Minor improvements. A general decorative overhaul can push up the value of a pub, without involving planners, architects and a big investment.

Converting a Pub. At its most simple you might take a public house and turn it into flats, but this still involves complex budgeting and financing. A professional developer would avoid using their own money to fund a major conversion and this is worth remembering if you're considering investing all your own funds. There's often a large gap between the value of a pub and what it might fetch converted to flats - but there are also a lot of costs involved, and often a lot of pitfalls. Sometimes it's more profitable to convert the pub into a single house. Planning consent will normally be required in both scenarios.

Change of use. The conversion of a building from one of business use into housing is a more complex proposition. For example, when turning a pub into flats, the big, initial risk is trying to buy a pub without first applying for planning consent for 'change of use'. You should never buy a pub on the assumption that 'change of use' is possible without serious research into the planning issues and a detailed conversation with planning officers. Many pub sales like this are achieved only when they are 'subject to planning', that is, the deal will only be completed, and the full purchase price paid, when planning permission is granted.

The practicalities. With any prospective pub conversion, you'll need to have a good understanding of building regulations and of the architectural possibilities of your property. When converting larger and more substantial pubs, you'll probably need a professional team and you'll need to budget for their services.

The pub development team should include:

• a quantity surveyor to ascertain costs of the pub conversion
  

• an architect to design the pub conversion scheme, help secure planning consent, and possibly project manage it
  

• an engineer to ensure you have a safe, structural solution

• an estate agent to help you sell the finished product