Ongar Green, Dublin 15

D

danny 74

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i bought my investment property in april 2004 (it was booked in may 2003) , 4 bed end tarrace house at ongar green, dublin-15 at 340000 euros .it has a garage and attic is ready for conversion(thats the feature of the house , as it was promoted by the builder company that 2 room can be added in future!). currently i am getting 1400 rent per month and my tennants are builder by profession and he has construction company.i have following questions and need some advice from forum.
1- i am living in uk and i dont know what is the current value, i have checked daft and myhome.ie but there is no property for sale like mine property at ongar. so any approximate price if somebody knows that will help me to decied to sell it or to keep it on the rent.
2-secondly, my tennant has offered to convert the attic and he has given me quote for attic conversion, will it increase the house value if everything is done by rules and regulations etc my worry is the house is already very big and has 4 double bed rooms and garage,after conversion it will be 6 bedroom house and i might be having problem in selling it.

any advice or suggestions are welcome..
 
I have seen a "for sale" board in Ongar for a four bed...the asking price was 370K, not sure how many bid for it...
 
i would think around the same too,
maybe more if it is at the end of the cul-de-sac so has the side entrance too or not
 
thanks cnu and pos for your help.
do you think i should go for loft conversion? will that add the value?
 
I'm not sure about that, but I feel the bigger your property becomes the more difficult it'll be to sell [again, people may differ in my opinion]. Majority of people living in Ongar are young crowd, so I dont know if loft conversion is good for them or not...I think the price of your house mite be even hight now, as recently i saw a sign post where they quoted Euro 465K for a 4 bed house....hmmm
 
Really depends on how much a loft conversion would cost. In an area like Ongar you have to be very careful not to put too much money into a house as you might not get the returns. I suspect the ceiling price in the area would be fairly low and demand for large properties (5/6bed) would not be that high as a lot of people would prefer to buy a 2/3/4 bed starter home in the area and then move closer to the city or to a more prestigious address when they make that next move. Could be wrong but also i would think that as the house is already very big (4 double bedrooms) you will be creating a house where there is not an ideal balance between living space and bedroom space. Personally i wouldn't bother with the conversion unless you were assured that it was going to be very well done and for a very good price. Also remember that with most attic/loft conversions the area converted may not legally be classified as habitable space and therefore u will have to advertise it as a 4 bed with 2 attic rooms if selling. Best advice is to ask a few different estate agents before doing any work as they should be able to give a good prediction of market value after
 
Danny it might be worth giving Leahy estate agents a call, as they have an office on Ongar so should have a good idea of current prices. their website is www.leahyproperty.ie
Good luck with it!
 
Your house price could be worth around 450k based on an asking price of around 415k

DO NOT convert your attic. Let's say you do and it costs you 30k (for example). That would mean that the price of the house would have to increase by 30k for the next buyer in order to make a profit. With stamp duty it's an extra 2,700 euro they would have to pay. Also they may not like the layout. All in all, it's better (and probably same net worth) to offer the potential for attic conversion with a lower price than with one and a higher price. The former offers much more in terms of flexibility.
 
southsideboy said:
I suspect the ceiling price in the area would be fairly low and demand for large properties (5/6bed) would not be that high as a lot of people would prefer to buy a 2/3/4 bed starter home in the area and then move closer to the city or to a more prestigious address when they make that next move.
Click to expand...

I understand what you're saying here but there are a lot of young people buying smaller houses in the area and a disproportionately smaller number of larger houses being built. Many of the younger buyers will want to stay in the area and migrate to larger houses when it comes to family time so I think larger houses are a good buy. I have an extended 4 bed in Clonee and while I'm happy there, I'm also confident that when the time comes to sell there will be plenty of locals living in 2 bed apts, 3 bed mid tce looking for the extra space. Bottom line, money you put in to a house out there you will get back.
 
I totally agree with everyone point of view, its a tough decision to make but i think i should do research first and than than make a decision about conversion. i think if i plan to sell it by next year than i shouldnt convert the attic but if i decied to keep it as a longterm investment than i should convert it now as it will be cheaper now to convert than later in a future and in few years time ongar will be considered a good place to live especially when new school is build and start functioning.
 
I'd severly doubt you get you money back if you converted your attic. You will get more return from an investment in your garden.
 
Another consideration

The attic conversion will be done by current occupants, at your cost, who assumingly will not be paying extra rent for it. This will worsen your monthly financial situation.

On the other hand say you wanted the conversion in 5 years time, you could do it then - at a similar cost without paying 5 years interest on the cost - amounting to say 5k.

Seems it would be more prudent to leave until you actually need it yourself or can get a return on your investment.
 
hi
i have spoken to two estate agents and i got different house price range for my property, one said they will see the property first and she gave me approximate price 420 to 440 k based on my despcription of the property. the second agent from remax said 370 k excess.....
i have decieded not to convert the attic at this stage and wait for price increase in future and then sell it.
 
the above house price is without attic conversion and both agent think at present time it wont increase the property value significantly.!
 
Interesting discussion.. I am living in the Dublin 15 area and I've found that, after an initial leap in values early in the year, that the prices in the area have levelled off and investors are beginning to take their profits. For this reason, I would certainly hold off doing any home improvements - especially when most other Ongar Green houses are 2/3 bed. Hope this helps
 
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