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Considering moving from new house to house in need of renovations

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  • 24-05-2017 1:59pm
    #1
    bytheglass
    Registered Users Posts: 244 ✭✭


    Hi there,
    First time buying a house was so straightforward as I bought off plans.

    A 'dream' house has come on the market, much nicer site but house would need serious work, new roof, interior walls knocked etc.

    Should I bring along a builder / architect to view the house before I bid? Or what is the usual process that people follow in this scenario?

    I obviously don't want to bid without having an idea of the renovation costs.

    My head is a bit confused about how to start so any advice is appreciated.
    Thanks


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    #2
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    bytheglass wrote: »
    Hi there,
    First time buying a house was so straightforward as I bought off plans.

    A 'dream' house has come on the market, much nicer site but house would need serious work, new roof, interior walls knocked etc.

    Should I bring along a builder / architect to view the house before I bid? Or what is the usual process that people follow in this scenario?

    I obviously don't want to bid without having an idea of the renovation costs.

    My head is a bit confused about how to start so any advice is appreciated.
    Thanks

    Finance is first port of call. Not all banks are lending for renovations and if they do it tends to be restrictive. As a second time buyer you need 20% of purchase price straight away. I know with AIB, they will then only lend 75% of renovation costs.

    Assuming you have finance sorted, go look at the house first. See if it's as much of a dream as you think. Revisit with an engineer /architect and discuss what you want. He'll give you a ballpark figure but bear in mind, it will inevitably come in higher.


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    #3
    bytheglass
    Registered Users Posts: 244 ✭✭bytheglass


    Thanks Askthe EA, that was very helpful. I've take your advice, we viewed the house on Thurs and are very confused as damp walls were evident inside and out, plus it's difficult to imagine the remodeling or extent of works needed, nevermind put a figure on it.
    I've contacted an architect and they will have a consultation with us and then they will view the house (architect and surveyed/engineer) so the ball is rolling.


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    #4
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    bytheglass wrote: »
    Thanks Askthe EA, that was very helpful. I've take your advice, we viewed the house on Thurs and are very confused as damp walls were evident inside and out, plus it's difficult to imagine the remodeling or extent of works needed, nevermind put a figure on it.
    I've contacted an architect and they will have a consultation with us and then they will view the house (architect and surveyed/engineer) so the ball is rolling.

    No problem. Good luck with it. If you decide to proceed, make sure to get the actual house as cheap as possible. Sounds like it has major issues so there may be little demand.


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