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Buying a house - Some advice please

  • 11-09-2023 10:12pm
    #1
    PaddyIrishMan88
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hey!

    Looking for some advice from anyone who has any tips/recommendations for someone trying to build/buy a house in this market.

    I am 28 and have been saving for a house with my partner since the start of covid. We originally planned on building a house and we currently have planning permission for a site.

    However i am not really sure if that is even an option anymore with the quotes we are getting. At the start of covid we were priced 190k for the build, that has gone up to 420k!!! This is for a simple but nice bungalow in the countryside limited by the council to 160sqm so nothing fancy(We even removed the planned garage from the build). We reckon to have the house furnished and a bit of some of the site properly finished it would cost close to 500k to get in.

    I live just outside Dundalk and the house prices here are insane. We have looked at Monaghan and Cavan which are better priced and now i am looking at the North for potential buys. Our goal for a house is to live in the countryside and have a big garden as we have 4 dogs and tend to spend any dry days outside.

    My partner recently got made redundant and is currently on 25k a year and is planning to not stay long in the company she is in(quite toxic) so for the next year her money her salary will not be included in any mortgage applications most likely.

    I am on 81k gross a year, 54k a year net. I am saving 2k a month currently, 1k to a joint account and 1k to a personal account.

    In the joint account we have saved 71k to date. We both have 0 debt as i made sure that was all paid off during covid before we started saving properly.

    I also have 24k in shares that i can withdraw now and another 22k available to withdraw in Feb however i would like to keep this out if possible as i do believe they have a high chance of increasing in value.

    I guess what i am looking for in just some advice. Some people tell me to wait some tell me to buy. We are currently living rent free in a family home and it is not nearly ideal! Financially its great as i can save a whole lot more but for my mental health i need to get out of here!

    This is my first post on this forum so any help would be appreciated !

    Tagged:


Comments

  • #2
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,146 Mod ✭✭✭✭BryanF


    Have you gotten tender drawings & scope of work done? maybe a Bill of quantities? So contractors are pricing like for like?

    assuming the above is in place have you gotten min 3 quotes? Perhaps Target rural builders (as above from north/Monaghan/Cavan etc) family and friends may have recommendations?

    assuming you’ve done this and the 160m2 is coming in at 420k! Maybe then review house prices in the area an and ask yourself is there value in building the house (adding land cost on top etc)

    imho if your going to live in it, the effort can be weighed up against more than money.. can you build in such a way so your energy bills are very low? Can you have a constant comfortable temp all year round, utilising solar gain for the example, can you a wow factor every time you enter your house that lifts your mood... These comfort things are worth a lot, when you compare to buying an older possibly drafty damp pokey property


    best of luck with whatever you decide



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