Hi,
We live in a detached 4 bed family home in Clonsilla, Dublin 15. It is a corner site and when we bought the house in 2013 for 196K it had planning permission for two storey 2 bed house with attic bedroom. We can extend this permission but would prefer to change permission to 3 bed house as our neighbour has built 4 bed on similar site directly across from us. Our home is now valued at 270k. How can we raise finance for developing the site? Would it involve bridging finance (couldn't afford to do)? Should we just sell our house with the planning permission and how can we work out value of the site? If we build the house and sell it, it could be worth 220k approx. Are there tax implications if we sell both houses? Appreciate hearing from anyone who has dealt with these issues, thanks.
We live in a detached 4 bed family home in Clonsilla, Dublin 15. It is a corner site and when we bought the house in 2013 for 196K it had planning permission for two storey 2 bed house with attic bedroom. We can extend this permission but would prefer to change permission to 3 bed house as our neighbour has built 4 bed on similar site directly across from us. Our home is now valued at 270k. How can we raise finance for developing the site? Would it involve bridging finance (couldn't afford to do)? Should we just sell our house with the planning permission and how can we work out value of the site? If we build the house and sell it, it could be worth 220k approx. Are there tax implications if we sell both houses? Appreciate hearing from anyone who has dealt with these issues, thanks.