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I have a little dream but it requires everything to stay exactly the same for the next 5ish years

9 replies

MrsRobbieHart · 26/09/2021 20:02

Grin

My grandmother ran a shop and tea rooms in the rural seaside village she raised her family in. We’re talking the 60’s/70’s here. When she closed up, no one ever filled the void. The village has grown massively in the last ten years, lots of new build developments. it gets lots of tourists and has had lots of funding ploughed into it. But no shop and no tea rooms. Everyone has to go to the next bigger village over. After my grandmother died, my grandfather lived alone in a little cottage in the village which has been vacant since his death many years ago. The cottage would be ideal for a shop and tea rooms, there is room for out door dining and even parking. I’ve always wanted to move out there when my DCs were grown (all their friends/hobbies/school etc are in the town we live in now) and live by the beach. There are still lots of my extended family there. But it would take a fair whack of money to buy and make it suitable and it’s not money I would be a good candidate to lend to. I’m a lone parent, working self employed (which covid put the spanner in for the last 18 months!) and I don’t even own my own home, I rent. So no one in their right mind would lend to me. I reckon if I had about 5 years of solid self assessments and my youngest DC would be almost an adult I could do this. But chances are, someone else will have spotted the opportunity before then.

I guess I could do the lottery… Grin

What’s your dream that probably won’t happen?

OP posts:
Brigante9 · 26/09/2021 20:39

Mine probably will happen as long as our health remains good. My dh can retire in 5 years having done his years to get full pension. We’re going to sell up and move rurally with a tiny bit of land and have chickens. What he doesn’t yet know is that I’ll be looking for a nice paddock for the horse too, well he does know, if the horse is still around, he is obviously coming with us. I’d love to have him at home. Of course, I’d need a companion for him....

MrsRobbieHart · 26/09/2021 20:54

Of course, I’d need a companion for him.

Well of course! Grin

OP posts:
2306IRW · 26/09/2021 21:29

Mine is sort of similar to the OP. When child is an adult and moves out etc I'd love to move to the coast and live a simple but fulfilling life if such a thing exists. I love the sea and find it very calming.
The reason I don't know if it would happen is the part where id have to leave friends and family behind... Unless I can take them all with me?

MrsRobbieHart · 26/09/2021 21:33

You could get a house with enough rooms to have them all to visit regularly?

OP posts:
mellicauli · 26/09/2021 22:11

Don't wait 5 years. Do it now. Get a business loan. Rent it out as an airbnb for now with local help cleaning etc, then apply for change of planning permission and do your full plan in 5 years.

MrsRobbieHart · 26/09/2021 22:15

Would anyone give a business loan to me though? It would have to be huge loan to purchase the cottage and land it’s on from the family member who owns it currently and to renovate it. I wouldn’t be making any money on it initially to be able to repay the loan.

OP posts:
Blindleadingtheblind · 27/09/2021 09:58

Could you go into it with a family member maybe? Or find a business partner? As for what anyone would lend to you, you can probably find a broker who specialises in business cases, plus if you had a decent business plan which was fully costed, it would set you in good stead. Look into start up business loans.

Spindrifting · 27/09/2021 10:32

OP, are you on good terms with the family member who now owns your grandfather's house? Is there a reason it has been left vacant for so long?

Would there be a possibility of you experimenting without actually owning the premises, maybe starting out as a pop-up or something, which would let you gauge the amount of interest and likely turnover without a huge initial outlay?

MrsRobbieHart · 27/09/2021 10:38

Thank you both. Going in with a family member might be an option. The house has been vacant as there just hasn’t been anyone who has needed to live there and the person who owns it didn’t want to sell it. It’s family land. A cousin lived there for a while after my GF died but since then it’s just been left. It’s in a state of disrepair now. I could certainly approach the owner and discuss maybe renting it as opposed to buying.

OP posts:
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