C
corkgirl
Guest
I have been looking for some time at purchasing property in cork and am still a bit undecided.
We have been living overseas for 5 years now, not sure when we will be returning home, but we know at some point we will. We have gotten some brochures from estate agents at home and the idea of spending 300K on a 500sq.ft. Shoe box seems frankly, insane. What we both actually want is to buy a site and build our own home. What we've seen in the way of sites, we would be looking at paying up to 190-200K. I would really like people’s opinions on the matter - which financially is the better option. Are we better off in buying one of the said shoe boxes just to get us on the property ladder? and try and rent it out in the interim or do we bite the bullet, buy a site, pray for planning, deal with the repayments and build within the five year time frame? What is the situation with banks in Ireland lending to non-residence for sites. I’ve read other threads on people buying houses to rent out – would it be the same 25% down for a site? What’s the situation with stamp duty for sites? Would you have to pay on the value of the house you’ve applied for planning for or do you pay it on the price of the site and then pay for SD on the house when you build? Do you think is actually feasible to do this from overseas? Another question, while I’m here (if you don’t mind) we have an apartment here, which we have build up quiet a bit of equity, would banks at home use that equity on an overseas property as collateral on a purchase at home?
Sorry for the long-windedness, just getting a bit frustrated with the whole situation. Hope you shed some light on the matter. Thanks.
We have been living overseas for 5 years now, not sure when we will be returning home, but we know at some point we will. We have gotten some brochures from estate agents at home and the idea of spending 300K on a 500sq.ft. Shoe box seems frankly, insane. What we both actually want is to buy a site and build our own home. What we've seen in the way of sites, we would be looking at paying up to 190-200K. I would really like people’s opinions on the matter - which financially is the better option. Are we better off in buying one of the said shoe boxes just to get us on the property ladder? and try and rent it out in the interim or do we bite the bullet, buy a site, pray for planning, deal with the repayments and build within the five year time frame? What is the situation with banks in Ireland lending to non-residence for sites. I’ve read other threads on people buying houses to rent out – would it be the same 25% down for a site? What’s the situation with stamp duty for sites? Would you have to pay on the value of the house you’ve applied for planning for or do you pay it on the price of the site and then pay for SD on the house when you build? Do you think is actually feasible to do this from overseas? Another question, while I’m here (if you don’t mind) we have an apartment here, which we have build up quiet a bit of equity, would banks at home use that equity on an overseas property as collateral on a purchase at home?
Sorry for the long-windedness, just getting a bit frustrated with the whole situation. Hope you shed some light on the matter. Thanks.