Buy or Build

jazzi

Hi, just wondering can anyone offer some advice on whether to buy or build.

We have bid recently on an old house on 1/2 acre for 100k in a town- structure sound but would def need gutting, rewiring, plumbing, windows, insullation etc..... which they have accepted.:)

Also few weeks beforehand we bid on a 1.9 acre site out in the country which has now also been accepted at 95k subject to planning....

We have always wanted to build just not sure whether its a safer option to buy house as it will be cheaper in the long run the way this economy is going?:(

danbohan

jazzi wrote: »

Hi, just wondering can anyone offer some advice on whether to buy or build.

We have bid recently on an old house on 1/2 acre for 100k in a town- structure sound but would def need gutting, rewiring, plumbing, windows, insullation etc..... which they have accepted.:)

Also few weeks beforehand we bid on a 1.9 acre site out in the country which has now also been accepted at 95k subject to planning....

We have always wanted to build just not sure whether its a safer option to buy house as it will be cheaper in the long run the way this economy is going?:(

location location , before anybody could advise you they would need to know where you are in country ,
also is this long term /life option ?

who what when

Build your own house! It makes most sense financially. Plus you get to design and build a house that suits your needs rather than someone elses!

On a side note why do you want such an expensive site? Is it particularly nice? For that price it would want to be!

jazzi

The house is in a town in cork county and the site is about 5 mins drive from the closest village to the town about 10 mins away, both house and site are in good areas.

We were thinking it would be a good investment to buy and do up the house, live in it as long as we need to save up for a site etc.. but the site would be for life.

jazzi

The house is set back from the road on a very private site and the site is on a lovely road with nice surroundings. It is a lovely site. A site will not be sold on that road again for that price...

but neither will a house in that area.....

RKQ

Great question and one that can only be answered by you.
A house on a half acre for 100K in a Cork village sounds great.

The site sounds very expensive - sites in the south east with full planning permission can be bought for 45K!! Of couse location, location, location is extemely important.

In the long term site can only become scarcer, as planning law has definately gone that way. There will always be run-down houses but one on a half acre site in a village sounds wonderful.

danbohan

RKQ wrote: »

Great question and one that can only be answered by you.
A house on a half acre for 100K in a Cork village sounds great.

The site sounds very expensive - sites in the south east with full planning permission can be bought for 45K!! Of couse location, location, location is extemely important.

In the long term site can only become scarcer, as planning law has definately gone that way. There will always be run-down houses but one on a half acre site in a village sounds wonderful.

the site seems overpriced in todays market , but long term sites will become much more valuble as has been the case in northern ireland for years , building your house will be frustrating and rewarding but you wont regret doing it

jazzi

Thanks for the advice-will mull it over.