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How Much Less to Offer for a Doer Upper?

  • 15-03-2016 3:40pm
    #1
    d9oiu2wk07blr5
    Closed Accounts Posts: 364 ✭✭


    House has come on to the market that needs the following work done to it;
    • Replacement window/doors
    • Kitchen and extension
    • Bathroom refit
    • Wardrobes in all the bedrooms
    • Interior decoration throughout
    • Wooden/tile flooring for a 90 m² house
    • Raising the height of the existing back boundary wall to improve privacy/security which will require PP.

    Similar houses in the area in walk-in condition and building developments have been sold for between €270,000-€290,000. This house is currently being marketed at €290,000.


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,113 ✭✭✭✭L1011


    Irish sellers and buyers don't seem to do much more than price in the cost of the upgrade works - which is why we don't have much in the way of flipping here.

    Cost up what it'll cost, take that off what you think it'd get when done and try get some more.


  • #3
    Tombo2001
    Registered Users, Registered Users 2 Posts: 6,737 ✭✭✭Tombo2001


    Its not an easy question to answer at all, to the point where its almost not worth asking. The market is what it is.

    In my experience, you are not particularly getting a 'bargain' by buying a do-er upper.

    What you are getting is somewhere you can, in estate agent lingo, 'put your own stamp on'. And there is a genuine advantage to do that.

    On the other hand, most people underestimate the cost of doing a place up, but more particularly the time it takes, and the time in man hours they would personally put into it.

    One advantage however is that the trade value of the house is lower; so that you can buy the place now and do it up over time. Having said that, I would not under any circumstances is max out to buy a do-er upper, and then hope to do it up over time.

    Once you buy a house and start paying the mortgage, you have less disposable income and therefore it becomes much harder to save.


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