We just recently sold our house as we needed to move to a larger home for the family.
I did the move with the hope of buying a second hand home which you could upscale with a fancy extension and all the mod cons.
We recently went to look at a new build in the area we want which is expensive at €600k but would realistically be the same as doing it yourself price wise.
Should I just give up the idea of the bespoke model and save the heartache of an 18 month “journey” or hold out till the right second hand one comes along.
You should write up a list of pros and cons for this one. Some thing to consider:
Extension to Second Hand House:
You may want to change more than add an extension, refit kitchen, bathroom, fittings etc, job grows and grows!
You've to endure massive disruption when extending, dust, dust and more dust, all the headaches etc
House doesn't meet potential until after extension is completed
May need planning if extension over 40m2
Need to find a good builder, get drawings etc, professional fees, who project manages?
Cost overruns possible
New House (developer built):
All ready to move in - exact size you want, no extension headaches
You get to choose finishes, kit it out as you like
You will be paying over the odds these days, but compared to self build, no budget overruns, fixed cost, less risk
House most likely built to regulations, which is the cheapest house developer is legally allowed to build and get away with it. Think about that. There are exceptions...
Near Zero Energy regs due in 2020 will help but still not as good as you could do if self building yourself
You live with layout, there may be some options about room layout they can tweak for you but not much, what they build is what you get....
Self Build:
You get a house exactly the way you want it
Means lots of research to learn what you like / dislike and working with an Architect to design a house WITHIN your budget
It's busy out there means you'll be waiting for a good builder. You'll be waiting even longer for the house to be finished 12-18 months on top of planning and development time, think years.
Risk, risk, risk. Expect stress, pregnancy (Grand Design-itis), illness, weather and other upsets
Who project manages?
You can opt for a much better quality house - think Passive House or other standard that exceeds building regs. Do this from the start however as it influences choice of professionals who can pull this off and to a small degree cost.
LOTS of decisions to make, think 1,000's. You have to be involved to get the house the way you want it and no one else has the exact same vision you do.
You can do greenfield or purchase old house and knock and rebuild if site is attractive (rebuild may limit you to same size house though)
So, is this a forever home or can you see yourself downsizing in 10-20 years? Is there an area you'd like to live in. Consider challenges such as getting planning, cost risks, stress factors before deciding your route. Remember "good enough" is a useful mantra. It doesn't have to be perfect, you learn as you go. Find the best professionals to guide you and let them do their thing but communication is key. Work out your budget and stick to it - smaller is better, do you really need / use a 3,000 m2 mansion!?
Many thanks for such an insightful and comprehensive answer.
Definitely the pros and cons list is a great idea. A self build is out of the question really unless our budget was a lot higher for the area that we want.
On our last house, we did a direct labour extension which I was very involved in so I know the work involved. I did enjoy it at the time but I know it was stressful too.
The new build fits our needs adequately but I do feel it’s a bit over priced. But then we got a good price for our house so swings and roundabouts I guess!
There’s not much on the market for us at the moment which is probably rattling us a bit also.
We’ll just have to see how it plays out. Bundle of nerves till then!