Property Ladder S06E17

a year and a half ago i met two families convinced they could set up in business to each build their own property empires raise your hand if you want cladding [Music] raise your hand if you don't want cladding i think she's mad really he's over ambitious but he just needs a bit of vision now we're back to catch up with the ferals as they try to build on the success of their first project but find relying on planning to be far from straightforward a bungalow is nowhere near the profit a four bed house would be i'm scared kids are expensive especially when it comes to university so what better way to make them earn their keep than set up a family property developing company well that was the plan at least for two families 18 months ago in hartford mature art student karen murphy reckons that this tiny victorian cottage is the perfect gap year project for her 18 year old son ben [Music] karen is project managing and with all the profits going to his college fund she's enlisted ben as labourer i gave him the whole summer holidays to be lazy but now he's got to do something i don't think i'm lazy i think i'm motivationally challenged 80 miles away in balkan west sussex financial advisor mark farrell and his wife linda are also turning property development into a family business with their teenage children ben and hannah we decided to start property developing will may need to raise university fees for us and also i guess to spend time as a family but mark and linda are taking a major risk with their children's future they've remortgaged the family home and bought this an unappealing 1960s property that's got all sorts of problems especially on the ground floor at the front of the house there's a tiny garage that's too small for a family car a dilapidated lean-to and a cramped kitchen worst of all the only reception room has the front door off one side and the stairs off the other making it little better than a corridor but the ferals aren't dealing with any of these problems instead they plan to build a huge kitchen diner on the ground floor of a two-story extension for which they already have planning permission the problem is they will be left with an impractical house that has an unusable and rather odd looking garage slap bang in the middle of it [Music] the extension is going to be back from the garage depending how we disguise it with bushes it hopefully it won't look as though it's stuck right in the middle to have the garage in the middle of the house which it will be once you've extended to the side just feels a little um clumsy the existing garage could be put to far better use as a spacious entrance hall then building a bigger extension to the side would allow for a proper sized garage that would be big enough to comfortably fit a modern family car there'd still be plenty of room behind for a generous sized kitchen diner and you wouldn't have to walk through the sitting room to get to the rest of the house because the stairs would be relocated into the new entrance hall solving all the problems with the downstairs layout we were going to do exactly that the advice from the builder was that the levels were wrong you would need to dig out the concrete floor that the garage is it's just built up too high and he his recommendation was that was just too much extra cost that would be more difficult to recoup and i kind of said why doesn't want to do it very nice not a very nice chill no one wants to do it but i don't think that's very good justification for leaving it there that the floor needs digging out myself the garage is a garage it's in the middle is in the middle the feral family have to make the right decisions now if they want to maximize the value of their property they bought the house for 285 000 pounds have a budget of 108 000 and hope to sell for 415 000 pounds by buying in a rising market they could get a lot more but as it stands they're looking at a slim 22 000 profit what's worse a share of that is going to the builder he'll forego his normal profit margin on the basis that we will give him a percentage of our profit when we sell so what percentage profit are you we again we still need to do the absolute figures but we're gonna sit down and then we'll work out exactly what those costs will be right before you start when you get a contract with him i'm at the moment you telling me they should i i would if i was you because it is quite complex and and from my point of view as an outsider looking at it i just think oh my god this is a minefield [Music] if the ferals deal with the builder goes sour they could easily end up waving goodbye to both their profit and their children's university fund [Music] in hartford the murphy family could have an equally hard time filling up the college coffers as mature art student karen wants to stamp her artistic vision all over this development it just cried out really that it wanted restoring it just needed some tlc and i really just wanted to do it ben roped in to work as labourer isn't as enthusiastic when i first saw the house i just thought good god what has he bought [Music] this victorian property is certainly a challenge it's dark dilapidated and will need a lot of work to make it a profitable development karen bought the house for 170 000 pounds and has an impossibly tiny budget of just 20 000. she's aiming to smash the ceiling price in the road and sell for 210 000 pounds [Music] making a 20 000 pound profit the problem is some of