Converting Properties into Affordable Homes
Alongside the availability of jobs, the issue of affordable housing is high on the agenda for the modern generation and first time buyers in particular.
As living costs increase year-on-year, it seems even harder for young 20-somethings to get a rung on the career ladder, the housing ladder – any ladder.
Take Bristol for example. With its reputation as a cultural and creative hub, the city is a popular choice for those looking to settle down away from the bright lights of London. 14,500 people make up the area’s waiting list for housing.
And the number of affordable houses set to be built in the city this year? 12. Not 12,000 – just 12.
Of course, like any city, space is at something of a premium. But it must be galling for those on the waiting list to know that Bristol is currently estimated to have almost 2m square feet of empty office space – the equivalent of more than 75,000 homes.
Unsurprisingly, landlords and investors are being encouraged to look into the possibility of converting their business properties into housing. Not an easy task perhaps, but one that would likely produce a sizeable return on investment while simultaneously helping to alleviate the city’s housing problem.
With the government recently moving to relax planning regulations, now would certainly be a great time to do it.
However, while the government’s relaxed regulations are undoubtedly aimed at raising more affordable homes, there’s currently nothing to stop you transforming your property into luxury apartments serving the top end of the market.
Converted Property Insurance
It’s not just the owners of business premises that might have their ears pricked at Bristol’s figures. Large domestic properties represent a similar opportunity for conversion.
But whether it’s converting an office or a domestic residence, you’ll need to consider your obligations insurance-wise. Your existing home or office policy will cease to be valid when the nature of your property changes.
Creating a block of apartments or flats available to rent, you’ll need Landlord insurance in place before the first tenant moves in. If you’re selling the apartments, then specialist converted property insurance is the best way to cover the communal parts of the building that remain yours.
Indeed, however you convert your property – and for whatever purpose – it’s wise to get a quote for converted property insurance from Quoterack’s specialist brokers.
Compare premiums today to find your best deal, and discover how much you could save to put towards those conversion costs…