hows this for an inheritance

[wallace]

A friend of mine recently inherited an old farm from a friend. The guy lived there for 45years up until 4years ago. The house is virtually falling down with one of the chimney stacks collapsed through the gable end. There are a few outbuildings and barns and the remnants of a horse powered gin. It also has 40 acres of land. I didnt even know the place existed and its only a few miles from me. Its litteraly in the middle of a field, all you can hear is a few sheep and birds.
He's probably going to sell being nearly 70 himself. It would take some serious money to bring the place back to life.

 

[AJB Temple]

That's a nice windfall. But it is knock it down and start again territory.

 

[thetyreman]

looks like it has been ruined with modern materials, cement and gypsum plaster e.t.c, would be a hell of a job restoring it, but has potential to be really nice if it was done properly, there is nothing wrong with it, it just needs a lot of work + money.

 

[Trevanion]

That's a nice windfall. But it is knock it down and start again territory.

I've worked on far worse, this would almost count as "livable condition" in Pembrokeshire!

 

[Lons]

Loads of potential.
An estate agent description would be minor upgrade needed, perfect to put your own stamp on it .

 

[Cabinetman]

Be interesting to see what happens to it. What sort of area is it Wallace, what county would be near enough?
Thanks Ian

 

[Blackswanwood]

It has the making of a C4 renovation programme.

 

[wallace]

Be interesting to see what happens to it. What sort of area is it Wallace, what county would be near enough?
Thanks Ian

Its in county durham between the slightly affluent area of kirk merrington and ferryhill which is an old mining town. Initial values being bandied around are about £500k and £750k, which seems too cheap to me, but this is the north east so generally stuff is cheap.
I think this is the approximate area, it used to include the wood and more fields but bits got sold off.

 

[Lons]

Looks cheap to me as well wallace. I'd have said at least the top end of that valuation upwards as the land looks as if it might be decent grazing quality, difficult to see but even poor grazing is maybe £3k an acre and decent 3 or 4 times that, plus it's close enough to Durham to add to the valuation. Presumably it has mains water and electricity looking at the proximity to other properties. Probably a septic tank for waste but that's not an issue.

The cost of building renovation or new build would be substantial but the potential excellent especially with the outbuildings and subject to permissions maybe a holiday complex and caravan/motorhome site? All subject to approval. I was trying to remember the cost of our grade2 stable conversion which was more substantial than that. I think I still have the figures somewhere though it's way out of date now.

I've just had a quick look and I bet the farmer next door would be interested in some of the land at least.