Landlords & lettings agents need solutions for limited space – loft conversions & extensions

So, did you read our previous blog on creating additional living space in London for the purposes of renting and leasing a property? You can read the blog HERE on Modern Attics. Today, we’e following up on the information from that in order to explore the issues of this limited space issue and finding ways that can resolve it when it comes to letting out a property.

So what comes first?

As a landlord, decide on what you want to do with the property. Is the goal to increase space available so you maximise tenant capacity or is it to optimise the living conditions in general so that it is more aesthetically and hygienically pleasing? Refurbishments and renovations are a highly popular route to take in terms of turning a property from an oppressive or unimpressive place into a real money-spinner.

Create a plan based off of your goals. If the end game is to rent the property out to multiple occupants (joint or single tenancy) then you need to make sure your property or properties are worthy of challenging the rivals in a highly competitive market and an extremely competitive area. That means you should be planning to make a return investment through loft conversions and building refurbishments.

Know your limitations…

You might not be able to get everything the way you want it, either due to financial restrictions or legal boundaries and obligations. You need to check to see if your proposal is viable. In this instance, the contractors you hire to bring your proposal to life can advise you on what needs to be checked and what is possible.

The planning stage is all workable between the landlord, the contractors and the Council (if their involvement is required). Any loft extension will require Building Regulations Approval. Your Local Authority or a number of private firms can serve the purposes of arranging things if you need approval for the improvements and extensions.

What do building regulations have to do with it?

Building Regulations ensure that buildings or extensions are designed and built to acceptable minimum standards. While they may be called minimum standards that doesn’t mean you cannot aspire to a higher standard of construction!

These regulations cover such aspects as structural stability, resistance to fire, thermal insulation etc.  The emphasis is to ensure that minimum standards are met rather than to be prescriptive as to what materials and methods of construction are used. It’s a slightly bureaucratic process but it’s also a necessary one.

From this point forward all you need do sit back and allow your loft conversion, building extension or home improvements to take place at the hands of the professionals. Once the work is complete you will have increased the availability of space and have a property that looks newly refurbished and newly built, attracting a good class of tenant for long or short-term contracts that will bring you in revenue.

And that’s the name of the game after all, right?

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