Silly idea or good investment?

Jesswithwings

CH27 wrote: »

You say you want to rent the granny flats or rooms.
How will you ensure your children's safety?

Yes, absolutely. This is the most important consideration of all. The move will not go ahead at all if for one moment I think they could be in danger. The flat is self contained, it has a separate entrance to the main house. I would like to rent out to adults who would self-cater (so long term adult language students) ideally so the contact would be minimal and they would not enter the main house. Obviously if it were younger students (high school age) there would have to be a different arrangement due to the age of the student. My main concern would be when the children use the garden, but as it stands, I do not let the children in the garden without my supervision at the moment anyway. As they get older, and at the age I would let them out without supervision, we would have to be much more careful. Largely, the holiday maker or student would be out during the hours the children would be playing in the garden - but my children's safety is paramount. A huge thing to consider, thank you.

Jesswithwings

Spendless wrote: »

Is it in a decent area with decent schools (both Primary and Secondary)? I ask because the bigger houses near to my town centre (like you've described) are in or on the fringe of the red light area and many have also been divided into flats, bed-sits. My friend who lives in the place, says she struggles to get to know people as so many are short term renters.

The inheritance. Is this coming your way as in the person you've inherited is already dead and the money just needs sorting out, or as in Great Aunt Ethel aged 88 says you are in her will, but she could be fibbing (I've lost count of the number of people who've said my will says x, and when they've died it's said nothing of the sort) could go into a care home, could decide to leave it to a cat shelter or cor could marry a toy-boy and leave it all to him.

Its a lovely area, MUCH nicer than the one we are in right now! they could continue going to the school they are in now, and the senior school nearest is good (although secretly, we would like them to go to the grammar school... no pressure though!)

The inheritance is sound, DH's grandfather died last year leaving an enroumous property which has been sold and the sale is to be completed in the next few weeks. The inheritance money is from the sale of this house.

Jesswithwings

gingin wrote: »

We bought a tired former victorian pub late last year. It went through the survey okay but small things are mounting up. The basement is a problem in terms of plumbing and ventilation, it will cost us a fair bit to put right. We seem to find at least one problem a month, latest is that a number of sash widows were rotting and broken guttering. The heating bill is very expensive. I wouldn't change it though and love all the features.

Could you rent the basement out as a holiday flat? You might get a better return and not have to permanently have someone living below you.

Absolutely, we live in a seaside holiday resort and I would think this is definitely something we could do. Sorry to hear you've had a lot of problems with your property I do hope things ease up on the problem front for you - it sounds like it would be amazing.

Norma_Desmond

I'd go for it, although that's the romantic in me speaking!

DH and I bought this big, ancient rambling house as a virtual shell almost 8 years ago, and yes it is expensive to maintain and heat etc., but we consider it a labour of love because we're not the slightest bit interested in re-sale value as it's our 'forever' home.

One word of warning; if you live by the sea and have a big house, watch out for the inlaws inviting themselves to stay.....:( .

Seriously, good luck if you buy it!

ali-t

You go for it. Essentially, having someone to stay in the granny flat will be no different to living in a block of flats, except you will be vetting the neighbours. Go for it, you know you want to....

gingin_2

Jesswithwings wrote: »

Absolutely, we live in a seaside holiday resort and I would think this is definitely something we could do. Sorry to hear you've had a lot of problems with your property I do hope things ease up on the problem front for you - it sounds like it would be amazing.

Noooo, we love it, it's just the unexpected bits and pieces.

I don't know if you have many language schools in your area but if you have spare bedrooms you could consider renting them out for 6 weeks. Here it works out that you take a 15-18 year old European student in the holidays and provide them with half board. The language school take care of them during the day and most evenings and all you need to provide is a bedroom and half board. A friend makes £2200 for the 6 week holiday for one room.

busiscoming2

It sounds wonderful. You are very lucky to be in a financial position to be able to even contemplate doing this. I am risk averse myself but would absolutely love the opportunity of something like this. You seem to have the good advice of family members to help you decide.

Good luck!

gallygirl

pitkin2020 wrote: »

You only get anywhere in life by taking a risk!!

I would disagree & say you only get anywhere in life by taking a CALCULATED risk - which is sounds like you are doing.

Would the granny flat have a separate entrance & could you give it its' own garden (increasing its' rentability).

Do you need planning permission to do it?

Would you consider making it a completely separate property then selling it?

Jesswithwings

The flat does have its own entrance and I guess we could cordon off an area of the garden to give the tennant their own garden, although I'd prefer not to.

We have LOADS of language schools here, absolutely stacks and stacks! so renting to students is definitely a possibilty -we'd prefer to have older students though rather than high school age (I see a lot of them at work, coming in absolutey plastered out of their minds and I wouldn't be able to have young teenagers coming home drunk. if they are over 18, they can use their separate entrance and do what they like) either that or I'd be very happy to have the teachers stay.

I definitely dont want to go into such a huge financial commitment without having explored all the pros and cons, it could be that we are able to make money from the flat and that would be a dream come true- or it could be that we end up financially screwed in which case it would be a living nighmare so thank you everyone for your input, it is very valued.

itzmee

If the granny flat is self contained with separate access then you would need to check whether your mortgage lender is happy with this as some may not lend on a property that could potentially be let out especially if you have a residential mortgage.