pros and cons ....thinking of buying a property.

frosty

hi everyone,

I have seen a house I would like to buy,its a 3 bedroom house with a pub attached that could be turned into another 3 bed house,there is also a steading included with full planning permission to convert into residential....all for £150.000.
We own the house we live in,my husbands income is £40,000 and I earn about £6,300.we have no debt and very low outgoings. We are viewing this afternoon,we have about £80,000 in savings.We have never done anything like this before and was wondering if its a good investment.thanks

ACG

Difficult to say without knowing where you are and the house price but it sounds good to me. convert the pub, rent the 2 out and you have a regular income of maybe £1k a month if not more....but it does depend where you live.

Thrugelmir

Cost the conversion. Maybe more expensive than you realise.

A lot will depend on the original layout of the pub as to its suitability as a residential property. Not all ex-commercial premises make good homes without serious modification.

GMS

If it was as wasy as you think why hasn't it been snapped up by a professional developer?

Plenty of potential pitfalls involved. Refinancing a newly converted property can be difficult and refinancing commercial finance is another potential issue.

Make sure you get all of the costings done, allow a contingency and work out your strategy when finished i.e make sure a mortgage looks possible if you were to rent it out.