Property dilemna - What would YOU do.

twokcc

Generali wrote: »

Yes because they are just compensation for the hassle of looking after the build yourself, effectively what you get paid for not employing a project manager etc.

If you enjoy that stuff then fine, you gain from building it yourself. If you don't have those skills then perhaps it's not much fun and you can end up spending a lot more than you wanted.

The savings from DIY aren't self evident. The last 2 times I moved house for example I paid someone else to pack my boxes as I could earn more by being at work as a contractor.

So youve done a self build then?

Generali

twokcc wrote: »

So youve done a self build then?

No, I have 2 friends who have though. I have an idea of my 'dream home' and I suspect it would have to be built for me. There is a very low chance that I'd DIY it though.

Have you built one for yourself in a falling market?

I'd be interested to know how the financing works when your potential equity is falling day-by-day. Does the bank hassle you to keep to agreed points in the build (eg foundations done/roof on/weatherproof/saleable as is) on time?

Gangstabird

I have to say I would keep the land for now. Land can't go bankrupt. Banks & building societies can.

twokcc

Generali wrote: »

No, I have 2 friends who have though. I have an idea of my 'dream home' and I suspect it would have to be built for me. There is a very low chance that I'd DIY it though.

Have you built one for yourself in a falling market?

I'd be interested to know how the financing works when your potential equity is falling day-by-day. Does the bank hassle you to keep to agreed points in the build (eg foundations done/roof on/weatherproof/saleable as is) on time?

Doesn't matter if your not borrowing to finance the build. I sold my plot but my son built on his, no experience but saved above £100k on what architect had estimated that it would cost to build, for that sort of saying it certainly is worth doing it yourself in my opinion
Its amazing how competative brickies/roofers plasteres/plumbers/electricians etc have become since the property market bombed
He will be moving in in December.
PS apoligies to original poster for hijacking thread

Generali

twokcc wrote: »

Doesn't matter if your not borrowing to finance the build. I sold my plot but my son built on his, no experience but saved above £100k on what architect had estimated that it would cost to build, for that sort of saying it certainly is worth doing it yourself in my opinion

£100k would probably be the minimum amount of cash that would entice me to manage my own building project, I suspect that I'd hate every minute of it.

I'm glad for your son that he's happy with what has happened though.

planning_officer

twokcc wrote: »

Hi rizla01
Also believe that nulabour (John Prescott?) was going to making getting planning permission on green belt easier, planning officer may know more about this. If this could make it easier to get PP later may be worth waiting.

Labour's views on Green Belts have been often misconstrued by the media - yes, in some defined locations, they were considering releasing parcels of land for building - but they were to be carefully chosen and this does not apply to all of the Green Belt - in fact, it would probably strengthen the Green Belt designation everywhere else. There have been plenty of ministerial statements confirming that Green Belts will continue to be very highly protected and in my experience I can't see any significant changes being made in the foreseeable future.

JoolzS

If I could get my hands on quarter of a million pounds today - I'd take it. Then again, in my own circumstances that would be like a lottery win.

Obviously, you might kick yourself if property prices rocket again some time in the next 10 years or so, but I decided years ago to not have regrets about decisions made.

£250,000 invested at 4% would give you a net annual income of £10,000 - that seems pretty good to me. I'd sell.

Julie

twokcc

Unfortunately if the £10k is additional income it will be taxed at 20%, whilst £8k may be enough to make a substantial difference it could soon be whittled away by saving and looks as though interest rate are heading lower. Without knowing OP circumstances he may or may not consider it worth selling for this sort of return, but there are other ways of investing the money to obtain a better return