Detached garage conversion

pcstiby

I have a garage at the end of my garden which need replacing and the property width is large enough to build a one bed bungalow (current idea is an open plan louge, kitchen, diner, small conservatory, bedroom with shower room) and small garden area (no parking unfortunatly, unless I build two story with ground floor housing garage).

I am not a property developer but am looking for options and advice so if you have any experience, knowledge, advice, etc... That would be much appreciated.

I need to know what I have to do regarding viability of this project, and finance options (loan, remortgage, family/friend investment with % profit return, etc..)

Please help

nick22abdn

Firstly go and have a chat with the local planners to see about viability of the project - will it have access independant from your property, their views on brownfield development in your area, ridgeheights, % of land to be developed etc. To get a rough approximation of costs pick up a copy of Homebuilding and Renovating. They have a chart in the back giving average build costs per sq metre for all different sizes of properties in different locations. Then check with local agents to see the potential end value of the property