First stop is your local planning office! It may not be a goer anyway. Check out the local gov website - planning dept should have useful info posted on it.
Call local tourist info and check your plans fit in with market demand. Do visitors want studio accomodation? Are you sited in the right place? What is the competition? Are you better renting to a local tenant longer term?
Then prepare a spreadsheet of costs: architect, building works, fitting out, marketing the studio, tax etc.
Will the rental returns cover the expense of conversion? How many years will it take to break even?
Keep us posted and good luck.
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