Familyman77
Registered User
- Messages
- 157
Hes thinking that even if it cost for example 50k for site and 300k for build - total 350k minus equity from the sale would leave hom with a lower mortgage , in this example a 75k mortgage. Now having said that I do understand the rental costs etc need to be factored aswell.I'm assuming he's talking about moving to a completely different area, where sites are cheaper?
There's no way that in an area where houses are selling for 500k+ that he'll buy a 'ready to go' for less than 50k, leaving him to build for 225k. Unless he's involved in the building trade, or already owns the site?
There are plenty of ifs and buts is true but what has started off as a bit of hyperthetical discussion could potentially have merit. I myself would be from the construction back ground and he is a tradesman himself. Even so it would still be a stressful situation if it wasnt managed by a project manager. I've suggested he opens discussions with the local engineer to firstly see if it is feasible for him to get planning on a site in the local area , then if it were possible to then get his house valued rather than using assumptions from other houses in the area . I said he should use the valuation of the house to then get a lower LTV for his mortgage so it's not wasted money.There's an awful lot of iff's and butt's and no real positive plan of action in all of this. He hasn't sold his house but is thinking of unloading it for €150,000.00 less than everyone else, he's thinking of buying a site with no PP in an area of locals only in the planning, i'm guessing he has no architect in mind regarding design, advice, etc. What about a structural engineer for the build, never mind an actual builder? Leaving a city or big town to live elsewhere, eg, a small town or rural area needs a lot of research. Has he got all the safe passes if he wants to manage a self build? Yes, he'll probably manage to live mortgage free, maybe just about, but it'll take a few years off him both mentally and physically unless he knows what he's doing and even then? Will he be happy? Good luck but know what you're letting yourself in for.
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