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looking for house in need of renovation

  • 08-07-2012 5:16pm
    #1
    brianb10
    Registered Users, Registered Users 2 Posts: 112 ✭✭


    I'm in NE to the tune of around €150,000.
    I am considering buying a house (bank approved already) in need of renovation in a nice part of south county dublin.
    My reasoning is that obviously renovating should increase the value and
    if there is a price rise again I think they will increase in value more in the more desirable areas of south county Dublin such as Killiney, Blackrock etc.
    I'm thinking that siblings who have inherited a house and just want to sell it to divide the money may just sell it without refurbishing it.
    Don't see many of them around though, especially in the nicer areas.
    I'm hoping any increase in price of a new house will cancel out money lost on current house.
    what do you guys think of the idea in general?


Comments

  • #2
    Millem
    Registered Users, Registered Users 2 Posts: 7,729 ✭✭✭Millem


    brianb10 wrote: »
    I'm in NE to the tune of around €150,000.
    I am considering buying a house (bank approved already) in need of renovation in a nice part of south county dublin.
    My reasoning is that obviously renovating should increase the value and
    if there is a price rise again I think they will increase in value more in the more desirable areas of south county Dublin such as Killiney, Blackrock etc.
    I'm thinking that siblings who have inherited a house and just want to sell it to divide the money may just sell it without refurbishing it.
    Don't see many of them around though, especially in the nicer areas.
    I'm hoping any increase in price of a new house will cancel out money lost on current house.
    what do you guys think of the idea in general?

    Do you plan on selling your NE property or keeping it and having two houses? I know there is a thread on here saying house prices are increasing but honestly with the state of our economy IMHO the only way is down! At the minute there is not a lot of decent properties on market. Supposedly the summer is meant to be a quiet time. Would you be happy to stay in the new house for 10-15 years?


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    You will most likely lose money.


  • #4
    brianb10
    Registered Users, Registered Users 2 Posts: 112 ✭✭brianb10


    Millem wrote: »
    Do you plan on selling your NE property or keeping it and having two houses?
    Yes, the bank will only give us a negative equity mortgage on the sale of our house.
    Millem wrote: »
    Would you be happy to stay in the new house for 10-15 years?
    Yes. Happy to rent for another year or so untill the market bottoms out but I think it would be a good move then.


  • #5
    brianb10
    Registered Users, Registered Users 2 Posts: 112 ✭✭brianb10


    Victor wrote: »
    You will most likely lose money.
    Care to venture an explaination? :D


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