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What is more valuable, a registered guest house or deregistering to a residential property.

by vega 15 March 2010 |

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My wife and I are several years over retirement age and cannot cope as we once did. We wish to sell and retire finally. The market is difficult both for selling commercial or residential property but we have an opportunity to de-register to a residential status. Is the value of a residential higher than a business property at this point in time and what do the panel consider the best option.

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manzanilla posted
It depends on your local area - no point in us guessing. You need to talk to local estate agents.
manzanilla
Posted on 15 March 2010 | Love 0 loves Report
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Swarbs posted
In general, a residential property will be more valuable than the equivalent commercial property, because there is more demand for residential property when compared to supply in the UK. However, as manzanilla notes, this is not the case for everywhere: a commercial guest house in a major tourist destination like the Lake District could well be more valuable than the equivalent residential property. Equally, if it's a very large guest house, it may be so big that no one will be interested in it as a residential property. Of course if it is a big guest house in an area with lots of residential demand, you may be able to sell it to a developer who will convert it to flats.
So as you can see, there's lots to consider. The best thing to do is talk to various groups in your local area. Estate agents are a good bet, as are any local developers / builders you may know or can find from the Yellow Pages. You can also look on property websites to find out roughly what it would be worth compared to other properties if you did convert it to a residential home.
Posted on 15 March 2010 | Love 1 love Report
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vega posted
I thank both comments for their time. My thoughts were generally the same but I needed advice from third parties.
If I may add to the original question; should we be in a position to sell to a buyer with say a 70% deposit what do you consider the positive or the negative pitfalls may be, apart from the obvious ones. We have lost buyers in the past when times were better for £100,000 shortfall.
Your comments will be greatly appreciated.
Posted on 16 March 2010 | Love 0 loves Report
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vega posted
I must apologise to the panel for not making one point clear.
I should have pointed out the mortgage offered would be a private one financed by myself.
Should you have any views it would be appreciated
Posted on 17 March 2010 | Love 0 loves Report

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