Barn conversions

There are many dreamy barn opportunities, with equally dreamy asking prices. By our calculations, the completed cost per square foot compared to a new build is significantly higher. Can the final value warrant the additional spend?

We looked at two examples recently, both quite different in proposition.

The first a cow shed measuring 22m x 17m, and planning over one floor giving about 4000sqft. Composed as a modern I beam structure, it sits in four acres and within 40minutes driving range of major Yorkshire towns. The asking is £600,000, we estimate a high spec build cost of £350,000 where the self-builder project manages and completes a lot of work themselves, but reaching up to £700,000 using a general builder to do everything. Located just outside Harrogate unique propositions like this ask as much as £1,400,000, that’s a huge outlay and too rich and risky for the gains.

The significant cost uplifts for this particular barn compared to a ground up new build, 1/ over one floor a three times larger roof, 2/ ceilings, reaching 6m, the longer and taller external walls brings about five times more brick and cladding, 3/ The front opening has an approved design which is mostly sheet glass requiring structural frames, which come at a premium. All that extra external surface area increases the maintenance and service cost.

The second barn, much more traditional built of stone with a slate roof, has a smaller 1200 sqft ground floor, with high ceilings but not enough height for a second floor. It would require an equal size extension to the rear with height for a second floor by going a little subterranean, to bring the building to 3000sqft plus garage. It’s location one mile up a hill overlooks a sweeping valley onto rolling green hills at the foot of the Yorkshire dales. The asking is £300,000, we reckon build costs could be kept to £250,000 with a very tight budget.

The single biggest challenge with a barn conversion, it’s hard to budget, unlike a ground up build it may need serious remedial work, and if planning agreement comes from Class Q permitted, the structure can not be dismantled and rebuilt. Class Q’s need a post of it’s own!

There’s no big conclusion to this article, only that conversions can present unique opportunities, but have reduced opportunity for equity gain and bring increased risk.

We will keep an open mind for barns, because they often come in idyllic rural locations with land, although the outset unlikely to be our final path because we’d need to settle for a smaller property at our budget… I can imagine re-visiting these wise words in a later reality!