Hi all,
I am looking at buying a house and I would ideally like something that I could potentially make some money off as well, in terms of creating perhaps two self-contained studios within the property itself, or at worst, a one bedroom apartment at the front.
I found this house that has a great layout for this, but it needs alot of work, and I am going through things in my head right now. I cannot link the property but if you google hawthorn terrace east wall, you will see it as the first link for a daft add for 355k.
I want to add an ensuite in the bedroom at the very front. I understand I would need to dig under the existing floor to run pipes out to the back. However, there is a question around which direction the joists lay, the cost of groundworks etc and the feasibility. I have already looked at macerators/saniflo but I feel like this is a no go due to the long term issues and risks around it.
As the ceilings are really high in these rooms, I am thinking an alternative could be to raise the floor in the two front rooms by a foot if needed, to lay the pipes to allow an ensuite be created in the front room. This is me trying to think of worst case scenario if I couldn't dig into the ground to lay the pipework or I couldn't get the fall required to allow the waste to flow out the drains in the back.
Is this feasible?
Also, how much would a renovation of this type cost? I would have around 100k for renovations from the mortgage and could potentially get another 30-50k.
I want to essentially add an ensuite and small kitchen to the front room. The backroom actually has a large ensuite in an extension that already exists. This doesnt show on the floor plan but you can see it in the picture (the only bathroom pictured is the en-suite). I am thinking I could add a decent sized kitchen in this en-suite, and add a small ensuite in that second bedroom at the front of the house/or perhaps have a small ensuite and small kitchen in the room where this ensuite currently exists, as it is huge.
If the ensuite at the front of the house isnt possible, I would create a door between the two rooms, with the front room being a bedroom, and the second bedroom being a sitting room and small bathroom with the kitchen being where the en-suite currently is/or again, both being contained within the current en-suite.
My costings are below.
Roof 20k. There is the original houses pitched roof, the upstairs bedroom extension has a pitchen roof, and the kitchen/back area has a flat felt roof (I think I am overestimating the cost here by alot to allow for issues due to the 3 roofs and weird layout)
Rewiring 15k
Plastering plus internal insulation plasterboard 15k
Main Kitchen 15k (at the back of the house)
Flooring 12K
Windows + Doors 15K
Main Bathroom 8K (at the back of the house)
Small kitchen for two front rooms 4K x 2 plus 6k for ensuites x 2 (Kitchen size/costs will be minimal. Ikea units around 800 with the rest for white goods/fitting. I don't think I will need tiling or at least much tiling (probably none). I have a friend who recently got 2 ensuites for 12k, including erecting the walls for one of them with new plumbing(was upstairs so easier than my plan).
I know there will be additional costs for plubming/erecting internal walls for new bathroom etc : Total 20k
Total Amount so far 122K
I know I am leaving out alot of things like doors/furniture/insulating the attic (can probably do this myself)/removing all the crap decking in the backyard and doing something with that.
However, the main cost I am leaving out is groundworks to run pipes under the floor out to the backyard. I don't even know where to start with costing this. I also read that there could be issues with the drains being too small etc on an old house like this.
Financially speaking, I know I could likely rent out the two studios for 800 each or the one bedroom apartment for 1500 per month. I am aware of the 14k rent a room relief so I would adjust as neccessary to stay within the limit/perhaps not renting out for the full 12 months, switching to airbnb for a few months.
The mortgage would be 2000 + 500 for the extra 50k borrowed over 10 years.
I think my mortgage costs then would be around 1000 per month after renting out the two rooms at the front after taxes or with tax exempt rent a room relief.
I could also potentially do airbnb medium term stays in these rooms. I know there is a market for this as a relative does it (albeit with a 2 bed house)
From my research, I should easily get 80 per night per room with around 80% occupancy for stays of 15 days or longer. I have done a good amount of research on the airbnb front.
80 x 2 rooms x 20 nights = 3200 before tax. Again, mortgage repayments of around 1000 per month after taking this profit in to account.
Thoughts on this? Am I underestimating the cost?
Any other costs you can think of?
