Using Property Filter to find flats that can be converted from one bedroom to two bedrooms is a strategic way to increase property value, particularly in high-value areas like London. Here's a step-by-step guide on how to use Property Filter for this investment strategy:
Setting Up Your Lead Generator:
Access your Property Filter dashboard and navigate to 'Lead Generator'.
Click on 'Add New Leads Generator' and enter the initial postcode for your target area, like 'SW10' for London.
Add relevant neighbouring postcodes by clicking on them to include a wider search area.
Choosing the Right Strategy Template:
Select the 'One to Two Bed Flat Conversions' strategy template. This template focuses on properties larger than 50 square meters, which are one-bedroom flats.
Name your lead generator for easy identification (e.g., 'LDN 1 to 2 Bed Flats').
Refining Your Search Criteria:
Edit your lead generator to refine the search. Consider setting a maximum price cap to filter out overly expensive properties, like £500,000 in London.
Focus on one-bedroom flats only and exclude properties with unknown bedroom counts.
Choose property tenures and purposes that align with your investment strategy, like excluding auctions and new builds.
Utilize the advanced filters cautiously. For example, include properties that are 'unmodernized' or 'cash buyers only' and adjust the minimum floor area if needed.
Reviewing Your Leads Inbox:
After refining your criteria, check the leads generated. You should now have a more manageable list of potential conversion properties.
Evaluate each lead's details, such as floor plans, to assess the feasibility of converting into a two-bedroom flat. Look for properties with large reception rooms and separate kitchens that could be reconfigured.
Example Lead Evaluation:
Consider a property with a 24 square meter reception room and a separate kitchen with a window. Explore the possibility of converting the kitchen into a bedroom and making the reception room an open-plan living and kitchen area.
Check the property's listing history for signs of motivation, like price reductions or failed sales.
Utilizing Property Filter Resources:
For further guidance, explore more tutorial videos in the Property Filter success base.
If you require personalized support, book a session with a Property Filter accredited coach.
By following these steps, you can efficiently use Property Filter to identify one-bedroom flats suitable for conversion into two-bedroom flats, an effective strategy for adding value in high-priced areas. Ensure to conduct thorough due diligence on local council regulations and property specifics before proceeding with any deal. Good luck with your property search!