Turning My 4 Bed Link Detached Into Flats...

[Gel]

I don't even know if I would get planning permission yet but the Electrics and Plumbing will need to both be completely replaced. It has a gas supply but I am thinking of ripping it all out and having electric/storage heaters and an electric hob and boiler like modern flats have.

I am putting 20k aside for the job, my Dad thinks that is too much but he still works in yards not metres lol.

Should I get a contracter in for the job or idependant Electricians, plumbers etc?

I had it valued at 140k but two flats would be worth 105k each according to the same valuers

I have no idea where to start!

Pictures of the house below

Edited September 6, 2005 by Gel

[paying_some_b*stards_mortgage]

Just a thought - do you think that Britain needs more flats right now? Flats are flying up all over the place - its decent, family houses i.e. 4 bedroom places where a family can live, that are in short supply, as far as I can see.

[Gel]

Just a thought - do you think that Britain needs more flats right now? Flats are flying up all over the place - its decent, family houses i.e. 4 bedroom places where a family can live, that are in short supply, as far as I can see.

<{POST_SNAPBACK}>

Thing is, how many families that need a 4 bed house will be renters. If you have 2 kids then you probably will already be on the housing ladder?

Plus it's all about money.

As it stands my property is worth £700 pm in rent, two flats are worth £495 pm each.

I don't intend on staying there but don't want to sell it on, it's too big an investment in my eyes.

[Guest Guy_Montag]

For my two cents, as a renter there is only one thing that will put me off completely & absolutely: Electric heating.

It may just be me, but I would never again live in a flat without gas central heating. I did that once, it cost me a fortune in electric bills & never heated the flat properly.

[Gel]

For my two cents, as a renter there is only one thing that will put me off completely & absolutely: Electric heating.

It may just be me, but I would never again live in a flat without gas central heating.  I did that once, it cost me a fortune in electric bills & never heated the flat properly.

<{POST_SNAPBACK}>

I agree with you guy, I was thinking more as an aspect of safety than anything else.

Chris

[paulina]

I recently explored the possibility of converting a run down 3 bed terrace into a studio flat (downstairs) and two bed maisonette (upstairs). Central heating, electrics, kitchens and bathrooms would all be new and self-contained. I was planning to lease the property(s) to the local council. They would have given grants up to £10k per property in return for long leases so it looked like a good deal. I got planning permission which required all work to be done in accordance with building regs - in particular sound proofing and fire escape facilities. I went as far as to get quotes from 3 builders. After VAT they came in at over £50k. I decided not to bother. Probably it would be cheaper if the properties were not going to be completely self-contained (with separate meters etc). Or maybe I just picked the wrong builders?

Paulina

[Bill der]

I don't even know if I would get planning permission yet but the Electrics and Plumbing will need to both be completely replaced. It has a gas supply but I am thinking of ripping it all out and having electric/storage heaters and an electric hob and boiler like modern flats have.

I am putting 20k aside for the job, my Dad thinks that is too much but he still works in yards not metres lol.

Should I get a contracter in for the job or idependant Electricians, plumbers etc?

I had it valued at 140k but two flats would be worth 105k each according to the same valuers

I have no idea where to start!

Pictures of the house below

As a businessman you should do what is most profitable for you.

Gas inspections are required by law and can be expensive. The more appliances then the more cost to you.

If you can do the electrical work yourself then do it.

When finished simply pay an electrician to inspect your work.

Personaly I stay away from gas as much as possible

Why not contact local letting agents and get their opinions. They will know what is most popular for renting.

If you intend to sell then go to HOUSEPRICES.co.uk Type in your postcode and judge for yourself

Hope this has been of some use.

[anto]

Don't just take the agent's valuation when calculating profit; look at land registry prices and see what similar flats in the area have sold for recently (and not only the price they were advertised for) - that's a better guide.

If there are few or no recent sales, then ask yourself if this is an area where flats are in demand; I don't know your street, but it looks like a nice family neighbourhood - perhaps not top of the list for young single renters who often look the buzz and convenience of the town centre.

Also bear in mind that the market for flats may be oversupplied at the moment, and there is deflation taking place already in some towns. So even with an accurate valuation, by the time you come to sell it might harder to sell two flats than a 4 bed house.

I don't want to put you off, but be sure you understand all the risks before you commit yourself.

[E Powell]

Gel

I think you have set a good business plan. I would not use native builders they are

too expensive. I recently converted several of my properties into flats I sold the last

one in July 2004 to some stupid FTBs. I had a some East Europeans to do the conversions.

I know of several quality outfits operating in the Midlands and South. The group that did

my conversions did first class job. They would put the native builders to shame. The most

important thing for me as a businessman they were cheap and reliable. Remember native

builders would have had a tea break and read the scum every 10 minutes. These guys

were professional in there approach. I made a healthy profit all invested in other growing

areas. I would call a couple of builders and get several quotes before proceeding.

Time is money in a dying market. If you cannot sell to FTBs then there are plenty of

immigrants coming to the UK to milk the system.

Edited January 13, 2006 by E Powell