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Building a house in Meath - Help

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  • 19-10-2009 4:44pm
    #1
    17bobby
    Closed Accounts Posts: 2 ✭


    Hey!

    If anyone can help me I'd really appreciate it as i'm a little in the dark as to what to do etc. My partner and i recently got engaged and we are now planning for the future post wedding :-). Bascially it is our plan that we build idealy in the Trim, Navan Kells, Dunsany type areas. My problem is that as I own my own house (a two bed terrace) and it looks highly unlikely that I'm every going to sell the damn thing in the near future. Are our hands tied as to getting planning permission/mortage to buy site and build? Financially we can offord to keep the house I have and rent it out and handle a second larger mortgage.
    It will be another year before we have the enough money to start on the project i.e 20-30k but is building going to be a viable option for us??

    Any help or pointers that anyone can give would be greatly appreciated:)


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    #2
    muffler
    Registered Users Posts: 45,932 ✭✭✭✭muffler


    Moved to C & P forum


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    #3
    mr_edge_to_you
    Registered Users Posts: 3,054 ✭✭✭mr_edge_to_you


    17bobby wrote: »
    Hey!

    If anyone can help me I'd really appreciate it as i'm a little in the dark as to what to do etc. My partner and i recently got engaged and we are now planning for the future post wedding :-). Bascially it is our plan that we build idealy in the Trim, Navan Kells, Dunsany type areas. My problem is that as I own my own house (a two bed terrace) and it looks highly unlikely that I'm every going to sell the damn thing in the near future. Are our hands tied as to getting planning permission/mortage to buy site and build? Financially we can offord to keep the house I have and rent it out and handle a second larger mortgage.
    It will be another year before we have the enough money to start on the project i.e 20-30k but is building going to be a viable option for us??

    Any help or pointers that anyone can give would be greatly appreciated:)

    Congrats on the recent engagement! I also building in Meath (Dunshaughlin). The banks are being very fussy with finance at the moment. Mind you they have said they are lending to people who can afford it. We were lucky in the sense that my fiancee owned our site and as a result we were able to borrow up to 100% of the building cost provided the cost of the build was no more than 80% of the completed value of the house eg we could borrow 80k to build our house provided that the value on completion would be 100k - i hope that makes sense. If you haven't got a site it would appear that the banks will only lend 75% of the total and final valuation - that was with the main high street banks. We went through a broker. I would strongly advise that yourself and your fiancee contact a broker - they have access to a wide variety of lenders and now more considerate of other factors. We had a few issues that made it a bit more difficult for us but we got sorted. 30k is only 10% of 300k. It seems unlikely that you will get a site and house built for 300k in the areas you mention. A good broker would be an excellent place to start!

    Feel free to PM me with any other queries.

    Edge.


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    #4
    Dr. Nick
    Registered Users Posts: 2,409 ✭✭✭Dr. Nick


    If you're not from the area, you'll find it very difficult. If you already OWN a house, you'll find it practically impossible (won't qualify under local needs).

    On the positive side, it's now easier than ever to get permission as the council need €€€€ and at €15k-€20k a go...........
    It's now a lot easier to get a decent builder at a decent price - I'll be walking into my house in the next three months (hopefully!) finished and furnished for €100ish per sq foot.


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