Thanks!
I am looking at buying a house and I would ideally like something that I could potentially make some money off as well, in terms of creating perhaps two self-contained studios within the property itself, or at worst, a one bedroom apartment at the front.
I found this house that has a great layout for this, but it needs alot of work, and I am going through things in my head right now. I cannot link the property but if you google hawthorn terrace east wall, you will see it as the first link for a daft add for 355k.
I want to add an ensuite in the bedroom at the very front. I understand I would need to dig under the existing floor to run pipes out to the back. However, there is a question around which direction the joists lay, the cost of groundworks etc and the feasibility. I have already looked at macerators/saniflo but I feel like this is a no go due to the long term issues and risks around it.
As the ceilings are really high in these rooms, I am thinking an alternative could be to raise the floor in the two front rooms by a foot if needed, to lay the pipes to allow an ensuite be created in the front room. This is me trying to think of worst case scenario if I couldn't dig into the ground to lay the pipework or I couldn't get the fall required to allow the waste to flow out the drains in the back.
Is this feasible?
Also, how much would a renovation of this type cost? I would have around 100k for renovations from the mortgage and could potentially get another 30-50k.
I want to essentially add an ensuite and small kitchen to the front room. The backroom actually has a large ensuite in an extension that already exists. This doesnt show on the floor plan but you can see it in the picture (the only bathroom pictured is the en-suite). I am thinking I could add a decent sized kitchen in this en-suite, and add a small ensuite in that second bedroom at the front of the house/or perhaps have a small ensuite and small kitchen in the room where this ensuite currently exists, as it is huge.
If the ensuite at the front of the house isnt possible, I would create a door between the two rooms, with the front room being a bedroom, and the second bedroom being a sitting room and small bathroom with the kitchen being where the en-suite currently is/or again, both being contained within the current en-suite.
My costings are below.
Roof 20k. There is the original houses pitched roof, the upstairs bedroom extension has a pitchen roof, and the kitchen/back area has a flat felt roof (I think I am overestimating the cost here by alot to allow for issues due to the 3 roofs and weird layout)
Rewiring 15k
Plastering plus internal insulation plasterboard 15k
Main Kitchen 15k (at the back of the house)
Flooring 12K
Windows + Doors 15K
Main Bathroom 8K (at the back of the house)
Small kitchen for two front rooms 4K x 2 plus 6k for ensuites x 2 (Kitchen size/costs will be minimal. Ikea units around 800 with the rest for white goods/fitting. I don't think I will need tiling or at least much tiling (probably none). I have a friend who recently got 2 ensuites for 12k, including erecting the walls for one of them with new plumbing(was upstairs so easier than my plan).
I know there will be additional costs for plubming/erecting internal walls for new bathroom etc : Total 20k
Total Amount so far 122K
I know I am leaving out alot of things like doors/furniture/insulating the attic (can probably do this myself)/removing all the crap decking in the backyard and doing something with that.
However, the main cost I am leaving out is groundworks to run pipes under the floor out to the backyard. I don't even know where to start with costing this. I also read that there could be issues with the drains being too small etc on an old house like this.
Financially speaking, I know I could likely rent out the two studios for 800 each or the one bedroom apartment for 1500 per month. I am aware of the 14k rent a room relief so I would adjust as neccessary to stay within the limit/perhaps not renting out for the full 12 months, switching to airbnb for a few months.
The mortgage would be 2000 + 500 for the extra 50k borrowed over 10 years.
I think my mortgage costs then would be around 1000 per month after renting out the two rooms at the front after taxes or with tax exempt rent a room relief.
I could also potentially do airbnb medium term stays in these rooms. I know there is a market for this as a relative does it (albeit with a 2 bed house)
From my research, I should easily get 80 per night per room with around 80% occupancy for stays of 15 days or longer. I have done a good amount of research on the airbnb front.
80 x 2 rooms x 20 nights = 3200 before tax. Again, mortgage repayments of around 1000 per month after taking this profit in to account.
Thoughts on this? Am I underestimating the cost?
Any other costs you can think of?
Thanks!