Converting a house into two or more apartments is becoming increasingly popular. Landlords are tapping into the increased profit-making potential of sub-dividing a property, especially in city locations, where flats are often more sought-after.
More and more homeowners are converting a house into a flat. And it is quite apparent why – the ever-growing demand for flats in London. More homeowners now realise that splitting their property into units helps them increase rental income and increase property value. So how do you convert your house into flats and what are the expected costs? The following guide should help you in this regard.
There are several advantages to sub-dividing a property for letting purposes. These include:
Before you get started
As with any property investment, it’s vital to do your research beforehand. You’ll need to carry out some market research, with a view to find out more about:
Sadly, sub-dividing a property isn’t as easy as simply hiring some builders and getting started. You’ll need to check certain legalities and obtain planning permission.
Once you have found a property that you are interested in, hire a reputable solicitor to work with you. They will carry out all the research required to find out if you’re legally able to convert a house. Be warned, a few homes come with caveats, preventing changes of this nature from taking place. A good solicitor will also be able to guide you through the process of creating leases for the separate apartments. That is important, as you will not be able to sell them without one.
Gaining planning permission starts with a phone call to the local council. Each council has different policies, and these dictate aspects such as the permitted size of each flat, how many rooms they should have, and whether you can even go ahead with the conversion or not.
Once the council has agreed to the changes in principle, it’s time to phone Building Control, who will also have their own requirements. These will determine how you approach the conversion process and will govern aspects such as insulation, fire safety, and security.
When you are working out your budget, bear in mind that you will need to hire someone to draft up some plans. These need to be shown to both the council and Building Control.
Sometimes, there can be complications with getting a mortgage for a property that you intend to sub-divide. If your mortgage lender does refuse, then rest assured, that there are other funding options. For example, you could take out a refurbishment or development loan.
There are other things to consider while budgeting for this type of project:
What can you expect to pay?
Obviously, the cost varies enormously, depending on the area you choose to buy in, the style of property that you purchase, and the sort of conversion you want to carry out. As a ballpark figure, expect to pay around £25,000 for a basic conversion.
The cost of converting a house into a flat depends on the property. The factors influencing the costs include the following:
When converting a house, it must get approval under the Building Regulations. It is required under the Housing Act 2004 for sub-divided buildings to meet standards. Houses that involve multiple occupations should also be licensed. Fire escape concerns will also need to be addressed, requiring you to consult the Fire Service.
Get professional help
We’ve been converting properties into flats for 12 years. With our expert builders, we provide the best service possible.
It is best to seek professional advice. A reputable service can help you with your planning strategy. Property Contractors 247 is here to help you with your house conversions. Submit your enquiry now! Or call us at 020 7916 2087.
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