Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

buying a house that needs work v one that doesnt need as much

Options
2»

Comments

  • Options
    #32
    enricoh
    Registered Users Posts: 4,841 ✭✭✭enricoh


    Read in the indo today that its hard to sell fixer uppers in dublin now, due to the soaring builders costs.
    A good few people bought them, put in planning for an extension and by the time they got the planning the prices had jumped again.


    End of the 'doer-upper': rising cost of renovations cripples demand for ageing homes
    Irish property prices have caught the builders blues
    Sudden surge in renovation costs seeing the values of older homes falling relative to other properties
    Estate agents in city postcodes with high numbers of executor sales or with large numbers of period properties now reporting a real impact on tdemand for older homes in need of work


  • Options
    #33
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    enricoh wrote: »
    Read in the indo today that its hard to sell fixer uppers in dublin now, due to the soaring builders costs.
    A good few people bought them, put in planning for an extension and by the time they got the planning the prices had jumped again.


    End of the 'doer-upper': rising cost of renovations cripples demand for ageing homes
    Irish property prices have caught the builders blues
    Sudden surge in renovation costs seeing the values of older homes falling relative to other properties
    Estate agents in city postcodes with high numbers of executor sales or with large numbers of period properties now reporting a real impact on tdemand for older homes in need of work

    Interesting. So doer uppers are too much, and the cost of building is going up which will obviously also affect new builds. Wonder what people are gonna buy? That sweet spot in the middle where the works been done to an older house?


  • Options
    #34
    Sarn
    Registered Users Posts: 3,060 ✭✭✭Sarn


    People definitely underestimate the cost of fixing up, especially in the current climate of renovation price rises. The other problem is actually getting someone interested in the work. Our architect was telling us about another project where nothing has come back after it went out to tender. Fortunately, we managed to get some but the tenders that came back were all 20-50% higher than anticipated.

    In our case, the house had been rented out for years so needed a good bit of work, we also wanted to extend. Others went up in the same estate in better condition for more money (+50-60k), however, the difference was mostly superficial. We still would have ended up gutting them, except we would have paid extra in the first place for something we didn’t need. You just need to make sure that you’re willing or able to live in your new home until you’ve either the money or skills to get the work done.

    We had considered buying a lovely little cottage in serious need of work (it was unliveable) until the bidding got ridiculously out of hand. Started at just over €400k and went to mid €500k. The existing extension would have had to have been pulled down leaving the 30m2 cottage. With what we know now, between professional fees and renovation we reckon it would have taken at least another 200k to get it renovated and up to about 70m2 total.


  • Options
    #35
    ste
    Registered Users Posts: 574 ✭✭✭ste


    Have to agree with theme here that renovating a do-er-upper affordably will break your heart in Dublin.

    FWIW in 2015 we got work done incl. new electrics, new bathroom, new kitchen, new gfch boiler (new location) + cistern + tank, wood stove. We also dry lined some walls & had to do some painting/decorating. Since then we did ext windows, doors & refurb downstairs toilet.
    All more expensive than planned & incredibly the price difference between house with work done, vs not done is negligible (well maybe 25% of the cost)

    If I were to do again, I would either
    1. Buy a house that needed a complete gutting & renovation & get a mortgage that includes this project (this is 100% possible, but involves a bit of homework)
    2. Buy a house walk in condition

    My 2c


  • Options
    #36
    stiofan85
    Registered Users Posts: 505 ✭✭✭stiofan85


    Doer upper will break your heart and bank account for two years. You'll under estimate the cost and time of everything. Fall out with your other half when one or both of you are fed up with constantly having someone being done or something unfinished due to lack of time/money/giving a f*ck.

    I say this as I spend my Saturday evening painting doors. I've been at this 2 years now, an inch at a time.

    Buy the turn key gaf. Enjoy your spare time.


  • Advertisement
  • Options
    #37
    battser
    Registered Users Posts: 708 ✭✭✭battser


    ste wrote: »
    1. Buy a house that needed a complete gutting & renovation & get a mortgage that includes this project (this is 100% possible, but involves a bit of homework)

    My broker told me that something like that was 100% not possible. Do you have any information on it as I couldnt find anything.


  • Options
    #38
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    stiofan85 wrote: »
    Doer upper will break your heart and bank account for two years. You'll under estimate the cost and time of everything. Fall out with your other half when one or both of you are fed up with constantly having someone being done or something unfinished due to lack of time/money/giving a f*ck.

    I say this as I spend my Saturday evening painting doors. I've been at this 2 years now, an inch at a time.

    Buy the turn key gaf. Enjoy your spare time.

    I'm working my way through my skirting boards. Stay strong!


  • Options
    #39
    stiofan85
    Registered Users Posts: 505 ✭✭✭stiofan85


    donkeyoaty0099 wrote: »
    I'm working my way through my skirting boards. Stay strong!

    Did some of that earlier this morning. FML


  • Options
    #40
    ste
    Registered Users Posts: 574 ✭✭✭ste


    battser wrote: »
    My broker told me that something like that was 100% not possible. Do you have any information on it as I couldnt find anything.

    Who is your broker?
    AIB & BOI do these in right circumstances I believe. I was offered one. Bear in mind it would be more complex, it involves staged drawdowns, certifications, costing certifications etc.
    Somewhat like self build mortgage. Suggest search Google and askaboutmoney.com
    I didn't pursue it so I can't help you there

    Worth investigating if doing full renovation


  • Options
    #41
    Cyrus
    Registered Users Posts: 19,706 ✭✭✭✭Cyrus


    I’m very thankful that I got a good steer on the costs of doing up a 1950s house we were interested in , wasn’t anything major to my mind but the costs were basically going to be double what I envisaged .

    We ended buying a new build and realised that even the process of decorating that to our taste doing the garden etc etc was about as much as we could take on with small kids and two busy jobs !


  • Advertisement
  • Options
    #42
    wersal gummage
    Registered Users Posts: 1,643 ✭✭✭wersal gummage


    ste wrote: »
    Who is your broker?
    AIB & BOI do these in right circumstances I believe. I was offered one. Bear in mind it would be more complex, it involves staged drawdowns, certifications, costing certifications etc.
    Somewhat like self build mortgage. Suggest search Google and askaboutmoney.com
    I didn't pursue it so I can't help you there

    Worth investigating if doing full renovation


    We were told similar last year, it was possible to include the renovation work in the mortgage, provided a valuation would that the total mortgage was reflected in house value and provided we stayed within the 80/20 by the end of the job.... The places we were looking needed around 2 to 3 hundred thousand worth of work and with all the hassle involved in doing that work, together with added stress of dealing with the bank requirements, we chickened out


  • Options
    #43
    Cuddlesworth
    Registered Users Posts: 13,981 ✭✭✭✭Cuddlesworth


    battser wrote: »
    My broker told me that something like that was 100% not possible. Do you have any information on it as I couldnt find anything.

    Have a significant deposit and buy a property where the total cost(house + renovations) are still well within the Central Bank rules. So have lots of cash basically.


  • Options
    #44
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    Just to actually link this back to the question op asked ha. I wouldn't consider that work to be in the realm of major renovation. Mostly single trades, one day jobs. Boiler may be an exception depending on what you want.


Advertisement