Advice on costs involved in complete home rennovation

sarahf2k16

Hi there,

I am a first time buyer and am considering purchasing a house and renovating it.

I have seen two homes, however, I have no idea how much is involved in the cost of renovating as I don't know if it could be anywhere from 40k-80k.

I have attached two links of homes I'm looking at.

Would anyone have any idea of what ballpark range of money may be needed


https://www.myhome.ie/residential/brochure/culliagh-north-abbeyknockmoy-galway/3676102

https://www.myhome.ie/residential/brochure/ardrumkilla-belclare-tuam-galway/4120574

Appreciate any advice

lawred2

Not wanting to be unhelpful but I think this falls into the 'how long is a piece of string' category...

Every renovation is different and specific to the building itself and the clients themselves.

sarahf2k16

lawred2 wrote: »

Not wanting to be unhelpful but I think this falls into the 'how long is a piece of string' category...

Every renovation is different and specific to the building itself and the clients themselves.

Oh no, I completely understand what you mean.

I think I should have re-worded my query better. I suppose I am interested to know if others think whether either of these properties would be good investment buys.

I have no idea of general costs for replacing windows, roofers, plasters to get either place habitable so suppose I am just wondering if either properties sound like good value for money or if the renovations required would appear to be too excessive for the price.

Lumen

sarahf2k16 wrote: »

I suppose I am interested to know if others think whether either of these properties would be good investment buys.

So this would be a BTL? Do you already own a property?

sarahf2k16

Lumen wrote: »

So this would be a BTL? Do you already own a property?

No, I am a first time buyer, house is for me. I just don't know if either house looks like good value given the amount of work/cost that either would need.

JimmyMW

sarahf2k16 wrote: »

Hi there,

I am a first time buyer and am considering purchasing a house and renovating it.

I have seen two homes, however, I have no idea how much is involved in the cost of renovating as I don't know if it could be anywhere from 40k-80k.

I have attached two links of homes I'm looking at.

Would anyone have any idea of what ballpark range of money may be needed


https://www.myhome.ie/residential/brochure/culliagh-north-abbeyknockmoy-galway/3676102

https://www.myhome.ie/residential/brochure/ardrumkilla-belclare-tuam-galway/4120574

Appreciate any advice

A friend of mine did something similar, did some work himself, house was rewired, re-plumed, reconfigured, re-roofed, new windows doors, externally insulated, plastered internally and externally and a full new internal fit out. I believe it cost him north of €120k, in a rural area where he got some good deals on labor etc

scwazrh

I would budget 120k for either .

Electric

When we bought our house, we spoke to an architect who said we'd sink 100k into the house and never see it. We left that meeting thinking she was off her rocker, there was no way it would cost that much. A year later and we're on course to spend that and probably a bit more.

We knew our house needed complete gutting going in. While we got good deals on the work and did a fair bit ourselves, the costs of things like waste disposal (we needed 15 skips to clear the house), flooring, carpets, internal doors really surprised us. Those items alone were easily 10k, despite us shopping around.

I'd agree with previous posters about budgeting 120k for either property. I'd also allow 10-15k for contingency. We ended up taking down internal walls, which weren't anchored to anything and were dangerous. So they had to be rebuilt, including the door frames which meant new doors, as the old ones were odd sized. None of which we'd foreseen at the start.

Best of luck with whichever property you choose.

Lumen

sarahf2k16 wrote: »

No, I am a first time buyer, house is for me. I just don't know if either house looks like good value given the amount of work/cost that either would need.

But why do you use the phrase "investment buy"? When are you intending to sell it?

I'm not being pedantic. There are lots of houses that make financial sense to own but are not pleasant to live in, and lots of houses that are complete money pits that give their owners a great deal of joy.

Anyway, both of these look like total money pits to me, that'll probably cost more to renovate than to knock and rebuild.

If you have have (or can borrow) a chunky six figure sum of money on top of the purchase price, you like the location and there are no nice, liveable houses in the area available for less than 200k this might make sense. Focus on the site basics like water supply, sewerage, access, local services, orientation.

From a 10 second glance at the photos, Ardrumkilla looks to have a better site.

First thoughts on looking at both of those is that you would not get much change out of 100-120k depending on the finish. You would probably get a builder's finisher for around 80k and up to you how much you want to spend after that.