Anyone have any experience/advice about this?
My father was talking to me today and it is basically agreed in principle that my mum will come and live with us when he dies, possibly my nan too if she outlives him ( my dad is 14 years my mums senior so he may well be gone before she retires even ).
The idea he likes as a basic concept is that we both sell up and buy somewhere which has rentable assets, either workshops, a flat/annexe or some sort of equestrian facilities.
Anyone have any views on whether or not this sort of thing is worth the hassle and which of those three types of asset are the best to go for and of course, is there any money in such things.
We are thinking either of in Northants or more likely in Norfolk so my wife is closer to her family.
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Some people do quite well out of it, without being world-class toerags like some we could name, or the gothic characters with rough Oldsmobiles, Alsatians, baseball bats and a couple of fruit machines in the boot that I used to see in Notting Hill at the turn of the fifties/sixties.
You have to be the right sort of person though, hard-working, efficient, calm, philosophical and not too greedy. You need a good eye for troublesome customers too, if you move outside friends and family for tenants. It isn't a licence to print money. Even if it was it would be well beyond my own talents.
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If you buy a place together there are a few inheritance issues to deal with too so you'll need the specialist advice of an accountant/financial advisor.
Which type of asset to go for would depend on the area you were wishing to buy in. Personally an older build one or two bed flat in a small development, close to amenities or 2 bed terrace, again close to amenities are the best type of properties to go for. Commercial lets are a risk as if you have an empty one you have to pay *full* business rates on it after 6 months. This never used to be the case so unless your purchase wisely it will take money out of your pocket. Small premises are easier to let, especially if they're for either a one man band or a company that may be looking to downsize to save money. If you have a building with an annexe then you will need to check planning regulations carefully as you may not be allowed to rent it out. And do you want your tenants under your nose?
You'd have to consult quite carefully local estate agents that deal with land and other rentable assets to find out how much they'd cost to buy, what they'd cost to own and what they'd offer in rent. You may find one type of asset seems well worth it compared to others but if it is a 'no-brainer' then you may find there's competition after not too long!
Due diligance is the only answer. Lots of research. Talk to lots of people.
If you do buy land then it is worth considering future development potential as another way of making money over the long term. Don't touch the 'land bank' type of companies though. They're nothing but dodgy!
HTH :-)
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Ive found quite a few places with stabling and paddocks, they seem to be fairly common in Norfolk, followed by those with numerous outbuildings. If it was in my area now, I have many, many contacts in the equestrian area of things and could prob hook up that sort of deal quite easily but it is rarer to find those properties here.
Im not sure how much demand there is for small workshops/garaging etc or if people pay any kind of money for them.
Im undecided on the flat rental thing, maybe something with a converted outbuilding that can be to a degree, separated from the main home. Its just an idea at this stage, but i have many custoemrs with places that rent out different bits of their properties such as one who has a 1 be cottage and a 1 bed flat above her garages both of which she seems to always have rented out. Its what gave me the idea.
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reading the headline i was looking forward to a free pint
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why do you want to do this in particular? why not just invest any extra funds into your portfolio as it sounds very difficult to achieve to me.
To find a house in budget for you and yours, plus your Mother and your Gran and for it to have an additional asset to rent......
just an off chance but why not open a breakers yard for older rarer cars - you have a love and knowledge of this niche that would, imho, lead to success.
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Becoming a landlord - Armel Coussine
