Some 110m a day is being spent on property in Ireland . . . 88m on new and second-hand homes, says Joan Henry, head of research at Hamilton Osborne King.

But contrary to what you may think from some of the headlines, making a success of property isn't just about throwing money at it, especially if you are refurbishing a home that needs a extending and updating.

Colette and Niall Mullen bought No 106 Parkmore Drive in Terenure back in 1999, at what then seemed the height of the property boom.

The semi-detached house on a quiet, family-friendly culde-sac had belonged to an elderly couple and needed work but the Mullens, who were just starting a family themselves, saw its potential.

But rather than just ploughing ahead, they sat back for a year to get the feel of the house and work out a clear idea of what sort of accommodation they would need as a family That time for reflection and planning has certainly paid huge dividends in terms of the result . . . a splendid family fourbed, with a fully converted attic, in walk-in condition, which provides top-notch accommodation of 165 sq m (1,775 sq ft).

The whole front of this 1954 house was remodelled and it's now very handsome and solidlooking, with a pretty porch set centrally between the older house on the left and the double-storey garage extension to the right.

Colette took Edwardianstyle stained-glass front doors as her template for her own hall door, which she had made herself by a local crafts firm.

The piece de resistance is the big familyroom, which Niall, a trained carpenter, literally built himself at the back of the house . . . a splendour of a space with high-angled ceilings, velux roof lights, big double doors to the garden, flowing through to a family sitting area.

"I wanted a neutral scheme throughout the house, which would allow all the rooms to flow into each other, " says Colette. "So I chose light colour schemes and solid oak floors throughout the house.

"The big room at the back gives a lot of family space so children can play while you're still watching them in the kitchen. Light was also very important so we put in the velux windows into the roof .

We also designed it so when you at at the dining table you look out over the garden."

The couple extended into and over the garage. The upstairs extension has allowed them to make four bedrooms, including a master bedroom with en-suite and dressing area, as well as a luxurious family bathroom.

The attic has also been converted and is currently used as a bedroom.

But the use of the garage space is very imaginative.

Rather than converting it into a long thin room, they made it into a luxurious utility area, downstairs wc, a coat and boot room and a covered side passage to the back.

When people are thinking of extending they can learn a lot from what the Mullens did at Parkmore Drive, says Christopher Bradley of agents Sherry FitzGerald.

"It has that real wow factor . . . the large, light-filled impressive family room/kitchen and dining area that everybody wants. It has a beautiful garden and also luxurious bathrooms.

These are the three things that families want nowadays and are prepared to pay a premium for because they make such a difference to a home."

Colette and Niall . . . with their two children Chloe (5) and Ali (just seven weeks) are now, sadly, selling up but No 106 Parkmore Drive, in the heart of mature Terenure, is a home any family could feel proud of.

Price: AMV 1.15m; auction 29 March Agent: Sherry FitzGerald 01 4907433