A Property Project Of A Lifetime – So Why Am I Not Going To Bid?

25 Jul

Today, it has to be said, I am feeling a bit down.  And I am feeling a bit glum because later on a fantastic property project is going to auction and I am NOT even going to attempt to bid.

And I really hope I have called this right…

So what’s going on?

Well, last week I went to see a Mill for sale.  It’s located one mile from me and it has potential oozing from every beam and from every 1.25 acre which it comes with…oh and did I mention the lake? And I believe I may not have also mentioned the studios and the roundabout.

Yes, that’s how cool and amazing this place is:

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Well, OK maybe that’s an over-sell because if it was so cool and amazing it would have sold on the open market beforehand (when it was priced at £1.25m and now it has an auction guide price of just £500k).

But the fact is it could be amazing and cool.

Which is why I stayed and viewed the property for ONE AND HALF HOURS – which is my longest ever viewing!

And I stayed so long, because while I know the area like the back of my hand, I really wanted to get my head around the project and the property.  And what I could see, and what I believe is: this is a project of a lifetime.  It is the very rare opportunity to create a unique home in a beautiful location – plus it had scope for major further development.

But what turned me on about the project, was also what turned me off.

This is one of those projects which before you know it takes over your entire life and your bank account.  The property will suck you dry of time and money.  Everyday something else will need doing and every month yet another pay packet will be squandered on “things for the Mill”.

And what about the development potential?  Well, then you start to wonder is it a home you are buying or another development scheme?

The fact is, this opportunity is so rare and so fantastic I cannot believe I am not there at the auction room.  But at the same time, I am not ready to give over my life – financially and emotionally.

And so I don’t even trust myself to pop along to the auction room to take a “look” – because this is one of those projects where whatever budget and time frame you thought was going to cover it – it’s going to be a drop in the ocean.

And that’s what I’ve told myself.

Maybe I’m wrong? Maybe this would have turned out all OK – but for now I reckon staying away from the auction room and this project just may well save my life – and my bank account!

* * * UPDATE * * *

Incredibly the Mill sold for just £505k which shows the bargains you can pick up at auction.  Did I make the right call?… Only time will tell!

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