Selfbuild Mortgage

Hi All

i'm just looking any advise or feedback on my situation.


My future wife (getting married early next year) and myself will be looking to apply for a self build mortgage in the next few years. i am in full time employment with a irish multinational and would feel very safe in my jobs. My partner is a primary school teacher on a permanent contract. We have two children (8 months and 3.5years).

we currently have savings of approx €6,000 with outstanding loans of approx €12,000. We will be clearing these before we apply and focusing on saving.Our combined income before tax is €64,000 per year.Our biggest out lay per month is on childcare (€1,000) with rent (€300) and Car loans (€400 between the two of us).


I have estimated the build cost at approximatly €200,000 for a 180m²/200m² bungalow but hopefully less as i work and have extensive contacts in the building materials industry. i have pulled this figure out of my head so if anyone thinks it is unrealistic please let me know.

we will be building on a site gifted to us by family worth approx €40,000-€60,000 and hoping to get 100% of the build cost. we dont have planning permission but will have all this in place before applying.


if anybody has any advise or thinks we have no chance of ever building please let us know.


thanks

We self built 2005, small cu loan n saving, 154sq m, had site, approx 100k to move in..husband builder so did everything ourselves except 5 trades..windows, block, plaster, plumb, wire. Planning cost us 1k, no issues. Most around here say its cheaper now to buy than self build...

reg today have changed...few currently building im aware of....heating.ventilation system 24k, planning approx 8k as issues, need for engineers etc bit ott n all costly...

I know a couple who has costs drawn u professionally n he spot on, couple were way out....

Wow, that's €60 per sq foot which is very cheap...assume house is far from finished including outside?

I finished house recently at €100 per sq foot but includes double garage, solar panels, triple glazed windows, Heat Recovery Ventilation, solid oak kitchen with granite, expensive stove with back boiler, high spec bathroons, slderobes, tarmac, electric gates etc...so all very much depends on spec.

I'd just about sell for what it cost to build, and that excludes my own labour and beating people down for prices like mad.

Wev triple electric roller door garage added later approx 20k, tarmac 10k n garden prob another 5k...it all adds up...bathrooms were finished not changed since, walk in showers, jac bath etc, kitchen only had floor cabinets in at moving in, added wall units about two yrs n island, granite worktops about 3 yrs after that...

wed a solid fuel range which is a blessing....my concern over these new heating system is esb bills..seen septic tank powered by electricity few weeks back, chap hadnt a clue re esb usage when asked, hopefully cost less fuel outweigh esb bills.

wed loan paid after 5 yrs and house is fully done unless I fancy a change!!!

Neighbours moved into selfbuild n five yrs after their sitting room still housing bags of turf...equally a selfbuild locally family living for few yrs n outside not plastered...also know of people rush out n buy furniture n tvs etc n house hardly started, spending valuable money...the cost of underestimate materials n labour is the issue...

Interested in this thread also.

As far as I know banks used to give 100% of build cost when you own the site. But you would want to check this out - especially how new mortgage regulations will affect it.

Its not a cheaper option than buying, but you can ensure better quality in the build. I have just moved out of an estate house built 10 years ago and it was built and finished with shockingly poor standards.

Fully agree re cost to run some of the new systems out there. Having said that we have a B1 rated airtight house, with mechanical heat recovery and ventiliation system, waste treatment system with electric pump, electric pumped water system, electric gates etc but our electricity bills for a 3000 sq. ft house are v reasonable...c. €80 euro per month.

We have hot water through solar panels in summer and back boiler in winter which helps a lot. Our oil bill is €300 per annum and free fuel for stove. So message is to build an energy efficient house, even if it costs more initially.

Is there any viability in getting a credit union loan, albeit at a higher interest rate plus a mortgage?