Landlords are looking to add extra value to a rental property
Basements are a great option when landlords are looking to add extra value to a rental property. Landlords should look at a number of different variables before committing a conversion conversion. Adding more bedrooms could be beneficial. Landlords should consider Article 4 and HMO Liencing restrictions. Landlords should always consult with your local HMO office and look at planning guidelines.
Maybe landlords might want to reconfigure a house to create more communal space. This could include an extra kitchen, a bathroom, a games room or a whole self contained apartment. You should consult a planning specialist in order to discover whether or not it is achievable.
Some of the properties in the more common student areas in Sheffield have big basements. The biggest ones could have up to 1000 square foot available to convert. This could lead to adding mutliple rooms like bathrooms, living rooms, kitchens and bedrooms. If three bedrooms are added at £90 per person charged weekly. Over a course of a year that could be an extra £14,040. There is potential for any cash investment to be paid off in about 5 years cost the costs of the conversion.
If the lighting requirements for a basement is not ideal, you could consider forming a gym or a games instead as an alternative as space is not being used as habitable space. In a property with shared accommodation like a student let, this could be the different between getting the room let. There potential to increase the rental in order to accommodation the spend on this new usable space. Consideration still must be given regarding building regulations and local authority planning permission.
Many of the new purpose built student properties near to the university have great unique selling points like a games room. With the changes to the property market. It is always good to be ahead of the competition as landlords are providing a service. It is important to provide a positive student experience in order to gain rave reviews.