new build or renovate. Which to buy

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keegan1

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Im in a bit of a dilema. Im buying a house but have a choice of two. Oe is a new build. Detached 3 bed(3 doubles 2 of which are ensuite), no garden\own garage. 1250 sq ft. Very modern. €525k. Other is an old victorian house. 2 double bedrooms. needs complete renovation. Big garden which I would put a large (very modern) extension on to. House would end up approx 1500sq ft. Cost is €365k including stamp. Im thinking all the work would cost approx €160k which would bring the cost to the same as the new build. I loved the new build the first few times I saw it but I was down there this evening and eventhough I still love it I'm not 100% sure. I think its because of thinking of the amazing renovation that we could do to the old place. Any advice? Are big renovation projects more trouble than they are worth or is it worth the effort working with an architect and coming up with a place exactly the way I want. Would my €160k build budget even be enough. Is €525k too much to pay for the new place. Part of me thinks that it is. Am I naieve thinking that the renovation\extension can be completed from start to finish(including the extension) in approx 7 months. They are both in the Inchicore area. Thanks
 
Personally speaking, I would go for the renovation job, these houses have so much character and they will hold their value much better and were probably better built.

Drawback, the renovation job itself, but you can do it to suit your family's taste and requirements.
 
I would go for the older house.

But will you be able to get planning permission for the extension?

Have a look around the area and see if other similar houses have new extensions.

to be honest, i don't think you could get the plans drawn up, planning submitted and then built (assuming no extra info required from council during the planning process) in seven months.

iirc the council have to make a decision within eight weeks after the plans are submitted.



the old house sounds lovely, it would definitely be my choice, but would it matter if it took longer than the seven months?

could you rent near this house while renovating?
 
That's really something only you can decide.
But if you want an opinion...

Its a tough one new builds are very appealing everything is already done and you know what the end product is going to look like though you don't know how well it will age. Every decade has it's very modern builds but how modern do they look now? Most likely it is out of character with the area.Whereas your old property will always be victorian.


Regarding the victorian house I was fairly sure I knew the property your interested in but it seems to have moved. Contact the council to organise a preplanning meeting ,if it's the same property, there has already been one for it. In better times period houses in that area sold at a crazy premium given the condition most of them were in. Unlike this property, few had scope to extend but renovating appeals to a lot of people.

As long as your not looking for handbuilt kitchens etc. your budget and probably timescale should be ok.

Try and view similar properties that have been restored to see if they meet with your expectations. Best of luck with your decision.
 
The beauty of the older home is that you will pay less Stamp Duty as you will only be paying this on the purchase price.
 
I would go with the Victorian house. It will be so different to all the sameness that’s out there. You can have it exactly how you want it and like someone said, it will hold its value moreso than a new build.
 
Personally speaking, I would go for the new build. Renovations never come in on budget and It would be so much stress/work involved with the renovation.
 
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