Direct Labour

[noel123ie]

Hi all,

I am thinking of building a house on a patch of land I own in Cork harbour.

I understand the issues with getting planning but I have met with planner and he has advised to go for planning.

My questions are

1 I am thinking of building a 1800 square foot dormer. I was told building costs are approx 80-85/sq foot for houses built by direct labour and 110/sq foot for houses built by a builder.Woulfd this be accurate.,

2 I am looking for someone to project manage the building to ensure everything is done ok.Is there a sample contract/list of people available that supply this service.

3 Will this be eligible for the home bond certification


4 My current house is worth €325,000 with a mortgage of €175,000 the bank have advised that I would be eligible for up to €200,000k towards building costs. This is not suprising as site would be worth €250,000- €300,000 so they have themselves well covered. Will I have to remortgage to gain access to these monies or is there another way?

Thanks for yor help,
Noel

 

[Munsterdude]

Noel,
I went the self build route too. In County Cork also - but other side of the city.
My answers:
1. your square footage average is broadly correct, but I would build in a big contingency just in case. I left c€45K for "emergencies" in relation to the build which I ended up using due to cost over runs.
2. You can employe a project manager - I know several, but they know how to charge for one off houses - could cost €5K - €10K to get their services.
3. Dont know about the home bond bit
4. Generally banks will give 70% - 80% of site purchase cost via mortgage, with the balance of funds payable on engineers certs for drawdown. Do you intend to sell your existing house or retain it? It would have a big impact on your affordability with the new mortgage (I am a mortgage broker)