Potential Rental Investment

2 months ago

I’ve come across a potential rental investment but I’m not 100% if the current layout works best or if I should change the layout (as the 2nd bedroom is really a single room.

I’m just looking for idea on the best layout for this 2 bed flat. I have thought about adding an extra 3rd bedroom but I think it would be too tight.

I would welcome any recommendations and layout ideas. Thank you.

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Comments (11)

Malcome A
Original Author
2 months ago
The 1st floor plan is the current layout.
The 2nd & 3rd floor plans are my suggestions.

The flat is on the ground floor.
Jonathan
2 months ago
You need to do some research on your local rental market. Specifically you need to know if two good bedrooms and two bathrooms get you a better rental income to justify the spend. I would also say you need to be pragmatic about the implication of the work and if the changes loose you three months rental income and cost you a further two years of rental income you need to be sure it’s worth it.

You might also look at a three bedroom one bathroom plan to see if that rents for more (so move the kitchen to the lounge creating an extra bedroom but make no other changes
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Jonathan
2 months ago
Three bed option
Malcome A
Original Author
2 months ago
Thank you, Jonathan. You're absolutely right; I must consider the turnaround time and the cost of any renovations, especially since the property currently has a tenant paying £1,000. This includes access to a communal gym, making it somewhat challenging to compare on a like-for-like basis.

The current average monthly rental prices for properties in the area are approximately:

Two-bedroom flat with one bathroom: £850
Two-bedroom flat with two bathrooms: £950
Three-bedroom property (no 3-bed flats locally) with one bathroom: £1,100
Three-bedroom house with an ensuite and a bathroom: £1,300
At the moment, I'm leaning towards the two-bed with two bathrooms, as it seems the demand would be higher - provided the sales price is reasonable and I can get the right layout.
Jonathan
2 months ago
No - your figures say you should do nothing. You can’t seriously be considering getting rid of a tenant, in order to spend £10,000 in order to improve your rental income by a theoretical £1200 per year.
Malcome A
Original Author
2 months ago
No this would be if the property was unoccupied (after the tenant leaves). I just feel that the 2nd bedroom is tight and may put off potential tenants. If it’s still attracting renters then I’ll leave it as it is, but I wanted to know what would be the best layout.
Kim
2 months ago
That is a smaller double room but it is a double room. I write property brochures and I exercise my judgement on whether to describe as generous single or small double dependent mostly on the position of the door as it affects the bed placement. The door to bed 2 is in a great position as you can have the head of the bed on the back wall and still have room for a bedside table either side (double bed 135cm wide so there is space).

If you search small bedrooms and narrow bedrooms on Houzz you'll find some great photos for ideas - such as one below. If I wanted to maximise how attractive that room is I would spend a bit of money furnishing it rather than knocking the flat about. IKEA is also good for a visit, they know how do small spaces e.g. you may be able to put fitted wardrobes along the other short wall using the shallow depth PAX.

Just ideas. Think you could make it look really appealing by spending a few hundred rather than thousands. Finally, depends who you're intended tenants are I.e. Two adults needing their own rooms, parent(s) and child etc - that is a smaller double but would be a great size room for child/teen for example.
Jonathan
2 months ago
It doesn’t matter if there is a “better” layout. It makes no sense to speculate at least a year of rental income on changes that may not make the property rent for any more. If this tenant leaves and the next tenants pays you 10% less you are still better off doing nothing…. And you will continue to be better off for many years.

I don’t think you have considered the cost of reconfiguring the first bathroom in order to make it an Ensuite, redecorating and re carpeting the main bedroom when you add an extra door, adding an extra bathroom, the cost of a kitchen fitter to move cabinets, building a new stud wall, some rewiring and plumbing to move the kitchen, making good the former kitchen, changing the height of sockets, skimming the walls, laying a new carpet, making good the hallway when an additional door is added.

If the objective is to have a rental property where the tenant is either servicing your loan or paying you an income then you need to keep unnecessary spend to a minimum.

If the objective is to renovate a bathroom for a stranger for no financial gain for yourself then I have one that needs doing more and would be grateful for you paying for it.
Malcome A
Original Author
2 months ago
😂 Thank you Jonathan.
Malcome A
Original Author
2 months ago
@Kim thank you for your insight and it’s a super solution. 🙏
Malcome A
Original Author
2 months ago
We’ve got a viewing during the week.

Potential Rental Investment

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Potential Rental Investment

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