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I am so very tempted by a house, please slap me very hard and tell me it's not worth it

101 replies

BranIsLonelyThisChristmas · 21/12/2011 13:04

It's this house.

Here's the back story. When we moved back to Ireland in summer 2010 the house in the link is in one of the areas I was hoping to live in, but there wasn't anything for sale that suited our needs. We chose not to rent for a while because I didn't want to have to move again within a year, and we accepted that we would almost certainly pay more for doing this as Dubin has a very rapidly plummeting property market. The house we have is fine, but is has lots and lots of compromises like the layout not quite suiting us and the garden being a little too small, location not quite what we wanted, also there are only two bathrooms for five bedrooms. Just niggly things, and I am aware that I am being totally annoying and princessey when so many families are in such dire straits at the moment.

So, anyway, here is this house. We could afford to buy it, but it would cost at least as much again to renovate and it would be trickier to raise the money for that as the Irish banks are simply not lending at the moment. We would have to live in the house we are currently in while the new house is being renovated and if we were to put this one on the market now it would probably have lost about 10-15% since we bought it last year. Anyway I'm very reluctant to move into rented while we're renovating and then move again.

One possibility would be to buy it but not start renovations for another 4 years, this would give us time to raise the money and would also suit us better to move there when DS goes to secondary school as it is close to where he will be going. I suppose the house is in such a bad state that it can't get significantly worse, but I still think that might be madness.

Lastly, DH has no time at all so I would be in charge of all the work and I'm not really sure that I'm the type to cope with so much stress. On the other hand we could get exactly the house that we want, plus we could put a little bungalow where the out buildings currently are. I don't think my father will live that much longer as he is very ill, and my mother will be left alone in a semi-rural location and it would be good if there was the option for her to be near us if needed. She doesn't live that far from this location, but just up a difficult access mountain road, so if she had to live in this location for a while it would be fine as lots of her friends are close by.

Right, do what you can to talk me out of it please.

OP posts:
bran · 06/01/2012 19:28

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PilgrimSoul · 06/01/2012 19:41

Oh, what about Duncan Bannon on Room to Improve, I like him?

bran · 06/01/2012 19:51

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bran · 06/01/2012 19:53

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headfairy · 06/01/2012 20:04

Bran you've described exactly the reasons why you should go on Grand Designs... they've had far too many bonkers types on there now, they need some normal people doing normal renovations.

If you're not wacky enough for Kev, maybe he could put you in touch with Sarah Beeny :o

HippyHippopotamus · 06/01/2012 20:27

bran that house needs a friend and I reckon you're just the girl for the job! Please let us live vicariously with you though, I'd love a house just like it

SingingTunelessly · 06/01/2012 21:24

Oh WOW what a project and potentially fantastic home. If you can afford the time, patience and sheer hell that will go with it then why not. Please keep us updated. It looks like it could be wonderful if you can do it.

whamfan · 06/01/2012 21:28

I am no expert, but it look amazing- potential!!! :o
Hard work mind but...lovely period features :) swoon.

PilgrimSoul · 07/01/2012 00:15

Duncan Bannon shoves a glass box out the back of every house, so maybe not for you, he also always goes over budget so this series they have a QS on board.

With handholding from some over on the relationships board, I have taken on a job similar to this, similar only in that it is a wreck, mine is a tiny terraced house, but I am doing it totally on my own. It is all absorbing and a learning curve like no other. I can give you a crash course on building regs, insulation and moving soil pipes any day over coffee.

Today I spent with Architect, Electrician, Builder, Plumber and Carpenter, negotiating prices, schedules etc. One of the very few good things about this recession is that tradespeople are hungry for work and are very accommodating, cheap, and sometimes too free with their advice!

bran · 07/01/2012 12:37

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CiderwithBuda · 07/01/2012 16:28

We watched a lot of Room to Improve when we were planning our renovation and would should at the owners not to tell Duncan their real budget but to halve it as he would double it!

Having said that DH informed me yesterday that we spent double our budget!

bran · 09/01/2012 13:07

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CiderwithBuda · 09/01/2012 17:02

Well you obv haven't been put off yet!

stealthsquiggle · 09/01/2012 17:11

Having bought something which is far less of a "project" than that, DH and I look back on some of the real "projects" we looked at and are very relieved that we didn't manage to buy any of them, especially as they were right at the top end of our budget - the bigger the house, the more all the basic stuff costs (fairly obviously!) and we couldn't afford to be pouring money into a house any faster than we are now. One of the ones we didn't buy has proved to be a real money pit for the people who out-bid us (whose DD is in my DS's class) - they can afford it, which is great, but we would have been really, really struggling.

Could you afford to buy it and do basic structural work (so that it is secure and not deteriorating any more) sooner, and leave the rest (plumbing, electrics, plastering, etc) until you were nearer to moving in? I wouldn't want to leave a house empty once it had pipes, boiler, etc in it, but I think you would need it to be a little more secure and loved (and waterproof) than it is otherwise watching it deteriorate would be too depressing for words.

Rocketthedoordog · 09/01/2012 17:16

What feel did you get from the house? It looked a bit spooky intimidating on the YouTube link, but impossible to tell from that.

Glad to hear you're not put off though - it really does look like it could be amazing.

And is it too small? If you're going to put so much time and effort in, it does have to be big enough.

ChippingInLovesEasterEggs · 09/01/2012 19:29

If you didn't buy/choose a house when it rained in Ireland - you'd be a long time moving! Grin

Did you like the 'feel' of the house?

bran · 10/01/2012 20:17

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SoupDragon · 21/01/2012 19:32

I"ve had to search this thread out to find out whether you made a decision about it :)

bran · 21/01/2012 19:46

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SoupDragon · 21/01/2012 20:22

Oooooh! How exciting :o

CiderwithBuda · 22/01/2012 10:30

Good luck!!!

bran · 24/01/2012 16:08

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CiderwithBuda · 24/01/2012 16:32

What is meant to be is meant to be. A shame fir you as it could be a fab house again but a lot of work as you say.

Hope it's someone who will restore but prob not?

ChippingInLovesEasterEggs · 24/01/2012 20:00

Oh Bran :(

I hope you find something that you really fall in love with :)

Fingers crossed!!

tardisjumper · 24/01/2012 20:03

That is A LOT of money. Without the cost of doing it up. How much owuld it be worth after renovation and how much can you borrow and at what rate? What would be the costs otherwise involved. Long term including jobs, childcare etc. Simple sums really.