This is difficult to put into words but here goes!
Keith had been working in IT as a project manager/consultant but after the flurry of activity over the millennium there was a downturn in this type of work. At the same time, he ended up as the owner of a property in Devon that was operating as a hotel. Unfortunately, it was not performing at its best.
At this time, Mary was retired and looking forward to an easy life!
Easton House |
In the summer of 2001, we both came to the conclusion that the best option was to take over the running of the hotel so that it could be sold either as a large private house or as a business. We took on all the work ourselves and had to work a minimum of 18 hours a day, Mary as chef, chambermaid, laundry scivvy, etc. with Keith as chambermaid, waiter, barman, maintenance man, gardener, etc. |
It took us a year, but by the summer of 2002 we were getting plenty of guests, more and more positive reviews and were starting to make a profit. We also had a buyer!!
What to do next? The options were:
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a) Buy a yacht and sail off into the sunset. |
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b) Go into the property development business. |
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c) Buy a property and rent it out |
| d) Buy a smallholding, rent out part of it and live the rural lifestyle. |
a) - Mary decided we were not fit enough for this option - sadly Keith had to agree with her. Therefore, options "b", "c" and "d" were researched in depth.
b) - Despite all the TV programmes showing how this option was supposed to make money (or maybe because there were so many of them), we were unable to find a property that needed renovating at a price that would make it both worthwhile and profitable.
c) - We toured around most of southern England, trying to find a house that we could afford and that was suitable for the letting market. There were some possibilities, but the high capital cost against the relatively low rents meant we we unable to find the right property.
d) - At the same time we looked at properties with both land and a second house or cottage that could be used for holiday lets. We did find potential properties, particularly in Wales, but they would have taken all our cash and necessitated the sale of the Alresford house. We also looked at property in France, attracted by tales of the bargains to be had.
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A search of the Internet showed us that prices were indeed lower in France. Neither of us speaks much French; we can get by but are very far from fluent. In the end, we bit the bullet and, in November 2002, we booked the ferry and packed sleeping bags, car fridge and picnic hamper in the boot of the car. We already had some viewings arranged. Our first visit highlighted that good properties and good locations were hard to find together. We also noticed that the prices quoted by some agents to the English were somewhat higher than those proposed to French buyers. We did find one property that had most of what we wanted and made an offer; unfortunately a French couple were also after it and the owner decided to sell to them. |
The House
and Cottage |
Market Day |
We returned home, somewhat disillusioned, but still keen to find somewhere. There was nothing for it but to book the ferry again and burn shoe leather by visiting the notaires' offices and the local French agents. This visit was much more profitable. We looked at a number of good properties, and, searching for one we were told about by people in our hotel, we managed to arrive at the door of the agency marketing "Le Moulin de Chaquel - un petit coin de paradis". |
The price was more than we could afford, but the agent said it was a difficult property to value, so make the owners an offer anyway - the French do drive a harder bargain than we do. To our surprise our offer was accepted and so the project began!...
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