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Proceed and Build or Buy

  • 04-11-2015 4:41pm
    #1
    Madisonmenece
    Registered Users, Registered Users 2 Posts: 173 ✭✭


    Hi

    There are probably a good few threads on building or buying but I think I maybe further down the road than most debating if to build or buy.

    We demolished an old cottage on our home farm a few years back as it was beyond repair and we have obtained full planning for a new build on the same site, we have also completed the tendering process and chosen a builder. mortgage is also sorted and the next step is signing contract between us and the builder which the bank require before we get a letter of offer.

    There have been a few things that raised alarm bells recently

    1) my parents want to keep a right of residency on the land, basically they would have first refusal on a sale as the house is on the farm yard more or less but this could have tax impactions later on.
    2)I would end up putting money into improving some of the out buildings to match in with the new house.
    3) it will be at least another 12-14 months in a rented property we are eagerly wanting to leave.
    4)I am traveling a lot for work and would not be able to oversee the build (not a big deal)
    5)there a some properties of good quality on the market inside our budget which would be closer to 3 month turn around, however our area is reasonably sought after.

    I was wondering peoples thoughts who have been through similar?

    Thanks
    Col


Comments

  • #2
    Metric Tensor
    Registered Users, Registered Users 2 Posts: 3,725 ✭✭✭Metric Tensor


    I've been through similar.

    It all came down to the kids in the end and what we thought was best for them. I think it's different for every family in this situation.

    We had to balance the following:

    1. Time concerns.
    2. Locality
    3. Your own design vs. one you buy into.
    4. Cost implications
    5. Proximity of family/friends

    ..... and it goes on and on.

    Sorry that's not a whole lot of help!


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