demand for 4 bed houses

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    demand for 4 bed houses

    question - our portfolio of houses are 2 and 3 bed

    we are buying a fire damaged 3 bed house in a good area which lends it itself to doing a loft conversion due to the fire damage

    how do others find demand for a 4 bed house, we do let to u/c claimants with guarantors and a family support network

    my initial thoughts are the demand will come from this sector or sharers -

    all comments welcome
    Chartered Accountant, FCA 35th year in public practice,

    BTL since 1992, New Build Developer - Build to rent in the LB of Sutton

    #2
    If the property is fire damage, you may consider converting to HMO, if you are giving it UC tenants there is always demand for large properties, just don't spec the property to a high standard is my advice. Check what the LHA rates as they are normally 80 - 120 more than a 3 bedroom.

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      #3
      Odd question given there’s no location and the UK is a very big and diverse place with so many variables

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        #4
        Originally posted by Neelix View Post
        Odd question given there’s no location and the UK is a very big and diverse place with so many variables
        fail to see how it is a an odd question, if i was to ask about the sm1 postcode where the properties are, would you would be able to reply or would it just be a snide comment about how location specific the question is
        Chartered Accountant, FCA 35th year in public practice,

        BTL since 1992, New Build Developer - Build to rent in the LB of Sutton

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          #5
          Your name may be sm1 but how was anyone to know that’s a postcode and the one you are referring to - and not short for Simon matthews 1?

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            #6
            Many residential landlords would avoid 3 bedroom housing because of the risk of it becoming an HMO.
            But this seems to be your actual target market, so presumably you are considering this.

            The outcome is likely to be determined by the availability of fire escape routes from the proposed conversion.
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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              #7
              [QUOTE=jpkeates;n1139999]Many residential landlords would avoid 3 bedroom housing because of the risk of it becoming an HMO.
              But this seems to be your actual target market, so presumably you are considering this.


              our market has always been families, some tenants have been with us for 10 years or more, dont personally like the HMO market - prefer let and forget as a concept

              am wary about losing the family market by making the property 4 bed via a loft conversion, which is the reason for the original question

              doing extensions and loft conversions is meat and drink to us, additional cost given what we have to do to this property is minimal
              Chartered Accountant, FCA 35th year in public practice,

              BTL since 1992, New Build Developer - Build to rent in the LB of Sutton

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                #8
                There are plenty on the housing list who would appreciate a 4 bed to rent. I'm sure your local council is bound to be interested if you were to take tenants from them. As long as you kept the rent 'reasonable' and within social rent payments should be easy to let.



                Freedom at the point of zero............

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                  #9
                  In which case, I'd be wary.

                  If you have a family in a house with a "spare" room, there's always the risk that they'll take in a lodger to offset the cost of living and thereby create an HMO without your knowledge.

                  Otherwise you are limiting your market to people on benefits with large families / number of children.
                  On the plus side is that properties with three (or four) bedrooms to rent are scarce.
                  When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                  Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                  Comment


                    #10
                    Originally posted by Interlaken View Post
                    There are plenty on the housing list who would appreciate a 4 bed to rent. I'm sure your local council is bound to be interested if you were to take tenants from them. As long as you kept the rent 'reasonable' and within social rent payments should be easy to let.
                    we will consider u/c tenants and the last 3 houses have gone to tenants on u/c (purely a coincidence, they were strong applicants with good guarantors and advance payments) but the LB of Sutton are incompetent and not professional in their dealings, icebergs move faster,
                    Chartered Accountant, FCA 35th year in public practice,

                    BTL since 1992, New Build Developer - Build to rent in the LB of Sutton

                    Comment


                      #11
                      jpkeates,

                      the demand where we operate is huge, we will have over 100 applicants within a week for a 3 bed house, the properties are of a high standard, tenants all levels of income and nationalities, surplus of flats but no houses being built

                      4 beds not many in our area for rent, they are in the more expensive post codes in Sutton, our houses are vicky terraces and 30's built
                      Chartered Accountant, FCA 35th year in public practice,

                      BTL since 1992, New Build Developer - Build to rent in the LB of Sutton

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                        #12
                        Sounds like you are the best person to answer your own question!

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                          #13
                          There are a couple of Article 4 planning directives in place in Sutton that might affect your plans. One in Sutton Garden suburb, which might prevent new HMOs in the area. The other which just says "A number of properties across the borough have had their permitted development rights withdrawn with regard to roof alterations." You might want to check with the planning office before going ahead.

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                            #14
                            sm1 landlord,

                            Stick to the demand needs, and the market knowledge you have, I'd personally stick with it being a 3 bedroom if the demand is there.

                            Comment


                              #15
                              To me sounds nice but a lot of work -
                              Renting to a large family may have additional 'problems' too many family members , additional people staying there , lots of kids

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