Advice

mtoutlemonde

Hi, I posted the below in the accomodation and property forum and a mod advised me to put it here as well as I'm looking for info on what I can build for €150,000. Here's my query:

Firstly, don't shoot me down - am looking to inform myself.

I'm living at home and feel that it's time to get my own place. I come from a farming background so know that I have a site to build on. I have contacted my bank but didn't have my salary certificate at the time. Some background information: I'm a teacher on a fixed term contract for half hours and have the remainder made up of part time hours (these won't show on my salary certificate) meaning the 3.5 my salary won't get me much despite being on nearly a full salary. The other hours show up as 'substitute' which I was told could cause a problem. I have no loans and no erratic spending. I have been employed in substitute positions for the last number of years so I have a deposit saved. I was told that each mortgage would be case by case basis and the most I could probably secure is €150,000 - what kind of house can be built for that?

I have only tried my own bank but intend to contact a broker and another bank. Was looking at the rebuilding Ireland website and it looks the better option for me - are there disadvantages to this scheme? If a bank offers me €150000 does that rule me out of this scheme even if the house will cost more?

I don't know if I'm mad to even think that I can build a house but if I'm doing it- want to do it once as it will be my place for the rest of my days. Any advice? Thanks in advance.

Bonzo Delaney

You are probably in the perfect situation to attempt this if your single and don't yet have a family but if you have your own site ready to go. The smart and interesting thing to do would be to design a home that can be easily added to according as your life changes over the years.
As in, at the moment you prob only need a 2 bed 90 sqm bungalow. Which could be built to a A2 standard for around150k. But if you already had foundations poured underground and provisions made with structure and services to extend e.g. extra bedrooms ,ensuites and living areas even an attic conversion at a later stage depending on your future needs. Another investment of 150k in ten years time if needed would be a very sensible and praticle option.

mtoutlemonde

Bonzo Delaney wrote: »

You are probably in the perfect situation to attempt this if your single and don't yet have a family but if you have your own site ready to go. The smart and interesting thing to do would be to design a home that can be easily added to according as your life changes over the years.
As in, at the moment you prob only need a 2 bed 90 sqm bungalow. Which could be built to a A2 standard for around150k. But if you already had foundations poured underground and provisions made with structure and services to extend e.g. extra bedrooms ,ensuites and living areas even an attic conversion at a later stage depending on your future needs. Another investment of 150k in ten years time if needed would be a very sensible and praticle option.

Thanks for your reply and a positive one at that!! I'm going to make an appointment with a broker next week and probably another bank to see what the max I can borrow is.

Would a two bed bungalow cost €150,000? I'm in the west and some people have finished houses for €250,000? I could be wrong - that could be hearsay. I suppose the only people who can tell me for sure are architects in the area.

Bonzo Delaney

My advice /opinion would be to build the best quality house you can afford and I don't mean gold taps and a 40k kitchen. Get the bare bones right so your dependance on fossil fules will be minimal with insulation, airtightness and air circulation. If you spend the money on getting those right firstly . A good clever practical architect would advise you properly on this.
Find out how much you have to spend
Get your architect to design around this budget
Get a few builders to quote on the design
Go back to architect to redesign 😁😁😁

Turbohymac

I'd agree fully with bonzo delaney's post
But if you want to build out in the countryside a site with outline planning permission will be minimum 70k and due to private septic tank..percolation area etc you need 1 acre..unlike a town or village where you would have mains sewage..water etc..and yout site need not be any bigger than the footprint of your house..
Then there's drilling for private deep bore well ..electricity supply connection etc ..so unless you own your own site which either has outline planning or is definately able to obtain planning .. then you will easily spend the most of 100k obtaining a serviced site.. site with planning approved and water and electricity.... after that you won't have much finances to involve an architect.. they cost money also and usually don't agree with absolute basic but very functional builds...

