House conversions have become exceedingly popular over the years. Throughout the UK, and especially in London, there is a huge demand for rental flats. Many residents either want to rent for ease or simply cannot afford to own.
If you have been considering a house conversion to flats, there are many things you need to plan before you get started.
Know the market
You do not want to convert your home, only to find that there are no tenants. Do some research to find out if single bedroom or studio flats are in demand. During your research, Five Star Management advises you should also investigate the average rental rates in the area.
You cannot begin a house conversion to flats without obtaining the proper planning permissions. The local council will be able to help you get the permissions needed to start building. If you skip this step, you will face legal consequences.
Set a budget
It is not cheap to convert your home. You need to know how much the project will cost before you break ground. Be sure to find a tradesman who can break down the estimated cost for each step.
On average, most homeowners spend at least £25,000 on a basis conversion, but most redesigns cost much higher at £75,000-100,000.
Plan a layout
It is imperative to create a design plan before you start any work. Do find a tradesman who can help with the layout. For example, you will need both a kitchen and a bathroom on each floor.
A sound plan will make sure these are placed in logical areas of your home.
Heating and air
Your house conversion to flats needs to include a separate boiler and heating system for each unit. This cost should be figured into the budget, and you will need to hire a professional who knows how to work specifically with conversions.
Each flat needs its own entrance. While you can use the original entrance for one flat, you will have to add another one for the second flat. Make sure to include this with the design.
The flats also need some amount of soundproofing. There are many ways to reduce sound, and you will also need to find a tradesman who will test your design before locating a tenant.
You will need to have separate utility meters installed in each flat, including gas, electric, and water meters. Speak with the utility providers as soon as possible to schedule installation.
If you do not, you may have to put off your conversion until the meters have been installed.
If you have a mortgage on the property, be sure to speak with the lender before pursuing the conversion. Some lenders will not want to work with you if you follow through with the conversion.
You may need to find a different lender and shop around for better rates.