Barn conversions can make fantastic residential properties with lots of character and history. Their huge size lends itself to open-plan living, large windows and doors can fill the spaces with light, and finally, they’re often in very desirable rural locations.
However, a lot of developers, especially those with less experience, make avoidable mistakes with their projects. At best, these can eat into your profit, and at worst, delay or cancel the build.
Fortunately, at Hunter Finance we’ve got plenty of experience in working with property developers across South East England, including financing barn conversions. In this post, we explore some of the most common mistakes we’ve encountered and explain how you can avoid them yourself.
Barn Conversion Projects in the South East: Do’s and Don’ts
Ignoring Structural Concerns
Barns are often old buildings and this is why we love them for conversions. They often bring tons of character and history to a home that makes it truly unique. However, they’re fundamentally practical buildings which are inherently functional and basic. What’s more, many have been exposed to Britain’s cold and damp winters for decades, if not centuries, with minimal maintenance.
Consequently, structural issues can and do occur. Poorly maintained walls and roofs sometimes only become apparent when work starts, often leading to expensive remediation. In our excitement to create the perfect conversion, we can sometimes overlook issues or press on against our better judgement.
Employ expert structural engineers and consultants to survey the building early on. This will highlight any potential issues before they become a bigger, costlier problem.
Not Considering Access & Utilities
Agricultural land can be fraught with issues around access and utilities. Over the centuries, boundaries have been changed, new owners have come and gone, documentation has been lost and even fences or gates have been moved. When the land is just used for grazing cows or growing crops, this is rarely an issue.
However, when it comes to creating a residential property that needs physical access and connections to various utilities, as well as a legal change of use, these potential issues become much more important. We’ve even seen them completely derail a project.
It’s important to employ experienced land and property solicitors within the agricultural sector. Like structural engineers, they will be able to identify and recommend solutions to potential issues before they arise.
Inadequate Budgeting & Planning: Expect the Unexpected
Any development project can encounter unforeseen costs and delays, it’s par for the course. But this is especially true when working with old, sometimes neglected, buildings such as barns. Unexpected repairs can impact your plans and timescales, as can legal or administrative issues, practical challenges with the land and building, and even the weather.
We’ve seen plenty of barn conversion projects fall apart because the developer simply didn’t budget well enough. It’s vital to include plenty of contingency in your pricing and timescales because issues do, and will occur.
Neglecting Energy Efficiency & Insulation
As we’ve discussed, barns are functional buildings that were not designed for people to live in. They rarely have any insulation or damp proofing, can be draughty and may not have completely watertight roofs. An important part of any barn conversion is to make it desirable and comfortable for human habitation.
We’ve seen barn conversions where the developer hasn’t paid enough attention to the insulation and overall energy efficiency of the building. Consequently, they can be hot in summer and cold in winter, meaning the owners have to spend more than they’d like on heating costs.
A barn is often a blank canvas and you must factor energy efficiency into your design from the outset. Buyers are more environmentally aware than ever and we’re all experiencing high energy prices. So to make your conversion more desirable, consider adding renewables such as solar panels or heat pumps, and energy-efficient fittings such as triple-glazed windows, lots of insulation and other green tech.
Compromising on Quality
Most barn conversion projects result in large, desirable and high-value properties. Buyers tend to be from the upper end of the market and come with decent budgets. Because of this, they want quality in everything from the workmanship to the choice of fixtures and fittings.
Cutting corners on materials or contractors with a barn conversion is a false economy and a fairly common mistake we see developers make. Either in a rush to get things finished or because unforeseen problems have eaten into the budget, it can be tempting to opt for cheaper contractors or lower-quality materials and fittings.
Instead, it’s often a better idea to source additional property development finance in the form of a bridging loan to complete the property to the highest standard. This will make it much easier to sell, or if you plan to live in it yourself, you’ll be in a home that’s exactly how you want it.
At Hunter Finance, we’re always eager to work with talented developers to make exciting projects come to life. If you need property development in the South East, don’t hesitate to get in touch.
