Reply #76: I hope you're not going to spend too much on the conversion [View All]

[muriel_volestrangler]

What with the credit crunch, you could give your kids a real long term debt if you borrow to do this. Some people start out these projects saying "it'll pay for itself in just a few years", then they find they've been ripped off by contractors, the guy who advised them in the first place turns out to have been lying about the condition of the place you took over, the street complains you didn't have planning permission, so the local council refuses to pay the part of the bill you thought you could palm off on to them - pretty soon you're left with something worthless you've paid most of your income for, and you're just known in the local paper as "The Torture Guy" rather than "a real estate developer".

Maybe you'd be better off building a holiday home somewhere. I hear Paraguay's nice.