Better Building or buying a house?

DonkeyDick1992

Hi All, new to this but just wondering if anyone could give me advise.

basically I am 24 years old and working full time, and I want to get roots down soon, ie owning a house.
I have seen some nice house on daft.ie for in around 60k-80k mark. but dont really tick all the boxes for what I am looking for!!

I am looking for possibly a nice 3/4 bed bungalow with around 3 acres off land with it for small holding.

I am have been approved a mortgage of 80,000euro and cant really afford any more than that. im wondering would it cost 80k to build a 4 bed bungalow if i had the land already got?

The other thing i was thinking off was log cabins but cant seem to find a decent one on the Internet.

Any help or advise would be greatly appreciated.

Quandary

Building is obviously a nice way to go as you can get the house designed and built exactly the way you would like it.

That being said, I don't think €80k will go very far in terms of building your house through to completion. Of course it depends on what your looking for but I would be extremely surprised if you managed to build a house for €80k.

Maybe more knowledgeable people will be able to give you a more accurate answer.

Best of luck.

Mambaman

Have a look at strawbail buildings. Might sound bit mad if you haven't heard of them before but after a little research I think you might be surprised.

DonkeyDick1992

Quandary wrote: »

Building is obviously a nice way to go as you can get the house designed and built exactly the way you would like it.

That being said, I don't think €80k will go very far in terms of building your house through to completion. Of course it depends on what your looking for but I would be extremely surprised if you managed to build a house for €80k.

Maybe more knowledgeable people will be able to give you a more accurate answer.

Best of luck.

Thanks Quandary, Yes thats what ive been told 80k wont get me far, but its hard to find a house suitable for the same, the banks are so crooked also so dont want to take out too much of a mortgage and be left with nothing if i loose my job.

there is no hope for first time buyers

DonkeyDick1992

Mambaman wrote: »

Have a look at strawbail buildings. Might sound bit mad if you haven't heard of them before but after a little research I think you might be surprised.

never heard off straw bail buildings in ireland before to be honest.

blindside88

Op there is not a hope of building a 3/4 bedroom house on 80k unfortunately. Maybe if you along with family and friends did the work for free but even then I'd say it's questionable. As well as that if you don't own the land you'd do well to even it 3/4 acres with planning for the 80k. I'm in Carlow (not a commuter hotspot) and you would pay approx €12k for an acre of farmland and approx €50k for a 1/2 acre of land with planning permission. If you can find a house that ticks most of your boxes for €80k I'd suggest buying that with the intention of maybe doing work to it over time to bring it to the level you want. Or alternatively wait a few years until you have some more saved and possibly a higher salary and re-evaluate, either way best of luck op

Calahonda52

OP, your requirements and resources are poles apart.
80k will build between 500 and 800 sq feet, the 800 will be a very poor standard, that assumes site fully serviced and you already have planning.
I looked on daft so for 60k, do you really want to live in some of these places, just to say you have roots.

Edit, just see this by you
the banks are so crooked
there is no hope for first time buyers

There are lots of other sections in this site for venting off like that, this, I believe is not one and if you continue in that vein here I don't think you will get much help TBO

Angry bird

Won't be able to build for 80k. You need to treat this like any other business transaction, with a cold eye for what's the best you can do with that money. You will need to include things like solicitors fees, survey of house fees, possibility of renting a room out for a while to supplement income, location and house suitability, weighing up all the pros and cons of what's within your budget, leave heart/sentimentality at the door.

DonkeyDick1992

Calahonda52 wrote: »

OP, your requirements and resources are poles apart.
80k will build between 500 and 800 sq feet, the 800 will be a very poor standard, that assumes site fully serviced and you already have planning.
I looked on daft so for 60k, do you really want to live in some of these places, just to say you have roots.