karen's ideas could lower rather than raise the value of this property i'd like to incorporate glass walling in the bathroom and in the kitchen doing glass splashbacks and i also want to put in things like fiber optic lightings in the ceiling in the bathroom and up lighters you're trying to make something out of this cottage that it simply isn't this is a small quaint cute cottage and that's what it is it's stuff full of original features and you'll find that under the doors and under here that you've got you've got the original cottage doors here what do you reckon i think going for a certain amount of modern this would be a good idea but i think fiber optics glass really modern lighting effects might be taking it a tad too far in the traditional cottage and to that you say nothing that's loyalty for you this is the charm of this house then go with it here's what you've got you have enough money not to quit honestly the last thing ben wants to see is his college fund disappearing in a creative flight of fancy if mom gets her way he could be one very hard art student in hartford karen murphy is planning to turn property development into a family business with her 18 year old son ben she's hoping they'll make 20 000 pounds from this victorian terrorist house to pay for ben's way through university it's a tiny worn out property and six foot four ben is having a hard time seeing its potential so you're doing all the labouring on this site and you can't even stand up yeah it's gonna be a fun build do you think this is a wise plan i think she's mad really she's over ambitious well he just needs a bit of vision the problem is karen's vision is so individual it may well put off a lot of buyers she's determined to use the property to showcase her own artwork and her plans for the layout are just a singular there are two double bedrooms upstairs which karen plans to leave as they are downstairs there's a lounge a kitchen and the property's only bathroom here karen wants to relocate the kitchen to an unorthodox location at the front of the house she then plans to move the lounge to the back building out into the courtyard with a costly glass walled extension these plans that are necessary and on their miniscule 20 000 budget complete fantasy i think with the amount of money you've got you want to keep it as simple as possible this but i'm not sure what you're achieving by by doing all of this work my rationale for putting the kitchen into the front room is because of the noise from the road really ben do you agree with your mum well i personally don't really like the idea of putting the kitchen in the front room i think i'm a traditional i would much rather walk into a city around the kitchen i think you won't be alone in not wanting to walk off the street into the kitchen i think there's a much better solution you know there is one thing that if you do it it will really sell this house and it's going to make the most that you possibly can on the development and that is to get a bathroom upstairs and i think you can do it and i think you can get a bathroom in this room there's enough room in this back bedroom to build an all-important upstairs bathroom still leaving a second bedroom that's large enough to take a small double bed [Music] this would also free up room downstairs to create a much needed extra living space off the kitchen without the need to pay for a costly extension my concern is that i'd be taking away from this good-sized double bedroom but it's still not a bad size and i think it will make a massive impact there's a lot of people who won't buy a house if the bedrooms in the bathroom aren't on the same floor right karen needs a complete rethink if she doesn't ben could end up without a single penny for university [Music] in bulkhum it's week one of the farrell family's development and work is underway to build the foundations for their massive extension on the side of the property i think they should make their extension even bigger to accommodate a proper sized garage as well as their proposed kitchen diner but the ferals are digging their heels in the bottom line is the gouge is simply too small to be practical and so i've come along with three different sized cars for a bit of an experiment [Music] i can't believe that a builder would put a house up that doesn't fit a normal sized car have you tried getting a car in it i think the cargo in it you reckon yeah yeah gonna open it up then do you reckon that's fine here we are thank you bring them in first up is a small 4x4 a family favorite i say it look gently is an acceptable way to enter your vehicle next is the typical family saloon i do intend to get out it's not tight at all is it no no finally a micro car hardly a winner with the family market so what we've established is a car the same size as a scooter in the garage okay so so what do you reckon front hall garage what about you what's the vote do you know i agree with you yeah we definitely need a garage oh my goodness so unanimous four of you voting to keep it it's your house your money [Laughter] i don't think i've ever seen a family quite this united the truth is it's all about finances the farewells have finally drawn up an agreement with their builder giving him a 15 share of the profits but now they're so fixated on keeping the costs down they're not making the right choices for this development their builder has agreed to give them labor and materials for cost at 53 000 pounds they want to get the