Renovate townhouse or build 2 apartments?

pj9999

Just purchased a terraced town house. Completely run down- probably not lived in for a couple of decades. I've got a multi skilled carpenter who I know can do a great renovation job on it.

But I'm wondering if it would make more sense to knock it & convert it into a couple of apartments instead.
(Auctioneer reckons planning wouldn't be a problem.)

Does it sound like a good idea?
Any idea what a ballpark figure would be for demolition of the house & construction of 2 apartments in its place?

woodoo

Is there demand for apartments where you live?

hexosan

1.What size is the current house.
2.What size is the site.
3. What size do you want the apartments .
4. What's your ballpark budget.

kkelliher

pj9999 wrote: »

Just purchased a terraced town house. Completely run down- probably not lived in for a couple of decades. I've got a multi skilled carpenter who I know can do a great renovation job on it.

But I'm wondering if it would make more sense to knock it & convert it into a couple of apartments instead.
(Auctioneer reckons planning wouldn't be a problem.)

Does it sound like a good idea?
Any idea what a ballpark figure would be for demolition of the house & construction of 2 apartments in its place?

I would be very wary of estate agents and planning as in the main they have no idea. Apartments will generally bring additional requirements to you over and above a one off house, additional parking for multipal units, open space requirements, fire regulations, etc etc etc. you will also have more structural work as the units will have to be compartmented.

It really comes down to size, structure, finish and groundworks

pj9999

woodoo wrote: »

Is there demand for apartments where you live?

It's an average town. I can't quantify the demand compared to other towns.

hexosan wrote: »

1.What size is the current house.
2.What size is the site.
3. What size do you want the apartments .
4. What's your ballpark budget.

Small 2 storey. Frontage of about 5m at the most. Decent garden, so plenty of space to build back to allow for apartments.

Apartments would be small - probably a one bed & a two bed.

Budget's not a major problem, but I've never done this before. So just looking for a ballpark figure if I do go down the apartment route.

North West

Hi pj9999
+1 to KK. I would agree. If you look around any town at present, there are so many unsold apartments on the market. You should consider refurb and maybe an extension to existing building. You should not have much trouble for extension to an existing building. Your outlay would leave you a few options then. To rent/sell/ etc. Take your time and do good work as the property market will come back slightly again.
If all comes to all you have a 1 property not 2 and a big head ache.
NW
Think it out and consider all options. Do not be rushed into things. Talk to people and see what options they can come up with. If money is not a problem = OK = Spend it wisely