Best advice is..price a services site. (At least one with outline planning granted..) you could find loads of potential sites but you might not get planning.. then get advice from an architect/structural engineer and if you get basic plan of house ...one that can be easily expanded at later date ..well then you can price builders.. but I'd be surprised if any builder would be interested in building a house for anything under 150k.. I hope I'm wrong
Good luck

Hi..sorry only re read your post op.. yes you say you have a site .. but check that you can successfully get permission to build on this site..and you will still have cost of services.. definitely get a good architect/structural engineer on your side and then price up plans with a builder for a completely finished house.. ..dont be fooled at getting a small house up to first fix cos its after that that the costs rise to complete to a finished state.. but your budget is still very small in today's world

BryanF

some posts removed. as per forum charter, please refrain from posting names for specific companies

dellas1979

Hi OP,

I am building at the moment. Here is a breakdown of the cost that is not included in the mortgage:

Land transfer (0.5 acres): Circa e600
Percolation (you need an engineer, and someone to dig holes - engineer then does a report that is submitted with your planning): Circa e800-1k
Solicitor fees: Includes land transfer and other small legal jobs to be done, and requisitions (that's when you draw down the mortgage in stages). So roughly 2.5k.
Architect: Circa 10-15% of the cost of your build. As your budget is so tight and it would be a small house you are building, I am not sure of the merit right now of using an architect.
ESB: 1.9k
Water (this differs per connection): Circa 2.5k
Engineer for build: Circa 1k

That's on top of your 150k mortgage.

I know...I know

mtoutlemonde

dellas1979 wrote: »

Hi OP,

I am building at the moment. Here is a breakdown of the cost that is not included in the mortgage:

Land transfer (0.5 acres): Circa e600
Percolation (you need an engineer, and someone to dig holes - engineer then does a report that is submitted with your planning): Circa e800-1k
Solicitor fees: Includes land transfer and other small legal jobs to be done, and requisitions (that's when you draw down the mortgage in stages). So roughly 2.5k.
Architect: Circa 10-15% of the cost of your build. As your budget is so tight and it would be a small house you are building, I am not sure of the merit right now of using an architect.
ESB: 1.9k
Water (this differs per connection): Circa 2.5k
Engineer for build: Circa 1k

That's on top of your 150k mortgage.

I know...I know

Thanks for that. I have savings that will cover those costs. I guess I'll have to leave the swimming pool and private bar for another while 😀

shane6977

dellas1979 wrote: »

Hi OP,

I am building at the moment. Here is a breakdown of the cost that is not included in the mortgage:

Land transfer (0.5 acres): Circa e600
Percolation (you need an engineer, and someone to dig holes - engineer then does a report that is submitted with your planning): Circa e800-1k
Solicitor fees: Includes land transfer and other small legal jobs to be done, and requisitions (that's when you draw down the mortgage in stages). So roughly 2.5k.
Architect: Circa 10-15% of the cost of your build. As your budget is so tight and it would be a small house you are building, I am not sure of the merit right now of using an architect.
ESB: 1.9k
Water (this differs per connection): Circa 2.5k
Engineer for build: Circa 1k

That's on top of your 150k mortgage.

I know...I know

Don't underestimate the value an architect can bring to a project even those with a small budget. Most architects will be willing to negotiate their fee and may even agree agree a fixed price based on stages e.g. planning, tender, construction etc.

dellas1979

shane6977 wrote: »

Don't underestimate the value an architect can bring to a project even those with a small budget. Most architects will be willing to negotiate their fee and may even agree agree a fixed price based on stages e.g. planning, tender, construction etc.

Ive used an architect on my project.

But, if you were to design a bog standard small house (due to budget reasons), I dont see the merit of using one.

Anyways, the OP has clarified that they have savings to pay for all of this.

So can you build for 150k? Yep, you sure can.

dellas1979

mtoutlemonde wrote: »

I have savings that will cover those costs. I guess I'll have to leave the swimming pool and private bar for another while 😀

If you have the bones of 20-25k in savings for all I listed above plus your site, the banks will look on you favourably for a mortgage.

I think you need to open up a little more on what you actually have money-wise if you are looking for good advice.

There is a tax back initiative for new builds. Its called help to buy. If youve paid enough tax in the last 4 years, you are eligible to get 5% of the value of the property back.