Savings / Self Build

Luke774

Hi myself and partner are going over what we can save over the next 2 - 3 years. We are not in a rush to jump on the ladder the way things are at the moment so we will enjoy travelling and will be doing a lot more of it when we are able to travel again.
But still start saving now so when the time comes we can start to build.
This is a rough idea.

Gift from parent of around 36k - 40k
Is it better to get in over three years or all at once?

Myself and partner will both save around 12k each year
So that will be 72k over three years.
Which will give us 108k - 112k in total.

Looking to build for under 300k around 270k would be great .

fits

Does that 270k include cost of site?

It’s actually not a huge amount for a build. Don’t go mad with the size. Engaging an architect at an early stage who is good with costs was really helpful to us.

Luke774

fits wrote: »

Does that 270k include cost of site?

It’s actually not a huge amount for a build. Don’t go mad with the size. Engaging an architect at an early stage who is good with costs was really helpful to us.

Its family land past down to me.
True as every build is different we're just trying to be realistic as other hidden costs can affect it.
We won't be going mad on the size as we would prefer a small mortgage so we can spend money on other things.


but if we can do it lower than 270k which I think is possible even better.

Luke774

So does the above figures look good enough

fits

Luke774 wrote: »

So does the above figures look good enough or is it better to move abroad haha

I’m not really sure what your question is...

Deeec

Is your question that you want to know where to save your money?

Building is expensive at the moment - €270K will build you a small house ( emphasis on small). It does sound like a lot of money but it wont get you far building a house to proper standards.

Luke774

Deeec wrote: »

Building is expensive at the moment - €270K will build you a small house ( emphasis on small). It does sound like a lot of money but it wont get you far building a house to proper standards.

Well going by our rough idea of what we can save over the next 3 years does it look like a good deposit?
Won't be building for another 2 or 3 years . I have talked to others and have seen what others have built for around the same price and is a lot bigger then buying new build that look the same as the rest , no gardens or spaces for cars. Most of partners family have build there own homes over the years so we have a good idea of what we can build.

fits

Of course it’s a good deposit. But the build will swallow a lot of it up easily. I wouldn’t attempt a self build with 10% deposit as there are a lot of costs that can’t be put against mortgage ( eg council fees). But you should have 20% at least.

Of course what the bank will lend to you is a different question.

Deeec

Luke774 wrote: »

Well going by our rough idea of what we can save over the next 3 years does it look like a good deposit?
Won't be building for another 2 or 3 years . I have talked to others and have seen what others have built for around the same price and is a lot bigger then buying new build that look the same as the rest , no gardens or spaces for cars. Most of partners family have build there own homes over the years so we have a good idea of what we can build.

€270K is a good amount - it will build you a small house. We built our house 10 years ago for €275K to a high standard - but to build the same house today would cost over €400K. Just because someone built their house for a certain cost doesnt mean you will be able to do the same a few years later. Some people are able to do alot of the work themselves which saves money. Honestly building your own house is no longer cheaper than buying. Also you definately do need a garden and parking spaces - these can be done very basic to start off with.

Nobody will be able to tell you if €270K is a good amount to build a house with in 3 years time.

Luke774

fits wrote: »

Of course it’s a good deposit. But the build will swallow a lot of it up easily. I wouldn’t attempt a self build with 10% deposit as there are a lot of costs that can’t be put against mortgage ( eg council fees). But you should have 20% at least.

Of course what the bank will lend to you is a different question.

True we know that are other costs like council fees etc
We are good hands to self build we have family in different construction jobs and her dad will be doing the foundation.

km79

A key bit of information needed
What area of the country will you be building in?

We have started building in rural south mayo. 1980 sq foot 4 bed bungalow and small garage . Nothing fancy. Mortgage for 275k. Every bit of it will be spent and the outside (and maybe a room or two inside won’t be finished )
Prices keep going up.
Heating , ventilation and insulation will eat up the budget quickly

Luke774

km79 wrote: »

A key bit of information needed
What area of the country will you be building in?

We have started building in rural south mayo. 1980 sq foot 4 bed bungalow and small garage . Nothing fancy. Mortgage for 275k. Every bit of it will be spent and the outside (and maybe a room or two inside won’t be finished )
Prices keep going up.
Heating , ventilation and insulation will eat up the budget quickly

Sounds nice good luck with the build.
The land is close to Enfield, yeah the prices are going up at the moment hopefully when we go to build it 2 or 3 years they will come back down.

phormium

I also think you can never believe what people tell you their house cost to build, they may tell you the amount of the mortgage but they leave out credit union loans/personal loans/credit card which often tells a different story. People always want to make it look like they got great bargains but it's seldom like that!

km79

Luke774 wrote: »

Sounds nice good luck with the build.
The land is close to Enfield, yeah the prices are going up at the moment hopefully when we go to build it 2 or 3 years they will come back down.

I don’t think there will be a major drop . It will have stabilized though you would imagine.
You would be looking at higher price to build than us country bumpkins

Luke774

km79 wrote: »

I don’t think there will be a major drop . It will have stabilized though you would imagine.
You would be looking at higher price to build than us country bumpkins

Ah yeah I know it will be more to build compared to mayo but cheaper to build then to buy in Dublin, I have family in Mayo , Wexford Kildale and Dublin . We are not ones to get stressed or worried much we are in good hands with family and friends in the construction side of things won't be getting any cowboys. Best of luck with the build.

PowerToWait

From speaking to friends in Meath it seems costs are going up and rapidly. If it was me I'd be building sooner rather than later, it's getting stupid at this point. I'm building a modest 3 bed and won't have much left out of 300k, not including the site.



Also even securing PP in Meath is a serious slog if what I'm told is to be believed.

PowerToWait

Luke774 wrote: »

the prices are going up at the moment hopefully when we go to build it 2 or 3 years they will come back down.

Those material costs are never coming down.