Build now or hold.

Stan27

Hi. Unsure weather to build now or hold until this "recession". Just wondering if anyone else in the same situation.

We currently have a decent quote for the times off the builder, and we might go ahead and build. We are paying rent so if we wait but prices don't drop we may as well go ahead. Plus get a mortgage rate locked in before they go up too much

On the other hand wait a year and hopefully prices drop (if that even happens) I'm told things are starting to slow down.

Thanks

wylo

I think if you have quotes you are happy with you'd be crazy not to build now. "Things slowing down" can have all sorts of meaning, and I wouldnt be waiting around for a 2008 style crash. On that basis, even if there's a recession I cannot see how the money you save will be more than the money lost in rent. Not only that, but generally speaking, outside of the finance side, its another year gone without yer own home.

mickdw

Rent may be the deciding factor. If you paying a big chunk monthly, holding off is unlikely to save you anything but certainly one off housing is slowly due to everyone having the same thoughts.

I figure banks will tighten up over the next year too so lots to consider.

Prices are just nuts right now though.

Stone Deaf 4evr

https://www.boards.ie/discussion/2058256097/build-now-or-hold

While materials prices may drop slightly in the shorter term, labour prices are going to be much slower to respond.

We're still in a skilled trade shortage, so contractors aren't going to have any difficulty lining up work for the foreseeable future, and demand for same is at an all time high.

you could wait for a year and drop upwards of 12K on rent - is this cost going to be offset by any potential reductions?

Stan27

Thanks for the responses. Logically it makes sense to go ahead. Big decision to be made. We're in Kildare and rent is higher than the mortgage repayments.

Thanks again

mtoutlemonde

Interesting thread - one I've been meaning to start myself. I have a relatively good quote for the times that are in. Was meant to build in 2019 but there was a situation outside my control - can't see my 2019 quote again ... 35k difference. I'm single and still living at home so 8n a different situation than the op but will now need a bigger mortgage - I have these thoughts - positive and negative - positive, I have my own space. Negative, can I afford it on my own? I know the positive outweighs the negative but it is a big investment.

Murty90

Sorry - this is a very general question but would anyone have an idea of a very general quote of what it would cost to build a relatively normal 2500 square foot bungalow?

mickdw

Where in the country?

On a rural site or in middle of town?

Simple or complex design?

Good site in terms of ground conditions or a site that will need 80k to get ready for a raft?