Originally Posted by slimtim
Anyone have any view on the loft conversion idea?
we have a rental property in Cardiff. As others have mentioned, we use an agent to advertise and then manage /maintain the property ourselves...easier said than done, but worth finding a reliable /good tradesman who you trust and have them on hand for any probs (essential for us as we live 100 miles away).
Re the loft, I had similar thoughts to you....
We have three rooms which are used as bedrooms currently (two beds and a second reception room) and had considered turning the loft into a third /fourth bedroom
Generally, if you go multiple occupancy route (students etc) it can be v. costly in terms of getting it up to spec....although sounds like you are looking for straight forward resi (single dwelling)....
To be used as a bedroom rather than a loft room you will need to meet bulding regs and will have to involve /get signed off by bldg inspector.....IMO not worth taking any risks if renting.
Prob obvious, but guess you need to number crunch / consider what the cost would be to carry out work vs increased yield and increased resale value (as well as any cost of borrowing if req to do work....including interest etc)
Obviously, each property is different, but some main considerations are:
Would it need to have a 'protected' stairwell (fire)?
Whether you can achieve the min head clearance (2m IIRC)where stairs open into loft /allowing for pitch of roof?
Whether you have enough space for a complaint staircase in terms of travel etc?
Dependent on when the house was built, what kind of roof / trusses you have etc....would prob need to provide calcs for any mods? - employ a struct eng
Is the current ceiling (loft floor) suitable for load bearing as built?
Cost of regs compliant insulation /power install and testing etc (all has to be certificated)
Fire /bldg regs in general (escape skylights etc)
Would be worth having a chat with your local bldg inspector....and downloading the regs.
When we looked into it, and despite the fact that the roof structure and floor needed no work, it still wasn't finacially viable for the increased revenue /sale value....the latter was especially influenced by the fact that the rest of the accommodation (kitchen size, no. toilets, size of living room etc.) were not really large enough for a 4 bed property....Plus, the property isn't earning income while you are doing the work....
Ultimately though, its the numbers which matter the most!