A passive income is a fantastic way to supplement your salary or build savings, which is why more and more people are turning their loft conversions into rentable flats. It’s a great option for anybody who would like to increase the value of their home, gain a second income, or just provide adult children with a private place to live.
Loft conversion flats don’t have to be cramped, and compared to a lot of other London apartments they can be incredibly luxurious and convenient. Intelligent furniture and good design can save a lot of space, while open plan living makes the flat look modern and makes the rooms more flexible.
Decide on the Number of Rooms
Naturally, you’ll want to fit a bathroom to the loft conversion. The rest is incredibly flexible; do you want the entire space to be open plan, or would you prefer a kitchen/lounge area and a separate bedroom? Do you want to build a studio flat or a 1 or even 2 bedroom space? Will there be a study area? Will you furnish it?
These questions determine how much money you can make from renting your new apartment. Furnishing the space may be more expensive up front, but it provides prospective tenants with a framework for how they can use the rooms and can mean that the flat will be rented sooner.
Buy Smarter Kitchen Units
We’ve all seen the tiny kitchenettes in a cupboard, beloved by bedsit landlords everywhere. This is probably the most cost-effective approach but is unlikely to yield long-term tenants or high rental incomes. Smarter kitchen units can make the most of the space available without compromising on the appliances or aesthetic.
Kristin Laass and Normal Ebelt created this fantastic small kitchen that folds into itself or unfolds, depending on what you’d like to use.
If you’d like to maximise profit, there are cheaper alternatives, but if you are building it for adult children or would like to charge slightly more this is a fantastic alternative to standard kitchens or kitchenettes.
Use Multi-Functional Furniture
Multi-functional furniture is essential if you’d like to create a very flexible space. The most common example is a sofa/bed, but you can easily add storage to seats and beds or use foldable tables to really make the most of your loft space.
The boom in storage unit rentals shows that it’s a huge issue across the UK, especially in London where living spaces are smaller. Thinking about storage and adding cupboards, drawers, and wardrobes throughout the loft conversion is a great way to remove clutter and make the flat look better to prospective renters.
Building small platforms and adding drawers or cubby holes to them separates living, eating, and sleeping areas while offering somewhere to put bedding, clothes, and other personal items.
Whether you build a bespoke solution or put together an Ikea hack, added storage is often cheaper than you’d expect.
(Storage images from Russiancreators.ru)
Check Out the Competition
If you live in central London, your loft conversion apartment can command a much higher price than it would in a surburb or an area with fewer jobs and worse transport links. That’s why it’s important to check out the competition and figure out how much you’re willing to invest in turning your conversion into a flat.
If you have a lot of larger flats nearby but they’re in poor condition, a more compact flat with a great finish can really compete. Likewise, if flats are generally smaller in your area, plenty of storage and good furnishings can make you stand out.Tags: loft conversion flats, loft conversion furniture