The renovation of abandoned farm buildings can provide crucial extra revenue

The recent success of the BBC's Restoration Village has seen a dramatic number of people turning their attention towards the renovation of abandoned countryside buildings. This has seen a particularly rapidly increasing trend within the agricultural sector; if you're a farmer and you own a redundant building, renovation may be an excellent way to diversify and raise your revenue.

Diversification, however, can be a particular problem for farmers and a seemingly daunting risk to take. Yet, many abandoned farm buildings may make excellent craft workshops, rural meeting places, stores or office facilities, particularly if they are located near a main road. This type of renovation can however be costly; Local Authorities often require that owners obtain planning permission before changing the designated usage of a building; these costs may differ widely depending on the area and the extent of the conversion work required. Yet some owners may be able to obtain grants for certain renovation work, and some banks may even be prepared to provide support for business plans that seem professional, well prepared and potentially lucrative. Often, if the conversion is successful, the costs of refurbishing abandoned farm buildings will be far outweighed by the benefits it will reap.

If the renovation project aims towards renting, rental income can vary greatly from £2 to well over £5 per square foot, depending on location, size of building, quality and a variety of other factors. If rural workshop units or office facilities are being set up, then adequate car parking facilities will also need to be provided for staff, customers and trade service providers.

Novice landlords may come up against some general problems, such as how to decide prospective tenants, and how to draw up a watertight lease. Generally, most landlords should obtain references before deciding on tenants, as well as credit references, bank references and, in some cases, references from the prospective tenant's accountant or financial adviser. The taking of an initial deposit is often wise, as is collecting rent quarterly in advance, and leases should be drawn up to diminish the possibility of further expenditure by the landlord during the term of the lease.

As well as refurbishing abandoned farm buildings to create workshop or office space, farmers in tourist regions may convert redundant buildings into holiday accommodation, in order to generate a high amount of letting income. However conversions to residential homes or rooms generally cost much more than comparatively simple workshop conversions, and this kind of decision requires much more thought and a hefty business plan behind it.

If you are the owner of redundant farm buildings and are thinking of diversifying, there are many estate agents and property market organisations, such as Prime Location, who offer advice and information on making better use of country properties, as well as offering a wide variety of ads for farms, estates and land up for sale or rent.

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