We’re considering building rooms to let in Bearwood area within Bournemouth. Currently a 3 bed detached property. The house has a garage on the side, next to back garden. The garage is already extended to the front of the house, ie length of 3 cars. We’re looking to build rooms in place of the garage. We haven’t undertaken such a project before, so we’ve several questions.
How many rooms are permitted to be built? And can they be on two floors or ground floor only?
What would be the expected build cost?
What would be the likely income?
How/where can we find demand for different property types? And what’s favourable in terms of ROI? (HMOs, student lets, let to hospital staff, contractors, other)
What type of room is favourable in terms of ROI and maintenance costs? (standard rooms? En-suite rooms? Other?)
What are the steps in order they need to be undertaken? (getting a plan from architecture, obtaining planning permission, getting a builder)
What are the legal requirements? (energy performance, electrical, health and safety, etc)
Where/how can be find reputable resources (builders, architectures, etc) who provide good and reliable service at reasonable a reasonable cost)
How much of the cost is needed upfront?
Can the rooms be built and let one at a time, ie a staggered building approach to allow the work to start earlier instead of waiting for sufficient funds to be saved/raised?
Anything else we need to consider that we may not be aware of or have missed to consider?