Ideas anyone?

[wallypott]

I have looked at a house in the same village as I have my beach house. Mine is a 6 bedroom, sleeps 12 house. First year, but bookings have been going pretty well, and well I am just loving the whole creating something. Every enquiry is a mini-buzz and every booking is a major buzz. Sooooo......

I have seen a house with major potential, currently is two 2 bed apartments and two one beds. If it isn't sold soon, frankly it'll need condemning and the price is completely absurd, but it is a period piece in an excellent location - it back onto the tennis club and playground, you can watch you kids throwing hoops and playing footy from the terrace. 200m from the beach.

I would prefer to turn into one house with 5 bedrooms on the second floor, 2 or three bathrooms, living space and kitchen on the middle floor which is at road level with a large terrace, and downstairs, large play room, two more bedrooms and another bathroom - kind of granny/disabled access. The bottom floor is at garden level, and the land is sloping.

I think potentially there could be 8 good size bedrooms, or 7 and a large dormitory style room, but what do you think demand would be like. It would sleep at least 16, maybe more. I think the interior space is at least 300m2.

The estate agent couldn't open some of the doors, so I haven't even seen it all. And the lack of basic maintenance means there is damp running down some walls.

It would have to be entirely bank funded, piggy bank now totally empty, so the project would need to have serious wheels for it to work.

Anyone any thoughts on the viability of a property this large?

[Hells Bells]

Better rental potential from the smaller properties I would have thought.
Could you convert to two apartments, with the potential to open up as the whole house?

[KathyG]

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.

[Jenni C]

I wasn't sure when you said the price was "absurd" if you meant very high, or very low??

Anyway, I agree there is probably more potential in smaller properties, or as another idea perhaps Chambre d'hotes? Obviously you know the area, but so close to the beach I wouldn't have thought there would be too much trouble filling it whatever, at least in peak weeks. Sounds very big & scary, but very exciting!

[wallypott]

Absurdly high unfortunately, but as I am not desperate the haggling could be part of the fun. It would need to go for half of the asking price. No-one would buy it in its current state for more. Its been on the market for 3 years which says it all really, in view of the location. The agent had forgotten it was still on their books.

I thought I would take my builders to see it to find out the worst of the news. I had written it off as too sick to take on, but having slept on it, it has got me thinking.

Why I don't like the apartment set up is purely because I wouldn't want to share my outside space with unknowns if I were staying there, but the apartments are already set up. One has a pink double basin, one has a blue double basin. I really must take some photos just for the OMG factor

Needs a complete overhaul - new electrics, carpet on walls (again) its got roller blinds, and most of the handles are missing, so difficult to know exactly whats there, so it would be one hell of a project - probably a good years work before any income would be forth coming. Like I say I've only seen the top two floors because the agent couldn't find which keys opened the downstairs part, so I don't know how bad the damp actually is. It is running down the outside walls, but the house doesn't actually smell.

There are sticks in all the loos, any idea why someone would do that? They owners seem to still use the middle apartment, so the sticks are clearly something they do when they are not staying there, but I can't imagine what.

Anyway if anyone wants a butchers this is the reference,

http://www.century21.fr/trouver_logemen ... 353105634/

but I'm pretty sure the m2 is wrong. And only one outside shot that gives you an idea what a sorry state the interior is in!

You could have amazing parties there though.

[vrooje]

The sticks in the toilet could be to keep the bowls from cracking if the water freezes in winter.

I agree that flexibility would be useful, so perhaps keep the apartment structure but add the ability to connect them for larger bookings.

I voted to take it a little further, but that's more a reflection of my own willingness to take on improvement projects than anything based on real knowledge of this particular one. I'd love to see pictures of how awful it currently is.

You seem to have the right attitude; being willing to walk away if the price isn't right or if an inspection reveals massive structural problems (for example) is crucial in situations like these.

[Margaret]

I would definitely go for the smaller apartments rather than the big house. Obviously, you have experience with a larger property but I will still go for the flexibility of more units. Don't worry about sharing outside space, if people don't like it, they don't book. If you are dependent on bank funding, then apartments also give you the option of not having to do everything at once. And remember to add 50% to any estimated renovation costs!

[wallypott]

. And remember to add 50% to any estimated renovation costs!

Oh so true.

[Nemo]

And in my experience, about three times as long as you estimate (or in the case of DIY, a lifetime sentence!).

Sounds fun, and whilst I have no experience of that aspect of the rental market, it makes sense to give yourself options with a split house that can be opened up as one when required.

If the price is that silly, then it sounds if as someone isn't really bothered about selling, so it may take some serious negotiating on your part to reach a reasonable price. Just don't fall in love and lose your business head to it!

[Giddy Goat]

I really must take some photos just for the OMG factor

Having seen scores of old French houses now, I know exactly what you mean! There was the one with a large room in which there was a lone loo sitting dead centre - and plumbed in. The mind boggled, heh heh. And the one which was a deceased estate. The main bedroom had chairs ranged in a semi-circular fashion around the foot of the bed as if nothing had been touched since the relatives took their last farewell ... oh yes, and plenty with the carpeted walls you mentioned!

It's certainly a pretty looking house from the outside WP, so here's hoping you're not in shock when you get to see all the rooms: it does sound an exciting project as has been said, albeit not for the faint-hearted!

[la vache!]

It would have to be entirely bank funded, piggy bank now totally empty, so the project would need to have serious wheels for it to work.

You must have a very generous bank manager!
I'd be wary of a few things - most of which would be ever recouping the costs of such an investment with rental income alone. Big properties do rent well for French people, but often just for weekends. And then the tax when you come to sell. But then I'm probably a coward - it sounds very exciting if you do go for it.

[wallypott]

My bank manager is very generous which is a bit odd. I think he is getting close to retirement, and is enjoying being generous while he can. They specialise in mortgages for rental properties. May I recommend them - the nice people at Credit du Nord. I have no vested interest I assure you.

[Ju]

If it is bank funded make sure you put a budget together which includes everything down to the last teaspoon. Don't forget that kitting out the properties is expensive, and it is this part of the project that the banks are reluctant about.

I am amazed you have a bank willing to fund you after only one year in business, but good luck to you.

We have another 4 months (oops 3 1/2 months - it is going too quickly) of our bank funded project. It is very hard graft, and it will be even harder once the other properties are occupied from Easter.

[wallypott]

If it is bank funded make sure you put a budget together which includes everything down to the last teaspoon. Don't forget that kitting out the properties is expensive, and it is this part of the project that the banks are reluctant about.

I am amazed you have a bank willing to fund you after only one year in business, but good luck to you.

Ju I haven't actually been to the bank or anything yet, so you could be absolutely right and they'll take me to take a hike. But as my builder hasn't seen the property and he may well say "this puppy is way to sick", and the property has been on the market for over 3 years. I might well have been in business for well over a year before I got any of this off the ground!

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.

[la vache!]

I didn't know that there were different loans that you had to get for different things. House renovation (windows etc. ) is one, house refurbishment is something completely different. If you re-do a kitchen, work surfaces come under the former, the units come under the latter (according to my bank). It isn't easy to plan out a budget requirement under those conditions!