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Haven't a bob but....

  • 13-11-2007 1:13am
    #1
    Mick0
    Registered Users, Registered Users 2 Posts: 62 ✭✭


    As the title goes - haven't a bob but want to get on the property ladder. So, have an idea of buying a site outside Galway €140 000 and putting a mobile on site for about 20 years until i get money to build. Do you need any kind of permisson to put a mobile on site? Haven't gone near banks yet and wondering what's the deal here? What are they gonna look for....?


Comments

  • #2
    smashey
    Registered Users, Registered Users 2 Posts: 21,676 ✭✭✭✭smashey


    You need planning permission to locate a mobile on a site.


  • #3
    tak
    Closed Accounts Posts: 394 ✭✭tak


    3 Cs assessment by bank:-

    1. Concept - the business proposition.

    2. Collateral - your income present & future and other assets.

    3. Customer - are you a "good boy/girl", etc according to bank's definition.

    Frankly, forget the mobile home on a dear site plan.
    You will simply get you catagorised by the bank as a man out of his box.
    DON'T put that plan before them.

    Although the bank would require that you have planning permission before advancing money for building, you have to look at the added cost of buying a site which has that PP.
    Maybe it's more than you can afford, since it would leave you with another mountain to climb when the building work comes on.
    Look around for plain land with no PP but which has a good chance of getting it. That would leave you with less debt for the site expense.
    The cost of building, say €150,000 - €200,000 could then be covered collaterally by the extra value of the property with a finished house upon it.


  • #4
    muffler
    Registered Users, Registered Users 2 Posts: 46,555 ✭✭✭✭muffler


    Im tempted to move this as its financially orientated and would be more at home elsewhere but I will leave it for the time being to see how it develops.


  • #5
    Mick0
    Registered Users, Registered Users 2 Posts: 62 ✭✭Mick0


    tak wrote: »
    3 Cs assessment by bank:-

    1. Concept - the business proposition.

    2. Collateral - your income present & future and other assets.

    3. Customer - are you a "good boy/girl", etc according to bank's definition.

    Frankly, forget the mobile home on a dear site plan.
    You will simply get you catagorised by the bank as a man out of his box.
    DON'T put that plan before them.

    Although the bank would require that you have planning permission before advancing money for building, you have to look at the added cost of buying a site which has that PP.
    Maybe it's more than you can afford, since it would leave you with another mountain to climb when the building work comes on.
    Look around for plain land with no PP but which has a good chance of getting it. That would leave you with less debt for the site expense.
    The cost of building, say €150,000 - €200,000 could then be covered collaterally by the extra value of the property with a finished house upon it.

    Thanks for suggestions. I have a site but not in desired county. I've drawn up plans but haven't submitted just yet. So, whether to build then sell or just sell that site with planning (given the present market conditions). And actually, never thought of using that site as colateral hmm.


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