Honey pot or money pit? The refurb risk

When estate agents say a house is a “blank canvas” it means you’re not quite in “derelict” territory but you’ve moved way beyond the less pricey sounding “needs work”. These houses, though, particularly if they are well-located, tend to be sought-after by buyers with the imagination, stamina and deep pockets for a lengthy renovation. They are in demand because getting a house that needs everything means buyers aren’t paying for the previous owner’s taste, mistakes or possibly questionable workmanship.

This week, DNG have two “blank canvas”, top-to-bottom renovation projects, both two-storey over-garden level period houses in Rathmines, Dublin 6: 17 Belgrave Road and 65 Leinster Road.

Period details

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The livingroom in 65 Leinster Road

The redbrick 17 Belgrave Road is 245 sq m (2,640 sq ft), has four bedrooms upstairs, two interconnecting reception rooms, many period details such as marble fireplaces, stained glass and decorative cornices and a self-contained two-bedroom apartment at garden level.

The garden is about 18 metres long with a garage opening out on to a lane. There’s a single-story extension at the back which new owners will probably demolish. It’s for sale through DNG for €1.1 million.

65 Leinster Road has been in the same family for 80 years and is for sale now for €750,000 through DNG – the price reflecting the condition of the Victorian house. The terraced house has 258 sq m (2,390 sq ft) and is a grander house, in terms of the proportions of the rooms and the general feeling of space, and the period features, than the one on Belgrave Road. The terraced house has four bedrooms, two interconnecting receptions and several rooms at garden level. The back garden is again around 18 metres.

Window worries

Pat Mullery, who is handling the sale of both properties and has sold several in similar condition in Dublin 6, estimates that the buyers will spend upwards of around €400,000 converting each of these houses into comfortable family homes.

Ask an architect or chartered surveyor for a ball-park figure as to what a renovation of a period home costs and the answer is invariably “how long is a piece of string”. And they’re not trying to dodge the question – with old houses there really are so many variables.

The Society of Chartered Surveyors puts a like-for-like rebuild cost of just over €4,000 per sq m on period houses – but that assumes starting from scratch and replicating every cornice and floorboard. Around half that – somewhere between €1,500 and €2,000 per sq m – is the eye-watering cost of restoring a period house with all the special trades that involves, from cornice repair specialists to marble fireplace restorers, sourcing cast-iron guttering and repairing broken panes of stained glass.

The push to list many Dublin Victorian redbricks as protected structures has led to a number of architects who specialise in renovation and restoration and know their way around the strict planning regulations. The RIAI (riai.ie) and the Irish Georgian Society (igs.ie) have lists of architects who specialise in such projects.

A new sash window, for example, could cost €4,000 – or an existing one could be reconditioned for €400 – and if it is a protected structure the planners might prefer a window, if at all salvageable, to be repaired rather than a new one put in. Mulitply the number of windows and you can see how the costs mount. And, as with any house refurb, it’s in the finish where the costs mount and make a definitive price structure difficult to establish – an Ikea kitchen for €3,000 or a Siematic one for €70,000?

Spiralling costs

There’s always the unexpected when you’re dealing with structures that have been standing for more than 100 years. Horror stories abound of renovation costs spiralling out of control when rot is found in the beams and damp in areas that were assumed to be dry. Basements in particular have a way of eating up money.

Chartered building surveyor and project manager Kevin Hollingsworth says a top-level survey is important for anyone considering buying a period house. There are various levels of survey he says, but period houses require one which looks more deeply into the state of the building. Expect to pay €800 plus VAT for such a service.

Hollingsworth says the surveyor should also be able to give an informed view on estimated renovation costs – although these could change, usually upwards, when architectural plans and finishes etc are taken into account in the final tally.

Protected structures

A protected structure – and both houses on Belgrave Road and Leinster Road are protected – also comes with more complex planning and conservation requirements. They range from the more simple Section 5 Declarations, where homeowners inform the planners of their intentions and seek confirmation, to full-blown planning permission.

Despite the cost and hassle Hollingsworth says he has never known a buyer to back out of a sale because the survey showed up some dread issue. "People looking at period houses that need renovation know it's not going to be easy but they're prepared to take it on," he says.

Period restoration: dos and don'ts

Windows and doors The rule of thumb is repair rather than replace.

Roof and external walls For roof repairs the original tiles need to be removed and, once works are completed, returned to the roof (where possible). External brick walls may need to be repointed.

Insulation In 19th century properties, because of internal detailing such as cornicing, dado rails etc, are difficult to dry-line. A sound roof, good windows and proper heating tend to be the best solution.

Flooring Most period flooring is surprisingly resilient and often fit for purpose. Faulty boards can be easily replaced and sourced in salvage yards.

Internal plasterwork Restoring internal plasterwork is a specialist job, but there are several well-regarded companies. The Irish Georgian Society website's Traditional Building Skills Register is a good starting point. igs.ie

Ask a professional Pay for a top-level survey, know the planning requirements