Help With Design Ideas - Complete Novice, Need Help
Posted 29 March 2016 - 06:52 PM
I have approximately 7.3 meters (internal) by 6.5. I dont need a staircase access as there is one in the current part of the house. I really want 4 ensuite bedrooms, whether double, single or 3 quarters. These rooms will be used to rent out to university students who will have their own kitchen diner of significant size. Approximately 7.3 by 3 meters. In the current part of the house we have two big doubles a fairly large single and a family bathroom as well as the stairs coming up, I am certain that we can fit 4 ensuite bedrooms but havent the expertise to draw it up myself and would love some canny advise.
Many thanks indeed.
Posted 29 March 2016 - 07:03 PM
Posted 29 March 2016 - 07:04 PM
There may also be structural considerations in any openings.
Edited by joiner, 30 March 2016 - 05:36 AM.
Posted 30 March 2016 - 05:27 AM
You need to work out the pros and cons of taking in 2 lodgers tax free and unregulated if less than £7500 a year rent, versus 4 lodgers and exponential quantities of regulatory buggeration. Potentially you could also have some tax free from eg Airbnb.
The regulatory system for HMOs is probably the only thing this side of cosmic string theory which is more complicated than the Planning System - depending on your Council. And getting it seriously wrong comes under criminal law, not civil. So there is a great need for homework. There are many things that it is your responsibility to know about, rather than other people's responsibility to tell you.
Your mortgage provider may also require a different type of mortgage if you are an HMO.
Also CGT implications since you will become partly a business premises (I think).
And regulations are different depending on your Council.
And will you need PP for Change of Use? Depends on your Council and whether they have an Article 4 Direction in place.
And will you need a License for your HMO? And do they grant any? Do they have a policy of forcing students into Halls?
And how will you be impacted by the new Osborne Landlord Taxes?
And are you happy having lodgers with access to all your own house? If you separate them off the Council may come plonking along and treat it as a separate Council Tax unit, or separate HMO.
There are even places where they apply Band A Council Tax to individual rooms (depending on eg services in the room, type og tenancy, or locks on the room door) in a house, and they may then get a Government Bonus for creating a new housing unit.
If you are adding 4 bedrooms you are also likely to need 2 or 3 more parking spaces, and will need to ensure that it is still a credible family house.
And go and sit down with a local student HMO renting specialist who has been in the business for 10 years plus for a couple of hours, with the list of 50+ questions that you have identified. It may be worth attending a one day course by say the National Landlords Association or the Residential Landlords Association.
I'd probably say do a layout suitable for all options, which also keeps your house within ceiling prices etc, but don't call them all bedrooms. And then start with 2 premium lodgers while you learn the ropes.
You probably want a year to research the 4-lodgers version.
Edited by ferdinand, 30 March 2016 - 06:02 AM.