1st time buying and new build

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ludermor

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I need advice please.
Currently i am building a house on a site i got from my father. At this stage im nearly ready to put on the roof. I havent got a mortage yet so it has been financed by savings to date. I am hoping to finish the rest of the house for around 80k. The house is in Mayo
I am living in Dublin and would like to buy a place there. A couple of options i am comsidering are
1) Get 80k and finish the house. Get the equity and apply for new mortgage on 2nd property.
2) Get say 150k mortgage and use the remainder for deposit etc.
3) Buy in dublin first and then finish the house at home.

Is there a better option. Where would i stand with regards to stamp duty etc if i got the mortgage in one place before the other.
 
Not getting much of a response here so i will try to be clearer
If i complete my self build ( floor area 1800m2) will i have to pay any stamp duty
If i finish my self build first and buy a second property would i be liable for stamp duty and likewise if i bought in dublin first would i be liable on the self build and how much would i owe?
If there are any other considerations i would appreciate suggestions
 
need to sort out some basics.....IMO

1/ If you are in a good secure job then borrow what bank will give you for Mayo
2/ Finish and either Sell mayo (recommend) or at least rent out
3/ Monitor dublin market for a few months in chosen area
4/ If you still want to buy towards end of 2007 when you have experience of how the renting game works in Mayo or have sold

Be careful about being a landlord in Mayo and buying in Dublin when to start with you only had say 30,000 euros in savings.

Say 120k mortgage and 280k mortgage in dublin = 400k at 5% or 20,000 a year in interest only with only the mayo rent to offset.

For me equity down the country is worth alot less than cities as in downturn people will not buy at inflated prices - they will simply build their own like you. also if it is on your fathers land and you will never sell then it simply worth the cost of it.

Do not get too caught up on jumping thru hoops to beat stamp duty.
 
Thanks for the reply Maine,
I suppose the sensible thing would be to finish the Mayo house. There is reasonable holiday rental in the area ( beside sea etc) and i would never sell unless i ran into severe difficulties. Prices for houses in the areas is approaching 300k so i woul dhave a fair amount of equity if needs be
 
ludermor said:
Thanks for the reply Maine,
I suppose the sensible thing would be to finish the Mayo house. There is reasonable holiday rental in the area ( beside sea etc) and i would never sell unless i ran into severe difficulties. Prices for houses in the areas is approaching 300k so i woul dhave a fair amount of equity if needs be
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dont depend on it - its money you dont have - "equity" has to be PAID BACK!

be careful when your dealing with possibly the biggest financial decisions you will make
 
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