Changing a two bed flat to a three bed flat. Worth it?

Springsprung

There is a clever way to change my two bed flat in central (ish) london into a three bed flat. I won't be extending, just swapping some space around. The whole work will be quite expensive, around £19k (when vat is included) because of some complex aspects and building control etc. It's not a huge percentage of the overall value - but I can't decide whether or not to do it. I want to, and was all set to, but the hassle is making me think twice.

And it's a place we plan to sell in a few years.

Obviously the sq ft will be the same - but is a three bedroom flat worth more than a two bedroom flat? (Sq ft is around 1000.)

We're really keen for a return on investment, so more likely to do the work if it means the flat will be worth more!

But does that stuff make a difference? Or are valuations all just about sq ft, location and condition?

jbainbridge

Will the smaller rooms be usable?
Will the freeholder give permission?

Doozergirl

In London, I think it does. There are always going to be crossovers in terms of square footage and numbers of bedrooms, which is where you get crossover in price where some two beds might be more expensive than threes. Don't turn it into tiny boxes though.

You're probably best speaking to an estate agent or making yourself a little spreadsheet of the 2 and 3 bed flats for sale near you, the asking prices and the square footage. Divide asking price by square foot and see if there is an increase in price per foot on smaller 3 bed properties.

I always think it's better to be selling at the lower price end of a large number of bedrooms than at the upper end of fewer. More of a market.

Springsprung

Thanks all!

The existing bedrooms / living space won’t shrink, but I will lose an ensuite.

That’s a good idea about a table of prices of two and three bedroom flats!

We do have permission to do it, subject to building control. Really struggling with whether it’s worth it!

Would an estate agent mind me calling? I wouldn’t be wasting their time as I am not buying anything from them??

Doozergirl

Springsprung wrote: »

Thanks all!

The existing bedrooms / living space won’t shrink, but I will lose an ensuite.

That’s a good idea about a table of prices of two and three bedroom flats!

We do have permission to do it, subject to building control. Really struggling with whether it’s worth it!

Would an estate agent mind me calling? I wouldn’t be wasting their time as I am not buying anything from them??

Estate agents sell things too. It's fine to ask advice based on selling at some point

Maybe go in to the office first, see if you can get the advice without them even coming round. You probably can.

DaftyDuck

A good estate agent will be happy to help, it's good advertising for when you do want to sell/buy. A bad one won't, and will give worse advice ....

It sounds a sensible project, so long as the remaining bathroom facilities are good. Done the same, but in another city, and put a good chunk on the value - and usability!

Just be careful that the finished arrangement is better quality than what you have now, and you don't produce an almost-unusable small bedroom. It needs to work, in order to work!

silvercar

Have any other flats in the block made a similar change?

Springsprung

Thanks Dafty! The new bedroom would be about 11.5ft by 8ft. Not massive, but I think ok for a big city?

I’d just have to lose an ensuite to do the extra bedroom. Would the loss of an ensuite be a problem?

Owain_Moneysaver

What's the target market? If it's a professional flat-share then 2 bed 2 bath works well. If it's family then 3 bed 1 bath is do-able but busy in the mornings. Is the existing lounge and dining area big enough for more occupants?

Space for a washbasin in one of the other bedrooms?

Looking at it the other way, most people would be very unlikely to lose a third bedroom to make an en-suite especially in a big city where any cupboard you can put a bed in is sought-after.

tulips

1000 sqft is totally doable as a 3 bed, it'll be bigger than many terraced houses. At £20k you won't loose money. 3beds are typically 20% more than 2 beds (including flats and houses) in my part of SW London.
Get on with it!

DaftyDuck

The loss of the en-suite wouldn't be a problem, so long as there's a decent bathroom. Many en-suites are dark, windowless, cramped, damp holes. Removing one of those for additional space in a bedroom if the bathroom is airy, smart, light would only be a benefit for selling .... or living in.

It's all a balance, depends how good your gain is, what you are losing. It's difficult to be sure without seeing, but the London market would welcome the extra bedroom.

(Well, that's until Crashy arrives to tell you to just sell before your house is worthless! He bin in yet? )