Q
qwerty1
Guest
I’m a first time poster here and I need advice in terms of renovations to our home. I’ll try to be as clear as possible.
Background
My wife and I bought our home in 2006 for €380k.
Current outstanding mortgage of €330k.
Est. current market value of €230k
Objective: We save 2k each month as our ultimate goal is to move to a bigger house/better area. We plan to stay in this house for the foreseeable future as we would not be a financial position to do otherwise
The house
The house is an ex-council house with poured concrete walls. It has a kitchen extension which is a single block, flat roofed construction. This room is particularly cold in winter and I would be a little concerned about starting a family here.
Estimated Costs
We have gotten quotes to externally insulate the house as follows:
To do the kitchen alone: €3400
To do the whole house: €7500 (but we have been approved for the SEI grant of 4k if we insulate the whole house.
If we insulate, we will also have to tackle the flat roof. We have family in that business but would have to pay materials and some labour. No idea yet what this would be..Possibly €3-4k?
My question is:
In 5/6 years time, if we want to sell the house will it be worth having spent the above money? I.e. will a better BER rating have a significant effect on the sale?
OR
Should we just sit tight, live with the house the way it is and keep saving to fund the future move?
Would appreciate any advice on this.
Thanks.
Background
My wife and I bought our home in 2006 for €380k.
Current outstanding mortgage of €330k.
Est. current market value of €230k
Objective: We save 2k each month as our ultimate goal is to move to a bigger house/better area. We plan to stay in this house for the foreseeable future as we would not be a financial position to do otherwise
The house
The house is an ex-council house with poured concrete walls. It has a kitchen extension which is a single block, flat roofed construction. This room is particularly cold in winter and I would be a little concerned about starting a family here.
Estimated Costs
We have gotten quotes to externally insulate the house as follows:
To do the kitchen alone: €3400
To do the whole house: €7500 (but we have been approved for the SEI grant of 4k if we insulate the whole house.
If we insulate, we will also have to tackle the flat roof. We have family in that business but would have to pay materials and some labour. No idea yet what this would be..Possibly €3-4k?
My question is:
In 5/6 years time, if we want to sell the house will it be worth having spent the above money? I.e. will a better BER rating have a significant effect on the sale?
OR
Should we just sit tight, live with the house the way it is and keep saving to fund the future move?
Would appreciate any advice on this.
Thanks.