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5 & 6 BAILEY COURT
COLBURN BUSINESS PARK
Estate Agency Offices are located in
BARNARD CASTLE, BOROUGHBRIDGE & RICHMOND
Residential Management Team
If recent experience is anything to go by, the rural land and property market following the BREXIT vote has been resilient; a sure sign of confidence in the market for the moment at least.
Some local investors seem unfazed by the potential implications of life beyond the EU and there remains strong competition for land and property which has the potential for development, diversification or conversion.
In many cases interest extends beyond the bricks and mortar of the main dwelling or farmstead and instead attention is being turned to outbuildings, stable blocks, garages and other unused space; space that has potential to be turned into something unique and generate additional income or add value.
Our lifestyles now require properties to perform multiple functions from that of a family home, a work environment, or a means of income generation or entertainment centre. As land and estate agents we often come across some interesting uses of land and property. Most common are residential conversions of barns and traditional farm buildings; however home gyms, wine cellars, swimming pools and car collections have all been incorporated into otherwise redundant buildings and rooms.
Residential conversions can create income generation, both as long term accommodation when rented out, or short term holiday lets, subject to the necessary consents and there are of course pros and cons for each. Whilst additional bedrooms are useful, dressing rooms and en-suite bathrooms have become popular trade-offs as people strive to maximise value.
By their nature, rural properties and traditional farm buildings are not always the easiest of buildings to convert. Quite often it would make more economic sense to demolish a building and rebuild it with modern materials than it would to restore it to the original fabric, however protection is often afforded to such buildings by listing or inclusion within a conservation area.
If you are considering an alternative use for a room or building, then it is important that you seek professional advice early as there may be wider issues that you may not be aware of. It is worthwhile remembering that not all alterations and additions always add value, in some cases they could be detrimental and affect future saleability.
GSC Grays offer a variety of professional services to rural land and property owners, including valuations, surveys and planning and development. We also work with a variety of industry professionals to offer you tailored expert advice. Please do not hesitate to contact your nearest GSC Grays office to discuss your requirements in more detail.
[team-member name=”Alexander Morrison”]