I’m living in a former council estate in Dublin. There is sufficient room in between my end-of-terrace house and my neighbour’s end-of-terrace house to construct a replica 2-3 bed house. I contacted the local authority and they have given a positive initial view of constructing a house, replicating the 2-3 bed style in the estate, saying that the plot size is large enough. The complicating factor is the fact that the land is half on my neighbour plot and half on mine.
I am approaching my neighbour and bank manager, but I am wondering if anyone with experience of a similar project/situation has any advice on this type of project?
How do banks look upon financing this type of project (I am a FTB who has been living there for 18 months and have built up equity equivalent to 20% of the original purchase price on my house)? Is it possible to do as a joint project between neighbours, or best done alone? What are the key factors to sort out (I imagine finance)?
My rough financial situation is:
Salary: 50K + 10% bonus
My house: mortgage 290k – AMV 390k
Savings: 15K
Cost of building new house: 150K
Fees & charges: ca. 30K
Thanks
I am approaching my neighbour and bank manager, but I am wondering if anyone with experience of a similar project/situation has any advice on this type of project?
How do banks look upon financing this type of project (I am a FTB who has been living there for 18 months and have built up equity equivalent to 20% of the original purchase price on my house)? Is it possible to do as a joint project between neighbours, or best done alone? What are the key factors to sort out (I imagine finance)?
My rough financial situation is:
Salary: 50K + 10% bonus
My house: mortgage 290k – AMV 390k
Savings: 15K
Cost of building new house: 150K
Fees & charges: ca. 30K
Thanks