I am in the process of purchasing an investment property which consists of a 4 bed house and shop unit in small rural village ,nearest small town 6 miles away.I intend to let out the house part.The shop part I have 3 different plans drawn up by an architect.Unsure which of these to follow. The 1st.is an after school care centre for approx 10 pupils.There are approx 90 pupils attending local national school .Not sure if there is any demand as most of the children go home directly or are collected by child minders.I have spoken with the local principal ,[a relation of mine] she is not sure if there is a demand or not.This option would not produce any income during school holidays and I would have to employ somebody to run it.I have 27 years of a teaching background myself ,changed careers last Sept.
2nd option is a treatment or therapy room.I am a qualified therapist and fitness instructor myself but this property is 50 miles from my home.I could let it out to other therapists or work from there certain evenings in the month.
3rd.option develop shop unit into a separate apartment for one or 2 people.
I have plans drawn up for all 3 options ,I have to try and decide which route to go especially in relation to planning permission.There seem to be large grants available for the after school care option if that was viable.
The 3rd.option seems the most straight forward.Get one tenant for it.Decentralisation of a gov.dept. is taking place in the nearby town on a small scale in June so maybe this might help. Any advice would be welcome.
2nd option is a treatment or therapy room.I am a qualified therapist and fitness instructor myself but this property is 50 miles from my home.I could let it out to other therapists or work from there certain evenings in the month.
3rd.option develop shop unit into a separate apartment for one or 2 people.
I have plans drawn up for all 3 options ,I have to try and decide which route to go especially in relation to planning permission.There seem to be large grants available for the after school care option if that was viable.
The 3rd.option seems the most straight forward.Get one tenant for it.Decentralisation of a gov.dept. is taking place in the nearby town on a small scale in June so maybe this might help. Any advice would be welcome.