Eltham flat: Evaluating a prospective investment
Maelle, a young professional, was looking for a flat to buy with her mother. The flat had to be one where her mother could live, short-term, while Maelle continued to rent, but long-term would be a good investment for both of them. Because of a potential future relocation to France, the flat had to work as a buy-to-let as well. She used Preview Studio to help her understand the potential of a prospective purchase, and the costs of unlocking that potential.
The client
Preview Studio’s visualisations showing options for how a loft extension in Maelle’s prospective investment could appear
Eltham flat: Evaluating a prospective investment
Maelle, a young professional, was looking for a flat to buy with her mother. The flat had to be one where her mother could live, short-term, while Maelle continued to rent, but long-term would be a good investment for both of them. Because of a potential future relocation to France, the flat had to work as a buy-to-let as well. She used Preview Studio to help her understand the potential of a prospective purchase, and the costs of unlocking that potential.
The client
Preview Studio’s visualisations showing options for how a loft extension in Maelle’s prospective investment could appear
Existing plans of the 2-bedroom flat, made by Preview Studio from a video. The flat had an uninhabited loft space, used by the current owners for storage. Click on the images to see larger versions.
Maelle found a flat in south-east London at a good price, but she wasn't sure about whether it could be extended. She had several important questions:
Would she need planning permission?
She would be buying a leasehold, would that stop her building an extension?
The property had an EPC rating of 'D', how would that effect her ability to let it out in future?
Her questions
A Preview Studio pack gave her all the information she needed to make the right decision for her family. The sketch design showed how an extra bedroom with ensuite and balcony could be added as a loft conversion, and the rendered plans gave her and her mother a way of discussing the work even though her mother wasn't good at reading architectural drawings.
The Preview Studio pack
Rendered 3D plans of the flat with the proposed loft extension. The rendered 3D plans were an optional extra Maelle chose for maximum clarity during her discussions with her mum. The loft extension would be large enough to add a third bedroom with ensuite shower, and a small balcony overlooking the garden. Click on the images to see larger versions.
The planning advice section explained that she would need to apply for planning permission, as permitted development rights didn’t apply to blocks of flats.
Preview Studio obtained a copy of the lease, and explained that under the terms of the lease Maelle would have to contact the freeholder and get permission for the work, but that the freeholder was unlikely to refuse.
Maelle also ordered energy efficiency advice because with an EPC rating of D, the flat would likely not be legal to let out after 2028. Preview Studio showed the minimum improvement the flat would need to work as a buy-to-let would be met just by building a the loft extension to current standards, whilst also offering options for better levels of improvement as well as the trade-offs needed to get there.
Extracts from the planning, leasehold and energy efficiency advice sections of the Preview Studio pack. The analysis showed that Maelle could very likely improve the flat to a ‘C’ EPC rating - and thereby making it suitable to let even after standards for landlords had been raised in future - by building the loft conversion and improving the roof insulation, plus adding cavity wall insulation.
The ‘numbers’ section of the Preview Studio pack showed that she would be increasing the size of the flat from around 80 sq m to just over 100 sq m. Depending on the level of specification Maelle chose for the new work, the rough cost was likely to be somewhere between £50k and £75k, and could add around £80k to the home’s value.
After weighing up the potential improvement in property value, along with the rough cost of the work, in the end Maelle and her mother decided not to go through with the purchase, and to look for smaller property which, once you factored in the cost of extending, better fit with their budget.
The numbers
Maelle ordered a Preview Studio pack, plus:
Rendered plans
Value estimate
Planning advice
Leasehold advice
Energy efficiency advice
Interested in evaluating the potential of a property before going through with the purchase? We can turn around a report in as little as 3 working days.
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