M
Melb2009
Guest
Hi All
Me and my partner are thinking about buying a site and building a 4bed house ( would like 2500- 3000sq foot house). We are first time buyer and are looking for advice on whether we should start looking for a site now or wait another year.
Our current situation is as follows:
We are currently living in Australia- ( my partner is on secondment from Ireland so is still employed and paid by the Irish company)
His salary is 46,000euro + bonus and expenses while living abroad
I am in full time employment in Australia in the IT industry - earning aprox 40,000euro and i plan to seek full time employment when I return to Ireland.
We have aprox 80k euro in savings between us.
We are planning on staying in Australia until March 2010, then return to Ireland permanently.
We are traveling home for month soon and we would like to apply for mortgage approval, look for a site while we are at home for a holiday and then try and get planning permission while we are in Australia,( our family would help us with planning requirements and site visits) If the planning goes according to plan we would like to start building in March when we get home.
According to online mortgage calculator we should eligible for around 250k mortgage on one salary and with our savings we should be able to afford a house of 330k.
We would be looking at sites around 70-100k.. ( in Co.Cork)
I am not too sure on the exact price it will cost to build, is it possible to build a 2500sq house for 200k?- are building prices dropping or is it still holding its value?
Are we crazy to buy a site and build in this economic climate?
or should we hold off another year and see if site prices drop?
Thank you in Advance for your help and comments.
Me and my partner are thinking about buying a site and building a 4bed house ( would like 2500- 3000sq foot house). We are first time buyer and are looking for advice on whether we should start looking for a site now or wait another year.
Our current situation is as follows:
We are currently living in Australia- ( my partner is on secondment from Ireland so is still employed and paid by the Irish company)
His salary is 46,000euro + bonus and expenses while living abroad
I am in full time employment in Australia in the IT industry - earning aprox 40,000euro and i plan to seek full time employment when I return to Ireland.
We have aprox 80k euro in savings between us.
We are planning on staying in Australia until March 2010, then return to Ireland permanently.
We are traveling home for month soon and we would like to apply for mortgage approval, look for a site while we are at home for a holiday and then try and get planning permission while we are in Australia,( our family would help us with planning requirements and site visits) If the planning goes according to plan we would like to start building in March when we get home.
According to online mortgage calculator we should eligible for around 250k mortgage on one salary and with our savings we should be able to afford a house of 330k.
We would be looking at sites around 70-100k.. ( in Co.Cork)
I am not too sure on the exact price it will cost to build, is it possible to build a 2500sq house for 200k?- are building prices dropping or is it still holding its value?
Are we crazy to buy a site and build in this economic climate?
or should we hold off another year and see if site prices drop?
Thank you in Advance for your help and comments.