Legal & Finance
After you have found your site, the next important thing is to insure that you have the backing of a good solicitor and a good lending institution. Find mortgage finance in the Mortgages section of MyHome.ie.
In most cases as far as a solicitor it is not just a question of going for the cheapest option as this may not always be the best. You can find a good selection of solicitors in the Directory Services section of MyHome.ie. Try and go for a solicitor who has been recommended by other people like your friends or colleagues who have gone through the same procedures and they were happy with the speed and performance of the individual. Do remember, the last thing you want is unnecessary delays due to misplaced or forgotten paperwork.
Legal Requirements
As far as the lending institution is concerned, do make sure that you shop around for the best deals but be aware, what might look cheaper initially could work out a lot more expensive over the long term.
- When you discuss your loan with your lending institution, ask to see the figures in writing. You need to know what the monthly payments would be and how much the total cost of the loan would be over the term.
- Find out if there are any penalties if you redeem your loan earlier than agreed. You need to make sure that you would not be penalized if you decide to change lenders after a few years.
- Find out what the initial costs are for applying for the loan. Some lenders will cover some of the costs as an incentive to have you as a client.
Finances
There are a certain number of insurance policies that you should be looking at, before and during your project.
- Do not try and save money by not taking insurance.
- Building a house is probably the most expensive investment that you ever make in your life. Do not take a chance and hope that it will never happen to you.
- When you apply for a loan, you are taking on a huge responsibility so make sure that you are covered for any unforeseen circumstances.
- There are currently a lot of insurance companies on the market that provide special insurance's designed for self builders, so do check these out and find the best policy that would suit your needs.
- Tip: Arrange any policy needed before you commence any work on site.
- Tip: Do make sure that any site you purchase is subject to planning permission being approved, as a site without planning permission is only worth a fraction of a site with an approval.
- It is very easy to fall into the trap of loving a site and the fantastic views but the site would be no good to you if you can not build on it.
- If the site owner is not willing to sell with the "Subject to planning permission being granted", walk away.
Source: Irish Association of Self Builders
