Looking to buy and renovate cottage or buy and rent a small apartment, opinions???

tevion1

Im currently renting a semi-d in an estate in a small town, but I would like to be working towards something for the future.

Plan 1. Ive been thinking of buying a cottage needing a bit of work, renovating it and moving in rent free, (savings + small loan) for circa 60-65k all in.
or
Plan2. Buy a 1 bed apartment in a good area and let it so ill be on the property ladder and working towards something for the future.

Ive been in the construction trade for years (sparkie) but ive never taken on a job like doing up a cottage.

Has anyone done a renovation project in the current climate? Anyone letting an apartment, is it more hassle than its worth?

Thanks for any help you can give me.

StillWaters

tevion1 wrote: »

Im currently renting a semi-d in an estate in a small town, but I would like to be working towards something for the future.

Plan 1. Ive been thinking of buying a cottage needing a bit of work, renovating it and moving in rent free, (savings + small loan) for circa 60-65k all in.
or
Plan2. Buy a 1 bed apartment in a good area and let it so ill be on the property ladder and working towards something for the future.

Ive been in the construction trade for years (sparkie) but ive never taken on a job like doing up a cottage.

Has anyone done a renovation project in the current climate? Anyone letting an apartment, is it more hassle than its worth?

Thanks for any help you can give me.

Plan 1 all the way. Being a LL is tough, and getting tougher. Who doesn't want to be mortgage free, with your skills, and a few bob I think renovating a small home to live in makes total sense.

riclad

GET at least 2 ,or 3bed house, you can get things like blocks,windows ,doors on adverts,ie or gumtree.
ITS well worth it, you have parking space, privacy,
dont have to pay service charges.
buy one that has good roof,in good nick .
with water supply,esb supply connected.
GET one that has walls,roof good nick.
and you have the reward of doing up a house to your own design.
allsop have auctions every few months ,
google allsop ie,they ,ll have a list of property,s on the website.Before the auction takes place.
theres always older, houses for sale ,need total decoration,
modernisation ,
but in good state re structural.

the_syco

tevion1 wrote: »

Plan2. Buy a 1 bed apartment in a good area and let it so ill be on the property ladder and working towards something for the future.

If you buy the 1 bed apartment, you'll be on the property ladder, and when you sell it at a loss, you'll be back off this imaginary ladder...

tevion1 wrote: »

Plan 1. Ive been thinking of buying a cottage needing a bit of work, renovating it and moving in rent free, (savings + small loan) for circa 60-65k all in.

Be careful. Some cottages may be protected, which means VERY EXPENSIVE ANYTHING. Also means you can't throw on an extra bedroom, or convert the attic, etc.

=-=

I'd go for Plan 1, and once you've done your homework on the cottage, you should be okay.

djimi

I shudder when i hear people talk about getting on the "property ladder"...

riclad

That,s like saying i shudder when someone says , i,m
gonna buy a car.
I don,t think its a big risk to buy a cottage in the country ,if you are on a good wage .
AT some point most working people will have a choice,
buy a property or keep paying rent.
some woman was on joe duffy ,said she has old cottage , its in bits,with no roof on it.
The council wont allow her to demolish it,
she wants to build a modern house on the site.
SO make sure house is not a protected building.
IF everyone just stopped buying houses out of fear of falling prices, it would not be good
for the economy .

the_syco

In the current market, buying a house is like buying a car; when you sell it, it'll be probably worth less than when you bought it, unless you keep it for a very long time.

You don't, however, buy a car so that in 3 years time you'll sell it for more than what you bought it for to buy a better car. There is no longer a ladder where you can sell the current home to buy a more expensive home.

riclad

You have to work out how much rent do pay per year,
if you buy a cottage ,intend to live there for 10 years , well who know where the market will be in 2022?
AT least you are saving on rent , you have privacy and a parking space.
Apartments have service charges, plus maybe anti social
or noisy neighbours.
Look on allsop and daft.ie ,check for older houses cottages in your area.

borderlinemeath

Don't buy a one bed apartment. I would usually advise against buying any apartment but in particular a one bed. Service charges, management fees, hard to resell...

€60-€65k isn't a huge outlay for a home for the long term so if you can find one that meets your needs I would go for it. Don't know where you are in the country but this one in Laois only needs finishing, looks like most of the hard graft is done.

http://www.daft.ie/searchsale.daft?id=645280

tevion1

Firstly, Thanks for all the reply's.

I'm in the Mayo/Sligo area.

I plan to keep the property for a long time. I've settled on the idea of a cottage/ bungalow. I can buy one and get it to a liveable standard for my budget as I've went through a load of prices of materials and finishings with my brothers who have built in the last few years.

Daft is a good site for going through and I've contacted a few auctioneers off it for more details on property's.

Ill keep an eye on allsop too.

...__...

most of my family have either self bult or bought fixer uppers!
If you have the dedication you can doit in mayo sligo area for peanuts.
first off you need to figure out how long before you want to be able to live there.
then offset that by how much effort you can put into the renovations.

so say you want to be in a livable house in two years andca put in 12 to 15 hours per week over two years thats approx 5 months at full time ish.
hopefully you have a few trades your friendly with to give a dig out and a discount mainly chippies you being the sparks and prob a good plasterer the rest you should be able to handle.

