Is it worth renovating a 3 bed terraced into two flats/appartments?
Question:Considering the cost for two separate boilers, water tanks, kitchens etc, is it worth buying a terraced outright and letting out each floor? How much would it cost me?
Answers:
It's not the answer you want, but just research it. I guess you want to know the difference between renting it out as one unit or dividing it into two. The answer is how much does it cost to do the work to divide it it up into two units, extra boiler, kitchen, extra electric service, so you can have dedicated services to each unit. And then if one unit is two bed, and other is one bed, then how much extra revenue can you get for two smaller units over one bigger unit. So you have to a budget for the work, whether you do it, or you contract it, and then shop around for local prices for one, two, three bed units in the neighborhood. And rent a bit under what other people are renting for. And then the risk. It is easier to rent a three bed apartment, than rent both a two bed and one bed unit. If there are a lot of vacancies in the area, then it probably isn't worth the risk, because you may only fill one unit at a time. But if you think you can fill both units most of the time, the rewards will probably outweigh the risk.
Also if it is a college neighborhood, then leave it as is. Students can always find other people to fill the rooms. And then split the utilities.
If all the bed rooms are upstairs then no because it would then be a really skinny house.
All depends on the location...
not unless you are renting it out!
well id say no because it sounds okay as it is it will sell good if its in a large busy city as it is,
get yourself a budget and cost things up for yourself you could save on costs if you do a lot of the work yourself
More Related Questions & Answers...