I have posted a few threads in recent weeks.
We are a couple in mid-late thirties recently married. Neither of us have owned property before. We have good earnings right now (take home 6200 per month) and no debts. We have talked to the banks and they seem eager to get our business for a mortgage. However I am terrified of overextending ourselves. My job is a succession of rolling contracts and is based outside Ireland (and EU). It is well paid but I am outside the welfare system now. I wouldn't find it easy to get a job here. If we have children, I am afraid my contract would not be renewed after maternity (which is full pay for three months). My husband is more employable.
We have a site and a family member who is an architect. She has told us to prepare for 2000/sq m building costs, i.e. 300,000 for a fairly modest building. I am also afraid 1, that our circumstances would change between now and turning of sod and we wouldn't get mortgage, or 2, that we would get a mortgage and the payments would put us under significant financial strain.
We are also renting at present and are finding it increasingly frustrating and inconvenient (major shortage of suitable properties around our area).
So, would it be silly to buy a modest house now (c. 180,000) which is ready to move in to and continue to save and move towards building in the next three years or so? if circumstances allow. The house we are looking at buying has been well kept, and just really needs cosmetic updating, and should be easy enough to sell on again. Staying there 10 years if necessary would be preferable to renting to me. How would this affect our ability to build down the line? (besides digging into our savings (20,000 deposit, 20,000 for light refurb, 2000 stamp duty, legal fees). I would hopeful the property would rise slightly in value over time as well.
tl dr what are the implications of buying now if we wish to build later.
We are a couple in mid-late thirties recently married. Neither of us have owned property before. We have good earnings right now (take home 6200 per month) and no debts. We have talked to the banks and they seem eager to get our business for a mortgage. However I am terrified of overextending ourselves. My job is a succession of rolling contracts and is based outside Ireland (and EU). It is well paid but I am outside the welfare system now. I wouldn't find it easy to get a job here. If we have children, I am afraid my contract would not be renewed after maternity (which is full pay for three months). My husband is more employable.
We have a site and a family member who is an architect. She has told us to prepare for 2000/sq m building costs, i.e. 300,000 for a fairly modest building. I am also afraid 1, that our circumstances would change between now and turning of sod and we wouldn't get mortgage, or 2, that we would get a mortgage and the payments would put us under significant financial strain.
We are also renting at present and are finding it increasingly frustrating and inconvenient (major shortage of suitable properties around our area).
So, would it be silly to buy a modest house now (c. 180,000) which is ready to move in to and continue to save and move towards building in the next three years or so? if circumstances allow. The house we are looking at buying has been well kept, and just really needs cosmetic updating, and should be easy enough to sell on again. Staying there 10 years if necessary would be preferable to renting to me. How would this affect our ability to build down the line? (besides digging into our savings (20,000 deposit, 20,000 for light refurb, 2000 stamp duty, legal fees). I would hopeful the property would rise slightly in value over time as well.
tl dr what are the implications of buying now if we wish to build later.