New Studio Complex - The Numbers

stainluss

Does anyone know where I’d start in figuring out the maths around investing and large 3 story large townhouses that have been converted into studios like this one:
https://www.daft.ie/21993680

I’m sure you know the type.

Thanks

listermint

stainluss wrote: »

Does anyone know where I’d start in figuring out the maths around investing and large 3 story large townhouses that have been converted into studios like this one:
https://www.daft.ie/21993680

I’m sure you know the type.

Thanks

Sorry, but your question is actually not very clear...

heebusjeebus

Do you want to buy a Pre 63 property and rent out the sub units?
I'd say most of these properties would need extensive renovations to make get them up to standard.

stainluss

listermint wrote: »

Sorry, but your question is actually not very clear...

Apologies, will clarify.

A project like this involves taking each room (aside from an ensuite toilet) in an older condo or entire townhouse and making it its own apartment, adding kitchen, ensuring it in itself adheres to regs etc

The potential rental income/price appreciation is relatively clear, but I was wondering if anyone’s seen any costings for a project like that, in terms of the initial project and the ongoing maintenance.

There’s a small but growing contingent of these new style studios in Dublin, was looking to research and understand the numbers better.

Gumbo

stainluss wrote: »

Apologies, will clarify.

A project like this involves taking each room (aside from an ensuite toilet) in an older condo or entire townhouse and making it its own apartment, adding kitchen, ensuring it in itself adheres to regs etc

The potential rental income/price appreciation is relatively clear, but I was wondering if anyone’s seen any costings for a project like that, in terms of the initial project and the ongoing maintenance.

There’s a small but growing contingent of these new style studios in Dublin, was looking to research and understand the numbers better.

Are you based in Dublin?
Your words are very American and not typical of the words used to describe what you are linking. These are bedsits, flats or apartments. We don’t call them
Condos or townhouses or studios like they do in America.

Also your comment about it being a new thing in Dublin is incorrect. These conversions have been done for many generations now.

First port of call is to find a property then apply for planning, fire cert and disabled access Certs.

garhjw

stainluss wrote: »

Apologies, will clarify.

A project like this involves taking each room (aside from an ensuite toilet) in an older condo or entire townhouse and making it its own apartment, adding kitchen, ensuring it in itself adheres to regs etc

The potential rental income/price appreciation is relatively clear, but I was wondering if anyone’s seen any costings for a project like that, in terms of the initial project and the ongoing maintenance.

There’s a small but growing contingent of these new style studios in Dublin, was looking to research and understand the numbers better.

It is profitable. I’ve done it with 2 properties. The renovation costs will depend on the condition of the property, the quality of the finish, is planning required for the proposed works (if listed), etc....Fro me, it was €30k - €50k per unit depending on size etc.

C3PO

garhjw wrote: »

..... is planning required for the proposed works (if listed)

Would planning not always be required if converting to a multi-unit?

garhjw

C3PO wrote: »

Would planning not always be required if converting to a multi-unit?

It will depend on the nature of the works - if converting yes, if listed building then yes. But if just renovating - new kitchens, bathrooms, carpets etc then maybe not... I required planning but would always recommend getting architects opinion

C3PO

garhjw wrote: »

It will depend on the nature of the works - if converting yes

Which is what the OP is proposing?

garhjw

C3PO wrote: »

Which is what the OP is proposing?

The OP references townhouses “....that have been converted....” so not clear if plannnig would be required for renovations..... either way always better to get architects opinion