Hi all,
This is likely a bit of a cross over really. It has always been a dream of mine to do a self build for myself and/or to get into some sort of property development alongside my current full time job.
I have been on the look out for properties and land that tick the boxes for me in terms of taking the first step on the ladder and also done plenty of reading and research into self builds, etc.
At the moment, I have my eye on two potential opportunities but both are very different - details of both are attached.
The first one is a development plot that is on the market for £165k. It is effectively a tractor shed and accompanying land with planning permission to change the current tractor to shed into a pair of architect designed semi detached properties. Under the current plans, one dwelling would be a three bedroom property and the other a one bedroom property and both properties will have an additional mezzanine level that could be used as additional storage space. The property comes with considerable land and is adjacent to open countryside to the side and rear.
This is the more interesting of the two. My initial thoughts would be to convert the shed into semi-detached properties (potentially live in one short term) and once completed, separate the two properties from the remaining land, sell them both and put any profit towards doing a self build one larger detached dwelling within the section outlined in blue (subject to planning, obviously). If not, then potentially to just sell the properties and make a profit to put into another project.
I fear that I am making that sound more straight forward that it perhaps might be, however.
The second one is completely different, it is a rurally based stone built 4 bed farm cottage with existing outbuildings set on a private lane with detached garage, oversized drive and large garden. It is on the market for £395k. The cottage itself is more than habital but is desperate need of modernisation (however I fear this would be something of a money pit). The bigger appeal with this one is actually the potential for building an additional property at the bottom of the garden (the red outlined section) and again, potentially sectioning the respective properties off and selling the property on once the build is complete. Planning permission may or may not be an issue with that but that is an area where I am a complete novice.
My gut feeling is that option one would be more straight forward, also with less of an initial outlay and already has planning permission. I am in full time employment so whilst I am willing to get my hands dirty when it comes to labour, my DIY skills are almost non-existent so I would be relying on contractors and tradesman for the majority of any work undertaken.
That said, feel free to tell me to 100% steer clear of both if you think both would be a terrible idea as a first venture in property development!
Thanks in advance all.
Tractor Shed.pdf
4 bed farm cottage.pdf
