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The wee flat we rent out is all attic space so low sloping ceilings. WE have the money and planning should be no issue to put a dormer window in. It would put around £50 - 70 pcm on the rent, cost around £7000 and add quite a lot to the value to the flat ( maybe £10 000+ ) The flat needs complete redecoration so if we do both at the same time when it becomes vacant this summer we would save a fair bit by doing the decoration and dormer at the same time
Our intention is to keep on renting it out for another maybe 10 years then sell
What would you do?
Ta chaps
Well personally going on what you have said in your op, its not really a question tbh.
Property, especially as you own it, is a good a place as any to put your cash. More so as it has such a splendid and secure roof..
Seems a reasonable investment. That's a 10% yield straight away and you make the capital back long term if those numbers are right. No brainer really.
Who has told you it would yield that much in terms of rental/value?
My best guesses from knowing the local market ( which has so far proved to be pretty accurate). the main room will appear much bigger with a dormer and it opens up access to the roof which I can make into an unofficial roof terrace. Also improves the view dramatically as the dormer would be replacing a velux that is set high in the sloping ceiling. Its a one bed flat
Prices in Edinburgh are ridiculous. This is let below market rent and its still £680 a month and worth maybe £120 000. Could get half a street in Hull for that. Its well appointed tho new bathroom, central heating and kitchen in the last year
A single dormer adding almost 10% to the total value of the flat? Nice.
How do downstairs feel about the 'unofficial roof terrace' bit?
No problem with downstairs. The rest of the building is offices 8% increase in value ( maybe) for an investment of 5% of the value
YOu think my guestimate of the value increase is too much? Tell me if so.
Not a great photo of the room but the dormer would be going where the velux on the right side of the pic is. there is another 3m of room and a third velux behind where I am standing
[url= https://farm8.staticflickr.com/7833/32479176457_9310cd0f84_b.jp g" target="_blank">https://farm8.staticflickr.com/7833/32479176457_9310cd0f84_b.jp g"/> [/img][/url][url= https://flic.kr/p/Ru5gAZ ]DSC_0593[/url] by [url= https://www.flickr.com/photos/25846484@N04/ ]TandemJeremy[/url], on Flickr
Older picture showing the other end of the room - again the dormer would be going where the window is on the left of the pic. Kitchen bit is now behind me
[url= https://farm8.staticflickr.com/7907/32479198497_9d1d081537_b.jp g" target="_blank">https://farm8.staticflickr.com/7907/32479198497_9d1d081537_b.jp g"/> [/img][/url][url= https://flic.kr/p/Ru5o9Z ]sitting room 1[/url] by [url= https://www.flickr.com/photos/25846484@N04/ ]TandemJeremy[/url], on Flickr
You sure you want to be going anywhere near that roof?
Your dog looks like a bin bag.:)
I have no idea whether your guesstimate is accurate. I suppose you could con a letting agent/estate agent into coming round and giving you a valuation, but I suppose they're wise to that kind of thing.
It's an easier choice I guess because there is no other way of investing the 7K that would yield much at all.
As far as the roof is concerned, I'd be very careful about making it available for your tenants to sit out on with their mates, if you didn't have explicit permission from the owners of the roof, and were sure it could take the extra loads of a load of people and their stuff.
Yes to the dormer. Not sure about unofficial roof terrace. Potential problem best avoided maybe?
I am a part owner of the roof and given the layout there are no issues with weight and so on.
I'm sure it's fine, if you have the permission of the other part-owner(s).
Don't know how building control works up your way, but are you planning to install a door or just a climbeable-outable window? The former is normally a no-no unless the roof has been properly converted.
just a climb outable window.
I’d go with the full works - lomg-term it will add significant value and make it a nicer place for your tenants. Bit of a win-win, IMHO.
What would entail making an unofficial roof terrace official? If that was possible it would be a huge plus.
Need quite a lot of work. Proper handrails, a walking surface, planning permission, a door rather than a sash and case window. I doubt we would get permission
We had a loft converted and added two dormers. It made a big difference to useable space. I’m less convinced yours will have the same effect, but I’d do it anyway. It will feel more spacious even if it isn’t and give better views. A roof terrace would be my top request, but you might not be allowed one.
I'd be seeing how much extra it would be to make the dormer cover both veluxes in the living area and another in the kitchen. Or just one big one if push comes to shove. That kitchen looks ass to use and the dormer would certainly make it more appealing. Obviously I am but one opinion but if you're looking at long term speculation then you are as well going all in if the increase in price is marginal (calcs are being done anyway, planning costs the same regardless, warrant may increase unless your friendly architect reckons different on value increase and extra reinstatement costs are a drop in the ocean)
The kitchen is fine to use so long as you are under 5'10"! No way would we get planning for a huge dormer or for more than 1- it would need to match the others on the building which are all single dormers. Listed building, conservation area. Increase in price would be a fair bit as it needs to be wooden double glazed mullioned sash and case windows - they are a couple of thousand each
I have only just fitted that kitchen - putting a dormer in over it would mean a complete strip and rebuild of the kitchen
Re. The roof terrace thing, if you make that a feature, even an unofficial one and don't make it safe with a proper walking surface, handrails etc. you might be in legally hot water if one of your tenants or visitors fell off it. I'm sure there was a thread on here 3 or 4 months ago asking exactly the same question, also in Edinburgh.
Possibly a better option all round if you're wanting to open up the roof space a bit without the hassle of being on it. You're not going to get the dormer and all the handrails to safely access the roof etc for your 7k.
Wrighty wins this thread.
Can you do one of those full height dormers with a glass juliet balcony? Bit costlier but would really open the space.
Guessing by the light it's facing towards town. Might give a peak of castle etc? (Always assumed it was Bernard st when it's been mentioned before)
No extra floor space probably the issue.
Oops wrighty beat me.
Interesting that velux cabrio thingy.
As regards the roof access. I will not be giving permission to access the roof. It just will be there for them. Previous tenants have accessed the roof via the veluxes. That damaged the slating. It will not be advertised as having a roof terrace. Its just that climbing out of the window onto the space between the roof and the balustrade will be possible
Its commercial street and the flat faces east.
More so as it has such a splendid and secure roof..
New keyboard please!!!
🙂
1/4 million pounds worth of lead at the edinburgh taxpayers expense.
So of you know my 16 year fight with the council. their demand for £170 000 for work done is now down to an offer of £32000 which I have accepted so long as they take another £15000 off for repairs. total end cost to Edinburgh taxpayers on my building is 1.5 million
Why not put in a juliet balcony? I. E patio doors, but with a glass front to prevent exit.
Then.. If /when times change and you can make outside a balcony, you just remove the glass barrier?
DrP
Planning is an issue. Being a listed building and a conservation area I can only do stuff similar to what is there. Quite rightly as well.
Thanks for your thoughts chaps. I'll try to firm up my numbers a bit but it looks like a decent investment.
If anyone is interested I'll tpost some photos of the roof.