Any views on this one, as a refurb then BTL
I would never buy or rent a place with frontage directly on the street. At the moment it’s not worth the asking…by the time you buy it and do it up you would never get your money back if you wished to sell it again. Also, BTL landlords/ladies generally do not renovate to a high standard and in my opinion these substandard renovations devalue the property because the next buyer has to pay to get rid of them and start over.
Perhaps the best thing to do is to leave it for somebody who actually wants to live in it themselves and let them renovate to the standard that pleases them?
Thanks for your comments, can I ask :
- Why you would never buy or rent a place with frontage on the street?
- What value would you put on this property
Similar lets in the area are for around E1000 pm, and as its a freehold there are no problems with managing agents high fees.
So many reasons why I wouldn’t ever want direct street frontage:
- As it’s Ireland people will bring their dogs to do their business right on your doorstep;
- People looking directly in your windows meaning that you have either no privacy or you have to close the curtains, even during the day;
- Noise from people directly outside window/under bedroom window;
- Light from street lights very close to windows;
- Litter directly on doorstep;
- People parking their car, or indeed your own car, outside your window…hardly a great view;
- Window boxes will be targeted by vandals;
- As it’s Ireland people urinating on your house wall;
- No private space to unload a car or put down bags of shopping;
- Any cleaning of car, bikes, etc., must be down on the street.
How much would I be willing to pay for it?
It’s a pretty, though tiny, redbrick, with next to no yard directly on the street. Basically, it’s an own door flat, really, without the security of being a few floors up. It doesn’t have a garden, off-street parking, etc., so no advantages that come with a house over a flat. I wouldn’t pay more than 100k for this, at most, but I’d prefer 75k to 80k. I’d sooner live in a flat and you can get those much cheaper than the cost of asking plus refurb.
The prospect of owning a house in Dublin 6 for 150k sounds great, but I tend to agree with irenkina’s comments. This is the same size as some two-bedroom apts, indeed it’s smaller than many. And ,of course, the total cost -if one does pay 150k- may approach-who knows - 180k with proper refurbishment - and furniture.
Yes, you will get 12k gross p.a. but that’s not the best return on BTL at present. For example, the two-bed apt in thomas St that most posters thought poor value due to its location is selling at 95k, which may mean 85-90k, and is in good nick. And you will get 10k p.a. there.
Jayzzz is Harolds X that bad, it sounds like a jungle. Thanks for your comments all the same
Maybe the Allsops catalogue will bring some hope to the market today, I doubt it though
Harold’s X is not that bad - I think irenkina was pointing out the worst possibilities of having a house with the front window right on the pavement. Actually, by comparison with other properties in this area it’s not that over-priced. It’s just the added -unknown -cost of refurbishing, and the relatively low yield. Mind you, almost any apt has a higher yield than a house. As you know the smaller the apt the bigger the yield,and the larger the house the smaller.
People buying houses also expect some increase in value whilst apt buyers are probably just yield seekers like me.