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Disadvantages of buying a house before building?

  • 14-10-2020 8:23pm
    #1
    Kara1994
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi all,

    My partner and I are planning on building a house, but we are discussing buying a property first, living in it for a few years, and then selling before building. We understand that the deposit for our second house (the self-build) would be 20%. Since we would likely be buying a house which was previously lived in we also wouldn't qualify for Help-to-buy in both cases. We are wondering if there are any other disadvantages of buying a house prior to building.

    Thanks for all of your replies :)
    Tagged:


Comments

  • #2
    JimmyMW
    Registered Users, Registered Users 2 Posts: 695 ✭✭✭JimmyMW


    Kara1994 wrote: »
    Hi all,

    My partner and I are planning on building a house, but we are discussing buying a property first, living in it for a few years, and then selling before building. We understand that the deposit for our second house (the self-build) would be 20%. Since we would likely be buying a house which was previously lived in we also wouldn't qualify for Help-to-buy in both cases. We are wondering if there are any other disadvantages of buying a house prior to building.

    Thanks for all of your replies :)

    Depending on the planning restrictions in the area you wish to build, it may affect your chances of getting planning. For example if your zoning requires a local housing need and you already own a house within a reasonable distance you wont qualify for the exemption to get planning.


  • #3
    heroics
    Registered Users, Registered Users 2 Posts: 1,878 ✭✭✭heroics


    JimmyMW wrote: »
    Depending on the planning restrictions in the area you wish to build, it may affect your chances of getting planning. For example if your zoning requires a local housing need and you already own a house within a reasonable distance you wont qualify for the exemption to get planning.

    This +1.
    I bought a small apartment when I was in early 20s. Got married had kids and was refused planning on a house as I already had a property and therefore didn't qualify for the exemption.


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