Am I better off buying new, buying old and renovating or buying a plot and building f

wherearewe45

So, buying a house seems to be the most straightforward way to go but with the cost of houses these days is crazy. I am in a position where I can afford a house but I want to look at all my options before making a final decision.

Second option is to buy a run down place and invest in it and renovate. This idea does kind of appeal me as is have creative input over what I do but I wouldn't have the first idea about where to start and it seems hugely daunting, I'm also far from being a handyman so wouldn't be capable of doing much myself

Option 3 is to buy a plot and start from scratch, this doesn't really appeal to me as is be more clueless and a step behind where I would be if I was to buy a run down place to develop.

old_house

That depends on what you mean by "better off". With a hypothetical unlimited budget options 2 and 3 would be the most appealing to me, because you can then have something tailored to your needs and wishes. If location or garden size are your main concerns then the renovation of an old house in a mature area is probably the best choice. Costwise however you are unlikely to beat a developer who buys bulk and builds 100 houses with the same design on a stamp sized plot. Personally I'd choose a renovated old house in a prime location every time, but from a purely financial standpoint you would probably be safer buying new.

ongarite

Renovation/extension costs are exceptionally high at the moment which really doesn't make it cost effective.
Take a look at the Construction & Planning forum to get an idea of the costs.

Renovating & extending an old house will require you to bring house up to minimum B rating for the complete dwelling.

yew_tree

https://www.google.ie/amp/s/www.irishtimes.com/business/construction/rise-in-cost-of-building-materials-and-tight-supply-put-construction-on-the-back-foot-1.4551172%3fmode=amp

Building material costs are rising. Funny a builder was just telling me this earlier today. Throw that into the housing shortage and prices rising it’s soul destroying for anyone looking to build or buy at the minute.

sharpish

wherearewe45 wrote: »

So, buying a house seems to be the most straightforward way to go but with the cost of houses these days is crazy. I am in a position where I can afford a house but I want to look at all my options before making a final decision.

Second option is to buy a run down place and invest in it and renovate. This idea does kind of appeal me as is have creative input over what I do but I wouldn't have the first idea about where to start and it seems hugely daunting, I'm also far from being a handyman so wouldn't be capable of doing much myself

Option 3 is to buy a plot and start from scratch, this doesn't really appeal to me as is be more clueless and a step behind where I would be if I was to buy a run down place to develop.

Will you save yourself a tidy sum by doing options 2 or 3, I think that is unlikely, you might get good value but there will be a lot of leg work ( not hard graft, but stress, hassle, finding tradesmen, making lots of decision, not having the place ready for months or even years, planning applications. That would appeal to me but not everyone) but you might get something more tailored to your needs, a better view, more settle area, bigger garden, better standard of finish of your choosing.

Is location an issue, where you want to live are all three options available?