A barn that cost 300K to convert?

Shelleyspringer

Before asking to go and to look at a barn conversion I was doing my usual checks on Google earth (make sure no nearby chicken farms etc!) and Our Property Prices to see what sold for before and now a bit confused.

The barn sold in July 2010 for 200k & its on the market now for 495. On looking at details and location I'd already thought it was bit overpriced but suspected it was aim high get ??465-475ish

Its been done beautifully - underfloor heating, fancy solar double glazing, beautiful floors / kitchen etc.

But no way cost 300K and even allowing for a decent profit it seems bit extreme :think:

jc808

Shelleyspringer wrote: »

But no way cost 300K and even allowing for a decent profit it seems bit extreme :think:

what you reckon?

Doozergirl

You have to look at what similar sized properties are selling for. What they've made on it isn't the question, it's whether it's a quality product and how it stacks up against the rest of the market. I can't measure a house on how much profit I want, the price it sells for is entirely dictated by how much people pay for houses like that at the given time. That's a pretty nerve-racking experience.

We bought a barn for £180k and sold it for £450k. The 'profit' involves someone's blood sweat and tears in the physical building, the risk they took in the investment, and more than likely, the large amount of money they've paid to the bank in interest. If you think you could do it and put a lower price tag on it, then you have to go out and find a barn to convert or a plot of land. If you can't beat them, join them!

£465-475 isn't exactly an insulting offer on a house priced at £495k!

Werdnal

Any property is only worth what someone is willing to pay for it!

david29dpo

As said above, totally irrelevant what they paid/spent. The present market will dictate the price. It cost me only £100K to restore my barn, does that mean i have to give it away?

Running_Horse

If it can be done for less, it's a shame you didn't buy it in July 2010.

But you didn't. Someone else did the work and will make the profit if someone is willing to pay.

There is a derelict oast barn for sale near me around £250,000. Someone will do well.

SouthCoast

If you missed out on a barn conversion, how about a water tower:

http://www.rightmove.co.uk/property-for-sale/property-33892457.html

I think that it has been up for auction before.

jc808

Problem is with barn conversions you have a huge amount of work, depending on the condition of the barn: Worst case scenario:

- Underpinning/ groundwork
- Expensive adoption by local council/ planning change of use/ BCO
- Connection of services
- Grounds of the property may need work eg new drive, path from road etc)
- Rebuilding flank walls/ repointing etc
- New roof
- Extension, if necessary
- New joists/ etc
- Complete new build inside (Floors, walls, electrics, gas, plumbing, plastering, painting, fitments, windows, doors etc)

sarahevie

Don't understand the logic really, my parents did a self build cost 175K, sold it for 495K, it was worth it to the couple who bought it, my parents profit was irrelevant.

By the way this was in a rapidly rising market, they initially expected 300K for it.

Our current house was last sold for 40K, we bought it for 160K, again prices had moved on unfortunately.

Gwhiz

Risk and reward OP, risk and reward