Process when buying a derelict property to renovate

Simplydee3

Hi All,

First time posting so hopefully you can help. Very early stages but we are looking at a derelict cottage on 0.5 acre to buy to renovate. We are taking this route as location is key, and we cannot get planning to build from scratch in this area. Partner is a carpenter so will be a self reno as much as possible.

However, wondering if anyone has been through this?

We have viewed the property, like the location etc. We are wanting to make an offer - but - we want to get an idea of what the total renovation will cost.

So my question is; do we wait for our offer to be verbally accepted before go get plans drawn up by an architect, take them to a QS for costings? We obviously do not want to go sale agreed until we know what the end cost will be.

Then - roughly how much will it cost for structural engineer report, architect rough drawing and QS costing report to completion? As obviously, if we spend an enormous amount only to find out its not a viable option for us then thats more money wasted.

Any guidance will be appreciated! Hopefully someone has been where we are right now.

JimmyMW

Simplydee3 wrote: »

Hi All,

First time posting so hopefully you can help. Very early stages but we are looking at a derelict cottage on 0.5 acre to buy to renovate. We are taking this route as location is key, and we cannot get planning to build from scratch in this area. Partner is a carpenter so will be a self reno as much as possible.

However, wondering if anyone has been through this?

We have viewed the property, like the location etc. We are wanting to make an offer - but - we want to get an idea of what the total renovation will cost.

So my question is; do we wait for our offer to be verbally accepted before go get plans drawn up by an architect, take them to a QS for costings? We obviously do not want to go sale agreed until we know what the end cost will be.

Then - roughly how much will it cost for structural engineer report, architect rough drawing and QS costing report to completion? As obviously, if we spend an enormous amount only to find out its not a viable option for us then thats more money wasted.

Any guidance will be appreciated! Hopefully someone has been where we are right now.

Firstly a word of warning re planning, if a house is derelict for more than 7 years it loses its status as a dwelling and is subject to the planning restrictions of the area, therefore if you are not eligible for planning in this area and the house is derelict for more than 7 years you will not be eligible to renovate and extend this property.

Assuming the planning side of things are ok, I would firstly make out what you can afford to spend in total. From this figure I would subtract €2k per m2 of extension required, €1200 per m2 of existing for renovation a further 20% of the first 2 figures as a contingency, whatever is remaining is your max offer as the figures above should cover fees etc. Do not allow for your OH's work as this may prove as a handy contingency further along in the project.

Hope this helps, best of luck with it.

Simplydee3

JimmyMW wrote: »

Firstly a word of warning re planning, if a house is derelict for more than 7 years it loses its status as a dwelling and is subject to the planning restrictions of the area, therefore if you are not eligible for planning in this area and the house is derelict for more than 7 years you will not be eligible to renovate and extend this property.

Assuming the planning side of things are ok, I would firstly make out what you can afford to spend in total. From this figure I would subtract €2k per m2 of extension required, €1200 per m2 of existing for renovation a further 20% of the first 2 figures as a contingency, whatever is remaining is your max offer as the figures above should cover fees etc. Do not allow for your OH's work as this may prove as a handy contingency further along in the project.

Hope this helps, best of luck with it.

Thanks so much for this Jimmy. I wasn't aware nor did the agent make us aware of the 7 year rule as it most definitely seems longer than that. Is that the same across the country do you know? We are in cork.

The costing advice is great also. Was moreso just looking for the cost of structural engineer to check it, an architect to draw plan and QS to cost the build-as in just there services? I understand it depends but would it be a couple of hundred or a couple of thousand before we even go sale agreed.

Simplydee3

Update here in the case of Cork anyway, the 7 year derelict rule applies to commercial property and no restrictions with renovating an existing structure :-)

JimmyMW

Simplydee3 wrote: »

Thanks so much for this Jimmy. I wasn't aware nor did the agent make us aware of the 7 year rule as it most definitely seems longer than that. Is that the same across the country do you know? We are in cork.

The costing advice is great also. Was moreso just looking for the cost of structural engineer to check it, an architect to draw plan and QS to cost the build-as in just there services? I understand it depends but would it be a couple of hundred or a couple of thousand before we even go sale agreed.

I see your update below, can I ask where did you source that Information? I would firstly use the calculations above to see if the project is feasible, if it is then I would proceed with the bidding, if you get it within your budget I would then approach the architect & surveyor, you will have plenty of time to do this between the sale agreed and the signing of the contracts. I would not spend any money before that stage if I were you.

Tefral

Bought an unfinished house myself recently. That 7 year rule doesnt apply in Clare either...

BryanF

Simplydee3 wrote: »

Update here in the case of Cork anyway, the 7 year derelict rule applies to commercial property and no restrictions with renovating an existing structure :-)

Good for you! Did you meet the planner face to face? Can you agree to only buy on condition of planning, worth an ask..
Until you know for sure, Allow for waste treatment, connections, and entrance treatments as well as chargers if you extend by more than 40m2