23 Aug 2017
Posted in: Self Builder
First things first; congrats on being able to start your build. With the current climate in Ireland, even getting to a stage where you are ready to make the plunge and can consider building your own home is a major achievement.
With the introduction of the government’s Help-to-Buy Scheme, there’s never been a better time to get things started. Some things to note about the scheme:
The average house price in Ireland at the time of writing is €227,000, so if you do happen to be building ‘the average house’, you’ll get a refund of €11,350 with the scheme. The even better news is that this rebate can form a part of your deposit.
Don’t worry too much if the figures are getting you in a spin – our ever-friendly team of Mortgage Masters will advise you through every step of the process. So, here are their top tips you should follow when building your own home.
Count yourself lucky if you’ll be building on land you (or your family) already own. The cost of materials only makes up 45 percent of the cost of a home; it’s labour costs and the price of land that really ramp up the cost.
The story of a farmer bragging about having land with ‘road frontage’ rings true. Eliminating the cost of land would mean you’d be well on your way to owning your own mini mansion!
Hiring the right architect to design and manage your build will take a lot of the stress out of the project. They can help with the head-wreck that is the planning permission process and help you out with builders and all the other tradesmen you’ll need to employ.
To get a quote from your builder, you’ll need to give them a full set of drawings (provided by your architect) and as much detail as possible. Make sure you know the difference between an estimate and a quotation.
A quotation is a written document which includes the final price offer for the work – whereas an estimate is just an educated guess. You should get a minimum of three quotes from contractors, and do be aware of any suspiciously low quotes. You should also check if the builder’s work is guaranteed and insurance-backed.
Better safe than sorry, as your great granny would say. And she was probably right. The number one priority is to make sure you are insured for your site and self-build.
If something bad were to happen during the course of the build, you’d be very glad of the protection insurance offers you.
While building your own place is probably a life-long dream, you should proceed with an eye on the future. Families grow, jobs get relocated, and circumstances change (yep, those teenage years are only around the corner – yikes!). You never know what else might happen, so while your house is your home, it also might become somebody else’s in the future if you decide to sell.
So while you might have your heart set on a cut-glass staircase, think about how any decisions might affect the resale value should you ever decide to move on.
A cut-glass staircase might be your dream, absolutely, but would it be anyone else’s?
Check out this handy guide to building your home in Ireland complete with stories from EBS customers who have already built a home.
The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.
EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.
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*House prices access August 2017