Starting property developing for a living

theGrinch

avoid HMO, instantly it will cost more and be worth less vis-a-vis "residential"

trogg

Just to give you some idea of rentals in the area,
4 bed terrace house: £700-£750 pcm
2 bed flat: £400-£450 pcm
1 bed flat: £395-£425 pcm
Room in a shared house: £250-£325 pcm
Although one room was advertised at £25 per week

trogg

red40 ...... my local authority web site are saying that hand basins should be fitted in all HMOs that have 5 or more occupants.
I will be fitting a shower room and a bathroom with a wc in each on the ground floor.

theGrinch ...... been told that it's hard to turn a HMO back to residential, but it's going to be a long term thing for me.


I've yet to convince the council that the area needs another HMO, so it may be all 'pie in the sky'.

I am sending a letter to the council's empty property team today to arrange a meeting.

lynzpower

Is there an external fire escape? You will certainly need those, along with a linked full fire system. Put it this way, we just quoted on a external fire escape for a 3 story building similar seemingly to what you have there and that along with the linked fire system, is somewhere in the region ( including vat and labour) of 9 grand.

HugoSP

Trogg

You don't say where it is. £60k for a building of that size does seem cheap by many areas.

I am another who is keen to know why you are not developing it into 1 or 2 good sized family residences?

I suspect once you have digested the information on here and worked out the true cost of conversion you will reconsider this proposal.

Just because you wouldn't want to bring your kids up in the house, doesn't mean to say that someone else would not.

Have you done market research to find out what type of property sells/rents in the area?

I am concerned because I think you need a backup plan if you don't get planning permission. My guess is that there will be a large number of objections to an HMO in your area and from what you've said in your post #20 - I don't think you'll get it.

red40

lynzpower wrote: »

Is there an external fire escape? You will certainly need those, along with a linked full fire system. Put it this way, we just quoted on a external fire escape for a 3 story building similar seemingly to what you have there and that along with the linked fire system, is somewhere in the region ( including vat and labour) of 9 grand.

Think somebody is having you on lynz, upto the 3 storey the internal staircase is always the primary escape route. In all the 3 storey buildings I have ever dealt with I have never asked for an external fire escape, just that the internal stairwell is at least protected to 30 minute fire resistance.

trogg

lynzpower ...... Are you sure about the external fire escape ?
Have downloaded the fire regs on HMOs from Homestamp.com, It only mentions an internal protected escape route, will look into it.

HugoSP ...... there is a very large student population in the area, and also a large hospital, even with all the new regs regarding HMOs a lot of this accommodation is poor.
Although I prefer the HMO route, I have a plan B, to turn it into two flats, a two bed and a one bed.
although the shop would then be part of the one bed flat.
Or plan C, keep it as it is, a four/five bed house with a shop at the front.
At the moment there is no garden because there is a wooden lean-to the whole width/length of the property.
This would be removed and concrete floor dig up and replaced with turf and paving whichever plan was decided.

trogg

You beat me it red40

goes to show how long it takes me to post

Doozergirl

lynzpower wrote: »

Is there an external fire escape? You will certainly need those, along with a linked full fire system. Put it this way, we just quoted on a external fire escape for a 3 story building similar seemingly to what you have there and that along with the linked fire system, is somewhere in the region ( including vat and labour) of 9 grand.

We had to pay someone to take one away. :wall:

lynzpower

I thought about it, and yes, Im fairly sure. I mean we only quoted, we didnt assess, the fire brigade had done it. In fairness maybe the building was somewhat different in layout internally ( certainly possible) and this would negate the 30 mins resistance rule.

Im not an expert on fire regs, but learning