Finance Options - Self Build

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fmmc

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Hi,

I've moved this post from mortgages thread in the hope of some assistance here (63 views & no responses in morgages). Hope this isn't a problem moderator as the question is also related to home buying....

Hi,

I'm looking for advice with respect to financing a self-build. I'm building on a family site and architect has advised that finished house cost to be in the region of €250,000-270,000. I hope to being building in January next and by that time, expect to have approximately €80K available in savings. I'm assuming given salary, savings etc. & equity in another property that I will sell in 12months (currently leased to tenant) that obtaining approval for $250K will not be a major issue. I'd appreciate any advice on what size of mortgage I should look for & how then to best finance the build, i.e. usurp bank finance before spending own savings or vice versa etc. Second question...(novice shining through) - if bank approves mortgage for €250K for example, am I then obliged to draw it all down or can I draw down only the deficit between my savings and cost of building. Any advice, much appreciated.
 
The best person top talk to would be a mortgage advisor. We used a local guy (carlow) and he kept us right. Check out some online e.g. www.rea.ie etc.
Ours was bungalow and we got a contractor to build. You don't have to draw down all of the mortgage, we did not draw down the final amount as we did not need it.

On another note, if you are not buying the site, 280k seems very steep for a self build. Unless of course you are building a mansion.
 
Thanks bertson. I'm fortunate in that its a family site and we've plumped for a 3100 sq ft bungalow (am I mad?). Less would have done me but Mrs. house wanted certain rooms certain dimensions and when it all stacked up, we were left with 3100. According to architect, we're looking at 270/280K.......frightens the s**t out of me.

Out of curiosity, could you provide any insight into the cost of your own self-build. None of my friends have built bungalows so I'm struggling to get cost data. I'd really appreciate if you could advise if you went timber-frame or block, size of house and approximate finished cost. Much appreciated, fmmc
 
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