The ask Bandage about mortgages thread

carryharry · June 30, 2021, 1:40pm

Good advice.

Fulvio_From_Aughnacloy · June 30, 2021, 1:52pm

Reach it’s potential?

For a new build (knocking it down and meeting all the planning and bank requirements) @gman will probably verify this you are looking at 300-400k to get it to builders finish most likely.

So that’s out of the question.

The outside walls are fine apparently, engineer said drywalling should do the job on that so really it will just come down to that and a small extensions around the back but the whole place needs rewiring, a central heating system installed, new roof, internal walls, plumbed and new doors and windows etc.

I’d be hoping I can get that much done for 100k but maybe I’m being naive. We’ll see

mikehunt · June 30, 2021, 2:00pm

You’ll get fuck all done for 100k south of the border.

Fulvio_From_Aughnacloy · June 30, 2021, 2:02pm

Don’t need lads from south of the border.

And it should not be a huge job to get it to builders finish I’d suspect.

mikehunt · June 30, 2021, 2:07pm

You’ll get far more bang for your buck with northern builders and materials. We were looking to get a renovation. Nothing major. No extension. Just a face lift. We scoffed at the cost and our budget was north of 150k.

Fulvio_From_Aughnacloy · June 30, 2021, 2:11pm

What did the facelift involved?

I’ve a cousin who I’ll probably be getting to do the bulk of the work but he reckons 100k is doable for what I’m thinking off pending what the architect comes back with.

I’m confident enough of managing the cost of the project, I was just curious as to whether the banks would have a load of extra requirements on what has to be done in order to get the funding.

TreatyStones · June 30, 2021, 2:13pm

I’ll send you a PM. I did reasonably large renovation job a few years back, granted everything is probably gone up 20% minimum since then.

EstebanSexface · June 30, 2021, 2:13pm

Have you already bought the property for cash?

Fulvio_From_Aughnacloy · June 30, 2021, 2:16pm

Yes. It was <50k for the property itself.

carryharry · June 30, 2021, 2:23pm

By reaching the potential ( you said you’d hopefully sell on again at some stage ) I mean do it to a standard where you see a return of your investment.

You will have to give it a modern twist to get a good price for it down the road was my point.

Could you not locate a turn key older house for example at similar money to what you’ll likely have to invest in this new property-site?

Is the building on an acre for example?

EstebanSexface · June 30, 2021, 2:23pm

I’ve a relation in this line of work, with your permission I can talk to him about your situation and get his advice

He’ll probably look to price out your cousin

Fulvio_From_Aughnacloy · June 30, 2021, 2:35pm

Knocking, applying for planning and meeting the building standards for such is around 300k minimum I’d imagine before you even furnish the house or complete the groundworks outside of the house. I don’t know if anyone on here has built a new house in the past two years but I’d say 300-400k is the standard figure. That’s not within many sole person’s remit on a mortgage.

If you have a look at the minute a mud hut is generally going for 200k. I got fortunate with this purchase or so I’ve been told.

Why would you have to give a good twist to get money down the road for it? Are you aware what the housing market is like at present.

You actually don’t seem to have a notion what you’re on about. Go look at the housing market.

Ambrose_McNulty · June 30, 2021, 2:50pm

If you weren’t in a rush I’d sit on it for two years. Materials and labour are gone mental. It’s not sustainable right now.

EstebanSexface · June 30, 2021, 2:51pm

It’s near impossible get a subby by all accounts

Fulvio_From_Aughnacloy · June 30, 2021, 2:52pm

I had not planned on starting anything really until early next year but I’d be eager to have plans drawn up and funding in place at that point, however long the actual build takes I’d be more relaxed on. There’s a good bit of demolition/dismantling/tidying work on the house/site I can get done myself

ciarancareyshurlingarmy · June 30, 2021, 2:58pm

Material pieces … Mental.
Electrical cable up 50% since November
Timber … take your pick on between +100% to +200%
Concrete - on the day pricing
Plastics … Up 20-25%

The QS are very busy on large jobs

Ambrose_McNulty · June 30, 2021, 2:59pm

Design the build around the kitchen island and the Bob Radcliffe display stand and you can’t go wrong.

carryharry · June 30, 2021, 3:06pm

Why are you spectacularly missing or dodging my point?

Fulvio_From_Aughnacloy · June 30, 2021, 3:10pm

I’m not missing or dodging anything. I’m just pointing out you haven’t the first clue on what you are talking about.

I’ve pointed out I’m not in a position to fund a 300-400k minimum new build. Are you too stupid to get that?

You also seem to have no appreciation of what the most basic bog standard 30-40 year old house is going for at present.

There’s a reason I’m pursuing this option as 200k in the current market will buy you a ball of shit of a house that would need serious investment to bring up to to modern energy and living standards.

I don’t want to fork out 200k plus to walk about a cold, miserable house with pine fucking wood interior decked from top to bottom.

carryharry · June 30, 2021, 3:17pm

There you go again….

I’m not talking about a rebuild from scratch, read slowly.

You keep saying you want to do up the existing house on the cheap. But in doing so you may not see a return on your overall spend is my point.

If you do spend €150k on the house including the initial spend ( which sounds modest budget wise ) it’s going to be hard to attract a good selling on price if the market turns. ( Hopefully it doesn’t and you do well out of this as it sounds like you got a good deal )

As @Ambrose_McNulty has said, it might just be the most sensible option to just sit on the site until the market cools a bit as regards materials & labour rates.