Would we be mad to buy a site

Gallivanter78

Hi all. Have been on the property search with about 3 years now. Have seen many gone sale agreed on a few but between one thing or another still renting. We are FTB with deposit bout 100k reasonable wages etc but baby no 2 is on d way so need to start setting up home soon. We have a couple of option s to buy sites in or around 70 k. I know building is dearer but is it really much more after..is that scaremongering? ? Any decent Second hand houses are at least 10-12 years old so things are gonna start going in them anyway within 5 years of purchase. .any thoughts appreciated TIA

obriendj

I would be interested in what people say about this. As I would be thinking similar.

Where are you thinking if you dont mind me asking.

Gallivanter78

obriendj wrote: »

I would be interested in what people say about this. As I would be thinking similar.

Where are you thinking if you dont mind me asking.

Hi there we are based in Cork.. considering West Mid Cork. How bout u

JimmyMW

Gallivanter78 wrote: »

Hi all. Have been on the property search with about 3 years now. Have seen many gone sale agreed on a few but between one thing or another still renting. We are FTB with deposit bout 100k reasonable wages etc but baby no 2 is on d way so need to start setting up home soon. We have a couple of option s to buy sites in or around 70 k. I know building is dearer but is it really much more after..is that scaremongering? ? Any decent Second hand houses are at least 10-12 years old so things are gonna start going in them anyway within 5 years of purchase. .any thoughts appreciated TIA

Well it entirely depends in what location you are in, for example if in your area you can buy a 2000sq foot house for under €200k then buying is definitely vastly cheaper than building on a €70k site. There are places in rural Ireland where you just could not justify building with 4 bed semi's under €90k.

However if you that type of a property is costing north of €300k then there would not be a huge amount between them with a site of €70k, maybe €20-40k difference.

You will have to keep in mind that there are pros and cons for both, if you build you will have a better spec house (current regs) with your design input etc, however you will have a hard slog to get it built and finished and you will also have to take into account the money spent while renting. However from a specification point of view there will be no comparison between a new build and a house pre 2008, two completely different animals.

Also keep in mind, building takes longer than people think as the often underestimate the prep time for designing/planning/tendering etc. If you went sale agreed on a site today I would be surprised if you managed to start building there in a years time.

I would not like to put anyone off of building but you would need to be realistic, with the new regs there are more people to be paid eg Asigned Certifier etc and no more short cuts or cash jobs therefore the costs are higher than before. I hope this was of some use to you.

JimmyMW

Gallivanter78 wrote: »

Hi all. Have been on the property search with about 3 years now. Have seen many gone sale agreed on a few but between one thing or another still renting. We are FTB with deposit bout 100k reasonable wages etc but baby no 2 is on d way so need to start setting up home soon. We have a couple of option s to buy sites in or around 70 k. I know building is dearer but is it really much more after..is that scaremongering? ? Any decent Second hand houses are at least 10-12 years old so things are gonna start going in them anyway within 5 years of purchase. .any thoughts appreciated TIA

Well it entirely depends in what location you are in, for example if in your area you can buy a 2000sq foot house for under €200k then buying is definitely vastly cheaper than building on a €70k site. There are places in rural Ireland where you just could not justify building with 4 bed semi's under €90k.

However if that type of a property is costing north of €300k then there would not be a huge amount between them with a site of €70k, maybe €20-40k difference.

You will have to keep in mind that there are pros and cons for both, if you build you will have a better spec house (current regs) with your design input etc, however you will have a hard slog to get it built and finished and you will also have to take into account the money spent while renting. However from a specification point of view there will be no comparison between a new build and a house pre 2008, two completely different animals.

Also keep in mind, building takes longer than people think as the often underestimate the prep time for designing/planning/tendering etc. If you went sale agreed on a site today I would be surprised if you managed to start building there in a years time.

I would not like to put anyone off of building but you would need to be realistic, with the new regs there are more people to be paid eg Asigned Certifier etc and no more short cuts or cash jobs therefore the costs are higher than before. I hope this was of some use to you.

Gallivanter78

JimmyMW wrote: »

Well it entirely depends in what location you are in, for example if in your area you can buy a 2000sq foot house for under €200k then buying is definitely vastly cheaper than building on a €70k site. There are places in rural Ireland where you just could not justify building with 4 bed semi's under €90k.

However if you that type of a property is costing north of €300k then there would not be a huge amount between them with a site of €70k, maybe €20-40k difference.

You will have to keep in mind that there are pros and cons for both, if you build you will have a better spec house (current regs) with your design input etc, however you will have a hard slog to get it built and finished and you will also have to take into account the money spent while renting. However from a specification point of view there will be no comparison between a new build and a house pre 2008, two completely different animals.

Also keep in mind, building takes longer than people think as the often underestimate the prep time for designing/planning/tendering etc. If you went sale agreed on a site today I would be surprised if you managed to start building there in a years time.

I would not like to put anyone off of building but you would need to be realistic, with the new regs there are more people to be paid eg Asigned Certifier etc and no more short cuts or cash jobs therefore the costs are higher than before. I hope this was of some use to you.[/quote

thanks..All you have said is probably what my hubbie and I have said houses in area we are looking at are 350 minimum..Our last sale agreed had 365 asking..we went SA at 382 only for other bidder to have change of heart and it went passed 400.. at that point we were like 400 for a 15 year house? ?? SO we pulled out at 410!!! Honestly people say there's great value still. ..bonkers if you ask me!!! Do you really think it cud be a year before we d get even to start time??? There is planning on one already for 2100 sq ft plus garage so was hoping this would reduce some time!!

JimmyMW

Gallivanter78 wrote: »

JimmyMW wrote: »

Well it entirely depends in what location you are in, for example if in your area you can buy a 2000sq foot house for under €200k then buying is definitely vastly cheaper than building on a €70k site. There are places in rural Ireland where you just could not justify building with 4 bed semi's under €90k.

However if you that type of a property is costing north of €300k then there would not be a huge amount between them with a site of €70k, maybe €20-40k difference.

You will have to keep in mind that there are pros and cons for both, if you build you will have a better spec house (current regs) with your design input etc, however you will have a hard slog to get it built and finished and you will also have to take into account the money spent while renting. However from a specification point of view there will be no comparison between a new build and a house pre 2008, two completely different animals.

Also keep in mind, building takes longer than people think as the often underestimate the prep time for designing/planning/tendering etc. If you went sale agreed on a site today I would be surprised if you managed to start building there in a years time.

I would not like to put anyone off of building but you would need to be realistic, with the new regs there are more people to be paid eg Asigned Certifier etc and no more short cuts or cash jobs therefore the costs are higher than before. I hope this was of some use to you.[/quote

thanks..All you have said is probably what my hubbie and I have said houses in area we are looking at are 350 minimum..Our last sale agreed had 365 asking..we went SA at 382 only for other bidder to have change of heart and it went passed 400.. at that point we were like 400 for a 15 year house? ?? SO we pulled out at 410!!! Honestly people say there's great value still. ..bonkers if you ask me!!! Do you really think it cud be a year before we d get even to start time??? There is planning on one already for 2100 sq ft plus garage so was hoping this would reduce some time!!

Something with planning already got would definitely reduce the time involved alright but there is a lot to do before you will even complete the sale when its a site if you need a mortgage, you will need the build fully specified for compliance with regs and costed out by a QS or have a building contract signed before the bank will agree anything.

Also be careful that you will comply with any planning restrictions on the site regarding applicants, where is Cork are you talking about, I am building in Cork myself, pm me if you wish.