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buying in this climate

(10 Posts)
dawntigga Fri 05-Apr-13 10:37:15

Background:

We have a dream of self building with some land to become somewhat self-sufficient. We will be mortgage free in July this year.

Ishoos:

We will take a hit on the house we are in if we sell, which should be off set by the lower price of the land we would buy, in theory.

My problems:

I think that the price of land in and around the areas we would want to live in South Wales, Cheshire, entire south west are rising, over priced and really haven't taken a hit from the housing collapse.

My questions:

Would you do it, would you give up a comfortable home to go live on a building site for 2/3 years whilst self building somewhere the prices are still imo inflated above what they should be? Or would you wait it out for about 5 years saving like crazy and then do it with the risk that the land would be out of our price bracket and the planning could be changed so it isn't as easy as it is now to build?

PreferingTheSecondOptionButDon'tLetThatSwayYouTiggaxx

PastaBeeandCheese Fri 05-Apr-13 10:44:18

I wouldn't try and second guess the property market. I had a similar dilemma in 2008 on whether to buy a project. I was told to wait it out, prices will drop further etc. I'm glad I just got on with it. It's all done now and prices didn't drop further.

I think age could be a factor too though. My decision re a self build would be based on my age in 5 years time and the stage my children are at now.

TerracottaPie Fri 05-Apr-13 13:30:05

I don't think I'll be much help as we want to self build too!

So I say do it. Do it. Do it grin

We have the land and just need to get on and sell our current house so we can fund the build. Well, that and have a baby (I'm 35 weeks pregnant).

The living on a build site always makes me shudder when I think of it. As does the alternative which is moving in with my Mum and Dad! But as hard as I know it will be I also know it will be worth it in the end.

So I vote for option 1 most definitely.

iseenodust Fri 05-Apr-13 14:21:36

What you are saying is the areas you fancy are resilient to a falling market to a degree. So as you say if prices fall your gap could widen and if they rise they could race ahead. I would go for it now and having watched far too much Kevin would buy a German kit house so you have a weatherproof shell very quickly.

dawntigga Fri 05-Apr-13 14:28:42

iseenodust if only a huf house was what Mr Tigga wants - he wants to build a passive bloody house that is partially underground, which makes me come over with The Rage and get all stabby. I want a New England style house but that is a whole other argument.

ThisIsn'tGoingHowIWantedItToSoFarTiggaxx wink

iseenodust Fri 05-Apr-13 16:07:55

Compromise. You get your New England style and he gets a self-build underground des res project.

Gardentreehouse Fri 05-Apr-13 16:42:27

You will be never be able to out save the housing market so maybe just get on with it. I think a lot of economists suggest houses will only start to go up in 5 years. However, the governments plans to encourage people to buy may get the houses shooting up again.

herhonesty Sat 06-Apr-13 20:34:24

Just go for it, carpe diem and all that . Life's to short to wait for the what ifs in the property mkt.

skaen Sat 06-Apr-13 20:47:41

Could you remortgage your existing house to buy a site and get planning? You'd then have at least 2 years and allowing for time to sort everything 3 years before you had to start building

I don't think planning is likely to be tightened up significantly in the next few years unless the housing market takes off again which is unlikely (unless you want to go for a national park or something)

formicaqueen Sun 07-Apr-13 22:02:26

Some areas just hold their prices more. The forecast is for another increase in prices 2018, although some recon slightly later then that.

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