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Cost of converting pub to flats
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Conversions can run away with money due to the potential for finding unknown problems once strip out begins.
I wouldn't be surprised if costs came in at £500+ per sq m.0 -
It is not often I am speechless.
A quick google search says £25k but you are hoping for £10k - that is up there with one of the best business plans I have seen. I have renovated a couple of properties myself so have an idea of costs.
Kitchens - you are talking at around a grand a piece I would imagine on something that size.
Bathrooms - couple of hundred
Decorating - couple of hundred
Rewire - probably a grand.
Radiators/Boiler - easily a grand or 2.
Fire alarms/Fire doors - no idea.
Partition walls - no idea.
Knocking walls down.
Plastering.
Building survey - probably a grand.
How is the roof?
Skip hire.
Windows?
Doors?
Does the car park need tarmac?
Any work on the roof?
What happens if you come up against something unexpected? Rotten joists for example.
Get off google. Find a Builder to come with you and price it up. You do not need to use them and you can probably knock a bit off their bill by shopping around but it will give you a realistic idea of what it will cost.
I did a 2 bedroom house up for £11k. BUT I did a lot of the work myself because I knew what I was doing... I do not like tradesmen at the best of times, there standards seem to be a lot lower than mine.
On your plus side you will have the economies of scale to drive a decent bargain, but on the flip side it seems like you do not have a clue. I am all for learning on the job, but you presumably have a lot of money at stake if it goes wrong. I am not sure something like this is the job to learn on, although I understand you do not want to pass up on an opportunity.
Also at 70sqm you are bordering on whether or not they can be mortgaged. Some lenders will not lend on anything below 80/75/70sqm. If it ends up being 69 sqm you may find you are stuck with them unless you can get a cash buyer. As they will be classed as new builds, you will also find options from lenders is limited and you will need some sort of warranty from an architect for example of LABC.
Do your research, do your research, do your research. Better to "waste" a grand on reports now than find out you have bought a money pit.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you know anything about the building regulations attached to flat conversions?
Last year you didn't know about the need for building control approval in your own home.
Any new dwelling needs to meet the building regulations for new dwellings. With flats, that means meeting thermal efficiency targets - correct uValues in insulation in floors, walls and roof; it means that the windows need to meet the regulations for fire escape, uValues and type of glazing; it means fireproofing between floors and sound proofing between floors. The sound proofing WILL be checked. Your communal parts need to meet fire regulations - stairwells need to be protected, a hard wired smoke alarm system needs to be installed.
£25,000 per flat isn't much either.
£10,000 is a joke - you'd be lucky to renovate an existing flat with that to any degree of quality at all. Without all the demands of a new build.
We spent over £150k on converting the four flats over 15 years ago. It doesn't get cheaper.Everything that is supposed to be in heaven is already here on earth.
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a great LL one would be by skimping on costs, what else will you skimp on? Gas safety?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
There's PP in place. Has change of use already been granted? Then there's the legals of creating five new leasehold titles under the existing freehold (it is freehold, isn't it?) and putting management in place. Marketing and sales of the finished flats. Finance costs to cover the period from purchase through conversion to completion of the sales, allowing for potential overruns. Utilities supply...
THEN the builders can start work...0 -
Why do I get the feeling the OP will ignore all advice and buy anyway...
Hope they come back to update us! This thread could be really helpful/useful to quote in the future. (How much the final bill was, whether they made money, what disasters there were, whether they regret it, etc...)2024 wins: *must start comping again!*0 -
Wow ALOT of negativity on here.
I have done up 2 houses last year and sold them with a profit so I do have a rough idea. Again no renovation costs were taken, did one viewing, made an offer and did the work. Who house skimmed, painted, new bathroom and tiling, and kitchen. All done using local tradesmen and shops i have good relationship with and all under 7.5k. But they were just renovation and not conversations, which have alot more regs to meet etc.
I can sit on fence and try to calculate all the risks and do it that way and get no where or you take a risk on a property and get somewhere. Even at a loss you learn something and carry on.
In my profession anyone can ask me a question and I can give them a ball park figure and examples. You don't need to see the property to get a ball park figure.
My question was to those who have actually done it, have the experience and can give a rough breakdown like ACG and Brummie85 have helpfully given. For those who haven't done anything or plan on doing anything you just keep typing away all your negativity!!
I managed to get in touch with the architect and he has given me a breakdown. It's coming up around 15k a flat and his willing to project manage it at a fee which I am considering.
The pub is still running with landlord staying above so there isn't alot of unexpected work.
Need to do the partitions and sound insulation.
Boilers and electrics for each flat.
Kitchens
Bathroom and tiling.
Alot of the building materials I will be getting at cost through my work and I have set up a building company to reclaim back any vat.
I won't be taking a mortgage as buying in cash. Plus I have got vat knocked off the building as it's a conversion. Once I have tenants in I should be getting over 10% ROI that's including 50k unexpected cost.0 -
Normally the pubs get pulled down and a block of flats put up.
I would suggest double checking what planning has been granted.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Hi.
I have seen a pub for sale and about to agree the price with the the agent for it. It has planning permission for 5 two bedroomed flats of around 70m2 each.
Before I accept his offer, I thought I would ask on here if anyone knew the rough cost from experience or family friends etc to convert a pub to flat.
A quick Google said 25k per flat but that seemed an awful lot of money per flat.
I know there is issues of partitions, sound insulation, has and electric meter, heating, kitchen etc but I was thinking around 10k per flat max.
I am gonna get in touch with the architect who did the drawings to see if they can give me a quote for doing all the work.
Depending on the building ofcourse; I think 25k is far too cheap. And then you have the communal area.0 -
Wow ALOT of negativity on here.
I have done up 2 houses last year and sold them with a profit so I do have a rough idea. Again no renovation costs were taken, did one viewing, made an offer and did the work. Who house skimmed, painted, new bathroom and tiling, and kitchen. All done using local tradesmen and shops i have good relationship with and all under 7.5k. But they were just renovation and not conversations, which have alot more regs to meet etc.
I can sit on fence and try to calculate all the risks and do it that way and get no where or you take a risk on a property and get somewhere. Even at a loss you learn something and carry on.
In my profession anyone can ask me a question and I can give them a ball park figure and examples. You don't need to see the property to get a ball park figure. - Yes you do
My question was to those who have actually done it, have the experience and can give a rough breakdown like ACG and Brummie85 have helpfully given. For those who haven't done anything or plan on doing anything you just keep typing away all your negativity!! - People have said things I don't late; "The're just well-jel h8ers!"
I managed to get in touch with the architect and he has given me a breakdown. It's coming up around 15k a flat and his willing to project manage it at a fee which I am considering. - Think that's optimistic. It's a pub, you will have to take out a lot before you start putting in a single thing. It's not a house.
The pub is still running with landlord staying above so there isn't alot of unexpected work.
Need to do the partitions and sound insulation.
Boilers and electrics for each flat.
Kitchens
Bathroom and tiling.
Carpeting
Plumbing, heating
Communal area
Buzzer system
Presumably CCTV
Windows
Usually a show flat
Create leases
- that's just top of my head
Alot of the building materials I will be getting at cost through my work and I have set up a building company to reclaim back any vat.
I won't be taking a mortgage as buying in cash. Plus I have got vat knocked off the building as it's a conversion. Once I have tenants in I should be getting over 10% ROI that's including 50k unexpected cost.0
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