All Forum Posts by: Yiani Georgiev

Hello,

My name is Yiani, I'm 20 years old from Sofia, Bulgaria. I am really into real estate and I want to start as soon as possible, however I am studying abroad, and I'm constantly travelling. My plan for now is to create a mind map and solid plan, with solid foundation of knowledge until I graduate.
My project is the following:
I live in a residential building, and my family owns the apartment that we live in. The building has 4 floors, or 5 if we count the attic. One of our previous neighbours sold 2 of their apartments, as well as a newly converted attic room that was made into a one-bedroom studio. My idea is to convert our attic into a studio as well, and then rent it out. However, the attic does not have pipes to put toilets, sinks, etc. The solution to that problem is that next to our attic there is a small room with a toilet and a shower, which one of our neighbors owns but has not used for a long time. I want to connect both rooms. There is also a lot of space in the hallway that can be used; however, I need to obtain the approval of all other residents since that space is shared. Finally, the roof has to be lifted in order to create a little bit more space. The roof of the whole building has to be renovated as well, which will happen since all residents are obliged to pay. Once this is done, then the roof can be lifted.

I think that for a first project, this is not as hard, but still challenging. Since we own the property, the only costs (hopefully) will be in converting the whole attic into a studio. My family has made quite some renovations in our apartment and can help with the basics, like flooring, walls, and some plumbing, and we have the tolls for that, but for the roofing situation we need someone who knows their stuff.

I still need to obtain the blueprint of the whole attic and then scheme it out and dive into the fine details. The attic has to be cleaned as well.

Any tips or opinions will be helpful.
Thanks in advance!