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First home: Turnkey v Renovate?

  • 24-08-2020 9:55am
    #1
    coffeeteame
    Registered Users, Registered Users 2 Posts: 14 ✭


    After a little research and a lot of saving, I'm close to hopefully getting approved as a single applicant for a mortgage for circa €400k. Including deposit etc I'm expecting to pay about €450k for a house but struggle to find something of good value in Dublin to match this (walking distance to cc, turnkey, min C BER) - I'm not overly familiar with the process but how do banks respond or assist in buying a lower value house (~€300k) with potential etc and borrowing for renovations etc? Should a first home be turn key and reno after that with lower LTV?


Comments

  • #2
    Sarn
    Registered Users, Registered Users 2 Posts: 3,110 ✭✭✭Sarn


    More often than not you will get better value buying a turnkey property. Generally, in many areas the premium paid for a turnkey property would not be enough to renovate to the same standard, unless you are doing the work yourself.


  • #3
    Pivot Eoin
    Registered Users, Registered Users 2 Posts: 564 ✭✭✭Pivot Eoin


    Sarn wrote: »
    More often than not you will get better value buying a turnkey property. Generally, in many areas the premium paid for a turnkey property would not be enough to renovate to the same standard, unless you are doing the work yourself.

    I would in general agree with this point, However just to add from what Ive seen and experienced looking for TurnKey post Covid - these are the houses (Especially the top top finish properties) that are getting the huge bidding wars and going 10%+ above FV. Everybody has the same idea.


  • #4
    DubLad69
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭DubLad69


    I was struggling with the same dilemma. For us it was clear in the end that a new build was better value.

    The new build will cost €450,000, with €30,000 coming from HTB. House about 135 sq meters.

    If we want a second hand in the same area they are smaller around 110sq meters. Costs about €350,000, but by the time we put in new kitchens, bathrooms, painting, and fixing things we will spend about €100k. And it still would not be up to the same standard as a new build.

    We would in effect only be paying €420k for the new build and €450k for the second hand once the work is done and it will still be smaller and not as high a standard.


  • #5
    Pivot Eoin
    Registered Users, Registered Users 2 Posts: 564 ✭✭✭Pivot Eoin


    DubLad69 wrote: »
    I was struggling with the same dilemma. For us it was clear in the end that a new build was better value.

    The new build will cost €450,000, with €30,000 coming from HTB. House about 135 sq meters.

    If we want a second hand in the same area they are smaller around 110sq meters. Costs about €350,000, but by the time we put in new kitchens, bathrooms, painting, and fixing things we will spend about €100k. And it still would not be up to the same standard as a new build.

    We would in effect only be paying €420k for the new build and €450k for the second hand once the work is done and it will still be smaller and not as high a standard.

    Really depends where you want to live though doesn't it.

    A new build in the area Im looking at 110m+ is in the region of €650k+

    Old houses are what they are, will probably never get it up to standard of a new build... but there isnt a huge amount of potential with most new builds these days.. minimal garden space or room to side. What you see is what you get with them mostly.


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