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  • 27-01-2020 12:49pm
    #1
    CalhounAgnes
    Registered Users Posts: 8 ✭


    Hi,

    My partner and I are in a bit of a predicament and I'd love to hear your advise. We are in the process of applying for a mortgage and if we are successful then luckily we will have two options available to us:

    1. Option 1 is purchasing the ~20 year old 4 bed bungalow are currently renting in a nice quiet housing estate within walking distance of all local schools and amenities. The house would require a lot of renovations - new kitchen, bathroom and flooring, addition of a bay window and patio door and multiple other upgrades around the house.

    2. Option 2 (subject to planning) is building a new house on my partners parent's farm which is ~0.5 acre site on a quiet road. This site is a 10 min drive from the local town which means that if we had children in the future then they would not be able to walk to school local clubs etc.

    Obviously there are pros and cons for each and I understand that we are really lucky with the options we have but I would like to hear your advise. Thank you
    Tagged:


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    #2
    Calahonda52
    Registered Users Posts: 12,364 ✭✭✭✭Calahonda52


    The crucial point here is location in terms of the cost of the existing house, which may be in the AH of nowhere, so build cost will exceed purchase idf demand is low.
    Living close to the in-laws has baby sitting options, iff you get on:)

    “I can’t pay my staff or mortgage with instagram likes”.



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    #3
    victor8600
    Registered Users Posts: 1,634 ✭✭✭victor8600


    I would recommend the option 1, or the option 3 -- buy a new house close to amenities. Option 2 only if you are inclined to grow your own veg, keep chicken or help your partner's family with the farm.

    Children will be ok in any setting as long as you yourself are happy.


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    #4
    CalhounAgnes
    Registered Users Posts: 8 ✭CalhounAgnes


    Calahonda52 wrote: »
    The crucial point here is location in terms of the cost of the existing house, which may be in the AH of nowhere, so build cost will exceed purchase idf demand is low.
    Living close to the in-laws has baby sitting options, iff you get on:)

    Agreed, the demand for houses in this location would be high enough and cost of the bungalow would be approximately ~200k and I'm guessing renovations would be another 50+

    Does anyone know of any books/online guides that aids the house buying/building decision making process?


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