12 weeks wasted and a few thousand to boot!
Our first foray into the world of commercial to residential conversion has bitten me firmly on my bottom! 😲
FOMO – yep there it is in black & white – FEAR OF MISSING OUT! 🙈
It crept up on me like a copperhead snake, invisible to see until it gets you! It was a sourced deal with great figures (a sourcer I knew, liked and analysed their deals before), great location, nothing too big, worked well with our SSAS (small self-administered scheme); I assessed the deal on the information provided and it worked, there was a sense of urgency and we made the offer. 📝
BINGO, jackpot no missing out here! Solicitor instructed, YIPEE. 🤩 🥳
Not quite so YIPEE more like, crap the title is not accurate – LESSON ONE – I should have checked this before I made the offer, I usually do but FOMO!
Time and effort spent by me and my solicitor to resolve; after all it was in my interests to get it sorted – LESSON TWO – put a cap on how much you want to spend on legals to resolve a problem. 💰 💰
Worked on the budgets, scope of work, researched holiday let demand, occupancy and more…………more being 15 x hand made SASH windows, heritage glass (yep there is different glass), conservation area constraints, supply times from order a mere 7 months (not an issue if you buy the property at the right price), lack of Accoya wood (guess what only one manufacturer abroad processes it and none in the UK until August), Oh and hard wood prices climbing!! 3 sperate quotes, I needed a lay down after……….. 🛏
Revised downwards offer, not accepted! So the question is how to get your ducks in a row, not be pressured by FOMO and find the deal? One would surmise, not always easily….. 🦆 🦆 🦆
When discussing my frustrations, someone recently said to me:
“Regret of time is better than the regret of being stuck in a bad deal” wise words indeed.
My FOMO has now turned into 12 weeks of learning, any regrets NO, because knowing when to walk away from a deal is an important part of being in property! 👍