kitchen in two bathrooms for an ambitious 10 000 pounds seven thousand has been allocated for furnishing and decoration and they've allowed thirty one thousand for professional costs and interest repayments with a contingency of seven thousand the farrell's total budget is 108 000 pounds but i'm not sure that's enough to make the very best of this property inside the biggest problem is the corridor like living room which is just a thoroughfare for the rest of the house the solution the ferals have come up with is in my opinion just another compromise i'm keeping a garage i think maybe if you put a rule across here they plan to chop up the space by building a corridor from the front door to the stairs making one spacious area into two smaller and much less appealing living rooms the ferals are in danger of selling themselves and their university fund seriously short [Music] in hartford the murphy family are two weeks into their development [Music] they've decided not to move the kitchen to the front of the house and they've also made up their minds about where to put the bathroom i've decided that i'm definitely going to move the bathroom upstairs and to make the downstairs bathroom into the dining room had some really good ideas and really turn it into a really sexy little bathroom a great decision and while i hope karen doesn't get too carried away with her designs it's great to see her so keen about the project which is more than can be said for ben i would have liked him to be much more enthusiastic and wanting to get really involved but he's rather too fond of his bed at the moment i don't think there was ever really a chance of me being on site for 8 o'clock in the morning no no i've left school now i'm quite happy to never get up at seven o'clock again lynn's not on site very often and i suspect he isn't taking his labouring role too seriously chatting by his footwear my shoes are filled okay then i'll go and get your trainers 80 miles away in balcom the farrell family are showing a much more unified front we still need a cement mixer an hour that's fine it's week eight of the development and they're on budget and on schedule but leaving the garage in the middle of the house is doing nothing to improve this already unattractive property and i'm worried it will be very difficult to sell but i've got one solution that will completely transform the front of the house and the family will be glad to know it's not going to cost a fortune what i'm suggesting is that you use some kind of wooden cladding now i've got various examples here this is a painted cladding this is a large padding thermo wood [Applause] but my favorite would be this cedar cladding here if you can imagine this cladding along the top where the tiles are if you change the garage door you could really transform this place what do you reckon i like the idea um i like the thermal wood uh how it overlaps but i like the color of the cedar what do you two reckon i don't like it what do you reckon then i'm not so sure i think maybe it could grow on me it's just a bit um different shed like the advantage of cladding is that it's cheap to do it's easy to do and your end result is going to be a more saleable house the family is divided but it's a good option for the ferals and could transform their mundane property into an eye-catching contemporary home in hartford making any kind of decision about the development is the last thing on ben's mind he seriously needs to get stuck into this project and i've decided to intervene for today at least ben will be my apprentice i gather you've been doing quite a lot of this in your sandals so i brought you a present the biggest things in the universe i am very impressed that you managed to find a pair of those so today you're going to help me and we're going to wire this room so get your boots on and let's get cracking the back box has to be 600 off the finished floor level but measure off the joists so that it's exact because the courses of brick aren't necessarily level which break was it that one yeah that's why you've got a pencil in your hand you need to chisel it out enough so that the back box sits half deep into the wall lovely juggling perfect the cable has to run through here you're going to screw the back box to the wall and then you just roll it up into a circle and stick it into the box and it's out of the way and uh that's it all right one down 20 to go yeah this is great actually he's learned something now and he can actually come on site and actually get stuck in with doing an actual part of the trades work excellent karen's hopes are short-lived the minute i'm off site ben's off the job if karen can't find a way of motivating him this could spell the end of the murphy and son development team back in balkan the farrell family are doing a brilliant job of sharing responsibility top of their agenda is to banish the lackluster appearance of their development i feel cladding the property in wood is the answer and to help them visualize the end result i've organised for them to visit this development just six miles away i really really love it i still think tiles are best they're just so normal there's nothing wrong in setting a trend can i just tell you in history more pioneers get shot than settlers and on our first development i really don't want to get shot raise your hand if you want cladding i haven't got any more hands raise your hand if you don't want padding [Laughter] it's certainly democratic but the