I have been trying to sell my home for 2 years, it was sale agreed when we purchased our new one but if fell through and has remained unsold since. We have it rented out for a year to help cover the mortgage. Most of the feed back from viewers is that the location beside an old corporation estate is off putting,especially given that it is a large family home 2500sqft. We are considering dividing it into 2 units to try to sell to the lower end of the market for ftb etc. This would price it at around the same value as similar sized houses in the estate, but they would be far better positioned. I would be interested to know if anybody has experience of this type of procedure in terms of planning, cost and tax implications.
Here are the rough figures-
House is now on the market at €590K (reduced from €675K)
We are thinking of spending €80-100K to divide and improve.
This would leave 2 units priced at €370K x 2 = €740k (depending on further falls)
As you can see the margins are tight enough and the reason for doing all the work is more to make them sell-able rather than make profit. I really would appreciate any thoughts on the subject i.e. Am I Mental?!?
Here are the rough figures-
House is now on the market at €590K (reduced from €675K)
We are thinking of spending €80-100K to divide and improve.
This would leave 2 units priced at €370K x 2 = €740k (depending on further falls)
As you can see the margins are tight enough and the reason for doing all the work is more to make them sell-able rather than make profit. I really would appreciate any thoughts on the subject i.e. Am I Mental?!?