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Site Dilemma

  • 26-05-2009 7:03pm
    #1
    Pintofplain
    Closed Accounts Posts: 1 ✭


    About 9 months ago I purchased a site, subject to planning for €125k. At the time it was about the going rate for such a site and we were happy enough with the purchase price.
    Fast forward to today, the property market has continued to fall, we are having serious difficulty with the planners, though we will just about get planning and there are various sites available in the area with planning, for less than we have agreed, in some cases substantially less. With the market the way it is would I be within my rights to try to renegotiate the deal in my favour, I realise that I risk losing my deposit, but its a risk I am willing to take. I have learned a lot over these last 9 months and at the end of the day I am really just trying to save myself a few €€€€s.
    It does leave me with a bit of a moral dilemma though, I am always a man of my word and I expect others to be the same, but in todays market offers are being accepted at much less than asking price for various sites and houses round the country and I am just looking out for my own interests.
    Answers on a postcard please..........


Comments

  • #2
    gerry28
    Closed Accounts Posts: 438 ✭✭gerry28


    Hi

    If you've signed contracts and all you may be held to the deal unless the planning falls through?

    I know how you feel, I bought my site in 07 and feel a bit sick at the price some are going for now. But its swings and roundabouts because I got some great deals with tradesmen and suppliers.

    At least your not facing 06 building prices.


  • #3
    secman
    Registered Users, Registered Users 2 Posts: 6,502 ✭✭✭secman


    Here is the answer to your dilemma, there is no point in building a house that you really do not want. Be absolutely honest with yourself and pick a house design, within reason that you really would like, apply for planning and get refused. You were buying subject to obtaining planning, so you can then walk away, knowing that you did the right thing. This is exactly why you entered into agreement to buy "Subject To". You would be dishonest to yourself if you go ahead and build a house that would not be your dream home. whats the point in that ? Be honest to yourself, the farmers know the situation when selling sites, the market dictates.

    Secman


  • #4
    mr_edge_to_you
    Registered Users, Registered Users 2 Posts: 3,189 ✭✭✭mr_edge_to_you


    Hi Pint, my few concerns would be: 1. If you leave this site you lose your deposit. You then have to go and start from scratch. The way the economy is at the moment land prices will continue to fall. So when you reach the planning approved stage on the new site you'll find yourself in a similiar position I imagine. 2. For some reason you decided that the site you currently have is where you wanted, what advantages does this site have over other ones you were looking at at the time you decided to buy subject to planning. 3. You may encounter difficulties in applying for planning permission in the same area for a second time, I may be wrong but you have assume worst case scenario in any dealing with planning office of your local authority. 4. The time issue, you're getting a benefit now of low interest rates, competitive builders and materials prices, I beleive that we are soon going to see a stability in this area so no point in hanging around in my opinion. The best thing to do is talk the land owner and explain your situation. If you decide to go for another site you will lose your deposit, will this loss be less than the benefit of saving on another site, taking into account money, time and personal effort on your part?


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