Then you need to find a property that you can afford and handle this is definitly not the time to get sentimental as that could sink you forget the view etc unless its for peanuts.

Once you have found a few places go look do an estimate like you would as a sparks that will give you the eye around the place and a rough guideon how much you would spend on one trade multiply that by as many services as you need and that should be an overestimate (I hope) of how much it will cost to fix up. REMEMBER I SAID FIX UP NOT MODERNISE thats another ball game all together.

tevion1

Id be looking to have a house liveable in or around 6 months.

I would have all trades within family and friends which doesn't mean free labour but does mean cheaper prices and day rate.

I'm hoping to get a house with all services already installed and a solid roof and solid timber windows, also I wouldn't be interested in a house with really low doors ( a lot of these type houses ) as I'm over 6ft and it would be too much work to rise all doors and I don't want to wear a hard-hat when I'm living in the house, If anyone see's something like this in the Mayo ? Sligo area pm me with details please, is there other sites as good as daft out there?

I know what you mean about fix up/ modernise.
The initial plan for any house would be:

Phase 1:
Re-wire
Re plumb + heating - stove+oil boiler
Painting
Soffit/facia/gutters
Ceilings lowered, slabbed and plastered
Some plastering throughout
Internal doors, skirting architrave
Secure out-buildings ( new timber doors locks )
New kitchen
Tile bathroom
Bathroom set, basin etc
Laminate flooring
And all furniture too

Phase 2:
PVC double glazing windows and doors
Flat roof extension to rear to add 2 bedrooms, bathroom and kitchen
Walls/doors changed around in old part to blend old to new
Decking off rear doors with bbq and pizza oven to one side

endacl

tevion1 wrote: »

Im currently renting a semi-d in an estate in a small town, but I would like to be working towards something for the future.

Plan 1. Ive been thinking of buying a cottage needing a bit of work, renovating it and moving in rent free, (savings + small loan) for circa 60-65k all in.
or
Plan2. Buy a 1 bed apartment in a good area and let it so ill be on the property ladder and working towards something for the future.

Ive been in the construction trade for years (sparkie) but ive never taken on a job like doing up a cottage.

Has anyone done a renovation project in the current climate? Anyone letting an apartment, is it more hassle than its worth?

Thanks for any help you can give me.

Don't forget, with Plan 1 you can run to your own timetable. Nobody chasing you to get the job finished. Live in and work on the gaff at your own pace. For some of us, this would be a mightily attractive option...

...__...

6 Months is a lot of comitment depending on the condition you get, but one that is achievable I agree that a watertight house is a must my uncle got one that wasnt and took a lot of effort and time off to get it secure. have a look around daft and myhome.ie and ont forget to go in to afew local estate agents to tell them what your looing for they might just know someone who is thinking of selling.

ladyeaston

Hi I would get an old cottage with no roof , lift a mobil home into it put a roof on the house then work on making it cosy putting in a septic tank make sure it is insulated, happy days, build on a porch and look at the stars

ladyeaston

tevion1 wrote: »

Im currently renting a semi-d in an estate in a small town, but I would like to be working towards something for the future.

Plan 1. Ive been thinking of buying a cottage needing a bit of work, renovating it and moving in rent free, (savings + small loan) for circa 60-65k all in.
or
Plan2. Buy a 1 bed apartment in a good area and let it so ill be on the property ladder and working towards something for the future.

Ive been in the construction trade for years (sparkie) but ive never taken on a job like doing up a cottage.

Has anyone done a renovation project in the current climate? Anyone letting an apartment, is it more hassle than its worth?

Thanks for any help you can give me.

I say go for it no matter if you are happy plenty of familys in ireland had no bath room , water, just a fire and a bed and a bit of food , if you are young you will have no problem and you can take your time and enjoy letting the house grow around you

Lucyn

ladyeaston wrote: »

Hi I would get an old cottage with no roof , lift a mobil home into it put a roof on the house then work on making it cosy putting in a septic tank make sure it is insulated, happy days, build on a porch and look at the stars

WTF??!!!:eek:

ladyeaston

hi just google teach nollaig it will give you some idea of what anyone can do if they put their mind to it good luck , go for it, life is for living , enjoy

Kitten24

Just reading these posts and wondering people's ideas and opinions. I'm 26,in a permanent teaching position, renting with friends in town. It has been my dream to purchase a run down cottage/small bungalow in the Galway costal area possibly barna, carraroe and do it up over a number of years. Not to live in full time but as more of a project for myself that I can go to as I get older, maybe for holidays with children etc.
am I silly to be even thinking of this in the times we live in?? And how much exactly are we talking? I have really no idea so ANY advice be really appreciated. Only talking about a small residence, to keep myself, not make a profit. Thanks

RATM

Also don't forget the Self Build sub forum on the Construction forum here, you'll find a lot of people who have already done what you're proposing

tootsy70

plan1 all day long. Theres cottages out there for 50-70k that needs very little work. Infact one just came on daft a few days for 37k with little work(IMO) needing done. If you have mates/family all work in construction then your on to a winner because you can get mates rates or even some that will work for free or just a few pints. Good luck and if you do go with plan1, keep us posted with it. star a thread so we can follow your work