New Developer !! small project i think

[shady_cb]

Hi

First of all a bit about i am 21 recent university graduate, who is wanting to stretch himself. Which is what brings me here....

My scenario is my parents have a smallish size outbuilding out the bottom of there garden, which is currently just used for collecting nothing but dust.

It is good solid structure , it has had electric to it at one point, but no pluming.

My plan is to turn it into 1 bed/ studio that will be rented out to the winter skiing trade and thought the year for tourist. As i am based in the heart of the Scottish whiskey trail in an area of Scotland Called Morayshire.
I must stress this is a long term plan and this project is by no means to be a money spinner its purely thinking of long term plans because personal circumstances will one day been need for family to live.

So what i am after are item and things that i will need to watch out for E.g will the building have to be grade for council tax purposes will i even be allowed to convert it. If anyone has had experience of this how did they fair.

Would also be good if you could point me in a direction for learning material from the internet/ books

thank you for taking the time to read this

Chris

[sqftmag]

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.

[Paul]

may sound obvious but... do some searches on this and other property forums regarding the specific topics you are looking for info on - chances are other people will have asked similar questions