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Building on a site ,as there are no second hand homes available

  • 15-06-2025 09:08AM
    #1
    deepsea123
    Registered Users, Registered Users 2 Posts: 24 ✭


    Hi,

    I'm considering building on a site as there are no second hand homes available. Problem is it is so expensive. It would cost 0.5m and then only worth 0.4m if I went to sell it.

    Am I nuts considering this?

    New builds are so expensive which suggests that second hand houses will go up in value a lot still



Comments

  • #2
    J_1980
    Registered Users, Registered Users 2 Posts: 642 ✭✭✭J_1980


    So what you’re basically saying is ”construction costs are high” and it affects all types of properties. That one is the obvious main driver of all the house price inflation.



  • #3
    deepsea123
    Registered Users, Registered Users 2 Posts: 24 ✭deepsea123


    I'm saying that if you bought a second hand property for 0.5m and the next day you sold it again you would get 0.5m back

    If you build a property with total costs of 0.5m and you were to sell the day it was finished you wouldn't get your money back



  • #4
    JeffKenna
    Registered Users, Registered Users 2 Posts: 4,679 ✭✭✭JeffKenna


    https://www.boards.ie/discussion/comment/123546196#Comment_123546196

    That's the reality that everyone has to face when going for a self build, rurally anyway.



  • #5
    NIMAN
    Registered Users, Registered Users 2 Posts: 35,299 ✭✭✭✭NIMAN


    https://www.boards.ie/discussion/comment/123546196#Comment_123546196

    Yip, true I'm afraid.

    But you'll be building to live in it i assume, not just building to sell it straight away?



  • #6
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 12,281 ✭✭✭✭Jim_Hodge


    Building costs have soared. It's one reason for a shortage of houses; developers won't build for more than they can sell for. It's all a moot point if you're building to live in a home rather than looking to speculate on property.



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  • #7
    deepsea123
    Registered Users, Registered Users 2 Posts: 24 ✭deepsea123


    Yes unless I had a change of circumstances. For example if I was made redundant from my job, and needed to move.



  • #8
    Dublin Calling
    Registered Users, Registered Users 2 Posts: 210 ✭✭Dublin Calling


    https://www.boards.ie/discussion/comment/123546196#Comment_123546196

    That is normal in many parts of the world.



  • #9
    deepsea123
    Registered Users, Registered Users 2 Posts: 24 ✭deepsea123


    I don't think it was normal in Ireland 5, 10 years ago . If you built in 2015, and had to sell on it wouldn't be an issue



  • #10
    Ray Palmer
    Registered Users, Registered Users 2 Posts: 9,168 ✭✭✭Ray Palmer


    https://www.boards.ie/discussion/comment/123546523#Comment_123546523

    It's an issue now and that is when you are doing it. People have certainly built properties that cost more than they sell for. The issue with building now is prices could go up further and the prices for the area you are looking at may not rise at all and could even drop. It's a gamble one way or the other but I would never go willingly into an instant negative equity issue and banks would be cagey about giving you a mortgage on such a situation. Realistically they shouldn't give you the money at all unless you have a much higher deposit over 140k so they are protected.



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