If you have lived in or owned a house for a long time, it can be hard to imagine the property as flats. However, conversions from houses to flats are growing in popularity because of the potential financial gains.
For most, it is solely a business decision. If you are in an area where there is a high demand for flats, rental income can be maximised in the short-term, whilst developments can impact positively on the profits of property sales in the long-term.
Here is a short guide on what to consider if taking the step to convert your property into flats.
Research
Before you start planning how you’re going to achieve this feat, it’s important to take a step back and think about whether there is really a need in the area.
For example, Birmingham has the lowest turnover of tenants in the UK. This signifies that there isn’t enough availability on the market; more property to rent in this area would seem to be ideal. A local estate agent will be able to give advice on what properties and which areas are in high demand.
Planning permission
Depending on the scale of the development, you will likely need planning permission. Special permission will be needed if the building is listed or if you need to demolish parts of the house in the process.
Contact your local council’s planning department and if you’re given the go-ahead, you’ll need to apply for Building Regulations before you progress.
Costs
Again, costs will vary from property to property. New kitchens and bathrooms are likely, but as for rerouting the water supply and adding emergency exits, this can depend on a number of factors.
Some costs that you’ll need to budget for include:
- Planning approval
- Installing new utilities
- Soundproofing
- Boilers
- Creating a new entrance/exit
- Heating systems
- Decorating
Inventory services for landlords
For new landlords in the Birmingham area, Skribes is a local independent inventory and property services specialist. We provide landlords with inventory reports, check-in reports, interim reports, check-out reports and legionella reports, all of which are vital to minimising issues that arise when a tenant’s contract has ended.
To find out how we can help you to manage your property, call us today on 07891 551905 or email info@skribes.co.uk.