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Self build. Ran out of money. Options?

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Comments

  • #32
    ustari
    Registered Users Posts: 504 ✭✭✭ustari


    Tefral wrote: »
    My guess it was!!

    Its certainly not a simple process.

    Correct and we still had plenty of loops to jump through.


  • #33
    anthony500_1
    Registered Users Posts: 477 ✭✭anthony500_1


    Have you looked into the first times buyers/build tax relive of I think upto 20k depending on size of mortgage. We are currently in the process of applying for it as like yourself things will be tight at the end. And it's there for all that is first time buyer or self build might help in some way if you didn't own a house previously. I can't link as on phone but it's up on revinue website to the best of my knowledge


  • #34
    anthony500_1
    Registered Users Posts: 477 ✭✭anthony500_1


    Have you looked into the first times buyers/build tax relive of I think upto 20k depending on size of mortgage. We are currently in the process of applying for it as like yourself things will be tight at the end. And it's there for all that is first time buyer or self build might help in some way if you didn't own a house previously. I can't link as on phone but it's up on revinue website to the best of my knowledge and is still open to new applications


  • #35
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭dellas1979


    Am currently doing a build with a contractor. Up to a builders finish. Ive a contract signed. Am out of the ground, so no extra cost there (I can empathise that unforeseen cost).
    Your post has just scared the bejeesys out of me a little. Once finished, I will have to self-build finish it. Stairs, kitchen, bathroom. I was quoted 3k for a very normal straight up (around 10 steps) stairs. So I asked them to take it out.
    Three things Ive learned in building: What you want, what you need, what you can afford. What I can afford is the bottom line. I decided to get the shell of the house correct and do a cheaper finish with regards kitchen/stairs/bathrooms for sign off for last draw down.
    Hope things work out for you. I just think youre going to have to cut on some of the "wants" on your list.


  • #36
    murphymurphy12
    Registered Users Posts: 11 ✭murphymurphy12


    Sorry for dragging up an old thread - but was following it during the summer.

    Kind of in the same boat myself (selfbuild money getting tight). Just wondering what was the outcome now that a few months have passed.


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  • #37
    Rackstar
    Registered Users Posts: 1,347 ✭✭✭Rackstar


    Did anyone find a solution to this?


  • #38
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    Rackstar wrote: »
    Did anyone find a solution to this?
    I don't think there is any exact solution. It would be a combination of cancel things that can be cancelled and that aren't absolutely essential (extra rooms, bathrooms, garage, landscaping)
    Buy basic furniture and white goods on store credit or buy second hand.
    Find more credit elsewhere.
    Sell any easily convertible assets (e.g. trade down if you have an expensive car).
    Ask the bank for an extension on the amount.


  • #39
    milhous
    Registered Users Posts: 415 ✭✭milhous


    We had a similar issue, was a worry at the time tho. The only difference is we knew what the entire job would cost but wanted definite approval to get going asap so we were "conservative"with our initial estimates.

    A few issues, an engineer signed off on the costs (ie. They can do it for this price) so the bank will be wondering what has changed... also that you presumably ticked the contractor box and this should be a fixed price and not really open to change. (we ticked the direct labour box and I remember that was commented on when we went back looking for more ...as in you're lucky. We weren't our engineer told us to)

    Anyway half way through the build we got our engineer and builder to draw up a list of extras/unforessen issues and price increases that arose throughout our build . Along with a renewed auctioneers report showing the price of similar houses in the area and what our new build will be worth on completion. Obviously our salaries were good for the extra money and the LTV came in fine. This is a top mortgage, which is actually a new separate application but if you're dealing with someone in the mortgage department they make it less painful than the original application.


  • #40
    Rackstar
    Registered Users Posts: 1,347 ✭✭✭Rackstar


    milhous wrote: »
    We had a similar issue, was a worry at the time tho. The only difference is we knew what the entire job would cost but wanted definite approval to get going asap so we were "conservative"with our initial estimates.

    A few issues, an engineer signed off on the costs (ie. They can do it for this price) so the bank will be wondering what has changed... also that you presumably ticked the contractor box and this should be a fixed price and not really open to change. (we ticked the direct labour box and I remember that was commented on when we went back looking for more ...as in you're lucky. We weren't our engineer told us to)

    Anyway half way through the build we got our engineer and builder to draw up a list of extras/unforessen issues and price increases that arose throughout our build . Along with a renewed auctioneers report showing the price of similar houses in the area and what our new build will be worth on completion. Obviously our salaries were good for the extra money and the LTV came in fine. This is a top mortgage, which is actually a new separate application but if you're dealing with someone in the mortgage department they make it less painful than the original application.

    Perfect, exactly what I was looking for. Thank you


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