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What should I do with the space?

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  • 08-07-2016 12:38am
    #1
    crunchy62
    Registered Users Posts: 159 ✭✭


    I've got about 1100 sq feet attached to my house. It's currently divided into five rooms and a bathroom. I've also got a timber cabin about 160 sq feet close by the house. Leaving planning issues aside what do you think would be the best way to utilise the space and any idea what income I could expect to make?
    I know it's a broad issue but would be still interested to get opinions.

    B&B

    Apartment + home office

    Workshop

    Storage

    I'm located in the countryside about 5 k from the nearest town and about 30 mins from Dublin City Centre


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    #2
    Gloomtastic!
    Registered Users Posts: 8,480 ✭✭✭Gloomtastic!


    Probably best to talk to a local estate agent (who also deals in commercial letting). They'd have the local knowledge to know what's in demand. The advice should be free!


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    #3
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    Make it into a decent two bed dwelling and rent it out - plenty of people will rent in rural areas. Charge a reaonable rent (€600-€700) and you'll have the pick of tenants.


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    #4
    crunchy62
    Registered Users Posts: 159 ✭✭crunchy62


    Thanks for the replies.
    I sort of need to make half an income out of this so €700/month wouldn't really do it. Seeing as apartments in the nearest town are making €1200/month I'd be hoping to get a bit more especially as I have a cabin that could make a nice little home office/gym/games room.

    Would a B&B or Commercial office space be a better option? Again I don't expect a definitive answer but opinions welcome.

    I'm currently using the space for a home business but it's going really bad. Will probably speak to an estate agent eventually but as I know most of the local ones personally I don't really want to reveal that I'm going out of business just yet.


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    #5
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    Suppose it depends on location and planning. 30 minutes from Dublin could be Kildare town where rents are about 800 for 2 bed. If it doesn't have planning, then rental as accommodation is probably best.

    Commercial use wouldn't have same value outside Dublin.

    A local agent will always be best to advise.


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    #6
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Go to an accountant and a planner to see if you get a dwelling that falls the rent a room. That way you can earn up to €12k per year tax free
    file:///Users/kevin/Downloads/07-01-32.pdf

    Anything else you choose to put along side the house will be hit with tax


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    #7
    Mrs OBumble
    Registered Users Posts: 25,966 ✭✭✭✭Mrs OBumble


    What do you have planning permission to use the space for?


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