Am I insane? (Terraced Bungalow)
Lads I'd appreciate your input on this. I went to view this house (link below) off the cuff not expecting much but it completely caught me off guard by how much I like it. It has that old school charm that feels like it's a country road but it's bang smack in the middle of an urban environment. I'm familiar with the area and a fan of it given it's proximity to the city/coast/airport etc.
I've viewed plenty of houses in the north Dublin region but the level of work required and the semi soulless feel some of the houses have has put me off but I can't stop thinking about this property.
My thinking is if it could be purchased for a relatively low price in modern terms (say 350k) and be left with about 150k-200k worth of cash for renovation work, does that leave me in a better position than buying a standard 3 bed gaff for 500-550k? Or am I completely insane taking on the renovation of a house that's over 100 years old and all of the associated headaches? My intention would be to get a one stop shop contractor to manage the whole project to bring it up to scratch as well as avail of government grants around home energy upgrades.
Bearing in mind the mortgage would be comparatively lower by going down this route because the house itself would be considerably cheaper (350k vs 550k), so I'd be able to both put my own stamp on the place and be in less debt long term.
I'd be curious to see what people think i.e it has potential or run and never look back.
https://www.daft.ie/for-sale/house-7-artane-cottages-lower-malahide-road-artane-co-dublin/6559056