So the house itself is 103 sq metres, in reasonable nick. Valuation there fairly straightforward, probably between €280k and €320k I’d have thought.
The out-house is 30 sq metres…ordinarily I’d have put little or no value on this sort of thing, but thinking about it, it could be a very useful place for kids to socialise/study as they get older…so do you value it at build cost? What would that be? Maybe €50k?
And is there a downside to having a unit like this that is not attached to the main property?
I havent viewed it, and am noting that the EA provides no photos of the outhouse interior.
To elaborate a little, converting an old outhouse into any kind of usable accommodation would probably cost as much as building an extension. Kids are people too, so most parents wouldn’t banish them to the shed or barn to study or hang out with there friends. As you point out, it’s not attached to the main building. So IMO, it has no value. It may even detract from the value of the property as it stands, as the buyer may wish to demolish it.
However, the size of the site itself and the potential that it offers for extension does add value.
I spoke to an EA recently about another property with an ‘outhouse’ and she said the same thing…that the family selling thought it would be a real asset, but actually she advised them it had no value at all.
I’ve come across similar situations myself. Funny how people can have a damp old shed full of broken chairs and half-empty paint tins, a place they’ve hardly used in thirty years, and at the same time think of it as a valuable asset. Maybe during the boom times someone told them they could build apartments on it.
I gather some buyers find potential granny-flats/mother-in-law-flats off-putting. I’d guess that’s why EAs tend not to talk them up as a feature, just let the buyer get excited about the possibilities if they want to.
I would put a negative value on it…as it will cost to do anything with it. The rooms in the house itself are not good proportions. Position of chimneys make knocking of supporting walls tricky…so house would have to be extended. Probably cheaper to knock the outhouse than try accommodate it in an extension.
Garden is good but bus stop at the front gate is offputting. I looked in hope but will pass.
I’m assuming 120k is needed to do the house up, but also knock the outhouse and build a proper extension…which is what I would do if I bought it…
Therefore to make sense for me, I would need to buy it for maybe €250k…a long way from the asking.
On the other hand, there will be some people out there who will not need an extension and for whom the outhouse will have some value…presumably the place is worth more like €280k/€300k to them…and thus I would be out bid.
I think you’re about right there, YB. If you want significantly more space, this house at anywhere near this asking price is not the one for you. The outhouse looks tempting on the face of it, but it does not lend itself to conversion as an extension, and would have to be knocked and a fresh extension designed and built. I suspect that the place would be worth in the region of €275-325k to buyers at present.
If you’re willing to go through the extension process, it may nonetheless be worth tracking this one with a view to putting in a low bid if there are no other bids on the table at the end of the month.
This is clearly not a shed for a few half empty paint tins. The finish in the rest of the house would leave me think that the kitchenette and study would be to a similar standard. The idea that you would knock this is grand if you have a spare 100K (maybe you do) but as an annex it is very valuable. The utility room alone gets the washing machine and tumble drier out of the relatively small living space. The fact that it has PVC windows and doors leaves me think it would be well sealed and an excellent study room. Away from distractions, from people tramping through the house and turning on the telly.
Very valuable living space in my opinion, unless your kid is a troubled emo or a junkie. Then…no.
viewed this house over weekend, and i think 120k for building works might not be high enough, to put this back to any kind of good order.If the ea has an offer of 380k he is in dreamland toturn it down, final costs of over 520k to turn this house around is crazy money,its home farm road not D4.
a couple of things to check
back garden has a lane to back and is surrounded by rented old corpo houses
drains have sunk in driveway
extension is damp
plaster work needes to be replaced throughout possiible assbetos
I went to see it last weekend and there must have been at least 30 people at the house. It showed it had potential to host a party anyway, once everyone is outside in the back garden. Still seems crazy money considering the kitchen is tiny and it needs work as carpetbagger pointed out.
Well looks like my (pre-renovation) €250 per sq ft in SCD should be safe value for another while, even after I gold-plate all the toilet seats.
Wait a minute - I was counting on a massive drop in value to I get off lightly on property tax next year!