Posted: Sunday 11th February 2018
Barn conversions are often regarded as some of the most desirable properties in the UK both for owning and investments. It is interesting that a barn conversion is often compared to Marmite: you either love it or hate it! In this line of thoughts, we can say that this type of property is quite a British thing. Yet, some people steer clear from investing in barn conversions as they are not convinced whether it is worthy or not.
Below you will find five reasons that can make you consider investing in barn conversion property in 2018. We can generally divide them into two main groups: emotional and financial reasons. Here are a few more details about each category:
There is no doubt that a barn carries a certain type of atmosphere and emotions around itself. Starting from the rural setting of its location to the unique atmosphere and history it carries with it, the barn conversion manages to attract both young and old who dream of peaceful yet modern living.
Most often barns are located in peaceful rural places with beautiful nature and many of them offer picturesque views. The fact, that there is land belonging to the farm gives opportunity to the family to either grow its own vegetables, plant beautiful flowers or trees. Living in a converted barn is an excellent way to escape from the hectic life of the city, relax and enjoy life to the fullest.
The authentic atmosphere that the barn exterior brings combines perfectly with the modern interior that is usually achieved after the conversions. Installing the latest and finest appliances for the kitchen and bathroom and the most sophisticated heating system or modern furniture in the living room, makes a barn conversion the preferred property for young people. The unique combination of old and new, history and contemporary solutions attracts property investors as well, since they see the great potential for profit that is associated with such pearls on the market.
As a property investor, you are more interested in the financial aspect of a given investment. The higher profitability and the quicker return on the investment are key factors in determining which property deserves our attention. Barn conversions are a good addition to the property investment portfolio because of these three reasons:
The amendment to the General Permitted Development Order in 2014 made it easier to convert agricultural property into residential property and since then the demand for barn conversions has risen significantly. Despite the lighter procedure, the process is still quite complicated, which means that there are not so many barn conversions available on the market and hence the desire to buy one grows.
Despite their relatively high price, barn conversions are attractive property both for younger generations and older people. There is a steady demand for large and unique properties on the market and the converted barns meet those criteria. Since the buildings are spacious and with distinctive shape, they can be turned into remarkable residential dwellings.
Barns are sold with the land belonging to them. The land forms a good proportion of the price, which is paid for the property and quite often it is more than sufficient for the personal needs of the people living in the converted barn. Therefore, the investor can think of other possibilities to utilize part of this land and generate further profit. If you have no experience dealing with land, it is a good idea to consult an expert in the field.
An old barn can provide the perfect solution for developing the home of your dreams. Quite often barns are located in places, where the chances to receive permission for new constructions are slim or none. Therefore, the barn conversion is the only option for new residential property to appear on the market especially in some sought-after areas. And while the initial price for purchasing the property and its further reconstruction will also be high, the ROI is expected to be worthy. The location of the property is one of the important factors that should be considered when making an investment in a property. Therefore, if a barn offers an excellent location, all the work associated with its conversion is justified, since the demand will be high and hence the profit good.
As a whole, investors need to take into account these financial advantages of barn conversions, when they consider expanding their property investment portfolio.
Having said all that, it is also important to know that there are various peculiarities and potential pitfalls associated with investing in barn conversions. Make sure to do your homework and research all legal aspects related to the permission for converting the property, the fees and taxes associated with it, etc. It is a good idea to consult experts in the field of barn conversion investment who would be able to answer all your questions and guide you throughout the entire project until its successful completion.