In part 1, we considered the principles of reconfiguring floorspace and how this strategy can be adapted and applied to projects of all sizes to maximise uplift.
In this article, we will lay out some of the factors that need to be considered when looking at 1 bedroom flats. Although not overly difficult, the reconfiguration of a 1 bedroom flat into a 2 bedroom flat does require careful planning.
So what do I need to consider when looking for deals?:
1) Space is larger than 50 Sqm: Consider the current layout and available space in the flat. Will the new bedroom be able to fit comfortably without feeling cramped or completely sacrificing living space. A lazy developer will rip out the old kitchen, then put a bank of kitchen units on the back wall of the living room. Now, I know this saves space, and technically provides everything you need but the aim is for anyone to walk into the flat, and not realise that it has been reconfigured.
2) Enough Windows throughout: There typically needs to be enough windows to provide good natural light and ventilation for the well-being of occupants. If it is a Freehold flat or house, there is a good chance you could add or move a window, this will typically be in something like a Victorian Conversion, rather than a larger block of flats. Before going ahead with this, ensure you are not removing any load bearing structures.
3) Location of the Soil Pipe (any other difficult plumbing): The soil pipe is the big one. If your project is in a block of flats, with dwellings above and below, then you may not be able to move this pipe, therefore you are limited in where you can relocate the toilet, if you need to.
4) You are Creating a FUNCTIONAL Space: This seems obvious but ask yourself, could you live there? The layout needs to work. Avoid having bathroom access through the kitchen or bedrooms etc. Also think about storage options for the new bedroom. Can you build in a closet or wardrobe, or will you need to incorporate additional storage into the design?
5) Obtain Freeholder Consent for Alterations: This is probably the most important step. Before any works are carried out, ensure that you have written consent from the freeholder for any alterations that you intend to do. It is also worth reading the lease paperwork to understand what may or may not be allowed. The good news is that you can get this permission during the conveyancing process, so do not go ahead with paying for the property until you know what you can do to it.
I hope this gives you a good understanding of what you need to consider when looking to implement this strategy. If you require some help or want a trustworthy partner to work with, we are happy to have the discussion so feel free to reach out.
Our aim is to provide a hands-off service. This means if you don't ever even want to see the property throughout the duration of its lifecycle, you won't have too. We have done this before for our clients based in Germany!
So are you looking for your next investment opportunity?
We understand that you are busy with your own commitments or need someone to help you find and manage your next venture.
Book a no obligation call to discuss your strategy with us today! Then we can get to work in helping you achieve your investment and property goals.
Looking for some more information about what we can do?
Commentaires