Edit, just see this by you
the banks are so crooked
there is no hope for first time buyers

There are lots of other sections in this site for venting off like that, this, I believe is not one and if you continue in that vein here I don't think you will get much help TBO

Thanks for your input but I am really looking for something this year to get on the property ladder, I want to get roots down while i have a decent full time job and see where i go from there. 80k i have been approved by the banks over a 30year period i can afford, I can get more but I am afraid if i get let go i will loose what i have got be it a shack or a house.

sorry for posting about the banks but I have rang them numerous times in relation to getting a mortgage (unsure about certain things) and I have been very let dpwn by the service they provide to help us first time buyers as they dont answer the questions they just want to sign you up to a 1000 euro pm mortgage and see how it goes from there.

DonkeyDick1992

Angry bird wrote: »

Won't be able to build for 80k. You need to treat this like any other business transaction, with a cold eye for what's the best you can do with that money. You will need to include things like solicitors fees, survey of house fees, possibility of renting a room out for a while to supplement income, location and house suitability, weighing up all the pros and cons of what's within your budget, leave heart/sentimentality at the door.

Thank you for you advice, its hard to get started on the property ladder but really want to get something this year looks like i will have to go for that old damp house for 60k and do it up over a number off years. was looking at log cabins and they are quite expensive too , if you want something of a standard

Angry bird

DonkeyDick1992 wrote: »

Thank you for you advice, its hard to get started on the property ladder but really want to get something this year looks like i will have to go for that old damp house for 60k and do it up over a number off years. was looking at log cabins and they are quite expensive too , if you want something of a standard

I would strongly advice to get a survey done of this old, damp house, and be prepared to walk away if the numbers don't stack up to fix it up. Good luck.

BryanF

DonkeyDick1992 wrote: »

never heard off straw bail buildings in ireland before to be honest.

http://www.boards.ie/vbulletin/showthread.php?p=81591540

Just google 'straw bale build' or similar words

iwillhtfu

If you have the land and a source of cheap/free skilled labour I don't see how it wouldn't be possible to build a starter home. 1 bed cottage or similar to a bare minimum level.

I think the issue with a lot of people buying is that they want the dream house right away.

If you start out with a small home then you can add to it as you go on and incorporate what you started with into a bigger home.

In saying all that 80k is a small budget and one that could be easily lost below ground if research isn't done. That old damp house as you put it sounds like a money pit from the outset.

no point complaining about the banks though unless you have a relative with deep pockets they're the only option for getting on the ladder. 80k for a 24 year old with what is presumably an entry level job is quite generous.

B-D-P--

With a user name like that, and post count, Are you actually trying to build a house for 80k or just trolling?

DonkeyDick1992

iwillhtfu wrote: »

If you have the land and a source of cheap/free skilled labour I don't see how it wouldn't be possible to build a starter home. 1 bed cottage or similar to a bare minimum level.

I think the issue with a lot of people buying is that they want the dream house right away.

If you start out with a small home then you can add to it as you go on and incorporate what you started with into a bigger home.

In saying all that 80k is a small budget and one that could be easily lost below ground if research isn't done. That old damp house as you put it sounds like a money pit from the outset.

no point complaining about the banks though unless you have a relative with deep pockets they're the only option for getting on the ladder. 80k for a 24 year old with what is presumably an entry level job is quite generous.

Thanks for you advice, yes i understand that 80k is not a good enough figure to get a house, I have no wealthy relatives just myself,

in my current job for 3 years earning 28k +/- as it varys with my hours,

just looking to get started out i seen a 1.5ac site for 15k with planning for 3 houses expired, i thought i could reapply for 1 house and do most of the labour myself on my spare time,, i have a friend who is handy at the diggers and ive a brother handy at block work but neither are qualifed in either. again my brothers could do the roofing but again not quilified also and ive a cousin who is quilified plumber.

if i have the roof windows and fire in i could survive in it and do odd jobs here and there to finish it.. thats what im thinking but as i said im still only 24 this is all new to me

DonkeyDick1992

B-D-P-- wrote: »

With a user name like that, and post count, Are you actually trying to build a house for 80k or just trolling?

i appoligise for my username as i had an account on this but i forgot the details and wouldnt let me log in so had to make a new one, and donkeydick1992 is easy to remember for me .

not trolling, hate people who do it just looking for advice on some things and i will be using this site in a good mannor...

thanks for your concern