Hi
I would be hugely grateful if anyone who has any knowledge about tax & development could help me out with answers to a few questions I have.
We own a commercial property that we are planning to refurbish for our business. There is an opportunity to add a second floor and put in some apartments which we could then rent out. I'm trying to figure out if the money stacks up.
I am thinking maybe 4 x 600 square ft apartments
I have been told to allow between €100 - €150 per square foot for building costs.
We have got a quote from an architect: €30k
We will also need a structural engineer: €TBC
Project manager: €TBC
Planning application fee: €65 per unit
Development contribution: €86.40 per square metre of residential development
My questions are:
1. Does the above sound correct?
2. Am I missing anything?
Also I understand you can offset the capital cost of the building against rental income over a number of years. My questions about this are:
1. Is this ALL of the cost of building the apartments, or just a portion of it?
2. Over how many years can you spread the cost?
Any help that you could give me would be hugely appreciated, as I am sure is very evident by this post this is not something I have ever done before and it is a huge decision for us to make!
Thanks in advance.
I would be hugely grateful if anyone who has any knowledge about tax & development could help me out with answers to a few questions I have.
We own a commercial property that we are planning to refurbish for our business. There is an opportunity to add a second floor and put in some apartments which we could then rent out. I'm trying to figure out if the money stacks up.
I am thinking maybe 4 x 600 square ft apartments
I have been told to allow between €100 - €150 per square foot for building costs.
We have got a quote from an architect: €30k
We will also need a structural engineer: €TBC
Project manager: €TBC
Planning application fee: €65 per unit
Development contribution: €86.40 per square metre of residential development
My questions are:
1. Does the above sound correct?
2. Am I missing anything?
Also I understand you can offset the capital cost of the building against rental income over a number of years. My questions about this are:
1. Is this ALL of the cost of building the apartments, or just a portion of it?
2. Over how many years can you spread the cost?
Any help that you could give me would be hugely appreciated, as I am sure is very evident by this post this is not something I have ever done before and it is a huge decision for us to make!
Thanks in advance.