Building house in countryside to sell. Should I?

T

Tamg

Guest
I have a site to sell in a quiet area of the country with no great views, no great transport links, not near Dublin. It's about 8 miles from the nearest large town, but the roads around it are very poor. It's a very quiet area surrounding the site.

I haven't got much of a response from trying to sell this, so was wondering if I would be better off building a house on the site and then trying to sell that.

It's a bit risk of course, but I was wondering, would there be a market for a newly built house in the country.

Would people want to buy such a house?

Any thoughts welcome.

Thanks!
 
I'd be very concerned about doing this - if the site is not attracting anyone, will a newly built house?

At the moment, your only exposure is on the site. If you build a house and it does not sell, then your exposure is so much greater.

mf
 
Sounds unlikely to have them beating a path to the door. But if the price is right....
 
It depends in what county it is in and how far off the beaten track it is lad.
Are there neighbours close by?
 
The reason this occurred to me was that a guy came inquiring about the site, he told me that he buys sites, builds houses on them and sells them on. So that got me thinking I could do that.

The neighbours are about 500m away, not many houses around, not too near any amenities. It's a 10 min drive to nearest large town, and 50 min drive from Cork city.
 
Would you consider building and living there yourself? I would echo the concerns above, if its too far off the beaten track with little ammenities around it, then it would want to be a very special house at a very special price. Did the chap actually offer to buy the site off you? If so then I'd be tempted
 
can you post the numbers here
price you paid
potential site resale price
approx value of neighbouring houses
 
I inherited the site, but it's worth around 40k
The guy hasn't made an offer yet, am waiting on him to come back.
There is neighbouring houses are old, probably worth around 130-180k depending on the size of the plot of land with them.
 
The issue I could see here is that you are not from the area and now living there permanently, this could stop you getting planning permission.
It is a big issue here in Mayo, we were really queried about our housing need and proof we worked in the area and a 5 year occupancy clause (not sure if this would stand up in court!)
 
And regarding living there myself... no, it's too quiet for me, it would suit people who want to live in a very quiet place. There's is no nice views from the site either.

Hmmm, I'm thinking it could be too difficult to sell. Then on the other hand the chap who has been looking at it must think it's got potential.
 
No I think I will be okay for planning permission as the land was my families anyway, and they own all the surrounding land as well.
 
if you sell the site , you might have to pay a bit of cgt depending on how much it was worth when you inherited it.

if you build, you will have to pay vat and income tax (and interest on the build money? during construction) and give a structural indemnity over the building for 5-10 years. you would probably have a world of hassle while building and may have trouble selling for an unknown return.

im buying such a house myself at the moment and my feeling is that the guy would have made more by just selling the site. i know i would have preferred to just buy the site and build my own house.
 
No I think I will be okay for planning permission as the land was my families anyway, and they own all the surrounding land as well.
Click to expand...

Definately does not gurantee you PP, I have seen cases where the parents have given the land the the kids, the kids live with parent, work in the area, but still did not get planning permission for different reason.

IF I was in your situation I would see the site, but get it valued by an auctioneer first, costs you about 120 notes to get it valued.
 
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