When Debi Flynn bought the stables property on Waterloo Lane in Ballsbridge, Dublin in 2014, she intended to renovate it and sell it on. But little did she know then that it would become the first real property flip success story.
The purchase has been a long drawn out affair, but it follows the breakdown of his marriage and the sale of his home off Wellington Road.
Bought for around €775,000, the three-bedroom home needed to be renovated to suit modern living.
The builders weren't the best so I ended up taking over partway through the job, but I learned a lot.
A small extension of around 11 sq m was part of the plans, creating a large open plan space of around 144 sq m (1550 sq ft). Underfloor heating, a new kitchen and an open tread staircase were also part of the property's transformation.
A real estate agent by trade, Flynn also works in interior design and has renovated another Meus property for a friend, as well as renovating and fitting out Node, a funky-style shared living space on Upper Pembroke Street, so despite the challenges, he was more than ready to embark on the remodel of Meus' home.
“The builders weren't the best and I ended up taking over partway through the job, but I learned an awful lot,” she says.
During the renovation, Mr Flynn bought another property nearby, on Waterloo Lane, which sold in December 2018 reportedly for €880,000.
But this time, Flynn thought she'd found a new family home and quickly added her magic touch to the project, giving the property a refreshingly homely feel with clever features and top-of-the-line fittings, including Crittall-style windows, Quokker taps and a stunning kitchen. She also brought the home's energy efficiency up to an A3 rating.
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Meanwhile, she sold her first home in The Lane in May 2020, making a handsome profit of €1.225 million, before renovation costs.
“It's all about timing. I was lucky,” she recalls.
But when love stepped in and another renovation project came up, Flynn's plans for the house changed.
Her partner's home, a three-bedroom end of terrace house on Merrion View Avenue, also in Ballsbridge, was due for a refurbishment, so Ms Flynn gave the property a luxury makeover and sold it in May 2021 for €1.5 million.
An eternal home?
Having originally bought Waterloo Lane as a permanent home, Ms Flynn was keen to move again – she sold her previous property to the same agent, Rena O'Kelly, then Knight Frank and now Sherry Fitzgerald, who had a property in mind for the couple.
The two-storey protected period home with basement was for sale off-market, but O'Kelly recommended it to her because it reminded her of Flynn's Wellington Road home.
That was Ballsbridge, too: Flynn grew up in the north but loves Dublin 4 so much that all her shopping is done within the postcode, and she often turns up at new properties, to the bewilderment of the local postman.
A view of the kitchen in Debi Flynn's new home. Photo: Tom Honan A view of the inside of Debi Flynn's new home. Photo: Tom Honan Photo: Tom Honan
Mr Flynn was so smitten that he sold the Waterloo Lane property earlier this year for €1.45 million and the couple moved there.
The challenge this time was to direct the renovation from overseas, as the couple temporarily relocated to the south of France while the house was renovated.
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Rather than build a traditional box at the back, Flynn opted to add a feature window at the back, commissioning young architecture firm Studio Ambacht, who Flynn describes as “amazing.”
If you want to trade up and move on, you need to break ties.
Flynn again went for a subdued interior aesthetic, with muted gold and marble tones in the kitchen and cleverly hidden storage.
The gardens were landscaped by Shirley Coleman, the cabinetry was by Killian Johnston and the worktops were by Miller Stone.
So, now that Flynn has been bitten by the promotion bug, is this the end?
Debi Flynn in her newly renovated home. Photo: Tom Honan Photo: Tom Honan A look at the new renovations. Photo: Tom Honan Photo: Tom Honan
“It's very refreshing and I love moving,” she said, but added that she's found her forever home.
“I'm not moving anymore!”
However, further “reversals” are possible.
She sees potential for retail in key areas such as Donnybrook and Ballsbridge, and believes apartments have more potential than shops.
“Nobody sees them,” she says.
Stacking Figures: Tips for Turning Them Over
When renovating a property with the aim of selling, it's important to make sure the numbers add up – it's easy to end up spending too much if you don't know what the final selling price will be.
“Don't spend too much money,” Flynn advises, adding that price caps usually apply to stable-type properties, for example, as well as certain other property types.
If you don't have the time, energy or skill, don't do it.
Picking the right property to flip is also important: Flynn prefers properties that will stand the test of time for 20 to 25 years, so she doesn't have to spend money on expensive decor that will go out of style and have to be removed.
“That's the sweet spot,” she says.
You also need to make sure you aren't overpaying.
So, you need to do some comparison before you buy. [comparable prices]” she says.
And remember, you shouldn’t just choose a property because you like it, you have to think about the end buyer.
“If you want to change jobs and move on, you have to cut ties,” she says.
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It's also important to have the determination to follow through, which is important in today's somewhat volatile market.
“If you don't have the time, energy or skill, don't do it,” she advises.
When it comes to saving money when renovating, Flynn suggests that rather than following the trend of brass and chrome light switches, for example, go for everything plain white to cut costs.
“Everything overlaps,” she says, adding a design reason for the stance: “We don't want them to be the centerpiece.”
She has a penchant for a common colour palette and, at one of her Waterloo Lane properties, has painted all the interior walls in Dulux Heritage White – another way of controlling costs.