I've voted you should look into the possibilities a bit further because that won't cost you anything and we learn from any experience. Don't underestimate the renovation and kitting out costs of course, but you're always going to have a market that close to Granville and when renovated, it will always hold its value because... it's close to Granville.
I suppose something I'd also be cautious about is that you'll have two large rentals in one village and I'd probably want to spread the properties around a bit.
Still, that's what I'm suggesting you do... speaking personally... bargepole / touch / wouldn't. If it has been on the market for that long in that area, it is very very dilapidated and overpriced!
Ideas anyone?
interesting! I feel the other way. I have the teeny, tiny home that sleeps 4 (but really only 2 adults) and the other one that sleeps 8 and, we've been eyeing other LARGER properties! I don't know this area, but, in many places, I think that larger properties are an easier sell...why do people rent a home rather than book a hotel room? in many cases, I think it is becasue it is more cost effective than multiple hotel rooms, or so they can spend time with extended family. The other thing is, I spend exactly the same amount of time (almost anyway!) on both properties, while the amount of revenue is very different. same goes for advertising, etc. - it costs me a HUGE percentage of the much cheeaper property - you don't get any listing discount for cheaper properties! That said, it certainly is a larger risk with the larger places because costs are higher - mortgage, property taxes, utilities, garden, etc. Still, we will be looking for another, bigger house in the future unless something really special catches our eye, of coursekatiegirl wrote:I agree with you Helen. Ours sleeps 12 and if we were going to buy another one it would be something that slept 2 or the traditional 6-8, or somewhere between the two. That way your business caters for most of the market. Why do I want to put 'dotcom' on the end of that sentence.
When we went to the bank for this project we treated it as a business loan (which is what it is) and I detailed all the work needed, including a heafty DIY budget (which I have forgotton on previous projects) as well as listing out all the furniture, room by room, all the kitchen equip etc. I then did a projected costing for the first year, on a good year and a bad year basis (ie good year = 20 wks, bad year = 12 wks). to include all costs including cleaning/ changeovers, gardeners, edf, tax fociere etc etc.wallypott wrote: I completely fluffed the budget for my last project as I failed to realise the bank and I were not talking about the same things, i.e. the teaspons and the rest were not included. Also I forgot to include the painting which was seriously dim of me. You live and learn and its good to dream.
My figures showed that on a bad year we would break even (on that property as a stand alone) and on a good year we would make a tidy profit.
TBH if the bad year numbers has been a loss rather than a break even we wouldn't have gone to the bank in the first place.
In terms of big properties vs smaller ones, I am in the big property market, but I think you need much more outside smace for one big property than you would for say three smaller ones.