Hi,
I have come into a unoccupied property near the centre of a provincial town that is in a state of disrepair and it needs to have something down with it as the Council have written to me about its condition. There would be approx €20k worth of external work (Doors/Windows/Tiles) to meet the Councils requirements but that would be dead money on its own as the rest of the building would also need a serious refurbishment to make it liveable.
I believe that I may have a number of options:
1. Spend >€100k refurbishing the property to decent standard and rent out as accommodation (original function of property)
2. Get planning permission, spend >€100k and lease out as commercial units
3. Get planning permission and sell for a higher price
4. Sell as is - new owner could demolish and build or renovate if desired
I have the following concerns regarding chosing a suitable option
1 Do I need planning permission to refurbish the building either for accommodation or commercial purposes
2 Approx how much would it cost to get such permission e.g Drawings,Plans and Fees. €10k - €30k?
3. If I get planning permission does that constrain any potential buyers to use the plans I submitted or can they modify them easily
4. Would I be as well just selling without planning permission and letting the buyer do what they want with it.
Obviously I don't want to waste money doing it up purely for the council and I'd like to maximise its potential but is that potential better with planning permission and is that return worth the cost of the process to me?
Any advice gratefully apprciated!
I have come into a unoccupied property near the centre of a provincial town that is in a state of disrepair and it needs to have something down with it as the Council have written to me about its condition. There would be approx €20k worth of external work (Doors/Windows/Tiles) to meet the Councils requirements but that would be dead money on its own as the rest of the building would also need a serious refurbishment to make it liveable.
I believe that I may have a number of options:
1. Spend >€100k refurbishing the property to decent standard and rent out as accommodation (original function of property)
2. Get planning permission, spend >€100k and lease out as commercial units
3. Get planning permission and sell for a higher price
4. Sell as is - new owner could demolish and build or renovate if desired
I have the following concerns regarding chosing a suitable option
1 Do I need planning permission to refurbish the building either for accommodation or commercial purposes
2 Approx how much would it cost to get such permission e.g Drawings,Plans and Fees. €10k - €30k?
3. If I get planning permission does that constrain any potential buyers to use the plans I submitted or can they modify them easily
4. Would I be as well just selling without planning permission and letting the buyer do what they want with it.
Obviously I don't want to waste money doing it up purely for the council and I'd like to maximise its potential but is that potential better with planning permission and is that return worth the cost of the process to me?
Any advice gratefully apprciated!