problem still remains the ferals must find a way to give their property a dramatic facelift in bulkhum the farrell family are 12 weeks into their ambitious plan to extend this drab and dated property into a luxury family home they're on budget and on schedule and that's because up until now the feral family business has been run with the precision of a city boardroom okay well raise your hand if you like dad's new idea but with ben and hannah back at school the balance of power has shifted and there's blood on the carpet i'm afraid i've got a confession to make i've actually taken out the door in the kitchen along the side here down the alleyway the kitchen um designer said that it would look better with for more units down the side i would think that it on the practical side we do need a back door there yeah it's a little bit annoying she's made that decision without us but it will make the interior the kitchen far more attractive mum may have taken control but her first decision isn't her best without a side door from the kitchen to the outside anyone buying this family house will have a long trek in with all the shopping [Music] and all the muddy boots will be coming in through the front door want everyone to pick up two bags how can i get the heaviest one because life's never fair so you have to come through here through the front hallway and then through the doors into the sitting room with your shopping through here through this next door all the way through here you're still going with all your shopping to get to the kitchen right now have i illustrated my points to come in here and see the kitchen as we've got it designed i think it will look a much better kitchen without the door in it so what do you feel i saved mom didn't compromising the entire ground floor layout for the sake of a few extra kitchen units is absolute madness but mom and dad's decision is fine in hartford the murphy family are seven weeks into their 12-week development labourer ben is as reluctant as ever i'm quite happy to have as little as possible just do what i'm told to do and then be done with it it's his university fund at stake and now more than ever ben needs to be involved in his mum's decisions karen's determined to shoehorn her own very contemporary glass work into this development as well as installing permanent multi-coloured light displays throughout the property it's not karen's very striking 21st century artwork it's the 19th century features that will sell this house and she should be playing up this property's quirky angles original fireplaces and latch doors but there are ways to fuse period features with contemporary style [Music] so i'm taking hair and bend to this converted victorian water tower in nearby hartford heath inside they've made no attempt to disguise the water tank or original brickwork but the understated quality of the modern slate flooring and minimal furniture means the new doesn't fight the old imagine your space but imagine here there was a fiber optic glass installation on the wall it would be quite a lot in this room the glass and the lighting issues are about who i am and what makes it special for it to have been my development as opposed to somebody else's and it's such a permanent expression of yourself probably you shouldn't weave into the fabric of the building okay it's a hard truth to swallow for a creative person like karen i want to do all these really exciting things and i feel a bit upset really that sarah doesn't seem to um share my enthusiasm for the things i want to put in there karen's spirits are low but this cloud has an unexpected silver lining it's taken 10 weeks but ben finally realizes he has to step in and give his mum and the development a lift i'd be quite happy to just leave somebody else to do it but of course it's me and my mom you know kind of our own boss it's got to get done so i've got to come down and do it it's really great to see karen and ben working as a team this development is looking like a real family business for the very first time you're right out there ben [Music] in balcom 11 weeks in and only two weeks over schedule the feral family is pushing hard to keep the project on track so that's what i want is rooms to be done and crossed off so this room is going to be done this week with the development in its final stages choosing the kitchen is the last big decision to be made we've chosen a dark laminate work surface purely for quickness and reduce the cost of the budget i hope that it will all look okay but it won't you can't stick a cheap laminate work surface in a property you're hoping to sell for over 400 000 pounds mark and linda need a rethink just 10 minutes down the road this 4 bedroom home is in the same price bracket and also aimed squarely at the family market now this i think is the main room that you should be looking at it's no mistake that the work service in this kitchen is costly granite it rarely costs less than 150 pounds a meter but it loses quality and that's exactly what buyers will be looking for the lamina is not what i really wanted so how did you end up with lemonade then because the place that i got the kitchen from um i felt the worktops could all be made to measure delivered on the day and there would be no fuss and that's the reason we did it so ease really yeah but you've neither of you been particularly keen on it i think it was always a compromise in order to hit deadlines and maybe one compromise too far yes i think you're