House sale : number of bedrooms vs value of house

Jaybor

2 Years ago I bought a 3 bed semi in North Dublin as an investment.

I've decided to sell it now as we are thinking of buying more apartments instead for the better yields and lower maintenance and number of people to deal with.

The house was bought just over a year ago €200k and was in very good condition.
So a house exactly the same, about 100 meters away sold recently for well over €350k (ive since gotten to know the owner and he has told me this, its not on the property price register yet), with viewers coming out and around the corner on one day i was around to view it, so I think its time to cash in on mine.

The houses are exactly the same, right down to the condition and garden size.

The only difference I could see was that 1 bedroom had been split in two and a new door put on the landing for the new room, to make it two 8 x 12 ft rooms. So it has become a 4 bed house. Other bedrooms are the same as they were 12x12 and 8x9.

The room is 16.5 ft x 12 ft with a window at either side of the bedroom. So I asked my uncle, a builder, to come up and have a look. I asked him If I converted it would i get it done for around €1000 and he said yes, with loads of change out of that.

So I think im going to convert it to a 4 bed and then sell it.

Does anyone know are there any legal implications of converting the bedroom to 2 bedrooms. Do i need to get planning permission or do the windows have to be a certain size, or do you need special permission of some sort to turn a 3 bed house into a 4 bed and sell it?

Or should I make two equal size rooms or one single and a bigger room out of it.

And basically, what would the price difference be between a 3 and 4 bed house in North Dublin anyway all other things being equal? If I was just to leave it and sell as a 3 bed.

I have an estate agent coming up next week and will ask him all those questions, but curiosity is getting the better of me, so i cant wait til next week, so i had to register here to ask

Any help appreciated.

Bigcheeze

I don't see any issue with it.

Regarding value, North Dublin is a large geographical area, much larger than South Dublin. Where is it?

Don't see how you'd get it done for a grand. Is that just materials?

Jaybor

Its in Swords.
I didnt think there would be an issue to be honest. Seems like a huge jump in price for the sake of less than a grand. I wont complain though.

The whole job would be covered in a grand. There are already two rads in the right places. So its a stud wall, door and an electrician only.

Bigcheeze

Jaybor wrote: »

Its in Swords.
I didnt think there would be an issue to be honest. Seems like a huge jump in price for the sake of less than a grand. I wont complain though.

Sounds like a decent price for a large 3 bed / small 4 bed in swords. Thought swords would have ok supply.

Jaybor

Bigcheeze wrote: »

Sounds like a decent price for a large 3 bed / small 4 bed in swords. Thought swords would have ok supply.

The whole of North Dublin is rocketing lately. Thats why I was thinking id strike while the iron was hot.
A new phase of an estate went on sale in Donabate last week that I was supposed to be helping out my parents to buy a house in. All were sold in 30 mins. I hadnt read my emails in the morning and i missed it. Im in trouble needless to say.

The_Conductor

Jaybor- if the ceilings of the room are sufficiently high for it to qualify as habitable accommodation- subdiving a bedroom into two separate rooms will almost certainly require planning permission, and would also have to comply with current building regulations. You need to get advice on this. In addition to this- if there are any changes which classify as 'structural alterations'- you'll also need an architect's certificate of compliance.

Subdividing a bedroom is unlikely to entail a 'structural alteration'- however given the rules governing habitable accommodation- you will not legally be allowed to sell the house as a 4 bedroomed house (possibly only as a 2) unless you have proper permission for it.

Prospective buyers- may ignore this- and accept it is a 4 bed house- but you can't legally sell it as such.

Jaybor

The_Conductor wrote: »

Jaybor- if the ceilings of the room are sufficiently high for it to qualify as habitable accommodation- subdiving a bedroom into two separate rooms will almost certainly require planning permission, and would also have to comply with current building regulations. You need to get advice on this. In addition to this- if there are any changes which classify as 'structural alterations'- you'll also need an architect's certificate of compliance.

Subdividing a bedroom is unlikely to entail a 'structural alteration'- however given the rules governing habitable accommodation- you will not legally be allowed to sell the house as a 4 bedroomed house (possibly only as a 2) unless you have proper permission for it.

Prospective buyers- may ignore this- and accept it is a 4 bed house- but you can't legally sell it as such.

Im pretty sure I dont need planning permission, but i'll double check to make sure.

The most complicated part of the job is the lights, but even that is trivial for an electrician.
Its a one day job in all, plus painting and cleaning up. The new wall doesnt even need to be plastered, which i thought it would (it looks like my idea of wall finishing is behind the times).

Looks simple enough and it will be an experienced builder doing it, not me.

https://www.youtube.com/watch?v=qoTxj3z9d80

Jaybor

Well if anyone is still interested. Just spoke to the auctioneer and my builder was there.
The job will cost €780 and according to the auctioneer an extra bedroom, even if everything else is the same total footage will add €70000 minimum to the value of a house in that area.
He said houses in general have sold for 30 - 40% over what they sold for in the area 2 years ago.
He sold the other similar house and advised to put this house on the market at just over what the other house was sold for.

Spoke to an architect friend today too and he confirmed I dont need planning.

The other house was sale agreed in the first week of going on the market. There were higher offers but the buyer went with a cash buyer.

Quite staggered at how easy it it to increase the value because one bedroom is over-sized and has two windows.

Builder is in in a couple of weeks and the house will go on the market after that.

drunkmonkey

Where's the ceiling? €350 seems like a lot for what it is, I'd take €375 and run.

Supercell

Best of luck with it Fair play to you for taking the gamble and buying when you did.
We are adding in a second toilet room to our house (3 bed, 1 bath). All in it will cost around 1.5k but we believe the payback will be much greater than that when we come to sell it, at least thats how we are justifying it!

ted1

interesting,

I brought in 2012 for just over 200k and could realistically achieve a price of 380+. (mortgage of less than 190)

I'm contemplating selling it, paying of my mortgage and buying some where else not to far with the remainder cash, then being mortgage free.

i wonder will we see lots of other houses sold in 2012 being put back on the market?

Bigcheeze

Off home to turn my 4 bed in to an 8 bed. Cha ching!

Jaybor

ted1 wrote: »

interesting,

I brought in 2012 for just over 200k and could realistically achieve a price of 380+. (mortgage of less than 190)

I'm contemplating selling it, paying of my mortgage and buying some where else not to far with the remainder cash, then being mortgage free.

i wonder will we see lots of other houses sold in 2012 being put back on the market?

Im selling it, first of all to cash in, but im sick of letting houses. I'll use this money to buy 3 x 1 bed apartments. There is a lot more money that can be made off them. Those 3 apartments should make me double what the house did in rent. I already let some apartments and the 1 beds have far superior profits than 2 beds and the house.

I think you will see a bit of flipping going on alright. Some people got in for the long haul and probably didnt expect to make good money on flipping. Might as well take advantage.