Funds to buy a site?

Wottle

Hi, looking for a few ideas on how to make this work or if it's at all practical.

I've spotted a piece of land at a very good price in a great location, next to a super beach (tourist area). I'd like to stick a 2 bed log cabin (no planning needed) and rent it out in the peak months.
It's a long term investment in that I'd like to retire here in 30 years time and by then have built a site.
My current income isn't great as I started a new business only 2 years ago but it's growing, have 10k in savings but after rent (rent one of my parents houses) I don't have a lot of disposable income, married with 3 kids.
I need 60 k take it work, would a bank go for this or is there an alternative?
Apologies for my ignorance on the topic.
Thanks

BrokenArrows

Wottle wrote: »

Hi, looking for a few ideas on how to make this work or if it's at all practical.

I've spotted a piece of land at a very good price in a great location, next to a super beach (tourist area). I'd like to stick a 2 bed log cabin (no planning needed) and rent it out in the peak months.
It's a long term investment in that I'd like to retire here in 30 years time and by then have built a site.
My current income isn't great as I started a new business only 2 years ago but it's growing, have 10k in savings but after rent (rent one of my parents houses) I don't have a lot of disposable income, married with 3 kids.
I need 60 k take it work, would a bank go for this or is there an alternative?
Apologies for my ignorance on the topic.
Thanks

A bank might be interested if they see the land as being at a good price too.
Easiest thing to do would be to speak to your bank.

You would need to work out what your ability to repay would be. 60k over 10 years @ 5% is still over €600 per month. Can you afford that without any income from the land?

The bank will not see rental as a reliable source of income to make the repayments.

Pro Hoc Vice

Wottle wrote: »

Hi, looking for a few ideas on how to make this work or if it's at all practical.

I've spotted a piece of land at a very good price in a great location, next to a super beach (tourist area). I'd like to stick a 2 bed log cabin (no planning needed) and rent it out in the peak months.
It's a long term investment in that I'd like to retire here in 30 years time and by then have built a site.
My current income isn't great as I started a new business only 2 years ago but it's growing, have 10k in savings but after rent (rent one of my parents houses) I don't have a lot of disposable income, married with 3 kids.
I need 60 k take it work, would a bank go for this or is there an alternative?
Apologies for my ignorance on the topic.
Thanks

Have you received professional advice on the need or otherwise for planning?

http://loghouse.ie/blog/planning-permission-for-log-houses-in-Ireland/

fits

I'm pretty sure you will need planning.

Wottle

No professional advice sought yet apart from ringing AIB, ESB and the guy from loghouse.
You're right planning permission would be needed, don't think it would be an issue as the property is between 2 detached houses with front road access.

Need to do a lot more homework but just see an opportunity, at least I think I do!

Pro Hoc Vice

Wottle wrote: »

No professional advice sought yet apart from ringing AIB, ESB and the guy from loghouse.
You're right planning permission would be needed, don't think it would be an issue as the property is between 2 detached houses with front road access.

Need to do a lot more homework but just see an opportunity, at least I think I do!

Planning will be an issue especially as you plan to rent it out. I will bet money at least one of the neighbours will object. If you do decide to buy at least make the contract "subject to planning".

Planning near the sea can be very difficult.