Property Snakes and Ladders; 2009

moneysavinmonkey

I doubt if anyone who watched the programme would now book their cottages,
the total whitewash of normal property ladder figures at the end was a clear indication the couple are in serious finanical straits. 14k income on a 600k mortgage...also first time EVER on property ladder that they haven't given estate agents valuations at the end!

I wouldn't hand any money over as the place could well be reposesssed by the time my holiday came.

dopester

moneysavinmonkey wrote: »

I doubt if anyone who watched the programme would now book their cottages,
the total whitewash of normal property ladder figures at the end was a clear indication the couple are in serious finanical straits. 14k income on a 600k mortgage...also first time EVER on property ladder that they haven't given estate agents valuations at the end!

I wouldn't hand any money over as the place could well be reposesssed by the time my holiday came.

Good points. The other railway-station themed holiday let was entirely superior as well. Embracing the theme entirely, where this couple made a half-effort imo.

For all their focus on keeping the platforms as they were, for the railway type theme, rather than extending the building.... it ended up as a mish-mash in comparison to the other place. Also the charm. We know how they went about it. What type of people they are. Those antiques bought on-the-fly (were they Victorian furniture or not?).

You also know that Beeny advised against the antiques. I don't want to be cruel, but come on... were'nt they expecting something like £64K income from the holiday lets, where in the real-world they took £14K.

The woman also said their survival depends on getting bookings. Survival. Bet they didn't expect that with their dive in to the debt-darkness of this new business they went in to.

Seemed a huge gamble they took, with him oh-so-confident... (and good old reliable HPI was probably his insurance policy and exit if they didn't like it). No experience of holiday lets, the area, running it as a business (it isn't your tenants who have to clean the place, or get it perfect before any new guests arrive).

All that work and stress involved... when at their age, they should have been set to enjoy a comfortable retirement (him a carpenter and her an accountant). A big, stupid crazy, greedy gamble imo.

hieveryone

I had a wee look at their website and they mentioned something that 'in honour of appearing on Property Snakes and Ladders we are reducing the prices' ??!!?

He was so smarmy and trying to sneak money out of every way he could I wouldn't trust him as far as I could throw him!

I also don't get on their website how the cottages are £1700ish a week, but for a 'short break', it's £21.87 - £23.44 pppn.

http://www.oldtavistockrailwaystation.co.uk/availability_and_tariff.php

Am I missing something here? Technically a couple could go and stay in one of the cottages for a long weekend (Fri-Mon say) for £187?

Snooze

dopester wrote: »

Crazy stupid BTL house-hogging (9 of them?) greedy, debt-fuelled, hpi fake-success baby-boomers.

Him wanting to spend fortunes on top-end expensive gizmos.. electric blinds, mood lighting, remote music systems - mind riddled with disease of endless money in debt-fuelled economy. Compromised on gizmos due to the sheer debt levels already involved and a partial awakening to his estimated rents not being realistic - even 25% of those estimates will be tough to get soon enough.

Wasting money on antique furniture to suit their own taste, when not only are the values of such furniture set to plummet, but doesn't suit the railway holiday-lets.

Leverage works two ways, and now it is time to feed.

I wish you'd stop beating about the bush and say what how you really feel.

Rob

PasturesNew

hieveryone wrote: »

I had a wee look at their website and they mentioned something that 'in honour of appearing on Property Snakes and Ladders we are reducing the prices' ??!!?

He was so smarmy and trying to sneak money out of every way he could I wouldn't trust him as far as I could throw him!

I also don't get on their website how the cottages are £1700ish a week, but for a 'short break', it's £21.87 - £23.44 pppn.

http://www.oldtavistockrailwaystation.co.uk/availability_and_tariff.php

Am I missing something here? Technically a couple could go and stay in one of the cottages for a long weekend (Fri-Mon say) for £187?

When prices are quoted pppn, they usually also say "based on X sharing". So it might be "based on 4 sharing" or even "based on 6 sharing"... I didn't stay awake long enough to know how many beds/rooms they had.

Edit: Ah, looked. Two units that sleep 4, one unit that sleeps 6.

hieveryone

I thought that too Pastures New, but doesn't say on this website.

For example, the 'Porter's Office' sleeps 4, and is quoted on 28th May 2010 as £950 per week for the cottage.

Now, say me and 3 mates decide to go (ppftt), if we book it as a 'short break', at £23.44 pppn, it only works out at £656 - something not quite right here!

Thrugelmir

Chris2685 wrote: »

This episode sucked... It is not what this program is about.
Since when do they want to see people building a holiday home?
It was a pure publicity stunt, they didn't want any input from the presenter and did whatever they wanted...

So much potential in that place too, for the right clients, but the prices they wanted were crazy.

Maybe the media can stop blaming the banks, and take a look at some of these "business people".

At a guess I would say they saw property prices falling and decided to cash in their BTL capital gain. In the belief that could actually run a sustainable business. They obviously have no idea.

Over budget, over priced, ill thought out layout etc. The list goes on.

I would say that they are a fair representation of the more recent BTL gamblers.

PasturesNew

hieveryone wrote: »

I thought that too Pastures New, but doesn't say on this website.

For example, the 'Porter's Office' sleeps 4, and is quoted on 28th May 2010 as £950 per week for the cottage.

Now, say me and 3 mates decide to go (ppftt), if we book it as a 'short break', at £23.44 pppn, it only works out at £656 - something not quite right here!

Ah, well they might have meant to say it - but failed at websites too.... although if you tried to enforce it you'd end up with an impasse no doubt as they'd tell you what they meant to say.

It's that sort of confusion that I bet puts many people off booking. I like black/white clarity.

SUESMITH_2

web site naff too

amcluesent

Could it be viable if bought as a repo if (when...) they go bust?

Suppose you bought for £350,000, did another £20,000 on what Beeny recommended. Lived in one of the cottages, so rental income from the remaining two would be down to £15K based on realistic pricing.

A 20 year 5% mortgage (interest only) for £350,000 would be covered by just the letting income.

So a couple looking for lifestyle change at 40, and bringing £200000 capital could fund a repayment mortgage of £170,000 off the letting. If they did outside work, say bringing in a net of £36,000 (so not paying 40% tax), they could live OK and own the while thing by 60.