Foreign Property News | Posted by Hnin Ei Khin
Deciding to quit the city and set up home in the countryside has become a bigger priority for some people due to the lockdown.
Those in cities who have spent weeks indoors without access to green open spaces may be, understandably, keen to make imminent changes to their living arrangements.
But if working from home isn't an option, and you don't want a long commute, can you make a move to the country pay by buying a property with a business attached?
We take a look at a selection of such homes, ranging from a successful bed and breakfast in Bristol, to a luxury vineyard in West Sussex that produces a range of wines under the Kingscote label.
Buying such a property could mean a new way of life, combining a new home alongside an on-site business that provides a different source of income.
But finding the right one is not easy and you must do your due diligence and make sure that the business really does pay its way. You'll also need to evaluate what part of the asking price represents the business and its prospects and what represents the home itself. Some will prove prohibitively expensive for most buyers, such as the £6.75million vineyard and five bedroom house in West Sussex that we found.
While not all business properties will declare their financial figures in estate agent listings, there are some that are willing to announce their success.
Among those we looked at, this included a garden centre and nursery business, which comes with a two-bedroom house set in 3.65 acres in West Yorkshire.
The property for sale has a price tag of £400,000 and includes garden stock of £35,000. The agent handling the sale, Ernest Wilson, does not reveal the business's profit.
However, it does outline its weekly turnover in the marketing literature, saying: 'The weekly turnover is £1,200. The business is 100 per cent retail and works on impressive profit margins. It has done much higher turnover but the current owners run the business to suit their lifestyle,' it added.
A host of surveys have indicated that homebuyers' preferences have shifted due to the coronavirus crisis and lockdown, with a desire to be out-of-town more prevalent.
It might also mean combining a passion with a home, such as the £1.35million property with an equestrian centre we found in Sicklesmere, Suffolk.
The viability of working from home has opened up wider areas, although many employees may still need their employers to confirm this arrangement can continue for at least some of the week after lockdown.
Tom Parker, of property website Zoopla, said: 'There's no doubt homeowners and renters are re-evaluating their work-life balance.
'Ten weeks of lockdown and working from home have caused many to consider the suitability of their property, causing a spike in demand for home moves.
'The changing economic landscape is also causing people to consider a switch in career, so properties with a business attached are a natural first port of call for those looking for a life change.'
Finding a home that satisfies both living and working needs is not easy, however. There is a wide range of options, but many are expensive.
Meanwhile, financials must be carefully checked and getting a mortgage is more complicated than when buying a straightforward owner-occupier home.
Mr Parker added: 'From kennels to B&Bs, there is a host of options out there for those in search of a slice of the 'good life'.
'This type of business often comes with a home included, meaning you can live and work in the same location.'
An example of this is the four-bedroom bungalow in Surrey we found for sale at £995,000, with its own kennels.
Ben Johnston, of property app Houso, suggested that a B&B could offer an ideal lifestyle change following the coronavirus lockdown, as more people look to holiday in Britain.
He said: 'With Covid-19 making international travel much less likely for the foreseeable future, the appeal of staycations in Britain is set to rise considerably.
'Buying a property with a ready-made business attached, geared up to take advantage of this trend is a highly attractive option, particularly for those looking to leave big cities themselves and set up home somewhere a little more remote.'
Another option is to find a property with an annexe or separate building that can be used as a holiday let. While this may not provide enough income to live on, it might boost your incomings enough to cover a drop in salary from moving away from the city, Among the properties we looked at, we found two B&Bs, one in Fort William, Scotland, for £495,000, and one in Bristol for £949,950 which says it makes a profit of £46,000 a year, We also discovered a home with holiday lets near Truro, in Cornwall, costing £1.45million.
Ref: Daily Mail