish to enhance
44:23the space.
44:24For example, the kitchen.
44:29The kitchen, it was very basic, the floors were absolutely destroyed, but luckily I got this fantastic local carpenter,
44:36who I met in a local coffee shop, and he said, oh, I can help you build some cabinets.
44:41So he's come in and built a nice little area for the TV with some nice cupboards and some flooring
44:48work.
44:49So we actually managed to salvage the floorboards.
44:52So I'm really pleased with that.
44:53So he did a real nice strip back, and then I bought some nice rustic furniture.
45:01Caroline's original idea of enlisting the help of her carpenter brother Henry fell through as he was abroad for work.
45:08But he still checked in to give advice not only on furnishings, but also on where to source the building
45:14materials.
45:16And it seems plenty of people were on hand to carry out the rest of the work.
45:22I employed local tradesmen, so the plumbers came locally, I gave them keys.
45:27I actually went away for all of it, so I didn't have to do any heavy lifting.
45:32So I was quite happy, because it's on the second floor, so there's quite a few stairs.
45:36But they did everything, and I was very comfortable with them because it came through referrals locally.
45:42So, yeah, it was quite efficient.
45:48Getting those referrals has been a big help.
45:51And while the renovation took place, Caroline spent her time away quite excitingly.
45:58We're actually near New Haven here, so you can cycle down there, jump on the ferry, and get over to
46:03France and cycle around Normandy.
46:05So I did that at the beginning, which was lots of fun.
46:08I ate far too much cheese.
46:10Then, actually, I decided to go to Greece and do a sailing course.
46:13So I've learned to become a competent crew on a yacht.
46:16So I ended up volunteering on a boat along the summer.
46:19So that's been quite fun, and I've been away from everything while it's been happening.
46:24Caroline's passion for all things nautical is reflected in the maritime decorations throughout the house,
46:30many of which she got from local charity shops.
46:34More design choices were informed with help from her interior designer sister.
46:40However, one part of the project hasn't been completely smooth sailing.
46:48So the bathroom, right, well, we had to put new floors in because they were all rotten.
46:54And my plumber said to me, oh dear, this doesn't look good.
46:58So he sent me some quotes for the extra work that was going to have to happen.
47:02So we had to build in everything new from the ground up, which ended up taking a lot longer than
47:07I had expected and a lot more costly, unfortunately.
47:11But it seems to have done the good job now.
47:15It has. It's now got a high spec finish with a brand new suite and quality tiling.
47:20The plumber also installed new radiators throughout the flat, and luckily after being checked and serviced, the boiler was fine
47:27to keep.
47:30All of this work, however, has had an impact on the time scale and cost.
47:35Well, OK, so my budget was initially 10,000, but I have spent a bit more because the bathroom ended
47:42up costing three or four times more than it was meant to.
47:45So I probably spent 15 to 20, but because I've done it over a long period of time, it hasn't
47:50felt too bad.
47:51And time scale wise, I would say I kind of did it over three months because some of the work
47:58was gradual because of the cost of it, because the bathroom was a lot more expensive.
48:01So, yeah, probably around that figure.
48:06Unforeseen issues have meant a bigger spend, but it's all resulted in a fantastic finish that really makes it shine.
48:25To top it off, Caroline was able to extend the lease to 999 years by paying a small fee.
48:31So with everything ticked off on her seaside property investment, which now stands at £110,000, including the purchase price,
48:40has it been money well spent?
48:42We asked back the estate agent who viewed it last time for his thoughts and valuations. Now the work is
48:47complete.
48:48I think the changes that the owners made have been fantastic. I really like the bathroom. I think the nautical
48:54theme works really well.
48:55We're very close to the beach and the seafront here, so it kind of keeps it within keeping of the
49:00area and just adds a really nice touch to the finish of the property.
49:06Some promising positive feedback, but set against a total spend of £110,000, what could the property now be worth
49:13on the sales market?
49:17I think this property would sell for £160,000.
49:21Wow, £160,000. That's a big markup. That's fantastic. I'm really pleased.
49:28Caroline's right. That is fantastic, because that could mean a pre-tax profit of £50,000.
49:36His rental valuation of £850 per calendar month would also mean a healthy yield of 9.2%.
49:45Caroline, however, is set on living here for the time being, though she may not be done with developing.
49:55After doing this renovation, I would actually love to do it again.
49:58So now I just need some investment or, you know, see what lending is.
50:02It's quite difficult to buy second homes these days, but who knows? We'll see.
50:10Back now to the pretty village of Diggle in Greater Manchester,
50:13and a three-bed house sped over four floors, guarded at £105,000.
50:18But with the house stripped back, its layout was a bit of a puzzle for Dion.
50:23I can see where the stood wall was, so this was definitely two rooms.
50:26But I think this, as it's kind of the ground floor, I don't know, is it going to be a
50:31lounge?
50:31Is it going to be a bedroom? I'm not sure how you're going to configure this one.
50:35If sorting out what was in the house was tricky, the garden took it to another level.
50:40There's your back garden. So good luck sorting that out.
50:44But with bags of property experience under his belt,
50:48Jewel on the left here and business partner Tahir knew what to do with their £149,000 purchase.
50:54What's the plan for this? Tell us what the plan is.
50:56So this is a weaver's cottage, all right?
50:58The plan for it is just to renovate it back to its glory days.
51:02OK. I am very, very looking forward to this project.
51:06With the build team lined up and ready to go, and Jewel's wife, Sharia,
51:11keeping a careful eye on their spend, they were hoping a max £30,000 budget
51:16and two months' work would restore this old weaver's cottage back to its former glory,
51:21ready for the rental market.
