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To buy and Renovate or buy to live in immediately

  • 26-03-2010 9:54am
    #1
    munsterkerryfan
    Registered Users, Registered Users 2 Posts: 67 ✭✭


    Hi, just wondering if anybody has experience of buying a home to renovate it. We currently have offers on two houses - both of which look like they are now going to be accepted.

    One is a beautiful house, everything in the house is new and modern, it is 2,000 sq feet and about 5 miles from the town we wish to live near. Nothing would need to be done to this house and it could be lived in immediately. We have been told that our offer of 330k will be accepted.

    The second house is an old bungalow which is about 1 mile from the town. Externally, it is in perfect condition but internally, it would need to be gutted completely. It is also about 1,100 sq. ft so we would need to extend. There is a massive garden with this house so there would be no problem extending. We have been told that our offer of 250k will be accepted on this property. The fact that it is a lot closer to the town means we would be interested in renovating if it was financially feasible.

    My query is whether any body has experience of renovating a newly bought property and whether any of the experts here think it would be possible to extend a bungalow by approx 1000 sq. ft and bring it up to a very modern standard for 80k. Sorry about the lack of detail but neither of us has much experience in construction or home design.


Comments

  • #2
    seanfarrelly23
    Registered Users, Registered Users 2 Posts: 5 ✭seanfarrelly23


    Hi, Sounds like you are one of the few who has money to buy at the moment. I have been in the building business for a long number of years but I have been out of it for the last couple of years. Unfortunately I don't think you will get the house renovated and a 1000 sq. ft extension for the 80K. I have heard prices of €60 / sq ft for new build which seems to me very cheap. You definately would not get the renovation of the 1100sq.ft for the other 20K.
    Sean


  • #3
    DOCARCH
    Moderators, Home & Garden Moderators, Science, Health & Environment Moderators Posts: 18,450 Mod ✭✭✭✭DOCARCH


    Very tight budget to extend by 1,100 sq.ft. and rennovate the existing 1,100 sq.ft.

    If you are living anywhere in the Dublin region (and surrounding counties), I would very confident in saying you will not do for 80K.

    I take it from your name, you may be in Kerry? You possibly might do it for 80K but to a very low spec.


  • #4
    munsterkerryfan
    Registered Users, Registered Users 2 Posts: 67 ✭✭munsterkerryfan


    Thanks for the input lads. Yes, Kerry is the region the houses are in. As you say, the budget of 80k might not be feasible to extend and renovate. In terms of the renovation, it is really only bedroom space that we will be adding on. The rooms that the kitchen, living room etc are based in are perfect but need to be modernized.

    Our priority would be to get a good spec in the house as opposed to having say 2,000 sq. ft. Perhaps it might make more sense to extend by 500 or 600 sq.ft. and put a top class spec in for 80k. Even at €90 per sq.ft. for the extension, there should be enough left over to put a good spec in the house.


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