Old House - Borrow and Do up or Sell

[niallquinnspants]

Guys.

My da owns a house, semi-d in a costal town in the West of Ireland.
It is solid concrete structure, 2 bedrooms, kitchen, toilet, sitting room. Needs new floors, windows, possibly the roof replacing, patch up the plastering.
It on about just less than 1/2 acre site about 5 minutes walk from village (4 shops, about 10 pubs, chemist, doctor, hairdresser, 2 hotels, 3 restaurants, butcher, national & secondary school, police station (manned during the day), undertakers, just to give an idea of what size village.)

The house is about 10 minute walk from beaches in a very scenic area.
It has mains water and sewage running outside, it has electricity connection.

Now he does not know what to do with it, he got 2 auctioneers to look at it, one said he would get 80k for it, the other said 70k.
Now I am not mad into property or that but I do know it is worth more, 3 bed houses around the area are hitting 200k, 1/2 acre sites are going for about 150k

So would ye think we would be mad to sell it for 80k and instead borrow say 25k and pump it into it and do it up.

Would you approach an architect who would be able to say to you move this wall, do x, y, z and it will give you extra value

 

[PaybackPayroll]

It is solid concrete structure, 2 bedrooms, kitchen, toilet, sitting room. Needs new floors, windows, possibly the roof replacing, patch up the plastering.

It's probably going to cost much more than 25k to do all of this. Especially if you're replacing the roof (is the place damp?)
I'm currently getting a house built in Kerry, and 25k doesn't stretch too far.

If it's solid concrete, does it have cavity walls? - or are they mass concrete? Does it need re-wiring?

It would probably be worth the money to get a engineer out to look at it, and give you advice/a couple of estimates.

 

[niallquinnspants]

Ya, not sure what I was smoking when I said 25k!! sorry should near doubled that.
Did a bit of searching on the net and there is a house, same rooms, same size, detached, 7 year old, done up of course but in an estate for 180k

Now the roof would cost about 12k to replace then we will do a lot ourselves, block the extension, plaster it, do the kitchen, painting, tiling, floors etc so we think that if u pumped 40k into then worse case senario 80k what they reckon it is worth, plus the 40 is 120k, now if a similar house in an estate can get 180, then if this house on its own site with big gardens etc can get 170, which I think it should then we are 50k extra in pocket.

OR do ye think I am still smoking some mad sh*t!