It was originally a freehold terrace house, two up two down, so possible but it would be very cosy upstairs with the shop below, but would work as a house…although I’d have spent nearly all of my money buying it!
I personally wouldn’t spend all my capital on a speculative buy. Or I would ask myself “will I need this money in the future, if it doesn’t work out will I be able to realise my asset fairly quickly, or will it take ages to sell the property?”. Property conversion would take further expenditure. If you do go ahead, when you have had a survey, offer a really cheeky low price. If the present owner is desperate, they might sell. Buy with your head not your heart, and if you end up not getting the property it wasn’t meant to be.
3 Likes
Are you feeling pressure to make a quick decision because you’re being given first refusal? Perhaps if it goes on the market and doesn’t get snapped up, they might reduce the price. If it does get snapped up, perhaps something better may come up soon. Are you just considering it because it’s there and it’s easy? If you’ve spent nearly all you money buying it, you may not have enough for things like business rates, insurance, setting up your business, improvements,etc. It sounds like a big decision to make in a hurry…
4 Likes
Thank you - it’s more tricky than it should be because I’ve got to know the owner while I’ve been renting shelves there, rather than dealing with a stranger.
It’s a huge decision, and u are right - originally I was going to have till February to make a decision, but I do feel a bit of pressure now to make an earlier decision.
As an update, I have decided not to buy the shop.
The shop itself is my dream, but looking at the hard financial facts re: renovation, public liability insurance for workshops, slush fund, rates etc the timing (out of the blue!) is too quick for me, and I worry about it becoming a money pit.
So…no shop…for now!
Sarah x
3 Likes
What a great opportunity. That is one of my dreams too, if it was me I would go for it but obviously you have to really sit down and work out the pros & cons.
1 Like
Sarah
…as one door shuts, another opportunity will arise.
In the mean time you have a wonderful shop here on folksy, no renovations, insurance, rates…and if the timings are all correct, we can all have a collective coffee break and a natter, but round our own workbenches!
Dont give up on the dream, just adjust it slightly for the now,
Suzzie x
7 Likes
What a nice thing to say, Suzzie. I agree … you have a lovely online outlet, Sarah, and coordinated coffee breaks sound fab! I’m sure when the time is right a new opportunity will present itself.
Ali x
1 Like
@thistledownandHOPE @BlackberryLaneStudio thank you 
2 Likes