Patrick2008
Registered User
- Messages
- 110
yes and interest rates are only going one way UPWhy would you borrow the money when you have cash in hand? This will almost certainly cost you, as the interest paid will exceed the interest earned on your savings.
Currently I work as a Chartered Quantity Surveyor in Dublin. My wife, 2 kids and I are currently renting in Dublin and I own a site with planning on 12 acres outside Cashel in Tipperary. My wife does not work at the moment as she was made redundant a few months ago. She works in the Pharma industry in Science and she is also doing a final year degree in HR. She should have no difficulty in getting work in Munster in the Pharma / food industry.
We are thinking of building the Architect designed 1,865 sq.ft 3 bed house in Tipperary. I have estimated it will cost €142k incl VAT with builders finish and to 2010 regs. I got Builders to price it and they came back with an average price of €216k incl VAT. I will be using most of the trades people/subcontractors we currently use so I am getting good deals. As things are getting quieter with work I will probably end up working a 3 day week and commute to Dublin for those 3 days (1.5 hr drive each way). I could stay in B&B while in Dublin for those days. My employer is also open to me working from home. I know if I lost my job in the morning I would not get another job in Ireland.
So here is our dilema. Do we continue paying rent in Dublin at €1k/month or do we start building the house in Tipperary? We plan to get a mortgage of €100k and put €40k of our own money into the house. This will not leave us short as we still have substantial savings (€150k+). If we have to move abroad for work then my parents will move into the house (rent free). I know if I lose my job I wont have those contacts available to me again. Our long term plan was never to stay in Dublin but to use Tipperary as our base in Ireland. All advice welcome!!!!
Having said that angela59, a friend of mine built a 2000sq. ft house in Clare in 2010 for 160K from a very reputable contractor. This included total house build (including PVC windows, oil heating with burner and rads, sanitary ware etc) and footpaths. Not including kitchen but apart from that all they had to do was some tiling and get furniture. Make sure you get lots of quotes, good value out there.
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