Nicks permitted development

[nick...]

Still not quite finished but getting there.had heating commissioned yesterday,got covers to put on end of bathroom vents,toilet pans to silicon down,bit of boxing to paint and carpet going in Monday.anyway I've made the local rag today with an article in the agricultural review.maybe the Norfolk possey have seen it.
Nick...

 

[nick...]

@llamedos can you turn these please
Nick...

 

[Netherfield]

 

[nick...]

Thank you
Nick...

 

[Doing it for the kids]

Hi Nick, been Watchingg these from the start.

I have a similar shed I could possibly get 2 x4 beds inside. Ignoring building stress which doesn't phase me so much would you say it's worth doing from an opportunity resource perspective?

Have you worked out the conversion cost psf abs compared it to the sale price psf?

I am weighing up my options, tempted to go down the commercial route at the moment

 

[nick...]

I'd say it's worth doing.luckily for me the site is 280metres from my bungalow so it's not too close.ill earn a bit out of it when sold.had figures from the agents at the start but they were absolutly miles out.have sold the second one providing it goes through ok but can't count my chickens till money in the bank
Nick...

 

[Doing it for the kids]

Ok, I am looking to rent though. 36k per annum for resi vs maybe 25k for commercial but the build cost would be superbly different

Need to run some more figures I think

 

[Forever Fendt]

Ok, I am looking to rent though. 36k per annum for resi vs maybe 25k for commercial but the build cost would be superbly different

Need to run some more figures I think

£36 k for rent sounds a lot you must be in a affluent area,i would think at that rent level you will have a high turnover of tenants

 

[Doing it for the kids]

Got 2 bed cottages for £950 around here. 4 bed easily 2k pcm but it will always look like a farm building so went under to be safe. Tenant turnover is usually 24 month plus, some have been in for 7+ yrs.

It's a complex site, the conversion would be reasonable straightforward just can't get my head around the figures, hence asking Nick.

Resale is the other issue as an exit strategy. Nick's look like houses so easier I suspect, this one of mine will always look like a crendon shed hence my pondering.

 

[Kam]

£36 k for rent sounds a lot you must be in a affluent area,i would think at that rent level you will have a high turnover of tenants

36 K is only £1500.00 pcm

 

[Doing it for the kids]

Exactly, reality would be much higher, probably closer to 50k per annum.

Rent isn't the question here, I know those, its the build costs I was trying to bottom out

 

[Kam]

Exactly, reality would be much higher, probably closer to 50k per annum.

Rent isn't the question here, I know those, its the build costs I was trying to bottom out

Cost of conversion would be in the region of £1300.00 sq metre

 

[spikeislander]

36 K is only £1500.00 pcm

check your maths £1500 pcm is £18k

 

[spikeislander]

Exactly, reality would be much higher, probably closer to 50k per annum.

Rent isn't the question here, I know those, its the build costs I was trying to bottom out

£50k ? over 4k a month!!!
I'll have what you two are drinking!

 

[spikeislander]

ah sorry just read its for two 4 bedroom houses that makes it more achievable. Still top dollar and they will be very close which might affect rent. what area are you in?

 

[Forever Fendt]

Cost of conversion would be in the region of £1300.00 sq metre

i have one to do only 140 sq meters so its going to cost £182,000 to do based on your figures or am i missing something

 

[Kam]

i have one to do only 140 sq meters so its going to cost £182,000 to do based on your figures or am i missing something

It could be done cheaper, but for this sort of work I would always budget using a higher figure. Obviously the spec of the build has a huge bearing on final costs.

 

[Doing it for the kids]

ah sorry just read its for two 4 bedroom houses that makes it more achievable. Still top dollar and they will be very close which might affect rent. what area are you in?

Oxon bucks area. 10 minutes for M40 and main railway line, london is 40 minutes on either.

Rents are achievable its oppurtunity cost of the cash and potential re sale salve value if plan Q comes off!

PS sorry to hijack your thread @nick...

 

[bobk]

i have one to do only 140 sq meters so its going to cost £182,000 to do based on your figures or am i missing something

Your biggest single cost is going to be labour , do as much as you can in house .

 

[Doing it for the kids]

Agreed, got 2 full time but they have 2 yrs work ahead already