Animal Barn Converted Into Luxury Holiday Home | No Money Left In | BRR to SA
Hello! I am Samuel Leeds, your property guide and an investor. Making money has so many ways if you do rightly. You have to be focused and determined about what you are going to do. Investing in properties requires proper planning and smartness to utilize your money in a right way. I am standing in one of the high importance areas of the UK and this was an animal barn but its inside look was disgusting. The barn was too messy and wrecked.
My parents bought this type of barn, refurb it beautifully and then converted into a holiday home. Isn’t it amazing? I will tell you the whole process of how it works. So, let’s begin.
Visit to Parent’s Barn
So, I went to my parents’ barn to see what they have done to it. The barn was located in the middle of the field and when I went inside, it seemed to be under construction but the look was amazing. They got this property on an auction. My mother told the story that the property was on auction and we connected through an estate agent. The price was quite high so they decided to give a pre-auction offer. The agent quoted 70 to 100 grands for the property and they got it for 80 thousand grands.
I asked my father to explain what he is going to structure that small barn. He said he will make a small kitchen and beside it there will be a living area with a sofa and a little table. There is also an upstairs area. Couples can enjoy the view, walk outside and have calming vacation here. They just have to come with a bag and we are providing everything, a furnished holiday home. I told my parents that I will be their first guest as soon as it gets ready because it seems very interesting. They have done with a plywood floor and taken out the stairs so that guests don’t have to climb to go up.
My mom told me that it was very hard to get the planning permission as peak districts do not allow permitted developments. My father knows the rules so he went through all the procedures very carefully.
Value of Barn
I asked my father Mr. Gray how much the barn cost him including planning, refurbing and everything. He told me that it took 40k to transform the barn into a luxury holiday resident and he bought this property for 80k. The total cost of this property became 120k and the value expected is 190k. That sounds outstanding, like just a little place holds this much value. Wow!
Me along with my parents went upstairs to see what they had done to it. It was still in progress and not completed. They showed me a decent sized bedroom and bathroom which means guests will stay here and downstairs will have a lounge and kitchen. They are providing the vodafone service for the internet. One strange thing is that there is no electricity there so they are planning to build a generator house which also has batteries for a safe side. RPG gas will be available there. Farmers will bring their sheep in that garden area.
Talking about finance, I asked my father how he financed all this? Tim replied he had 30 thousand pounds, he bridged about 50 thousand grands and the rest of the amount was taken as a loan from different places for refurbishment. He will get commercial type finance when refinancing it as a mortgage.
The Holiday Home Conversion
After the completion of construction of the barn, I went again as a first guest. I was amazed to see the inside look. Nobody can say it was an animal barn before because my parents did an incredible job to turn it into a luxury holiday home. Kitchen was amazingly done which is said to be as ‘wicks kitchen’ with all the cutlery and necessary stuff.
Coming upstairs, I have no words. I mean the room looked so decent and fabulous. It was giving a spacious feeling even though it was furnished. The view was also breathtaking from the room window. The bathroom was also properly developed with everything available in it.
The rent they have decided is 500 to 700 pounds a week and they are expecting 1000 pounds profit per month. Although the amount they have expected to spend cost more than it like Tim thought it would cost 50k but it took around 63k. However, they are hoping for 200 thousand pounds worth of this property which is not bad.
Well this is all for today. You see how my parents worked and converted an animal barn into a beautiful holiday space. I was their first guest but when I left, they got 20 more bookings in the
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