right for once the ferals are loosening their grip on the purse strings i'm sure it's a decision they won't [Music] regret in hartford 12 weeks after they set out the murphy family have come to the end of their development they've turned this victorian cottage into something quite special by keeping the kitchen at the back of the house and moving the bathroom upstairs they've created a fantastic open plan kitchen diner and on the ground floor at least karen's tone down her artwork to get the blend of old and new just right now this is pretty spectacular isn't it that's the difference it's amazing amazing and notice that you didn't go with the fiber optic option in the end yes i thought long and hard about what you'd said actually and i thought let's go for something a bit more calming and restful in space it's not that often that i go into house and think oh gosh i could live here and this is one that i just think i'd quite like to live here oh thank you they've made the very best of upstairs as well pinching space from the second bedroom and creating a bathroom up here has really hauled the property into the 21st century but there might be one area it's been hauled a bit too far i'll give you the floorboards i think they look great but i've got to say i think the fiber optics in the bath is one step too far and if i was looking around this house i'd think i've got to replace the bath oh i really love it i think this this is my having a bath is my one time when i actually get to calm down relax and unwind and and i think i'd love to just lying there and that would be bathed in that lovely yellow water tranquil color but it's only one small floor in an otherwise spectacular development the question is how much did all of this end up eating into ben's college fund you originally planned to spend twenty thousand didn't you yes we have spent thirty four thousand that's a lot more than what we planned although i actually think that the 20 000 was completely unrealistic and 34 was just sensible you always wanted to smash the ceiling price in the area which is closer to to about 200 000 you've actually spent 204 000 so you're gonna have to smash a ceiling price unless you want to make a loss how much do you think it's worth now i'm just hoping that we that it is two hundred and ten thousand it's worth a bit more now 220 i reckon madagascar if they did sell for 220 000 pounds ben would have 16 000 pounds to take off to university we've had two agents in and they valued it at hundred and ten thousand pounds and two hundred and fifteen thousand pounds um not as good as i'd hoped if you sold at the lowest figure you'd make a six thousand hand profit if you'd sold at the highest figure you'd make an eleven thousand pound profit that's fine that's just just such a relief that we haven't made no i was so happy so that's fine at least we haven't made a loss i don't think you should be too despondent you've done such a great job that i think that you've got a very good chance of getting more than the agents suggested yeah if you've got a nice little pot of money whatever it is to go up to university with that's got to be good especially with having developed a skill base as well yep you can go off and do your own development in swansea now not a chance it turns out a buyer is prepared to pay 240 000 which is well over the asking price and makes them a 36 000 pound profit and while no amount of money will ever be enough to temp ben back into developing karen decides to finish her art degree and then look for development number two [Music] in balkan west sussex 17 weeks after they started the feral family's development is finally finished this modest three-bedroom house has been transformed into a substantial family home i personally still have a problem with the way this property looks the garage is an eyesore and their choice of red tiles for the front of this house is drearily suburban it's a different house all together now isn't it nice garage though isn't it it is a nice garage but it is still in the middle and let's just hope that whoever buys the house doesn't have a 4x4 i see the cladding ideas disappeared all together you've got to admit the tiles do look a lot better than the cladding would have no that's what i'm not admitting inside is unrecognizable [Music] the new living room has a contemporary feel with some bold if not unusual touches next door the ram shackle lean 2 has been turned into a large kitchen diner that should hit the spot with a family market [Music] i'm really glad to see that you're up the specification of the worktop this is a fantastic room and a massive success it just has all come together really really well so there is one big flaw without a separate side entrance it's a long way from the front of the house to the kitchen i would put money on the fact that if you came back to this house in five years someone will have put a door there because it would really annoy them that they have to either come through the house or they'll parcel their shopping through the window which would be really annoying kitchen door aside this extension is a valuable addition to the property [Music] upstairs they've built a master suite which adds a touch of luxury to this family home [Music] the ferals have added a huge amount of space to this development the question is did they manage to stick to their 108 000 budget so how much did you end up spending in the end it's worked out 118 000 and that is a really good achievement