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Don't forget that you'll also lose some of the 1400sqft for shared space required for the upstairs flat. Also consider that you'll be going from having 2 neighbours, to having 3...
Try and find out rental prices in your road (speak to local letting agents or PM me and I might be able to give you some info...)
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- Get quotes for both.
- Look up prices of big house / small flat on Zoopla.
- Do sums.
- Profit.
- Get quotes for both.
pifko
Hefty
@duncs
Still speculative as I'm still a while away from actually doing anything...
I'm in a 3 bedroom house on the border of Greenwich/Charlton.
It's ~1000 sq ft now. I could convert the loft and/or do a side return on the kitchen / join it with the lounge.
So far so simple.
Problem is that it's on a really busy road (A102, Blackwall Tunnel approach) and a bit noisy and dirty. Which means I don't think it's ideal family home potential.
So, I'm thinking of converting into 2 flats, which if I was doing I'd do as part of any loft / extension work.
I don't think planning permission would be an issue as there are other examples of converted flats, loft and kitchen extensions around.
So options are
Current house, 1000sqft
Extended house, ~1400 sqft (maybe not worth it given the not family house location)
Two ~700sqft flats.
Googling comes back with opinions ranging from "yay free money" to "fuck that, it's a time and money sink, not worth the hassle, especially if you don't have a brother/mother/best mate in the trade"
It's one of these
Laid out like this
tldr. idiots guide to what to think if turning a house into flats on the shittiest road in a posh area?