Barn Conversions - funding & pitfalls?
Discussion
Just a query for anyone that has been involved with a Barn Conversion in the past really!
There is a farm with 5 plots for sale near me, and a plot I like the look of. The plot has 3 buildings on it, the first one having planning consent for a 4 bedroom barn conversion, the other 2 having consent for holiday cottages. All 3 detached, consent for detached double garage for main residence, and parking spaces at both detached holiday cottages.
My first question, is does anyone have any experience in funding sources that would do phased release funding - I could buy the plot but would need to mortgage the build. Idea being that whilst I would probably end up with a bigger mortgage than I have now, I could use the holiday let income in the affordability calcs.
Also, given this isn't new build but conversion what pitfalls are there to think about with regards funding etc? Also, as a PAYE employee, can I write off any of the development outlay to help towards the costs?
Any input greatly apprecaited ;o)
There is a farm with 5 plots for sale near me, and a plot I like the look of. The plot has 3 buildings on it, the first one having planning consent for a 4 bedroom barn conversion, the other 2 having consent for holiday cottages. All 3 detached, consent for detached double garage for main residence, and parking spaces at both detached holiday cottages.
My first question, is does anyone have any experience in funding sources that would do phased release funding - I could buy the plot but would need to mortgage the build. Idea being that whilst I would probably end up with a bigger mortgage than I have now, I could use the holiday let income in the affordability calcs.
Also, given this isn't new build but conversion what pitfalls are there to think about with regards funding etc? Also, as a PAYE employee, can I write off any of the development outlay to help towards the costs?
Any input greatly apprecaited ;o)
Could you use the holiday let income in the affordability calls, even if the building have not yet been converted?
For something like this, I would talk to somebody like Handelsbanken, as the local branch managers have far more freedom (and intelligence) than the trained moneys that you'll encounter if you approach the big banks.
For something like this, I would talk to somebody like Handelsbanken, as the local branch managers have far more freedom (and intelligence) than the trained moneys that you'll encounter if you approach the big banks.
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