Thatched cottage.

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danole

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Inherited a thatched cottage & some land.The house will need some serious renovation in the not-too-distant future.Anyone have any thoughts on the best (cheapest & easiest!) way of financing same?Interest only mortgage?Bearing in mind I've already a mortgage & can't really afford another one! Thanks!
 
I'm sure you are aware that there are grants available towards rethatching these kinds of properties. Also you should check to ensure it is not listed or protected as these structures carry very definite protections from the planning authority as to what renovations you can and can't do.

I suppose the finance really depends on what you intend to do with the property. Do you intend to sell? Do you intend to rent? Do you intend to live in it? Bearing in mind that realistically only these three options make financial sense. In other words if you intend to hold on to it as a holiday home you will lose money on it in investment terms. If you intend to sell then does it make sense to renovate it at all? If you intend to rent you should presumably ensure that the rent will cover the mortgage and up keep and if it will only cover an interest only mortgage does that make financial sense in the long term?

Oh and by the way, congratulations.
 
Thanks,Vanilla.Most definatelty NOT selling the house.May rent when renovated for a time or maybe move in & rent our own.A lot of thinking to do!I suppose a visit to a solicitor or an accountant would be in order,really.
 
Most solicitors won't give financial advice. I'd imagine an accountant would be able to at least give some idea of the best option, or a financial advisor. But really you could do it yourself. Just work out what you could realistically achieve in rental terms from the thatched cottage and your own house versus the cost of renovations/mortgage repayments for the renovation. Factor in the inevitable up keep, tax, periods where you cannot rent and so on and just crunch the numbers.

It sounds like a great project anyway. There can't be too many thatched cottages left in the country and I'd imagine, depending on the location, that in itself would attract renters.
 
Something else to consider is if there is land around the house, you may qualify for a forestry grant also, which isn't a huge amount of money but it would help cover maintenance.

A friend of mine was in a similar situation, she thatched her cottage (big grant for this and looks fab), and rents it out as a holiday home.
 
grants are not big, especailly if you are NOT a medical card holder. for some rason, if you hold a medical card, the grant for rethatching is doubled, but still only a maximum of €6K odd.

I know its lovely to look at a properly renovated thatched cottage, but they are a disaster to maintain; expensive to insure; easily damaged by birds; lovely and warm to live in and the roof must be renewed every so often. it is hard to find a thatcher in many parts of the country. Some of them will only work for cash and seek perhapd €200 per day labour. You must also buy the thatch and scallops for them as ell as feeding them.

If you forest the land around the cottage, remember in future years, you will be livin gin the middel of a dark forest, with no natural light, no songbirds, no rabbits and no neighbours to call on if in distreee as they will not know if you ar ethere or not!

I have been there and it is more trouble than its is worth.
 
We've had a thatched cottage for a number of years now and its been an absolute pleasure, warm in the winter, cool in the summer. Its thatched with water reed which needs very little maintenance and is usually good for 20+ years. The birds do help themsleves to the bits of reed that are loose but there's plenty to go around and no real damage has been caused. Insurance is no more expensive than for a normal house, we insure ours through Hickey Clarke & Langon (brokers) in Donegal.
 
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