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Commercial to HMO Conversions
Manage episode 427035315 series 3309995
#162
Did you know that commercial property usually cost less per square foot to buy than residential?
This can make commercial property a very attractive option if you’re looking to develop HMOs. And often the location of commercial stock is ideal for this strategy.
But commercial HMO conversions come with their own unique sets of risks and concerns. This episode tells you all about them.
Timothy Witt has done around 40 projects with various business partners both for himself and clients. Many of these projects were HMO conversions, so he has lots of tips, tricks and tactics to share.
During the episode, we discuss:
- Converting ground floor to commercial and upper floors to residential HMO
- Converting building to multiple commercial units
- Permitted development rights for commercial to residential conversions
- Minimum space standards and challenges
- Two-stage process of converting to residential first and then to HMOs later
- Types of mortgage needed for property with commercial space and HMOs
- Thorough financial estimation for build costs, finance costs, final rents, and final GDV
- Balancing the risk of conditional and unconditional planning approval
- Addressing objections for HMO projects
- Role of planning consultants in enhancing chances of successful planning approval
- Assessing lease terms and exploiting underutilized areas
- Zoning system for commercial valuation predictions
- Effect of zoning systems on yields and property value
- Mitigating risk in property investing
- Higher rewards with higher risks in property investing
We typically work with time poor professionals get a good return on their money by investing with us. Schedule a call
Leave an honest review of Expat Property Story
Join our Mailing List to join our WhatsApp group AND access our 37 Question Due Diligence Checklist AND our 23 Step Guide to Buying Property at Auction AND our Monthly Newsletter
Follow the Show on Instagram
Tell us the one thing you’re struggling with in UK property
Meet other Expat Property Investors (For FREE)
Hong Kong: The Urban Bakery in the Landmark Building in Central (first Saturday of each month from 11:30 am)
Dubai: Holiday Inn, Science Park (first Wednesday of each month from 7pm)
Singapore: The Providore at VivoCity (first Saturday of each month from 10:30 am)
Keywords
Property development, Commercial property, Residential conversions, HMO, Permitted development rights, Minimum space standards, Mortgages for commercial space, Lease improvement, Rental income, Financial estimation, Conditional planning approval, Planning consultant, Value addition, Refurbishments, Bridging finance, Cash flow, Zoning system, Manchester, property investment, Warren Buffett, Robert Kiyosaki, Planning approvals, Objections from neighbours, Market changes, Utility bills, Interest rates, Article 4 zoning, Property values, Yield restrictions, Commercial agents, Property investing risks
172 episoade
Manage episode 427035315 series 3309995
#162
Did you know that commercial property usually cost less per square foot to buy than residential?
This can make commercial property a very attractive option if you’re looking to develop HMOs. And often the location of commercial stock is ideal for this strategy.
But commercial HMO conversions come with their own unique sets of risks and concerns. This episode tells you all about them.
Timothy Witt has done around 40 projects with various business partners both for himself and clients. Many of these projects were HMO conversions, so he has lots of tips, tricks and tactics to share.
During the episode, we discuss:
- Converting ground floor to commercial and upper floors to residential HMO
- Converting building to multiple commercial units
- Permitted development rights for commercial to residential conversions
- Minimum space standards and challenges
- Two-stage process of converting to residential first and then to HMOs later
- Types of mortgage needed for property with commercial space and HMOs
- Thorough financial estimation for build costs, finance costs, final rents, and final GDV
- Balancing the risk of conditional and unconditional planning approval
- Addressing objections for HMO projects
- Role of planning consultants in enhancing chances of successful planning approval
- Assessing lease terms and exploiting underutilized areas
- Zoning system for commercial valuation predictions
- Effect of zoning systems on yields and property value
- Mitigating risk in property investing
- Higher rewards with higher risks in property investing
We typically work with time poor professionals get a good return on their money by investing with us. Schedule a call
Leave an honest review of Expat Property Story
Join our Mailing List to join our WhatsApp group AND access our 37 Question Due Diligence Checklist AND our 23 Step Guide to Buying Property at Auction AND our Monthly Newsletter
Follow the Show on Instagram
Tell us the one thing you’re struggling with in UK property
Meet other Expat Property Investors (For FREE)
Hong Kong: The Urban Bakery in the Landmark Building in Central (first Saturday of each month from 11:30 am)
Dubai: Holiday Inn, Science Park (first Wednesday of each month from 7pm)
Singapore: The Providore at VivoCity (first Saturday of each month from 10:30 am)
Keywords
Property development, Commercial property, Residential conversions, HMO, Permitted development rights, Minimum space standards, Mortgages for commercial space, Lease improvement, Rental income, Financial estimation, Conditional planning approval, Planning consultant, Value addition, Refurbishments, Bridging finance, Cash flow, Zoning system, Manchester, property investment, Warren Buffett, Robert Kiyosaki, Planning approvals, Objections from neighbours, Market changes, Utility bills, Interest rates, Article 4 zoning, Property values, Yield restrictions, Commercial agents, Property investing risks
172 episoade
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