W:Run an Artists retreat. O: As always...money

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W:Run an Artists retreat. O: As always...money

Postby Beebelle » Thu Sep 10, 2009 4:34 am

Dear All, I have an idea for what I consider to be the perfect job/lifestyle for myself. I would love to set up an Artists retreat. I have it all planned out. The house that I live in, my parent's, is a beautiful Georgian house, over looking the sea, with a huge kitchen with an Aga and an island (I helped design it so its my perfect kitchen!), 5 bedrooms, 3 of which are en-suite, two seperate areas in the back garden that could be used as writing spaces/ art studios,with another in the house, over looking the garden, a landscaped garden.... I could go on and on! My vision is this - to have 3 artists/writers come for a week. They each get one of the en-suite rooms. I (combining my love of art/writing/cooking/growing/gardening) cook them their breakfast, set them up in their spaces and leave them be for the day,bar lunchtime, giving myself time to tend the garden, cook the evening meal, work on my own writing/photography art. Within reason Im available to take them on trips to nearby attractions, the scenery around here is beautiful, and then we all get together at the end of the day to sit down to a meal I've prepared and discuss what we've been doing all day. I see myself growing a lot of my own produce, offering as much organic fare as possible. The garden is already set up with a poly tunnel, and bed boxes and we are growing tomatoes and courgettes like no bodies business! Ive been making jam this summer and can see myself indulging my love of all these things and finally finding a way of life that I can say YES! this is what I'm meant to be doing!! I can even see it being a summer only thing, giving me time off in the winter to travel etc. In my wildest dreams I see Barbara hosting one of her scanner retreats here, but more accomadation would have to be found. :wink: Obviously a lot of work needs to be done re pricing and the business side of things, promoting it etc. But a bigger problem then this lies in the fact that my parents house has been valued at €1.2MILLION, and I currently don't have a job, and even if I did I'd never get a loan/mortgage for that kind of money to buy them out, which obviously I need to do as they would be moving to live somewhere else. (BTW I'm not kicking them out!! as if I could. They are planning to move sometime down the road anyway, and I would hate for this house to escape me. I've tried to convince them to GIVE me the house, but strangely enough they're not biting! :lol: ) Anyway, this isn't going to be something that happens to day or tomorrow, but when the time comes that they want to move I want to be in a position to buy the house.... HOW?? Am I mad? Is there anyway this could be done? I really love this house and think it would be an amazing retreat for people. There's a lot going on in Dublin for artists and it would be the perfect combination of EVERYTHING for me. I can really see myself making it a success...bar this one teensy tiny problem! Can anyone help?? Thanks in advance! B.x
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Re: W:Run an Artists retreat. O: As always...money

Postby sallypz » Sat Sep 12, 2009 11:20 am

Sounds wonderful---sort of a bed & breakfast retreat for artists---makes me wish I was an artist and could attend!! Yes, I can understand why you can't convince them to give you the house....but if you're buying it from them (your own parents) do you really need to get a bank involved with a mortgage?? Woulds thgey be interested in a 'rent to own' situation where they are the mortgager?? Then they would be making the price of the house plus the interest rate specified in your written contract with them. Have you discussed your business idea with them? Maybe if they see the value of the idea they would be more willing to go with a rent to own situation?? I'm assuming that when they move they are retiring--would they be interested in a seasonal retirement plan??? They're away at their 'retirement spot' in the summer (or summer/spring) while you are the caretaker for the house and have your retreats at that time..then in winter they move back into their house??? Just a few thoughts.. sallypz (MoxieMe)
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Re: W:Run an Artists retreat. O: As always...money

Postby Beebelle » Sat Sep 12, 2009 1:53 pm

Hey Sallypz, Thanks for replying. There are some really interesting ideas there, but I think it would be hard to convince them to go along with it. Basically, I imagine they need the capital to buy their next house, they want to down size but they want to free up the income that would come from selling so chances are... rent to buy wont work. I'll discuss it with them, but unfortunately I wont hold out much hope. Re the seasonal retirement, I really want all their stuff out of the house! So if they were coming back here sporadically that wouldnt happen...they have a lot of stuff, plus my brother and sisters who have moved out but havent taken their stuff with them...at least if my folks moved house I could get them to take all that with them. Plus my gran lives with us, so I know they wouldnt like to up root her for x months of the year.... Great ideas, but I think just unfeasible at the moment. But I am thinking long term and I figure if I can set myself up with a number of small businesses and have a steady income AND save a massive deposit ( I have a 3 year plan, although Ive no idea if/when theyll move) it could be done....Heres to my freelance writing, photography, hand made crafts and farmers market stall taking off!! Thanks again, B.x
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Re: W:Run an Artists retreat. O: As always...money

Postby AnneSophie » Mon Oct 05, 2009 11:07 am

The problem is more than money, the problem is ownership of the place. If you don't own that beautiful place, all your plans about using the space are for naught. You could talk to your parents about setting up a reverse mortgage on their house so you give them a set amount of money toward the house. If they have other assets, they can gift you part of the house value and find a way not to be unfair to your siblings. You are not in a position of being able to demand that their stuff be out of the house. They probably have a lot of interesting pieces and if their furniture is out of the house how are you going to refurnish such a big house, with no money? What is wrong with keeping your grandma in the house when you are hosting artists? Keeping up with your small businesses is a great way to accumulate money, little by little.
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Re: W:Run an Artists retreat. O: As always...money

Postby Beebelle » Mon Oct 05, 2009 12:08 pm

Hey Annesophie, The problem is not their furniture, more all their junk! It wouldn't work if there were other people in the house. For instance, my gran has one of the en-suite rooms which means there would only be two available for guest. To be honest, Ive put this on the extremely long finger, particularly as they have no intention of moving for some time. Thanks for your ideas! B.x
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Re: W:Run an Artists retreat. O: As always...money

Postby Corona50 » Tue Oct 13, 2009 1:37 am

Hi B Sounds lovely - big Georgian house by the sea; no wonder you want to stay there. What occurred to me was that you have THREE separate problems: 1. Question of ownership (currently your parents own it) 2. Inheritance - your siblings will (no doubt) want a share of it (which, I'm afraid) is very natural. 3. Income - you will need this to both buy the house, and run it. Do you live in a touristy area? Is there a college nearby? A sailing school? A university? A language school? You will need a steadier income that an artists' retreat and doing general B&B would give you that (in the right area). The experience of two friends of mine might help: One owns a very nice house in a very touristy area. She runs a B&B (which she doesn't greatly enjoy doing) but also runs self-development courses there 5-6 times per year (during which she doesn't take general guests). She's managed to maintain a VERY nice ongoing income due to this. Another friend owns a large house in the countryside which she originally owned with 3 siblings (they inherited it when their parents died). She has gone to live there and gradually over the years bought out each siblings' share until she now owns all of it. I know that your parents will need capital to buy their next house - or would they consider renting ? If you turned the house into a B&B and could commit to paying them a regular income every month (to cover their rent/maintenance) then that could be a possibility - although you'd have to make sure this was always paid - i.e. it was have to be TOP PRIORITY. (Or you could see if your siblings would pay some of it - if the house is being maintained as part of their inheritance, they may see it as a worthwhile investment). What also strikes me is that you need legal advice about all the possibilities and their longer term implications. Whatever you decide to do - do a solid Business Plan (get expert advice) so that when they're ready to downshift, you can present them with it. Good Luck!
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