Man blows retirement on house in the middle of nowhere

[Dave Bloke]

Here's an interesting story

https://snowheads.com/ski-forum/viewtopic.php?t=157341

> properties in our budget (no more than 350-400,000 euros) seem to have vaporized. So we've, um, adjusted our expectations downward, and would consider something that needs renovation.

and a year later

> We did in fact buy an old farm, in the Alps, on a hectare of land, for 270,000 euros!

> He came in at 350-450k, assuming we don't do much to the ground floor except move a bathroom, skim coat walls and redo kitchen.

> We were going to get a mortgage for half the cost, to finance renovations. But the mortgage process in France right now is nearly impossible.

> And then the dollar started strengthening (we're american so have our investments in the US). We decided to take advantage of the forex by paying all cash.

> The main floor is inhabitable, and there is a great stonking behemoth of an oil furnace! We've laid in 1,000 liters of heating oil which the previous owners have told us will get us through a year

So the guy has bought a ruined farmhouse near Nancy en Cluses for 700K (with cheapest renovation quote) having originally wanted to spend 400K max and this in a difficult mortgage market just as we are about to enter a recession and the place needs a huge oil heater just to keep it warm. Oh and oil boilers are banned in France now so he'll have to replace that with a heat pump or something.

[RWJ]

Presumably snowheads is a forum for those coked out their tits because he must've been for that to seem like a good idea.

[Dave Bloke]

Just now, RWJ said:

Presumably snowheads is a forum for those coked out their tits because he must've been for that to seem like a good idea.

yes I think they've been snorting too much of the white stuff

[GTM]

29 minutes ago, Dave Bloke said:

We did in fact buy an old farm, in the Alps, on a hectare of land, for 270,000 euros!

Whoever sold that would have been breaking out the champagne when the money landed in their account. I'll bet they couldn't believe their luck.

[HousePriceMania]

37 minutes ago, RWJ said:

Presumably snowheads is a forum for those coked out their tits because he must've been for that to seem like a good idea mumsentters from Surrey.

 

[reformed nice guy]

When the zombie apocalypse happens he will be happy.for the rest of the house price market it will lead to gains of only 2% yoy

[With a crooked smile]

2 hours ago, HousePriceMania said:

 

Don't you have history with France? How did that go?

[A_P]

2 hours ago, With a crooked smile said:

Don't you have history with France? How did that go?

Allo Allo on boxset ?

[Dave Bloke]

I'm mean, maybe his retirement funds are better in Bricks and Mortar in France than American dollars but his 400K renovation charge would buy him an apartment in the Alps.

[Boon]

Its been popularised for a while hasn't it with the 'return to chateau' bullshit.

I do know of friend of family who bought a massive old house over there, pre-pandemic. Aim to become some kind of small hotel. I'm guessing they are bloody lucky as mortgages are mostly fixed and also no massive price rises in gas due to the French protecting them.

Only thing that could threaten is if the locals get pissed off with all the Brits buying up their properties on the cheap. It probably wouldn't have happened if most big properties here were at prices that made no sense.

[Frank Hovis]

10 hours ago, Boon said:

Its been popularised for a while hasn't it with the 'return to chateau' bullshit.

I do know of friend of family who bought a massive old house over there, pre-pandemic. Aim to become some kind of small hotel. I'm guessing they are bloody lucky as mortgages are mostly fixed and also no massive price rises in gas due to the French protecting them.

Only thing that could threaten is if the locals get pissed off with all the Brits buying up their properties on the cheap. It probably wouldn't have happened if most big properties here were at prices that made no sense.

 

My parents have been watching "we bought a village" which is all Brits buying abandoned isolated rural villages in rural Spain, France, Italy and renovating them to attract other holidaying Brits in order to give themselves an income.

I'd say that it's going to work out well for the featured ones with all the free hours of TV advertising but the second wave "inspired" by the series are going to end up potless.

[With a crooked smile]

28 minutes ago, Frank Hovis said:

 

My parents have been watching "we bought a village" which is all Brits buying abandoned isolated rural villages in rural Spain, France, Italy and renovating them to attract other holidaying Brits in order to give themselves an income.

I'd say that it's going to work out well for the featured ones with all the free hours of TV advertising but the second wave "inspired" by the series are going to end up potless.

My thoughts have always been if it's a great idea why aren't the locals doing it?

[Frank Hovis]

Just now, With a crooked smile said:

My thoughts have always been if it's a great idea why aren't the locals doing it?

 

Well speaking as someone in a tourist destination I would suggest that the locals aren't doing it because they don't wish to attract tourists; they like it as it is.

Wouldn't you like to live somewhere so quiet, and with such cheap housing, that some villages are even abandoned? How pleasant that would be for a Sunday afternoon stroll to look around the ruins.

It's local / national government that wants the tax revenues from tourism which is encouraging this practice.

[Dave Bloke]

1 hour ago, Frank Hovis said:

Wouldn't you like to live somewhere so quiet, and with such cheap housing, that some villages are even abandoned? How pleasant that would be for a Sunday afternoon stroll to look around the ruins.

They've been abandoned because there is no economic activity. That also means those areas have been abandoned by the state: no doctors, dentists, shops etc. No petrol stations for miles, no telephone or post, maybe no electric, delivery costs for fuel very high. It is a total nightmare to live unless you are a hermit.

The French don't do up old places because it is extremely expensive relative to the value of the property to end up with what is essentially an old house with all the associated issues. I think this will be the case for the American gentleman.

[Inigo]

On 09/09/2022 at 08:49, Frank Hovis said:

 

My parents have been watching "we bought a village" which is all Brits buying abandoned isolated rural villages in rural Spain, France, Italy and renovating them to attract other holidaying Brits in order to give themselves an income.

I'd say that it's going to work out well for the featured ones with all the free hours of TV advertising but the second wave "inspired" by the series are going to end up potless.

Some friends bought an old water mill in deepest, darkest France, several hectares of beautiful countryside and woods.  When they came to sell it, it was on the market for about 4 years.

While there and doing up/letting  various other houses, they met a fellow brit who taught them how to plaster.  Their manor house had been on grand designs (compulsory viewing for ex-pat Brits in their area).  The build stalled as they ran out of money.  They went to their suppliers (windows, roof, etc) and said that there were on grand designs so it was good advertising.  He reckons that they got about £250k worth of stuff for free.

[haroldshand]

I think it was only about 10 to 15 years ago and as a big UK traveller who was covering 60,000 miles yearly I got to know a lot of places. My biggest thing was picking out beautiful great spots that were as good as the "cool famous places" but just had not caught on yet, it's amazing how snobby people were and have to be told what's cool before they jump in.

For example there was the scenic route between Stowmarket to Framlingham in Suffolk which also was not far from the popular Southwold, prices in some of these brilliant villages were dirt cheap but everyone has caught on now, no such thing any longer as a kept quite little gem