glasshouse
Member
- Location
- lothians
Local estate sold a cottage for £12k 35 yr ago
So far its cost them two windfarms
So far its cost them two windfarms
Selling farm cottages
- Thread starter Green oak
- Start date
- Location
- Northumberland
Well exactly. My dad said he’d bulldoze our cottages before ever selling them. I’m never being a landlord again- I’d worry that a left govt would extend Right To Buy to the private rental sector.
Tubbylew
Member
- Location
- Herefordshire
I suspect that there would be many let cottages becoming holiday cottages in 2025 it'll be nigh on impossible to get ours to a C short of demolishing and starting again, even though its a nice warm cottage, particularly when compared to my own house. Still kingspan will do well out of it! Lucky them eh!Don’t forget that, if ‘doing up’, let houses have to have an energy performance (EPC) of C or better by 2025. In practice this is very difficult to achieve in old properties and will probably at least involve insulating EVERYTHING ( including digging up the ground floor to add insulation under).
Also EPC assessors will only asses what they can actually see with their eyes- some will not accept photos of insulation before it’s boarded over.
- Location
- Northumberland
I AM intending to demolish and start again!
NO !
All very easy to give out advice but would the grainstore be replacing other older but still in use buildings?
- Location
- South east
There is a lot to be said for gut instinct in questions like this.
I think you’ve also got to consider your attitude to debt. It’s all very well people telling you to borrow money, but if you simply prefer not carrying debt, then perfectly reasonable to sell if you’d rather have a decent modern grain store than a couple of cottages you don’t really want.
Better and far more important you sleep at night if you’re happier that way.
My preparation for post BPS is primarily debt reduction so I am nimble and able to adapt reasonably quickly. I’ve done this through saving and avoiding taking more on rather than selling assets though but that’s just my personal preference.
We’ve also become a bit accustomed to forever increasing asset values, which may be driving others opinions. I think they’ve still got some way to go, especially with low interest rates and levels of public sector spending, but I do think we will see a readjustment at some point just don’t ask me when.
I think you’ve also got to consider your attitude to debt. It’s all very well people telling you to borrow money, but if you simply prefer not carrying debt, then perfectly reasonable to sell if you’d rather have a decent modern grain store than a couple of cottages you don’t really want.
Better and far more important you sleep at night if you’re happier that way.
My preparation for post BPS is primarily debt reduction so I am nimble and able to adapt reasonably quickly. I’ve done this through saving and avoiding taking more on rather than selling assets though but that’s just my personal preference.
We’ve also become a bit accustomed to forever increasing asset values, which may be driving others opinions. I think they’ve still got some way to go, especially with low interest rates and levels of public sector spending, but I do think we will see a readjustment at some point just don’t ask me when.
tullah
Member
- Location
- Linconshire
We know the party has to stop and the world is bust but the masses don't get it. It's all about reading their minds and getting off before they do. The masses are those speculators who are swept away with fever of rising asset prices which is everybody who is bidding up house prices and the markets.
It just needs the banks to worry about a few loans not being repaid and calling them in and markets will turn fast. Not sure if it's stagflation or deflation. Those holding assets with no cash won't be able to get out quick enough, or of course we just keep going on up as we are. Scary times. What ever happens, those living sustainable peaceful lives on Pacific islands will carry on as they always have done.
It just needs the banks to worry about a few loans not being repaid and calling them in and markets will turn fast. Not sure if it's stagflation or deflation. Those holding assets with no cash won't be able to get out quick enough, or of course we just keep going on up as we are. Scary times. What ever happens, those living sustainable peaceful lives on Pacific islands will carry on as they always have done.
We did the opposite, and bought cottages to get piece and quiet. Then bought a shed a bit further down the road to get piece and quiet.
Sounds like a job for Killdozer.........
Sounds like a job for Killdozer.........
Long term will always regret selling. Never know what future might hold with family etc. If can get away with financing without sale then keep it. Might be a struggle but in 10/20 years be thankful.
Essex are a bugger for this. Got one doing up majorly which is taking forever as alot of work to do and started April last year as covid struck. Cant have builders, plumbers, painters, electricians etc working all at once so progress very slow. When tried to get property as uninhabitable for council tax council would not allow it. No electric, water, toilets, kitchen etc in property at the time but would not budge. Hoping be finished shortly but really grates paying tax when no one living there and no rent coming in.
Any chance for industrial lets where you are located. In effect doing up old dutch barn and letting out would soon pay for itself and go towards helping finance new grainstore. Another reason to have control of cottages so not affecting planning permissions. (I know looking to sell cottage to finance grainstore. Now advising spend load of money on doing up cottage, doing up old buildings AND building grainstore. It's easy sat on keyboard spending other peoples money
.)
I agree, new store new site should get it to ‘meet current standards for storage’ then do up/replace old shed as and when. There are ‘farmers’ round here putting up new shed every two years under prior notification, probably the best they will ever do...
Highly unlikely that the new grain store will ring on a Sunday evening complaining that the drains are blocked!
Tenants are a pain and likely to get worse - eviction will become virtually impossible. The cottages are away from where you live - sell!
Tenants are a pain and likely to get worse - eviction will become virtually impossible. The cottages are away from where you live - sell!
farmerm
Member
- Location
- Shropshire
About 25 years ago my dad invested in a new grain store and my mum invested a similar sum of money in renovating the farm cottages to let out, I am fairly sure housing people rather than grain has give the better return on investment and capital gain. If you need 2000T of grain store you must have a reasonable area of land and good equity in it? With borrowing cheap now may be the time to borrow to do both, you always have the option to sell the cottage later if rates start to climb.
farmerm
Member
- Location
- Shropshire
I would say choose your tenants more carefully! Evicting tenants may be difficult but evicting neighbors is truly impossible! I don't wish to tempt fate and say we will never get a bad tenant but we have had some really great ones. I wish my grain store would ring me on a Sunday evening if a blocked drain was causing water to back up into the shed...
tullah
Member
- Location
- Linconshire
Do the neighbours enjoy what is your view over their fence? Could be interesting.
I have had great and awful tenants in the past. The bad ones have been me acting too hastily in the past. When money is tight you can be overly keen to rent a property out. I was guilty of this by advertising too cheaply and taking the first tenant that came along. Much better to have house empty for extra couple of months and wait for what appears the perfect tenant. (Obviously can never be sure).
Tend to advertise now at fairly high price with view to come down to a fair rent when meet the right person. Theory being if they have viewed property at high rent they should be able to afford it but then keep rent competitive so hopefully can hang onto them. If advertise low to get more interest tend to attract wrong type of people who are already struggling for money.
Tend to advertise now at fairly high price with view to come down to a fair rent when meet the right person. Theory being if they have viewed property at high rent they should be able to afford it but then keep rent competitive so hopefully can hang onto them. If advertise low to get more interest tend to attract wrong type of people who are already struggling for money.
I know someone who has a house worth £500k paid off. Other assets running into a few hundred grand. £30k in cards he wanted to put on a mortgage. Gold plated credit file and a good wage as an IT contactor with all accounts up to date. Bank said no. In fact several banks said no.