51:24And now, five months on, we're back.
51:31Externally, it's got new windows and a new front door.
51:34But what have we got inside?
51:36In particular, how have they chosen to lay out this four-storey house?
51:41You have the downstairs lounge.
51:52And downstairs in the basement is bedroom one.
52:02And you have the kitchen and the bathroom on the middle floor.
52:19And what a great kitchen and bathroom they've turned out to be.
52:26This is bedroom two.
52:29We wanted this bedroom to be, you know, the safe haven, the main bedroom,
52:35because if you wake up, you know, in the morning, it just feels so tranquil.
52:40You've got all the greenery.
52:42You get great views up here as well.
52:45And though in their minds this is the second bedroom,
52:48they've left it for the tenant to finally decide how they want to utilise the space.
52:53So this could still end up being the lounge.
52:58Outside, the rather overgrown and steep garden space has been cleared,
53:02ready for more landscaping to be done.
53:05Overall, it's looking great.
53:07But when they bought the house, work had already started.
53:10So what work did they do in this topsy-turvy property?
53:17Basically, everything's been done.
53:18From the flooring, to the walls, to the ceilings.
53:22The majority of the work, it has been done by our guys.
53:24So we pulled everything out and then just did it again in our own style.
53:27We begin again, begin again.
53:32Basically, a brand new start.
53:34The only thing they did keep in place was the underfloor heating
53:37that had been started in the bathroom.
53:39But once the structural and practical work had been done,
53:42who was responsible for the look of the house?
53:45The house.
53:45A wife.
53:46So she had a vision for this place and we followed through that vision.
53:50You know, the bathroom, the kitchen, it was her choice.
53:54All of it was her choice.
53:55The sage green, even the windows, they're not just normal windows,
54:00they have the sash horn on them.
54:03It was all her spec.
54:04So we just followed through her spec like she was our client
54:07and we just managed everything.
54:09But, yeah, to be honest, all of the colours,
54:12the features you're seeing in the house, she picked them.
54:15One of the biggest decisions Jewel's wife Sharia made
54:19was to have the herringbone wooden flooring throughout,
54:23which really ties the house together.
54:25Jewel was the main man on the ground,
54:27getting the builders to sort out any of his wife's changes.
54:31But Tahir also kept a close eye on things.
54:34So how does it work with three people having a view on the end result?
54:39It's about compromise in every relationship.
54:41It's like whether it's your partner, whether it's your sibling.
54:44Yes, yes.
54:44And, you know, there's certain things that he does which I don't agree with,
54:47so what I do, because I'm a bit milder,
54:49I'll move to one side and I'll deal with it myself
54:51and me and Sharia have a conversation and push them out and get it done.
54:54Whatever our strengths are, whatever they like, there's two against one.
54:58So there's three, there's me, there's Sharia and there's Jewel.
55:01So if two of us decide that we don't want the other one in,
55:04we'll just do it, get it done and then tell them afterwards.
55:06But we work well as a team together.
55:08And again, it goes back to being honest with each other
55:10and having that trust and the loyalty.
55:17Clearly, they work well as a team.
55:19And though the renovation took them longer than planned,
55:23as the builder was away for a while,
55:25this is still an impressive transformation
55:27in a relatively short space of time.
55:30But did they manage to do it within their maximum budget of 30,000?
55:37Altogether, we spent all in everything with the materials is 45,000.
55:42I guess when we got in, we decided that this is what's going to happen.
55:44We're going to end up doing it to a certain standard,
55:46especially when we've seen what prices other properties are selling for.
55:49The additional little bit of investment,
55:50it's just going to make us more money.
55:52So that's what we went for.
55:56They're confident that their total spend of 194,000,
56:00including the purchase price, is going to pay dividends.
56:03But is it?
56:05We asked back the property expert who saw it last time
56:08to get her opinion on this now beautifully renovated two-bed house.
56:14I think the changes that the owner's made to the property work really well.
56:18I think the layout overall makes the most of the space that's available.
56:24I think the standard of the works that have been carried out to the property
56:28have been done incredibly well.
56:30I'm really sensitive to the fact that this is a period property
56:33and it complements it really well.
56:36This is a rental project for Jewel and Tahir,
56:39but they are also confident that this was a good investment of their 194,000.
56:45So are they right?
56:46In today's market, period cottages are being advertised in the region of £290,000.
56:54Due to the standard of finish for this property,
56:56I'd be expecting it to achieve somewhere in the region of £330,000.
57:02So a very solid £136,000 pre-tax profit on the resale market.
57:08But rental is really the name of the game here.
57:12If you were to rent this property out,
57:14I think it would be able to achieve somewhere in the region of £1,100 per calendar month.
57:19We have a tenant already in light.
57:22He's moving in two weeks.
57:24We're going to get £2,000 per calendar month for this house.
57:30With a £2,000 a month rental income comes a rental yield of 12%.
57:35That's pretty great.
57:38So how do they feel about this house now it's finished and ready to go?
57:44I'm just really happy that we're going to keep this house.
57:47It's going to be a part of our portfolio and it's not going to end here.
57:51I'm not going to see this property every day like I have,
57:55but once in a while just coming into the house and just admiring it,
57:59even if it's in ten years thinking we have something special.
58:07Well, that's it for today's show.
58:08We hope you enjoyed our auction buying stories
58:12and we'll have plenty more for you next time here on Homes Under The Hammer.
58:16We'll see you then. Goodbye.
58:32Bye.
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