Property experts advice please?
Discussion
Hi everyone, I am in the middle of my first property development.
In essence I am changing a rectangluar 1950s horrible detached house into a 3000 sq ft contempory home.
I am now at the kitchen picking phase and cannot decide whether to go German/Italian and expensive with high quality appliances or go for slightly less expensive but without the wow factor.
The house is going to be on the market for around the £1 million mark..
Any thoughts? My heart says go expensive but my pocket says spend less!
Thanks in advance.
In essence I am changing a rectangluar 1950s horrible detached house into a 3000 sq ft contempory home.
I am now at the kitchen picking phase and cannot decide whether to go German/Italian and expensive with high quality appliances or go for slightly less expensive but without the wow factor.
The house is going to be on the market for around the £1 million mark..
Any thoughts? My heart says go expensive but my pocket says spend less!
Thanks in advance.
How much would it break your heart for each one if they told you it wasn't to their taste and were going to rip it out anyway?
Secondly kitchens are usually the 'selling point' for women, and I don't think that they would likely be checking the interior of the cabinets to see hand dove-tailed solid oak - despite the fact it may be ultimate quality.
My hunch would be on the 'wow' *look*, and failing that, something which is 'undislikeable' so that if the worst comes to the worst you have not invested too much into something which is going to be ripped out in 12 months.
Secondly kitchens are usually the 'selling point' for women, and I don't think that they would likely be checking the interior of the cabinets to see hand dove-tailed solid oak - despite the fact it may be ultimate quality.
My hunch would be on the 'wow' *look*, and failing that, something which is 'undislikeable' so that if the worst comes to the worst you have not invested too much into something which is going to be ripped out in 12 months.
joscal said:
Hi everyone, I am in the middle of my first property development.
In essence I am changing a rectangluar 1950s horrible detached house into a 3000 sq ft contempory home.
I am now at the kitchen picking phase and cannot decide whether to go German/Italian and expensive with high quality appliances or go for slightly less expensive but without the wow factor.
The house is going to be on the market for around the £1 million mark..
Any thoughts? My heart says go expensive but my pocket says spend less!
Thanks in advance.
so you are starting small....... In essence I am changing a rectangluar 1950s horrible detached house into a 3000 sq ft contempory home.
I am now at the kitchen picking phase and cannot decide whether to go German/Italian and expensive with high quality appliances or go for slightly less expensive but without the wow factor.
The house is going to be on the market for around the £1 million mark..
Any thoughts? My heart says go expensive but my pocket says spend less!
Thanks in advance.
Firstly the development is in N.Ireland and higher end property is still selling.
Bought for £550,000 including fees and stamp duty. Costs (via a quantity surveyor) are max £180,000 and we are well below budget as my other businesses sell to all the building suppliers and I have pulled in a lot of favours. I am also in partnership with the builder, he get's a share of the profits and I am funding the build costs so in theory I get these costs back once sold.
On the same street four houses have been bought, levelled and contempory homes have been built. And there are currently two being refurbed at the moment. A good area.
Bought for £550,000 including fees and stamp duty. Costs (via a quantity surveyor) are max £180,000 and we are well below budget as my other businesses sell to all the building suppliers and I have pulled in a lot of favours. I am also in partnership with the builder, he get's a share of the profits and I am funding the build costs so in theory I get these costs back once sold.
On the same street four houses have been bought, levelled and contempory homes have been built. And there are currently two being refurbed at the moment. A good area.
It depends what your definition is of 'wow' and 'cheap'.
A decent fridge for a £1m home could be £3k to£8k+. Applicances alone for a decent kitchen for this sort of home will be in the region of £8k-£15k depending on how silly you get.
How? A decent induction hob is £1k. Two ovens, £1.5k - £2.5k. Microwave and integral espresso - £1k. Dishwasher £800. Wine fridge is £500 to £1500. Fridge/freezer is £2.5k to £10k (look at Sub Zero or Gaggenau prices!). Sink & taps - £600 to £1k. Extractor hood - £600 to £2k.
