Important information to know when Converting a house into flats
Converting a house into flats is becoming very popular. Landlords and homeowners are now converting homes into flats because it is a great way to make money. Especially in city locations where flats are becoming in demand more. If you are interested in converting your home, carry on reading.
Make sure you research –
Before you buy or alter any property it is very important that you do in detail research about the property and project.
Here are a few things you should find out more about:
- Desirable areas and upcoming locations. It is important that you buy a property within walking distance of popular transport areas and near local amenities. It is also smart to look for locations that could become popular in the future. There is no point in purchasing a property on a street or area no one wants to live in.
- Property prices. It’s vital to find out what the average house prices are in that area, so you know if you’re overpaying or not. You should also keep in mind that you are converting the property so you don’t want to spend all of your budget.
- The rental market. Finding out what the rental market is like will also help you massively. Knowing if people are looking for flats, who is renting in the area, and what style of home is the most popular will help you in the long run.
Will you need planning permission for converting a house into flats?
Any project that has a large dwelling and splits it into multiple new units will need to undergo a full planning application before they proceed. Each council has different policies and they will dictate the size of the rooms, how many you can have, and if you can even go through with the conversion.
You may have to hire a solicitor to work with you to find out if you are legally able to convert the house. It is also handy to have a solicitor because they can help you create leases for the flats. It’s important to have leases because you won’t be able to sell without them.
Conversion costs –
The cost of converting a house into flats depends on the property and the location. On average the standard conversion should cost around £25,000. Conversions are known to be big projects. This means you should expect the project to take around 6 months to be completed.