Fix it up: Bricked-up cottage in D3
What is it? A bricked-up formerly one-bedroom artisan dwelling at 5 Enaville Avenue in Ballybough, Dublin 3, which is now, em, "open plan" inside and in need of complete renovation.
Tell me more about the place...
The owner bought this property seven years ago at the very bottom of the market, right after the crash. His intention was to restore it as a one-bedroom house. He got started on the basics but then got distracted. It has been boarded and bricked-up since then. Now he has decided to sell the property on.
The good news?
Ballybough is extremely handy for Dublin City Centre and within walking distance of almost everywhere important. The roof is believed to be reasonably sound and the early clearance work is mostly done here. It is entirely stripped out. The owner has also shored up an ailing rear wall with metal beams. For a renovator, it's ready to walk into! There's a plan in place for a one-bedroom extension at the back, which doesn't require planning permission.
And the bad news?
This is essentially a shell - a roof and four walls, one of which is decidedly dodgy. While the one-bedroom option might not require planning permission, it could be required for any larger extension which seeks to provide two-bed accommodation. Ballybough has gentrified somewhat through the last decade or so, but is still a bit rough around the edges and the area has its fair share of social problems.
How much to buy it?
The current asking price is €175,000.
And to fix it up?
At a basic standard of refurb and fit-out for the one-bedroom version, it is estimated you'll have to spend around €40,000 and do a lot of the work yourself. However, this is the entry level. For a better fitted-out one-bed, you are rising perhaps to €60,000. At the higher level, a more spacious and better fitted two-bed extension and luxury level of fit-out could cost €80,000.
What will I end up with?
A one-bed house in poor condition in the area sold for €195,000 recently, so it would seem that the numbers add up on this property for the right buyer. For an average fit-out on a two-bed option, you're looking at spending €235,000 to end up with a small family home in a very central area which could sell again for €280,000 to €290,000. A two-bed townhouse in reasonable condition is currently on offer at €275,000. Two-bed houses in this area rent from €1,500 to €1,875 per month.
Who do I talk to?
Nigel Kennedy at MoveHome.ie (01) 8867090.