Assuming it is a proper sized kitchen, granite or glass work surfaces will set you back another £3k-£6k, depending on size and spec. Tiles, splashback, first & second fixing and fitting....
Units are 'only' about 30%-40% of the true cost of the kitchen. Allow £20k-£25k for the total job and you won't be far off if you skimp.
At the end of the day, if YOU were going to spend £1million on a house, what level of standard would you expect to see in the kitchen & bathrooms?
A decent fridge for a £1m home could be £3k to£8k+. Applicances alone for a decent kitchen for this sort of home will be in the region of £8k-£15k depending on how silly you get.
How? A decent induction hob is £1k. Two ovens, £1.5k - £2.5k. Microwave and integral espresso - £1k. Dishwasher £800. Wine fridge is £500 to £1500. Fridge/freezer is £2.5k to £10k (look at Sub Zero or Gaggenau prices!). Sink & taps - £600 to £1k. Extractor hood - £600 to £2k.
Assuming it is a proper sized kitchen, granite or glass work surfaces will set you back another £3k-£6k, depending on size and spec. Tiles, splashback, first & second fixing and fitting....
Units are 'only' about 30%-40% of the true cost of the kitchen. Allow £20k-£25k for the total job and you won't be far off if you skimp.
At the end of the day, if YOU were going to spend £1million on a house, what level of standard would you expect to see in the kitchen & bathrooms?
[quote=joscal]...a 3000 sq ft contempory home.
...The house is going to be on the market for around the £1 million mark..
...the development is in N.Ireland and higher end property is still selling.
[/quote}
Does not compute!
3000 sq ft for a million quid = £333 per square foot? In Northen Ireland?! Really??
Over here in the UK, you'd be doing well to see much over £220 per square foot in most areas, in the current market, and I always assumed that NI prices were closer to the low employment/rural areas of the UK like Cornwall, South Wales or the North East, where £200 per square foot is likely to be closer to the mark?
Still, if you are going for that sort of price, everything will need to have the 'wow factor', so certainly no scrimping on the kitchen!
As Jamesuk28 says, you're a brave man in light of the emerging global financial situation...
...The house is going to be on the market for around the £1 million mark..
...the development is in N.Ireland and higher end property is still selling.
[/quote}
Does not compute!3000 sq ft for a million quid = £333 per square foot? In Northen Ireland?! Really??
Over here in the UK, you'd be doing well to see much over £220 per square foot in most areas, in the current market, and I always assumed that NI prices were closer to the low employment/rural areas of the UK like Cornwall, South Wales or the North East, where £200 per square foot is likely to be closer to the mark?
Still, if you are going for that sort of price, everything will need to have the 'wow factor', so certainly no scrimping on the kitchen!
As Jamesuk28 says, you're a brave man in light of the emerging global financial situation...
I'm either brave or very stupid, if the worst comes to the worst I will live in it myself. The Northern Irish property market is very different to the UK, without going into a history lesson despite the past troubles there are a lot of very, very wealthy people here who don't rely on financial markets as much as the UK seems to. Manufacturing is a major part of our economy and this is in part down to the lower wages mentioned above. You would be probably be suprised by how many truly global Northern Irish companies there are. I'm also perhaps naively an optimist and although fully aware of all the banking debacle I can't see the whole world economy collapsing, surely global warming will have wiped us all out by then??
Look at www.propertynews.com for examples of property prices.
Look at www.propertynews.com for examples of property prices.
We're selling houses at £1200 psf in central London and at Hampstead we've just sold the penthouse for over £1800 psf. We've heard Candy and Candy are selling stuff at over £3,000 psf and a house just off pall mall recently went for over £5,000 psf.
I'm not saying you can compare Northern Ireland with Central London but the top end of the market is completely dislocated from the rest of the market.
I'm not saying you can compare Northern Ireland with Central London but the top end of the market is completely dislocated from the rest of the market.
Gassing Station | Business | Top of Page | What's New | My Stuff