Hi all: I’m new here, and have several issues I’d like to learn more about.
I’ve been following the forum since the beginning of the year, but have not delved into the archives. If there are relevant threads someone can direct me toward, I’d appreciate it. I’ll start by laying out the basic scenario and follow up with further answers if required.
My siblings and I have inherited our parents house in SCD. 10-12 minute walk to Dart at Blackrock or Seapoint. We all live overseas, me for 25 years.The simple and maybe smart thing would be to sell the house and split the money. We don’t seem inclined to do that, at least in the short term. Looks like some or all of us will hold onto it at least for some years, likely as rental property.
That said, I have begun investigating options from afar. The house is a 1930’s 5 bed, (3 dbl, 2 sgl), 1bath, semi, with garage, front and rear gardens. 1,960 sqf, on a CdS. You could park 4 in the front. The only upgrades have been double glazing, modest kitchenette, rewiring, and rudimentary attic insulation all in the mid to late 1980’s. House never previously extended.
Had two Architects and two EA’s look the place over when I was in Dublin last August, EA consensus was 625- 675 in August 2013 and likely 725-775 by August 2014 as is.
Architects, who had been invited to give 30 minute free consultations, with a view to extending, had different takes. Both pronounced the house as “solid”, but one said that what he would do is spend 25K on cosmetic upgrades, then rent as is, get PP for an extension and garage conversion, and then sell it with the PP. He said that new buyers would not be “locked in” to the submitted plans and could change them. He also said that PP would add 18-20% to the value of the house. That strikes me as optimistic.
Other architect said that a 400 sqf single story ext. (no PP reqd), to the kitchen/living area would run 60-70K and the rest of the house could easily absorb another 60-70K. EA says you’d never recover that money in increased rental, which I think is true. However, if you recovered 50%, in say 5 years and increased the value of the asset by 20-25% unadjusted for inflation etc. it might not be such a bad deal.
That got me wondering about a two story extension. I believe It would require PP, and if applying for PP, why then, not seek the largest permissible ground floor ext. of say 900 sqf in this case, and put 3-400 on the upper floor extending the house by about 60% in total?
I read a comment here, which I agree with, that Dublin is full of houses that are garden rich and living space poor.
I understand that we must leave a back garden of 25 sqm minimum.The architect quoted a ballpark of about E150 per sqf for extension construction, and the EA quoted about E350 per sqf at sale. That’s a big spread. I recognize that a larger house will not necessarily command the same price per sqf as a smaller one. Still, there seems an incentive to build as much as is permitted. A fully modernized 3,000 sqf house 10 minutes from the Dart at E 300 a sqf compared to 2,000 sqf in need of modernization at E350 a sqf, might seem like a bargain to some.
There is no mortgage on the house. We would like to avoid putting our own money in, and would like to get a buy to let mortgage for say 20-25% of the value of the house to renovate, but since we all live overseas there are obvious complications.
Your thoughts, observations, etc. on the back of an E50 note to…