Converting a house is no easy task, with building regulations and planning permission; it can be rather daunting for a first-time developer. A number of elements need to be taken into account when considering the conversion of a house into a studio flat. The best place to start is to look at the local planning policies; remember, planning policies are different for different areas so make sure you go to the appropriate office.
Research the property market in your area: is there an abundance of flats? What types of flats are selling best? Is parking important? A lot of areas will not allow you to make a conversion of a house into a flat unless there is at least one parking space available.
When thinking about interior decoration, it is important to know who your target market is. Is it students, young professionals or affluent older couples? A good idea is to visit some studio flats in the area. This may give you a better idea of what people are looking for in particular, whether it be stylish or basic and practical.
Decide exactly what work you are looking for in order to get a more accurate quotation. Writing a clear specification and maintaining good communication is extremely important in keeping costs down. When designing the style and layout of a studio flat it is vital that you use the space to its full potential. The room needs to be multifunctional, allowing space for each prime living area.
Mostly all studio flats are furnished; these types of flats are usually aimed at students or young professionals who are going to stay on a temporary basis. These flats need to have all the furniture and utilities a person uses in everyday life. Not having the right combination of amenities can lead to the flat going unfilled.
Once the conversion is completed, there are still a number of costs and decisions involved including whether to use a letting agent or to let it yourself. Letting agents can be costly but can be considerably less hassle. For a first time developer, it can be an easier way to find the best tenants. Be sure to go through an agency which is part of a recognised body.