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  • 30-06-2013 5:07pm
    #1
    general paulus
    Registered Users, Registered Users 2 Posts: 21 ✭


    hi, I have around 15k to invest and I would like to do either of the following around my home which is on 1 acre:

    1). build an insulated 2 span workshop / shed connect to 3 phase power and rent it for around 350 - 400 euros per month. I have gotten quotes on the shed build and I should be within budget.

    or

    2). convert my detached garage to a living space and rent it out for around the same money. I am only about an hour from Dublin and 10 mins from shops etc.

    If anybody has any experience in this type of thing or if you just wanna give me your tuppence worth that would be great (please no prize bond, stock market or savings account investment advice - not interested....)
    also I know about planning application complications etc but that is not what im after here just opinions on which you think would be a better investment and why.
    thanks


Comments

  • #2
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    How much would you get for renting out your garage? Also would €15K be enough to bring it up to current rental standards?


  • #3
    Bluegrass1
    Banned (with Prison Access) Posts: 97 ✭✭Bluegrass1


    general paulus wrote: »
    hi, I have around 15k to invest and I would like to do either of the following around my home which is on 1 acre:

    1). build an insulated 2 span workshop / shed connect to 3 phase power and rent it for around 350 - 400 euros per month. I have gotten quotes on the shed build and I should be within budget.

    or

    2). convert my detached garage to a living space and rent it out for around the same money. I am only about an hour from Dublin and 10 mins from shops etc.

    If anybody has any experience in this type of thing or if you just wanna give me your tuppence worth that would be great (please no prize bond, stock market or savings account investment advice - not interested....)
    also I know about planning application complications etc but that is not what im after here just opinions on which you think would be a better investment and why.
    thanks

    Be careful of planning permission. I got planning to build a detached garage but it was strictly on the basis that it would be ancillary to the main house. No separate letting involved. A neighbour did the same and was hounded by another neighbour during the build and after to make sure he didn't breach the planning conditions.
    The same applies to commercial usage on a residential site. I know someone facing court over a situation of an unauthorised unit on the site of a dwelling house.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    Almost €5k p.a. is roughly a 30% yield. That's very strong.


  • #5
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Henry Ford III wrote: »
    Almost €5k p.a. is roughly a 30% yield. That's very strong.

    except that ignores any initial outlay on the building itself so its not really a 30% yield.

    Nor is it likely that the OP will get planning permission for either change of use so its moot.


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