Buy or build?

buyorbuild2016

My (new) husbands parents offered us a site which we had intended to build on. We moved in with them a few months ago to save and kick start the project but I've realised that living so far out the country is not for me. Thankfully we hadn't gone to planning or broken ground on the build.

After some long, hard conversations we've been toying with the option of buying and found a house in the nearest village (not quite the bright lights but a good compromise) that absolutely feels like home. On sale for 200K, around 30 years old, perfectly liveable and is currently occupied, will need upgraded insulation and windows and a stove to start. No engineers report on it yet.

I would love any impartial, brutally honest advice about whether we should buy and renovate or build. The build is around 2500sqft. The house for sale is just smaller than that.

My personal reservations aside, are we mad to even consider passing up the opportunity to build? Are we more likely to sell on the village house or the rural new build in the future if needed and which is likely to be more cost effective?

We are in Westmeath, if it helps.

Thanks in advance.

Gumbo

Cheaper to buy than build but you have to compromise on what design and layout you want.

buyorbuild2016

Thanks Kceire. As it happens, the design and layout if the "buy" house is spot on for us. Thanks a million for your input.

jg3114

Rural Ireland isnt a sound investment IMO while someone will always want to live in the countryside its not for everyone and its becoming less and less desirable to live anywhere but city's. 90% of the population live in 10% of the country( Actual statistic) and its only growing. If you have kids some day getting to school would be much easier in a counter belt town and amenities or kids to play sports is also something that isnt really an option in rural Ireland as much. I would REALLY recommend you consider twice about living in a rural area or small towns the reality is they are dying. people are more focused on their careers and having children later which is all conducive to living in apartments in the city near work.

I would also consider the cost of renovating a current build to your liking as whatever you think it will cost there is half a dozen costs you will not know about around the corner and adding insulation to a current build is never the same as the quality of insulation in a new build.

In short I would really recommend suburbs worst case because country living isnt what it once was and the cost of updating a house can be quite significant.

buyorbuild2016

Thank you so much for the lengthy and thought-provoking reply.
Much obliged.