you're only 10 000 pounds over what you initially hoped nobody really sticks to their budget anyway so i think that was pretty good that is not the attitude you were hoping to get 415 000 pounds for this development which would give you a 12 000 pound profit how much do you think it now is worth i think now we'll be very disappointed with 415 because we have spent that extra money for four months work i'd be devastated really so tell me tell me what level would you be pleased at i would like 470. the ferals now want to sell for a massive 55 000 pounds more than they originally hoped for will the agents agree i would recommend an asking price of 450 000 pounds [Music] i value this property at 490 000 pounds i would value this house at 500 000 pounds [Music] i have had three estate agents in to value the property and they've come in at 450 490 and 500. well wow wow after you've paid neil the builder the 15 that you agreed to pay him for doing this project you would then end up with between 40 and 83 000 pounds profit wow that's a very big university fund i think it is a very very successful property development you have been in a rising market and this is a very very popular place to live and what is available is rising fast in value right now that's superb if they can come out of university debt-free that's that's our goal that's what we want to achieve first they've got to find a buyer prepared to pay up to half a million pounds for the property wow it's huge [Music] it's an ideal house for entertaining and we do quite a bit of entertaining so it's great wow this is a big bedroom isn't it if you're going to spend half a million on a house i think you need to sort of arrive in your car pull up and think wow this is the house it's a lot of money to spend and it just doesn't do that for me i think the front of the house looks a little bit strange with the garage being right in the middle um it probably would have made more sense if the garage was over on the left-hand side the ferrules have made some mistakes but this property's value will have been massively boosted by a fast rising market so is this the start of a huge family property empire i think it could be i think we've really well i've certainly enjoyed working together i think some parts are enjoyable in some places an interesting word to use spending time with the family is quite you know you don't really get to do that that much i would like to do something completely different next i've learned a lot from this i'd like to do perhaps a new build or maybe a small get a bit of a bug don't you two months later the feral family sell the property for 500 000 pounds making them a great 83 000 profit bitten by the developing bug the ferals are out scouring the streets straight away and in a matter of weeks rush into their next project they're moving at a frightening pace but certainly aren't short on confidence what we really want to do is take the lessons we've learned from balcom and turn it up a notch then we could be looking at double the profit i can't say i saw eye to eye with the ferals on their first development but there's no denying that they turned a healthy profit now with ben and hannah's university fees safely in the bank they're on to development number two and the family boardroom is once again primed and ready for action barely a month after the sale of their first development they've careered headlong into buying this 1950s bungalow in linfield west sussex they want to turn it into a huge five-bed three-story family home but i'm worried they haven't had time to do enough homework and most crucially they don't have planning permission to extend the property this is a much bigger gamble it's a much bigger project it's a much bigger profit if we can turn this this will be absolutely fantastic and we'll set us on the road [Music] as the smallest house in the street the ferals are convinced they'll be allowed to extend and so shelled out a steep 367 thousand pounds on the bungalow they've raised a hefty 270 000 pound budget to carry out the transformation and they're hoping to sell for seven hundred and fifty thousand pounds making them a huge hundred and thirteen thousand pound gross profit while it's by no means a done deal at least the plans are an improvement on development number one i think one of the things sarah will be really pleased with this house there's going to be a lot less compromises we've got much more of a blueprint we can start pretty much as we want so yeah garage on the side very conventional nice back door uh so yeah all the things that we had to compromise on baltimore we don't have to here which covers you man okay the project's being squeezed around work and school and with class out for the summer ben and hannah are on site to strip out the house while they wait for a decision on their planning application [Music] you have to admire the children's commitment though i'm not sure if it's how i would want to spend my summer holidays and i'm not sure if it's how the kids want to either i wouldn't call working on the house a fun way to spend my holidays but i mean it's good to spend time as a family but i think sometimes i'd rather have more of a private life they sometimes make us get up quite early to work at the house which well you don't get up early but i get out buddy the children do think it's strange that their friends go off to warmer climes for the summer and they sit around and do up houses i think they've said that we work in a different way and they're actually quite happy with that [Music] four weeks in the ferals here back from planning and this project goes into development meltdown just doesn't make sense first their application is rejected out of hand and if that wasn't bad enough when they resubmit plans for a smaller four bed property that's rejected as well they don't want trees chopped down they don't want bungalows turned into houses they don't want houses turned into blocks or flats i'm disappointed and and scared because a bungalow a three-bed bungalow is nowhere near the profit that um a four bed house would be i think it's gonna be a very nice bungalow that's gonna be a superhero [Music] finally nearly three months after buying the bungalow the builders are in the federals decide to do only what they can without planning permission and that amounts to a 70 cubic meter rear extension they're now convinced the profit is blown but the truth is i think this problem could have a silver lining if they'd done their research earlier they'd know that modernized bungalows in this part of sussex go for a premium we need to get that roof on pretty quickly now we do don't we yeah [Music] bungalows can often be improved by increasing the size of the living areas and moving them to the rear of the property and that's exactly what the ferals are doing here it's taken a whole eight months but the development is finally finished to the rear of the bungalow the extension has certainly added space if not beauty whilst round the front well there's no real sign of any change at all good to see you good to see you so end of development number two and it's not quite the meaty beast it was going to be is it half the size i think so but despite all the problems you have finally finished it and uh are you happy with the end result yes it's really tough but it's it's a good result right but no garage i noticed uh better than being in the middle absolutely instead of a front door you could have had a garage right there inside the bungalow is dramatically different the new extension has really opened up the back of the property and having the living areas overlooking the garden is a much more appealing layout the new sitting room and kitchen diner have the kind of spacious feel that will really help sell the property but i'm not sure the design quite matches up to the layout some of the touches feel a tiny bit ornate and perhaps even a little outdated in what is now a great contemporary open space you've added square footage which always always adds value we just went for the maximum space we could get without the need for planning permission so it sort of dictates itself but i think it is in proportion with the rest of the bungalow now and it has worked quite well with the space you've got you couldn't get a better layout this is the perfect layout for a bungalow thank you hooray we've even got a back door for you just for me and is that because secretly you wish you put a door in last time three of us did and i think you wanted a back door last time but you were just being stubborn weren't you yes all in all the ferals have not done badly in a very difficult situation one thing's for sure this is miles away from the development they set out to make but at least they should have come in well under their original 270 000 budget what did you end up spending um well clearly the planning officer did us a big favor on the spending front and we kept it down to about 105 000. so you've ended up spending a total of 472 000 on the house and all the work have you had it valued i accepted an offer um for 530 000. so that's going to leave you with a 58 000 profit on a failure lady luck is so on your side because considering there were times with this development where it looked like you'd be lucky to not actually lose money must feel like something amazing happened heaven i don't think that when we got rejected planning that we'd ever think that we could actually make such a profit like that so it was a big relief the ferals bought the property for 367 000 pounds and ended up spending a total of 105 000 on the building fees if their sale at 530 000 goes through they stand to make a before tax profit of 58 000 pounds that might just be enough to help the federal property business live another day the amazingly impressive thing is that you managed to get through to the end of it and you're still speaking not only that you appear to quite like each other still we're still quite communicative have you enjoyed it are you still friends well i'm still friends with it one-way sentence i i think that considering everything that's happened we stay quite strong i think so what's the next plan what's next i'd like to spend longer finding the property this time i think we were in a bit of a rush after balkan to repeat the success to find the first thing that really looked feasible i think we need to slow down this time and make sure we get the right property at the right price and then let's see what we can do the feral second development turned out to be a much rougher ride than the first but they tought it out and managed to turn a reasonable profit what's more impressive is that they still all get along and that perhaps is the greatest achievement of all [Music] you

Channel: The Forgotten Vault

Views: 7,379

Rating: 4.7777777 out of 5

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Id: yZE6MAcMS3o

Length: 47min 52sec (2872 seconds)

Published: Mon Jan 11 2021